MakeMyTrip (NASDAQ: MMYT) bookings climb 20.9% in constant currency but rupee drags revenue

What happened

MakeMyTrip Limited (NASDAQ: MMYT) said gross bookings rose 20.9% in constant currency in its fiscal second quarter ended September 30, 2026. In US dollars, bookings grew 11.3% to $2.72 billion. Revenue rose 2.5% to $235.2 million, or 11.2% in constant currency. The company said the Indian rupee fell about 10% against the dollar from a year earlier, which hurt reported revenue and growth rates.

Profit for the quarter was $1.8 million, against a loss of $5.7 million a year earlier. Net finance costs fell to $29.8 million from $35.9 million, mainly because the net foreign exchange loss shrank by $8.3 million. Adjusted EBITDA rose 6.4% to $51.5 million.

MakeMyTrip also bought back 345,158 ordinary shares for $17.2 million in the quarter. Its program caps buybacks of shares and convertible notes due 2028 and 2030 at $200.0 million. At September 30, 2026, $78.6 million of that remained.

Key numbers

Metric	Latest	Change	Source
Gross bookings (quarter)	$2.72 billion	from $2.45 billion, +11.3%	SEC 6-K
Revenue (quarter)	$235.2 million	from $229.3 million, +2.5%	SEC 6-K
Adjusted EBITDA (quarter)	$51.5 million	from $48.3 million, +6.4%	SEC 6-K
Profit (loss) for the period (quarter)	$1.8 million	from -$5.7 million	SEC 6-K
Customer inducement costs (quarter)	$108.93 million	from $89.06 million, +22.3%	Calculated from SEC 6-K
Shares repurchased (quarter)	$17.2 million		SEC 6-K

Read more: MakeMyTrip (MMYT) stock analysis and investment case

Why it matters

OptimistFi's case is that MakeMyTrip compounds as Indian travel moves online, as long as suppliers and rivals do not erode take rates and marketing efficiency. This quarter gives mixed evidence on both points. Adjusted Margin as a share of gross bookings slipped to 6.9% from 7.2% in air ticketing. It edged up to 18.2% from 18.1% in hotels and packages and held at 10.4% in bus ticketing.

Customer inducement costs, which the company records as a reduction of revenue, rose to $108.93 million from $89.06 million. By OptimistFi's calculation, that 22.3% increase is about twice the 11.3% growth in reported gross bookings. Marketing and sales promotion expenses rose a slower 2.6% to $38.9 million.

The company said international long-haul outbound travel from India stayed subdued, as higher airfares and a weaker rupee raised trip costs. Strong domestic demand partly offset that. Free cash flow for the six months fell 19.8% to $67.06 million.

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What's next

MakeMyTrip scheduled a Zoom webinar for 7:30 AM EDT on October 26, 2026 to discuss the results. The buyback program runs until March 31, 2030. Of the $78.6 million left, up to $75.0 million can be used in fiscal 2027. The company says further buybacks are not guaranteed.

The next quarterly results will test the case. A rebound in air ticketing's 6.9% margin share, or inducement costs growing no faster than bookings, would strengthen it. Further slippage on either would weaken it.

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