MakeMyTrip delivered a strong fiscal 2027 first quarter performance, with adjusted margin growth in hotels and packages and ground transport offsetting softness in air ticketing amid geopolitical headwinds. Gross booking value grew 19.9% year-on-year in constant currency terms, while IFRS revenue rose 16.1% in constant currency to $285.6 million. Hotels and packages adjusted margin grew 21.3% year-on-year in constant currency to $134.5 million, driven by stand-alone hotel booking volumes up 20.2%, while bus ticketing adjusted margin surged 32.4% in constant currency to $51.8 million on volume growth of 23.9%. Air ticketing adjusted margin increased 10.8% in constant currency to $98.5 million despite a marginal volume decline, supported by strong ancillary attach and better unit economics. Adjusted operating profit was $51.4 million, maintaining profitability margins at 1.8% of gross bookings, and the company ended the quarter with a cash balance of $794 million.
HSBC Holdings PLC
MakeMyTrip Limited