MakeMyTrip Reports Mixed Q3 FY26 Results: Strong Revenue & Adjusted Profit Growth Offset by 73% IFRS Net Profit Decline
MMYT is trading near its 52-week low of $69.69 (7.6% above the low).
Summary
MakeMyTrip reported strong Q3 FY26 revenue and adjusted profit growth, but IFRS net profit declined significantly due to increased finance costs, alongside a notable share repurchase.
Key Events · Earnings and Guidance · MMYT
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Strong Revenue Growth
Total revenue increased by 10.6% year-over-year to $295.7 million, or 15.4% in constant currency, driven by robust travel demand in India.
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Adjusted Profitability Improves
Adjusted Operating Profit rose 10.2% to $50.7 million, and Adjusted Net Profit increased 14.4% to $51.4 million, reflecting strong operational performance.
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Significant IFRS Net Profit Decline
IFRS profit for the period decreased by 73.1% to $7.3 million, with diluted earnings per share falling to $0.07 from $0.23 in the prior year.
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Increased Finance Costs Impact Bottom Line
Net finance costs surged from $4.8 million to $27.7 million, primarily due to higher interest expense on convertible senior notes, which was the main driver for the IFRS profit decline.
Analysis · MMYT · Energy & Transportation
MakeMyTrip reported a mixed third quarter, demonstrating robust operational growth across key segments while experiencing a significant decline in IFRS net profit. The company's revenue increased by 15.4% year-over-year in constant currency, driven by strong performance in Hotels and Packages, Bus Ticketing, and Other services. Adjusted Operating Profit and Adjusted Net Profit also saw healthy double-digit growth, indicating underlying business strength. However, IFRS profit for the period plummeted by 73.1% and diluted EPS by 73.9%, primarily due to a substantial increase in net finance costs, largely from interest expense on convertible senior notes. Investors should note the divergence between IFRS and non-IFRS profitability, with the latter reflecting the core operational performance. The company's share repurchase activity also signals management confidence.
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At the time of this filing, MMYT was trading at $75.00 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $7.1B. The 52-week trading range was $69.69 to $120.73. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.