Oct 26, 2026 earnings call — AI, supply expansion and Q2 results
MakeMyTrip reported Q2 gross bookings of $2.7 billion, up 20.9% year-on-year in constant currency, and adjusted operating profit of $46.2 million.
Revenue $0.2B (est $0.3B) · EPS $0.47 (est $0.04)
Key quotes
"Myra now engages in over 90,000 daily conversations and assists over 3,000 bookings a day."
"Our domestic accommodation portfolio now covers more than 105,000 options across over 2,000 cities, and our bus platform carries more than 50,000 schedules a day."
"Overall, market supply was constrained and domestic departures witnessed a decline of 7% year-on-year, while international departures witnessed a de-growth of 4% year-on-year."
Analyst Q&A 3
December quarter, Myra AI, India IPO
Q (Sachin Salgaonkar · BofA): Analyst asked how the December quarter is shaping up given DGCA traffic is down and whether the seasonally stronger quarter could be softer. He also asked if rising inducements mean marketing spend will be around 5.5% or higher, about consumer adoption and risk from Myra agentic AI, and for any update on a potential India IPO.
A: Management said overall platform growth improved this quarter despite flight-ticketing setbacks and they will keep building resilience across other businesses. They said inducements are rising because the mix is shifting to higher-margin businesses, which allows a bit more customer acquisition spend without hurting the bottom line. On Myra, they said customers who invoke Myra convert 1.7x more (about 3,000 bookings) but consumers are not yet doing full start-to-end agentic commerce; on the India IPO they said a confidential filing is made, they are responding to regulators, the filing is almost valid for 18 months, and they will act when market conditions are appropriate.
"So actually, overall growth has actually improved through this quarter despite the setback on the flight ticketing side, and that would be our endeavor." — Mohit Kabra
Air revenue, hotel inducements, fungibility
Q (Manish Adukia · Goldman Sachs): Analyst asked why air revenue growth seems higher than volume growth and whether IFRS revenue is the right metric. He also asked why hotel inducement costs moved higher and whether a fall in overall inducement percent would flow to EBIT; and asked for any update on post-listing fungibility.
A: Management said flight margins are more fixed than fully variable, though some variability exists from airline incentives and segment fees, and margins can be slightly better in softer quarters. They said inducement increases reflect mix shifts and that hotel inducement moves are often due to last-minute attribution, so it is better to view over about 4 quarters. They agreed that if air demand recovered and inducement costs fell, there is scope for more efficiency and improved profitability, and on fungibility they said they will work out a path between the Mauritius entity and a potential India listing but it is premature until regulatory approvals on the confidential filing.
"Like I've been saying, we've got to look at the customer acquisition cost or inducement cost in line with the mix of the business." — Mohit Kabra
Competition, capital, and growth strategy
Q (Parash Jain · HSBC): Analyst asked about competition intensity in air and hotel when volumes are flat and whether access to capital is a differentiator to gain share if market growth stays subdued. He also asked how the company addresses investor concerns about holding-company discount after an India listing.
A: Management said there is no real change in competitive dynamics and that online penetration is at a level where capital dumping alone will not create a sustainable advantage. They said the focus remains on winning customers with value and better service rather than deep discounting, and while they can deploy capital if pushed, capital is not the main differentiator today. They added that deep discounting does not create stickiness and their scale and partnerships give them advantages to grow and hold share; on the investor concern about listing they pointed to earlier comments and did not add new details.
"I think we are in an overall, in a good position for us to be able to sort of grow even at the kind of scale that we have at a robust growth rate." — Rajesh Magow