MakeMyTrip shares slide after revenue misses expectations despite earnings beat (MMYT)

Quarterly revenue falls short as travel disruptions weigh on growth

MakeMyTrip Limited (NASDAQ:MMYT) reported mixed fourth-quarter fiscal 2026 results on Tuesday, with earnings surpassing analyst expectations while revenue came in below forecasts.

Shares of the online travel platform dropped 6.2% in premarket trading following the release.

The company posted adjusted earnings of $0.32 per share, ahead of analyst estimates of $0.28 per share.

Revenue totaled $250.1 million, missing the consensus estimate of $281.0 million. Revenue increased 1.9% year-on-year, or 6.7% on a constant currency basis.

Pilgrimage festival and regional conflict impacted demand

MakeMyTrip said quarterly growth was affected by the Maha Kumbh Mela pilgrimage festival held in February 2025, as well as the ongoing conflict in West Asia, both of which weighed on travel demand during February and March 2026.

The company noted that January 2026 delivered strong year-on-year growth before those factors negatively impacted overall quarterly performance.

Adjusted operating profit increased to $46.5 million from $44.7 million in the same quarter last year.

Hotels, air ticketing and bus segments show margin growth

The hotels and packages division reported adjusted margin growth of 11.5% in constant currency terms to $115.9 million, supported by a 15.2% increase in hotel room nights booked.

Adjusted margin in the air ticketing business rose 10.7% in constant currency to $99.3 million, while the bus ticketing segment posted adjusted margin growth of 17.1% to $41.1 million.

“Our overall results and growth for the quarter ended March 31, 2026 were impacted for a number of reasons. Although we recorded strong year-on-year growth in January 2026, our growth in February and March 2026 was lower in view of the impact of Maha Kumbh Mela, a significant pilgrimage festival in February 2025 and the ongoing West Asia conflict,” the company stated.

Full-year revenue rises as company continues share repurchases

For fiscal year 2026, MakeMyTrip reported revenue of $1.044 billion, representing year-on-year growth of 6.7%.

Adjusted net profit for the full year totaled $170.9 million, compared with $178.2 million in fiscal 2025.

During the quarter, the company repurchased 900,000 ordinary shares for $50.3 million.

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