Profit drops as MakeMyTrip (NASDAQ: MMYT) boosts FY26 revenue

Rhea-AI Filing Summary

MakeMyTrip Limited reported modest top-line growth but sharply lower IFRS profit for fiscal 2026. Revenue reached $1,044.0 million, up 6.7% year over year (10.7% in constant currency), with Q4 revenue at $250.1 million, up 1.9%.

Segment trends were healthy: full-year revenue grew in hotels and packages (2.4%), bus ticketing (21.7%) and others (29.6%), while air ticketing slipped 0.7% on a reported basis but rose 3.3% in constant currency. Gross bookings increased 10.4% to $10,390.8 million.

Operating performance strengthened, with results from operating activities rising to $156.0 million from $119.9 million, and Adjusted Operating Profit improving to $188.8 million from $167.3 million. However, net finance costs jumped to $77.6 million from $3.9 million, mainly from interest on 2030 convertible notes and higher FX losses, partly offset by a $30.6 million gain on 2028 notes.

As a result, profit for the year fell to $51.7 million from $95.3 million, while Adjusted Net Profit eased to $170.9 million from $178.2 million. Adjusted Diluted EPS was stable at $1.56. The company ended March 31, 2026 with $782.8 million in cash and term deposits and repurchased 900,000 shares for $50.3 million, leaving $103.6 million of buyback and note repurchase capacity.

Positive

• Operating performance improved: Results from operating activities rose to $155.975 million in FY26 from $119.889 million, and Adjusted Operating Profit increased to $188.758 million from $167.322 million, reflecting stronger segment profitability despite external travel headwinds.
• Strong demand in key segments: FY26 revenue in bus ticketing grew 21.7% (25.6% in constant currency) and others grew 29.6% (35.0% in constant currency), with gross bookings up 10.4% to $10,390.842 million.
• Healthy liquidity and capital return: As of March 31, 2026, cash and term deposits totaled $782.8 million, and the company repurchased 900,000 shares for $50.3 million in Q4 while retaining $103.6 million of remaining repurchase authorization.

Negative

• IFRS profitability fell sharply: Profit for the year declined to $51.670 million from $95.274 million, a 45.8% drop, while Q4 profit fell 16.8% year over year to $24.319 million.
• Financing and FX costs escalated: Net finance costs rose to $77.607 million in FY26 from $3.935 million, mainly from interest on 2030 convertible notes and higher foreign exchange losses, increasing sensitivity to financing and currency conditions.

Insights

Equity analyst

Solid operating growth but higher leverage and finance costs compressed IFRS earnings.

MakeMyTrip delivered healthy demand across most segments in FY26. Revenue grew to $1,044.0M and gross bookings to $10,390.8M, with especially strong constant-currency growth in bus ticketing and other services. Adjusted Operating Profit rose to $188.8M, showing underlying margin improvement.

The major drag was financing. Net finance costs surged to $77.6M from $3.9M, driven by interest on the 2030 convertible notes and higher FX losses, only partly offset by a $30.6M gain on the 2028 notes. This cut IFRS profit for the year to $51.7M, down 45.8%.

Despite this, non-IFRS performance was steadier: Adjusted Net Profit dipped slightly to $170.9M, and Adjusted Diluted EPS stayed at $1.56. The company held $782.8M in cash and term deposits as of March 31, 2026 and spent $50.3M repurchasing 900,000 shares, with $103.6M remaining authorization for shares and convertible notes. Overall, operating trends appear positive while the capital structure and FX exposure now play a larger role in reported earnings.

Key Figures

FY26 Revenue: $1,043,991 thousand FY26 Profit for the Year: $51,670 thousand FY26 Adjusted Net Profit: $170,950 thousand +5 more

8 metrics

FY26 Revenue $1,043,991 thousand Year ended March 31, 2026, up 6.7% YoY

FY26 Profit for the Year $51,670 thousand Year ended March 31, 2026, down 45.8% YoY

FY26 Adjusted Net Profit $170,950 thousand Non-IFRS measure for year ended March 31, 2026

FY26 Net Finance Costs $77,607 thousand Year ended March 31, 2026 vs $3,935 thousand prior year

FY26 Gross Bookings $10,390,842 thousand Year ended March 31, 2026, up 10.4% YoY

Cash and Term Deposits $782,800 thousand As at March 31, 2026 including restricted amounts

Q4 FY26 Share Repurchases 900,000 shares, $50,300 thousand Ordinary shares repurchased in fourth quarter FY26

Remaining Repurchase Authorization $103,600 thousand Capacity for shares, 2028 Notes and 2030 Notes as of March 31, 2026

Key Terms

Adjusted Margin, constant currency, 0.00% convertible senior notes due 2028, Adjusted Diluted Earnings per Share, +1 more

5 terms

Adjusted Margin financial

"Our key performance indicators are “Adjusted Margin” and “Adjusted Margin %” which are also non-IFRS measures referred to in various places within this release."

Adjusted margin measures a company’s profitability after removing or altering certain charges or gains that management believes obscure its regular results, such as one‑time costs, unusual gains, or accounting items. Investors care because it aims to show the business’s recurring profit rate — like looking at a household budget but ignoring a single big, unexpected expense — which helps compare performance across periods and between companies more fairly.

constant currency financial

"Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the rates in effect during the comparable fiscal period in the prior fiscal year."

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

0.00% convertible senior notes due 2028 financial

"Includes a gain of $30.6 million due to the change in carrying value of our $230.0 million in aggregate principal amount of 0.00% convertible senior notes due 2028 (the “2028 Notes”) measured at amortized cost."

Adjusted Diluted Earnings per Share financial

"We also refer to Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share which are non-IFRS measures and most directly comparable to results from operating activities."

Adjusted diluted earnings per share is the company’s net profit per share after accounting for potential extra shares (from options or convertible securities) and removing one‑time or unusual items so the number reflects ongoing business results. Think of it like timing a runner’s steady pace after excluding a few unexpected stops; it gives investors a clearer view of sustainable profit available to each share. Investors use it to compare companies and judge underlying profitability and valuation without short‑term distortions.

customer inducement costs financial

"Adjusted Margin represents IFRS revenue after adding back customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue."

Earnings Snapshot

Q4 2026 Revenue: $250.1M

Q4 2026 and FY 2026

Q4 2026 Revenue $250.1M 1.9% YoY; 6.7% constant currency

FY 2026 Revenue $1.044B 6.7% YoY; 10.7% constant currency

FY 2026 Profit for the Year $51.7M -45.8% YoY

FY 2026 Adjusted Net Profit $170.9M -4.1% YoY

FY 2026 Gross Bookings $10.39B 10.4% YoY

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Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the quarter and year ended March 31, 2026

Commission File Number 001-34837

MAKEMYTRIP LIMITED

(Translation of registrant’s name into English)

19th Floor, Building No. 5

DLF Cyber City

Gurugram, India, 122002

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

MakeMyTrip Limited (“MakeMyTrip” or the “Company”) is incorporating by reference the information set forth in this Form 6-K into its automatically effective resale shelf registration statement on Form F-3 (File No. 333-288084) dated June 16, 2025, as amended.

Other Events

Announcement of Unaudited Financial Results for the quarter and year ended March 31, 2026

On May 19, 2026, MakeMyTrip issued an earnings release announcing its unaudited financial results for the fourth quarter of fiscal 2026 (i.e. quarter ended March 31, 2026) and for the full fiscal year of 2026 (i.e. year ended March 31, 2026). A copy of the earnings release dated May 19, 2026 is attached hereto as Exhibit 99.1.

Exhibit

99.1 Earnings release of MakeMyTrip Limited dated May 19, 2026.

EXHIBIT INDEX

99.1 Earnings release of MakeMyTrip Limited dated May 19, 2026.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 19, 2026

MAKEMYTRIP LIMITED
By:		/s/ Rajesh Magow
Name:		Rajesh Magow
Title:		Group Chief Executive Officer

Exhibit 99.1

MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2026 FOURTH QUARTER AND FULL YEAR RESULTS

Gurugram, India and New York, May 19, 2026 — MakeMyTrip Limited (NASDAQ: MMYT), India’s leading travel service provider, today announced its unaudited financial and operating results for its fiscal fourth quarter and full fiscal year ended March 31, 2026.

(in thousands)		For the three months  ended March  31, 2025				For the three months  ended March  31, 2026				YoY Change				YoY Change in constant currency(1)				For the Year  ended March  31, 2025				For the Year  ended March  31, 2026				YoY Change				YoY Change in constant currency(1)
Financial Summary as per IFRS
Revenue		$	245,462			$	250,116				1.9	%			6.7	%		$	978,336			$	1,043,991				6.7	%			10.7	%
Air Ticketing		$	61,628			$	58,726				-4.7	%			0.1	%		$	241,529			$	239,948				-0.7	%			3.3	%
Hotels and Packages		$	123,278			$	121,768				-1.2	%			3.5	%		$	520,411			$	533,063				2.4	%			6.1	%
Bus Ticketing		$	33,500			$	35,944				7.3	%			11.4	%		$	119,361			$	145,271				21.7	%			25.6	%
Others		$	27,056			$	33,678				24.5	%			30.6	%		$	97,035			$	125,709				29.6	%			35.0	%
Results from Operating Activities		$	31,232			$	40,288				29.0	%						$	119,889			$	155,975				30.1	%
Profit for the period(2)		$	29,220			$	24,319				-16.8	%						$	95,274			$	51,670				-45.8	%
Financial Summary as per non-IFRS measures
Adjusted Margin(3)
Air Ticketing		$	94,192			$	99,320				5.4	%			10.7	%		$	373,092			$	407,078				9.1	%			13.4	%
Hotels and Packages		$	109,608			$	115,929				5.8	%			11.5	%		$	429,477			$	476,802				11.0	%			15.7	%
Bus Ticketing		$	36,475			$	41,125				12.7	%			17.1	%		$	130,967			$	163,878				25.1	%			29.3	%
Others		$	20,919			$	25,371				21.3	%			27.1	%		$	72,026			$	94,899				31.8	%			37.1	%
Adjusted Operating Profit(3)		$	44,712			$	46,524				4.1	%						$	167,322			$	188,758				12.8	%
Adjusted Net Profit(3)		$	48,102			$	33,788				-29.8	%						$	178,222			$	170,950				-4.1	%
Gross Bookings		$	2,553,146			$	2,550,531				-0.1	%			4.8	%		$	9,803,147			$	10,390,842				6.0	%			10.4	%
Air Ticketing		$	1,531,036			$	1,436,856				-6.2	%			-1.4	%		$	5,867,918			$	5,830,789				-0.6	%			3.5	%
Hotels and Packages		$	607,402			$	638,910				5.2	%			10.8	%		$	2,417,425			$	2,661,077				10.1	%			14.8	%
Bus Ticketing		$	341,273			$	403,537				18.2	%			22.7	%		$	1,249,564			$	1,602,407				28.2	%			32.9	%
Other Transport Services		$	73,435			$	71,228				-3.0	%			2.4	%		$	268,240			$	296,569				10.6	%			15.5	%

Notes:

(1)Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the rates in effect during the comparable fiscal period in the prior fiscal year. This is a non-IFRS measure. For more information, see “Reconciliation of revenue and Adjusted Margin in terms of reported and constant currency amount and growth” elsewhere in this release. IFRS refers to IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

(2)Includes a gain of $30.6 million due to the change in carrying value of our $230.0 million in aggregate principal amount of 0.00% convertible senior notes due 2028 (the “2028 Notes”) measured at amortized cost in the quarter and year ended March 31, 2026.

(3)This is a non-IFRS measure. For more information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release.

Financial Highlights for Fiscal 2026 Fourth Quarter and Full Year

(Year over Year (YoY) growth % is based on constant currency(1))

•Gross Bookings increased by 4.8% YoY in 4Q26 to $2,550.5 million and by 10.4% YoY in FY26 to $10,390.8 million.

•Adjusted Margin(3) – Air Ticketing increased by 10.7% YoY in 4Q26 to $99.3 million and by 13.4% YoY in FY26 to $407.1 million.

•Adjusted Margin(3) – Hotels and Packages increased by 11.5% YoY in 4Q26 to $115.9 million and by 15.7% YoY in FY26 to $476.8 million.

•Adjusted Margin(3) – Bus Ticketing increased by 17.1% YoY in 4Q26 to $41.1 million and by 29.3% YoY in FY26 to $163.9 million.

•Adjusted Margin(3) – Others increased by 27.1% YoY in 4Q26 to $25.4 million and by 37.1% YoY in FY26 to $94.9 million.

•Adjusted Operating Profit(3) improved to $46.5 million in 4Q26 versus $44.7 million in 4Q25, reflecting an improvement of $1.8 million YoY. Adjusted Operating Profit(3) increased to $188.8 million in FY26 versus $167.3 million in FY25, reflecting an improvement of $21.5 million.

Reconciliation of revenue and Adjusted Margin in terms of reported and constant currency amount and growth

The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported amount and constant currency(1)amount for the periods indicated:

(Unaudited)		For the three months ended March 31, 2026
		Revenue																				Adjusted Margin
Reported Amount and Constant Currency Amount		Air Ticketing				Hotels and Packages				Bus  Ticketing				Others				Total				Air Ticketing				Hotels and Packages				Bus  Ticketing				Others
Reported Amount			58,726				121,768				35,944				33,678				250,116				99,320				115,929				41,125				25,371
Impact of Foreign Currency Translation			2,989				5,839				1,364				1,661				11,853				4,975				6,260				1,576				1,222
Constant Currency Amount			61,715				127,607				37,308				35,339				261,969				104,295				122,189				42,701				26,593

(Unaudited)		For the year ended March 31, 2026
		Revenue																				Adjusted Margin
Reported Amount and Constant Currency Amount		Air Ticketing				Hotels and Packages				Bus  Ticketing				Others				Total				Air Ticketing				Hotels and Packages				Bus  Ticketing				Others
Reported Amount			239,948				533,063				145,271				125,709				1,043,991				407,078				476,802				163,878				94,899
Impact of Foreign Currency Translation			9,602				19,071				4,675				5,251				38,599				15,980				20,122				5,404				3,866
Constant Currency Amount			249,550				552,134				149,946				130,960				1,082,590				423,058				496,924				169,282				98,765

The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported growth and constant currency(1) growth for the periods indicated:

(Unaudited)		For the three months ended March 31, 2026
		Revenue																				Adjusted Margin
Reported Growth and Constant Currency Growth (YoY)		Air Ticketing				Hotels and Packages				Bus  Ticketing				Others				Total				Air Ticketing				Hotels and Packages				Bus  Ticketing				Others
Reported Growth			-4.7	%			-1.2	%			7.3	%			24.5	%			1.9	%			5.4	%			5.8	%			12.7	%			21.3	%
Impact of Foreign Currency Translation			4.8	%			4.7	%			4.1	%			6.1	%			4.8	%			5.3	%			5.7	%			4.4	%			5.8	%
Constant Currency Growth			0.1	%			3.5	%			11.4	%			30.6	%			6.7	%			10.7	%			11.5	%			17.1	%			27.1	%

(Unaudited)		For the year ended March 31, 2026
		Revenue																				Adjusted Margin
Reported Growth and Constant Currency Growth (YoY)		Air Ticketing				Hotels and Packages				Bus  Ticketing				Others				Total				Air Ticketing				Hotels and Packages				Bus  Ticketing				Others
Reported Growth			-0.7	%			2.4	%			21.7	%			29.6	%			6.7	%			9.1	%			11.0	%			25.1	%			31.8	%
Impact of Foreign Currency Translation			4.0	%			3.7	%			3.9	%			5.4	%			4.0	%			4.3	%			4.7	%			4.2	%			5.3	%
Constant Currency Growth			3.3	%			6.1	%			25.6	%			35.0	%			10.7	%			13.4	%			15.7	%			29.3	%			37.1	%

Fiscal 2026 Fourth Quarter Financial Results

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.

Revenue. We generated revenue of $250.1 million in the quarter ended March 31, 2026, an increase of 1.9% (6.7% in constant currency(1)) over revenue of $245.5 million in the quarter ended March 31, 2025.

This increase in revenue was primarily attributable to an increase of 7.3% (11.4% in constant currency) in revenue from our bus ticketing business, and an increase of 24.5% (30.6% in constant currency) in revenue from our others business, partially offset by a decrease of 4.7% (an increase of 0.1% in constant currency) in revenue from our air ticketing business and a decrease of 1.2% (an increase of 3.5% in constant currency) in revenue from our hotels and packages business, each as further described below.

The table below summarizes our segment profitability in terms of revenue and Adjusted Margin in each segment. For more information on non-IFRS measures and segment profitability measures, see “About Key Performance Indicators and Non-IFRS Measures” and “Information About Reportable Segments” in our condensed consolidated financial statements included elsewhere in this release.

		For the three months ended  March 31
		Air ticketing								Hotels and packages								Bus ticketing								Others
		2025				2026				2025				2026				2025				2026				2025				2026
		(Amounts in USD thousands)
Revenue as per IFRS			61,628				58,726				123,278				121,768				33,500				35,944				27,056				33,678
Add: Customer inducement costs recorded as a reduction of revenue			32,564				40,594				41,030				45,137				2,975				5,181				1,271				303
Less: Service cost			—				—				54,700				50,976				—				—				7,408				8,610
Adjusted Margin(3)			94,192				99,320				109,608				115,929				36,475				41,125				20,919				25,371

Air Ticketing. Revenue from our air ticketing business decreased by 4.7% (an increase of 0.1% in constant currency) to $58.7 million for the quarter ended March 31, 2026 compared to $61.6 million for the quarter ended March 31, 2025. Our Adjusted Margin – Air ticketing increased by 5.4% (10.7% in constant currency) to $99.3 million in the quarter ended March 31, 2026, from $94.2 million in the quarter ended March 31, 2025. Adjusted Margin – Air ticketing includes customer inducement costs of $40.6 million in the quarter ended March 31, 2026 and $32.6 million in the quarter ended March 31, 2025, recorded as a reduction of revenue. The decrease in revenue, in absolute terms, from our air ticketing business was primarily due to a decrease in gross bookings by 6.2% (1.4% in constant currency) primarily driven by a 1.8% decrease in the number of air ticketing flight segments (excluding flight segments booked as a component of bookings for our Hotels and Packages segment) in the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025 and the depreciation of the Indian rupee against the U.S. Dollar during the quarter ended March 31, 2026. Our Adjusted Margin % (defined as Adjusted Margin as a percentage of gross bookings) – Air ticketing increased to 6.9% in the quarter ended March 31, 2026 as compared to 6.2% in the quarter ended March 31, 2025.

Hotels and Packages. Revenue from our hotels and packages business decreased by 1.2% (an increase of 3.5% in constant currency) to $121.8 million in the quarter ended March 31, 2026, from $123.3 million in the quarter ended March 31, 2025. Our Adjusted Margin – Hotels and packages increased by 5.8% (11.5% in constant currency) to $115.9 million in the quarter ended March 31, 2026 from $109.6 million in the quarter ended March 31, 2025. Adjusted Margin – Hotels and packages includes customer inducement costs of $45.1 million in the quarter ended March 31, 2026 and $41.0 million in the quarter ended March 31, 2025, recorded as a reduction of revenue. The increase in revenue (in constant currency) from our hotels and packages business and Adjusted Margin – Hotels and packages was primarily due to an increase in gross bookings by 5.2% (10.8% in constant currency), which was primarily driven by a 15.2% increase in the number of hotel-room nights in the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025. Our Adjusted Margin % – Hotels and packages increased marginally to 18.1% in the quarter ended March 31, 2026 as compared to 18.0% in the quarter ended March 31, 2025.

Bus Ticketing. Revenue from our bus ticketing business increased by 7.3% (11.4% in constant currency) to $35.9 million in the quarter ended March 31, 2026, from $33.5 million in the quarter ended March 31, 2025. Our Adjusted Margin – Bus ticketing increased by 12.7% (17.1% in constant currency) to $41.1 million in the quarter ended March 31, 2026 from $36.5 million in the quarter ended March 31, 2025. Adjusted Margin – Bus ticketing includes customer inducement costs of $5.2 million in the quarter ended March 31, 2026 and $3.0 million in the quarter ended March 31, 2025, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin – Bus ticketing was primarily due to an increase in gross bookings by 18.2% (22.7% in constant currency) driven by a 27.6% increase in the number of bus tickets in the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025. Our Adjusted Margin % – Bus ticketing decreased to 10.2% in the quarter ended March 31, 2026 as compared to 10.7% in the quarter ended March 31, 2025.

Others. Revenue from our others business increased by 24.5% (30.6% in constant currency) to $33.7 million in the quarter ended March 31, 2026, from $27.1 million in the quarter ended March 31, 2025. Our Adjusted Margin – Others increased by 21.3% (27.1% in constant currency) to $25.4 million in the quarter ended March 31, 2026 from $20.9 million in the quarter ended March 31, 2025. Adjusted Margin – Others includes customer inducement costs of $0.3 million in the quarter ended March 31, 2026 and $1.3 million in the quarter ended March 31, 2025, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin – Others was primarily led by growth in our ancillary services and other travel services.

Other Income. Other income was $0.2 million in the quarter ended March 31, 2026 and $0.1 million in the quarter ended March 31, 2025.

Service Cost. Service cost decreased by 4.1% to $59.6 million in the quarter ended March 31, 2026 from $62.1 million in the quarter ended March 31, 2025, primarily due to the depreciation of the Indian rupee against the U.S. Dollar during the quarter ended March 31, 2026.

Personnel Expenses. Personnel expenses decreased by 11.0% to $38.0 million in the quarter ended March 31, 2026 from $42.8 million in the quarter ended March 31, 2025, primarily due to a decrease in the share-based compensation costs in the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025, which was partially offset by annual wage increases effected in the quarter ended June 30, 2025.

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses remained stable at $42.1 million in the quarter ended March 31, 2026 and in the quarter ended March 31, 2025. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $91.2 million in the quarter ended March 31, 2026 and $77.8 million in the quarter ended March 31, 2025. The details are as follows:

		For the three months ended  March 31
		2025				2026
		(Amounts in USD thousands)
Marketing and sales promotion expenses			42,103				42,073
Customer inducement costs recorded as a reduction of revenue			77,840				91,215

Other Operating Expenses. Other operating expenses increased by 5.4% to $63.6 million in the quarter ended March 31, 2026 from $60.3 million in the quarter ended March 31, 2025, primarily due to an increase in operating expenses, including distribution costs, website hosting charges and technology and maintenance expenses linked to an increase in bookings in our hotels and packages business and bus ticketing business in the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025.

Depreciation and Amortization. Our depreciation and amortization expenses were $6.7 million in the quarter ended March 31, 2026 and $7.0 million in the quarter ended March 31, 2025.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $40.3 million in the quarter ended March 31, 2026 as compared to a profit of $31.2 million in the quarter ended March 31, 2025. Our Adjusted Operating Profit was $46.5 million in the quarter ended March 31, 2026 as compared to $44.7 million in the quarter ended March 31, 2025. For a description of the components and calculation of “Adjusted Operating Profit” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Results from operating activities”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Net Finance Costs. Our net finance costs were $10.1 million in the quarter ended March 31, 2026 as compared to $0.3 million in the quarter ended March 31, 2025, primarily due to an increase of $23.8 million in interest expense on financial liabilities measured at amortized cost related to our convertible senior notes due 2030 (the “2030 Notes”) and an increase of $15.4 million in foreign exchange losses in the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025 as a result of the depreciation of the Indian rupee against the U.S. Dollar during the quarter ended March 31, 2026 which was partially offset by a gain of $30.6 million due to the change in carrying value of our 2028 Notes, measured at amortized cost, in the quarter ended March 31, 2026.

Income Tax Expense. Our income tax expense was $6.0 million in the quarter ended March 31, 2026 as compared to $1.7 million in the quarter ended March 31, 2025, primarily due to an increase in tax expense resulting from an increase in our taxable income, which was partially offset by a reversal of deferred tax liabilities in the quarter ended March 31, 2026.

Profit for the Period. As a result of the foregoing factors, our profit for the quarter ended March 31, 2026 was $24.3 million as compared to $29.2 million in the quarter ended March 31, 2025. Our Adjusted Net Profit was $33.8 million in the quarter ended March 31, 2026, as compared to $48.1 million in the quarter ended March 31, 2025. For a description of the components and calculation of “Adjusted Net Profit” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Profit for the period”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Diluted Earnings per Share. As a result of the foregoing factors, diluted earnings per share was $0.02 for the quarter ended March 31, 2026 as compared to $0.25 in the quarter ended March 31, 2025. Our Adjusted Diluted Earnings per share was $0.32 in the quarter ended March 31, 2026 as compared to $0.42 in the quarter ended March 31, 2025. For a description of the components and calculation of “Adjusted Diluted Earnings per Share” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Diluted earnings per share”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Fiscal 2026 Full Year Financial Results

Revenue. We generated revenue of $1,044.0 million in the year ended March 31, 2026, an increase of 6.7% (10.7% in constant currency(1)) over revenue of $978.3 million in the year ended March 31, 2025. The overall growth of the travel and tourism industry in India was impacted during the year ended March 31, 2026 due to a series of external events, such as the West Asia and other regional conflicts, as well as exceptional supply side constraints from Indian airline carriers in the domestic market.

This increase in revenue was primarily attributable to an increase of 2.4% (6.1% in constant currency) in revenue from our hotels and packages business, an increase of 21.7% (25.6% in constant currency) in revenue from our bus ticketing business, and an increase of 29.6% (35.0% in constant currency) in revenue from our others business, partially offset by a decrease of 0.7% (an increase of 3.3% in constant currency) in revenue from our air ticketing business, each as further described below.

The table below summarizes our segment profitability in terms of revenue and Adjusted Margin in each segment. For more information on non-IFRS measures and segment profitability measures, see “Information About Reportable Segments” and “About Key Performance Indicators and Non-IFRS Measures” in our condensed consolidated financial statements included elsewhere in this release.

		For the year ended March 31
		Air ticketing								Hotels and packages								Bus ticketing								Others
		2025				2026				2025				2026				2025				2026				2025				2026
Revenue as per IFRS			241,529				239,948				520,411				533,063				119,361				145,271				97,035				125,709
Add: Customer inducement costs recorded as a reduction of revenue			131,563				167,130				155,616				184,602				11,606				18,607				2,789				2,178
Less: Service cost			—				—				246,550				240,863				—				—				27,798				32,988
Adjusted Margin(3)			373,092				407,078				429,477				476,802				130,967				163,878				72,026				94,899

Air Ticketing. Revenue from our air ticketing business decreased by 0.7% to $239.9 million in the year ended March 31, 2026 from $241.5 million in the year ended March 31, 2025, primarily resulting from the depreciation of the Indian rupee against the U.S. Dollar during the year ended March 31, 2026. In constant currency terms, revenue from our air ticketing business increased by 3.3% in the year ended March 31, 2026 compared to the year ended March 31, 2025. Our Adjusted Margin – Air ticketing increased by 9.1% (13.4% in constant currency) to $407.1 million in the year ended March 31, 2026, from $373.1 million in the year ended March 31, 2025. Adjusted Margin – Air ticketing includes customer inducement costs of $167.1 million in the year ended March 31, 2026 and $131.6 million in the year ended March 31, 2025, recorded as a reduction of revenue. The increase in revenue (in constant currency) from our air ticketing business and Adjusted Margin – Air ticketing was primarily due to an increase of 3.5% (in constant currency) in gross bookings, primarily driven by a 0.7% increase in the number of air ticketing flight segments year over year (excluding flight segments booked as a component of bookings for our Hotels and Packages segment). Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of Gross Bookings) – Air ticketing increased to 7.0% in the year ended March 31, 2026 as compared to 6.4% in the year ended March 31, 2025.

Hotels and Packages. Revenue from our hotels and packages business increased by 2.4% (6.1% in constant currency) to $533.1 million in the year ended March 31, 2026, from $520.4 million in the year ended March 31, 2025. Our Adjusted Margin – Hotels and packages increased by 11.0% (15.7% in constant currency) to $476.8 million in the year ended March 31, 2026 from $429.5 million in the year ended March 31, 2025. Adjusted Margin – Hotels and packages includes customer inducement costs of $184.6 million in the year ended March 31, 2026 and $155.6 million in the year ended March 31, 2025, recorded as a reduction of revenue. The increase in revenue from our hotels and packages business and Adjusted Margin – Hotels and packages was primarily due to an increase in gross bookings by 10.1% (14.8% in constant currency) primarily driven by a 17.6% increase in the number of hotel-room nights in the year ended March 31, 2026 as compared to the year ended March 31, 2025. Our Adjusted Margin % – Hotels and packages increased marginally to 17.9% in the year ended March 31, 2026 as compared to 17.8% in the year ended March 31, 2025.

Bus Ticketing. Revenue from our bus ticketing business increased by 21.7% (25.6% in constant currency) to $145.3 million in the year ended March 31, 2026, from $119.4 million in the year ended March 31, 2025. During the quarter ended March 31, 2025, we began recognizing bus ticketing revenue at the time of issuance of bus tickets due to changes in underlying arrangements with our suppliers. Previously, we recognized bus ticketing revenue on the date of the bus journey. Our Adjusted Margin – Bus ticketing increased by 25.1% (29.3% in constant currency) to $163.9 million in the year ended March 31, 2026 from $131.0 million in the year ended March 31, 2025. Adjusted Margin – Bus ticketing includes customer inducement costs of $18.6 million in the year ended March 31, 2026 and $11.6 million in the year ended March 31, 2025, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin – Bus ticketing was due to an increase in gross bookings by 28.2% (32.9% in constant currency) driven by a 32.9% increase in the number of bus tickets year over year. Our Adjusted Margin % – Bus ticketing decreased to 10.2% in the year ended March 31, 2026 as compared to 10.5% in the year ended March 31, 2025.

Others. Revenue from our others business increased by 29.6% (35.0% in constant currency) to $125.7 million in the year ended March 31, 2026, from $97.0 million in the year ended March 31, 2025. Our Adjusted Margin – Others increased by 31.8% (37.1% in constant currency) to $94.9 million in the year ended March 31, 2026 from $72.0 million in the year ended March 31, 2025. Adjusted Margin – Others includes customer inducement costs of $2.2 million in the year ended March 31, 2026 and $2.8 million in the year ended March 31, 2025, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin – Others was primarily led by growth in our ancillary services and other travel services.

Other Income. Other income was $2.0 million in the year ended March 31, 2026 and $0.3 million in the year ended March 31, 2025.

Service Cost. Service cost decreased by 0.2% to $273.9 million in the year ended March 31, 2026 from $274.3 million in the year ended March 31, 2025.

Personnel Expenses. Personnel expenses decreased marginally to $158.8 million in the year ended March 31, 2026 from $160.1 million in the year ended March 31, 2025, primarily due to the decrease in share-based compensation costs in the year ended March 31, 2026 as compared to the year ended March 31, 2025, offset by an annual wage increases effected in the quarter ended June 30, 2025.

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 6.6% to $176.3 million in the year ended March 31, 2026 from $165.3 million in the year ended March 31, 2025, primarily due to an increase in variable costs and discretionary expenditures such as expenses on events and brand building initiatives in response to the travel demand in India in the year ended March 31, 2026 as compared to the year ended March 31, 2025. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $372.5 million in the year ended March 31, 2026 and $301.6 million in the year ended March 31, 2025. The details are as follows:

		For the year ended March 31
		2025				2026
		(Amounts in USD thousands)
Marketing and sales promotion expenses			165,324				176,268
Customer inducement costs recorded as a reduction of revenue			301,574				372,517

Other Operating Expenses. Other operating expenses increased by 9.2% to $253.3 million in the year ended March 31, 2026 from $231.9 million in the year ended March 31, 2025, primarily due to an increase in operating expenses, including distribution costs and website hosting charges linked to an increase in bookings in the year ended March 31, 2026 as compared to the year ended March 31, 2025.

Depreciation and Amortization. Our depreciation and amortization expenses marginally increased by 2.7% to $27.8 million in the year ended March 31, 2026 from $27.1 million in the year ended March 31, 2025.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $156.0 million in the year ended March 31, 2026 as compared to a profit of $119.9 million in the year ended March 31, 2025. Our Adjusted Operating Profit was $188.8 million in the year ended March 31, 2026 as compared to $167.3 million in the year ended March 31, 2025. For a description of the components and calculation of “Adjusted Operating Profit” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Results from operating activities”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Net Finance Costs. Our net finance cost was $77.6 million in the year ended March 31, 2026 as compared to net finance cost of $3.9 million in the year ended March 31, 2025, primarily due to an increase of $74.4 million in interest expense on financial liabilities measured at amortized cost related to our 2030 Notes and an increase of $27.8 million in foreign exchange losses in the year ended March 31, 2026 as compared to the year ended March 31, 2025, which was partially offset by a gain of $30.6 million due to a change in the carrying value of our 2028 Notes, measured at amortized cost, in the year ended March 31, 2026.

Income Tax Expense. Our income tax expense was $26.7 million in the year ended March 31, 2026 as compared to income tax expense of $20.6 million in the year ended March 31, 2025, primarily due to an increase in tax expense resulting from an increase in our taxable income, which was partially offset by a reversal of deferred tax liabilities in the year ended March 31, 2026.

Profit for the Year. As a result of the foregoing factors, our profit for the year ended March 31, 2026 was $51.7 million as compared to $95.3 million in the year ended March 31, 2025. Our Adjusted Net Profit was $170.9 million in the year ended March 31, 2026 as compared to $178.2 million in the year ended March 31, 2025. For a description of the components and calculation of “Adjusted Net Profit ” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Profit for the period”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Diluted Earnings per Share. As a result of the foregoing factors, diluted earnings per share was $0.36 in the year ended March 31, 2026 as compared to $0.83 in the year ended March 31, 2025. Our Adjusted Diluted Earnings per share remained the same at $1.56 in the year ended March 31, 2026 and in the year ended March 31, 2025. For a description of the components and calculation of “Adjusted Diluted Earnings per Share” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Diluted earnings per share”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Liquidity. As at March 31, 2026, cash and cash equivalents and term deposits (including restricted cash and cash equivalents and term deposits of $11.0 million) on our balance sheet was $782.8 million. As at March 31, 2026, we had $0.8 million in bank overdrafts.

Repurchases of Shares and Convertible Notes

The Company’s share repurchase program, pursuant to which the Company can repurchase its ordinary shares at any price determined by its board of directors from time to time, is effective until March 31, 2030. Furthermore, the board of directors has authorized the Company to repurchase its 2028 Notes and 2030 Notes from time to time until March 31, 2030. In each case, repurchases may be made using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with applicable securities laws and regulations. The Company may also, from time to time, enter into plans that are compliant with Rule 10b5-1 of the U.S. Securities Exchange Act of 1934, as amended, to facilitate repurchases of its securities under the above-mentioned authorizations. The aggregate amount of ordinary shares, 2028 Notes and 2030 Notes that may be repurchased by the Company pursuant to this existing program shall not exceed $200.0 million, with a sub-limit of $100.0 million during each fiscal year. The price and timing of any such repurchases will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors as determined by the board of directors from time to time. There can be no assurance that we will execute any such repurchase pursuant to this existing program.

Pursuant to the repurchase program, during the fourth quarter of fiscal 2026, we repurchased 900,000 ordinary shares for an aggregate price of $50.3 million from the open market. There were no repurchases of 2028 Notes and 2030 Notes during the fourth quarter of fiscal 2026. As at March 31, 2026, we had remaining authority to repurchase an aggregate of up to $103.6 million of our outstanding ordinary shares, 2028 Notes and 2030 Notes.

Conference Call

MakeMyTrip will host a live Zoom webinar to discuss the Company’s results for the quarter and year ended March 31, 2026 beginning at 7:30 AM EDT or 5:00 PM IST on May 19, 2026 through the Company’s Investor Relations website at https://investors.makemytrip.com/. To participate, please use the following link https://makemytrip.zoom.us/webinar/register/WN_L8DK2jS8RryIDsRsdEPkPQ to register for the live event. Registered participants will receive a confirmation email containing the Zoom access link and alternative phone dial-in details. A replay of the event will be available on the “Investor Relations” section of the Company’s website at http://investors.makemytrip.com, approximately two hours after the conclusion of the live event.

About Key Performance Indicators and Non-IFRS Measures

We refer to certain non-IFRS measures in various places within this release, including “Adjusted Operating Profit”, “Adjusted Net Profit”, “Adjusted Diluted Earnings per Share” and constant currency results. Our key performance indicators are “Adjusted Margin” and “Adjusted Margin %” which are also non-IFRS measures referred to in various places within this release.

We evaluate our financial performance in each of our reportable segments based on our key performance indicators, Adjusted Margin and Adjusted Margin %, which are non-IFRS measures and segment profitability measures. Adjusted Margin represents IFRS revenue after adding back customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue and deducting the cost of procurement of services primarily relating to sales to customers where we act as the principal. Adjusted Margin % represents Adjusted Margin as a percentage of Gross Bookings.

As certain parts of our revenues are recognized on a “net” basis when we are acting as an agent, and other parts of our revenue are recognized on a “gross” basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a non-IFRS measure and a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. Income from packages, including income on airline tickets sold to customers as a part of tours and packages is accounted for on a “gross” basis as the Company controls the services before such services are transferred to travelers. Revenue from the packages business which is accounted for on a “gross” basis represents the total amount paid by customers for these travel services and products, while our cost of procuring the relevant services and products for sale to our customers in this business is classified as service cost. Similarly, in our car bookings business, we generally recognize revenue on a “gross” basis.

We also refer to Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share which are non-IFRS measures and most directly comparable to results from operating activities, profit for the period and diluted earnings per share for the period, respectively, each of which is an IFRS measure. We use financial measures that exclude share-based compensation costs, amortization of acquired intangibles, gain on discontinuation of equity-accounted investment, change in fair value of financial asset measured at fair value through profit or loss (“FVTPL”), change in carrying value of financial liabilities measured at amortized cost, share of loss of equity-accounted investees, interest expense on financial liabilities measured at amortized cost, and income tax expense for our internal management reporting, budgeting and decision making purposes, including comparing our operating results to that of our competitors.

A limitation of using Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share instead of results from operating activities, profit for the period and diluted earnings per share calculated in accordance with IFRS as issued by the IASB is that these non-IFRS financial measures exclude a recurring cost, for example, share-based compensation. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share. Because of varying available valuation methodologies and subjective assumptions that companies

can use when applying IFRS 2 “Share based payment,” management believes that providing non-IFRS measures that exclude such expense allows investors to make additional comparisons between our operating results and those of other companies. In addition, reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release.

Constant currency results are financial measures that are not prepared in accordance with IFRS and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year. Because the impact of changing foreign currency exchange rates may not provide an accurate baseline for analyzing trends in our business, management believes that percentage growth in constant currency is an important metric for evaluating our operations. Constant currency is a non-IFRS measure and it should not be considered as a substitute for measures prepared in accordance with IFRS.

We believe that our current calculations of Adjusted Operating Profit, Adjusted Net Profit, Adjusted Diluted Earnings per Share, Adjusted Margin, Adjusted Margin % and constant currency results represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items and other items such as customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs, which we believe are representative of our operating results and provide useful information to investors and analysts. We believe that investors and analysts in our industry use these non-IFRS measures and key performance indicators to compare our company and our performance to that of our global peers.

However, the presentation of these non-IFRS measures and key performance indicators are not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures and key performance indicators may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

Safe Harbor Statement

This release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “aim”, “anticipate”, “believe”, “continue”, “estimate”, “expect”, “is/are likely to”, “intend”, “may”, “potential”, “plan”, “project”, “should”, “seek”, “will”, or other similar expressions. Such statements include, among other things, quotations from management as well as the Company’s strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, a slow-down of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of the Company’s shares, the Company’s reliance on its relationships with travel suppliers and strategic alliances, failure to further increase the Company’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop the Company’s corporate travel business, damage to or failure of the Company’s infrastructure and technology, loss of services of the Company’s key executives, and inflation in India and in other countries. These and other factors are more fully discussed in the “Risk Factors” section of the Company’s 20-F dated June 16, 2025, filed with the United States Securities and Exchange Commission. All information provided in this release is provided as of the date of issuance of this release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About MakeMyTrip Limited

We own and operate online travel brands, including MakeMyTrip, Goibibo and redBus. Through our primary websites, www.makemytrip.com, www.goibibo.com and www.redbus.in, and mobile platforms, travelers can research, plan and book a wide range of travel services and products in India and overseas. Our services include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, bus ticketing, rail ticketing, car hire, activities and experiences, and ancillary travel requirements such as facilitating access to third-party travel insurance, forex services and visa processing.

We provide our customers with access to domestic full-service and low-cost airlines operating in India and airlines operating to and from India, a comprehensive set of domestic accommodation properties in India and a wide selection of properties outside of India, tickets for Indian Railways and bus services operated through all major Indian bus operators.

For more details, please contact:

Vipul Garg

Senior Vice President - Investor Relations

MakeMyTrip Limited

Vipul.garg@go-mmt.com

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(UNAUDITED)

(Amounts in USD thousands)

		As at March 31, 2025				As at March 31, 2026
Assets
Property, plant and equipment			26,457				21,654
Intangible assets and goodwill			597,791				552,245
Trade and other receivables			8,879				9,182
Investment in equity-accounted investees			1,914				1,586
Other investments			972				12,756
Term deposits			2,130				17,704
Non-current tax assets, net			18,044				22,693
Deferred tax assets, net			106,431				70,503
Other non-current assets			402				75
Total non-current assets			763,020				708,398
Inventories			363				612
Contract assets			507				83
Current tax assets, net			9,140				—
Trade and other receivables			141,143				163,011
Term deposits			252,286				340,297
Other current assets			152,931				117,654
Cash and cash equivalents			508,898				424,826
Total current assets			1,065,268				1,046,483
Total assets			1,828,288				1,754,881
Equity
Share capital			56				48
Share premium			2,203,445				2,714,138
Other components of equity			(71,003	)			10,773
Accumulated deficit			(929,868	)			(2,792,733	)
Total equity attributable to owners of the Company			1,202,630				(67,774	)
Non-controlling interests			5,347				9,313
Total equity			1,207,977				(58,461	)
Liabilities
Loans and borrowings(#)			13,895				1,399,722
Employee benefits			14,705				16,477
Contract liabilities and related payables			175				147
Deferred tax liabilities, net			2,526				47,142
Other non-current liabilities			12,396				6,649
Total non-current liabilities			43,697				1,470,137
Bank overdraft			536				822
Loans and borrowings(#)			222,142				5,877
Trade and other payables			146,999				135,777
Contract liabilities and related payables			120,098				113,003
Other current liabilities			86,839				87,726
Total current liabilities			576,614				343,205
Total liabilities			620,311				1,813,342
Total equity and liabilities			1,828,288				1,754,881

# Loans and borrowings include lease liabilities amounting to $11.8 million as at March 31, 2026 (as at March 31, 2025: $15.4 million).

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(UNAUDITED)

(Amounts in USD thousands, except per share data and share count)

		For the three months ended  March 31								For the year ended  March 31
		2025				2026				2025				2026
Revenue
Air ticketing			61,628				58,726				241,529				239,948
Hotels and packages			123,278				121,768				520,411				533,063
Bus ticketing			33,500				35,944				119,361				145,271
Other revenue			27,056				33,678				97,035				125,709
Total revenue			245,462				250,116				978,336				1,043,991
Other income			88				192				317				2,043
Service cost
Procurement cost of hotels and packages services			54,700				50,976				246,550				240,863
Other cost of providing services			7,408				8,610				27,798				32,988
Personnel expenses			42,751				38,038				160,065				158,834
Marketing and sales promotion expenses			42,103				42,073				165,324				176,268
Other operating expenses			60,349				63,591				231,905				253,260
Depreciation and amortization			7,007				6,732				27,122				27,846
Results from operating activities			31,232				40,288				119,889				155,975
Finance income			7,158				6,533				28,256				27,149
Finance costs			7,477				16,591				32,191				104,756
Net finance income (costs)			(319	)			(10,058	)			(3,935	)			(77,607	)
Share of profit (loss) of equity-accounted investees			44				49				(64	)			(2	)
Profit before tax			30,957				30,279				115,890				78,366
Income tax expense			(1,737	)			(5,960	)			(20,616	)			(26,696	)
Profit for the period			29,220				24,319				95,274				51,670
Other comprehensive income (loss), net of tax
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit liability			(176	)			(518	)			(642	)			(423	)
Equity instruments at fair value through other comprehensive income (FVOCI) - net change in fair value			—				275				(452	)			275
			(176	)			(243	)			(1,094	)			(148	)
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences on foreign operations			1,637				(35,554	)			(20,898	)			(80,437	)
Other comprehensive income (loss) for the period, net of tax			1,461				(35,797	)			(21,992	)			(80,585	)
Total comprehensive income (loss) for the period			30,681				(11,478	)			73,282				(28,915	)
Profit (loss) attributable to:
Owners of the Company			29,198				24,248				95,101				51,804
Non-controlling interests			22				71				173				(134	)
Profit for the period			29,220				24,319				95,274				51,670
Total comprehensive income (loss) attributable to:
Owners of the Company			30,655				(11,639	)			73,255				(28,612	)
Non-controlling interests			26				161				27				(303	)
Total comprehensive income (loss) for the period			30,681				(11,478	)			73,282				(28,915	)
Earnings per share (in USD)
Basic			0.26				0.25				0.84				0.51
Diluted			0.25				0.02				0.83				0.36
Weighted average number of shares (including Class B Shares)
Basic			113,158,001				97,117,036				112,592,774				101,966,362
Diluted			115,104,770				104,534,513				114,538,183				109,673,645

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

(Amounts in USD thousands)

		Attributable to owners of the Company
										Other components of equity
		Share Capital				Share Premium				Equity Component of Convertible Notes				Treasury Shares Reserve				Fair Value Reserves				Share Based Payment Reserve				Foreign Currency Translation Reserve				Accumulated Deficit				Total				Non- Controlling Interests				Total Equity
Balance as at April 1, 2025			56				2,203,445				31,122				(21,722	)			(84	)			118,412				(198,731	)			(929,868	)			1,202,630				5,347				1,207,977
Total comprehensive income (loss) for the year
Profit (loss) for the year			—				—				—				—				—				—				—				51,804				51,804				(134	)			51,670
Other comprehensive income (loss)
Foreign currency translation differences			—				—				—				—				—				—				(80,288	)			—				(80,288	)			(149	)			(80,437	)
Equity instruments at FVOCI - net change in fair value			—				—				—				—				275				—				—				—				275				—				275
Remeasurements of defined benefit liability			—				—				—				—				—				—				—				(403	)			(403	)			(20	)			(423	)
Total other comprehensive income (loss)			—				—				—				—				275				—				(80,288	)			(403	)			(80,416	)			(169	)			(80,585	)
Total comprehensive income (loss) for the year			—				—				—				—				275				—				(80,288	)			51,401				(28,612	)			(303	)			(28,915	)
Transactions with owners of the Company
Contributions by owners
Share-based payment			—				—				—				—				—				23,428				—				—				23,428				138				23,566
Issue of ordinary shares on exercise of share based awards		*					13,637				—				—				—				(12,309	)			—				—				1,328				—				1,328
Transfer to accumulated deficit on expiry of share based awards			—				—				—				—				—				(102	)			—				102				—				—				—
Issue of convertible notes			—				—				241,728				—				—				—				—				—				241,728				—				241,728
Issue of ordinary shares			9				1,621,010				—				—				—				—				—				—				1,621,019				—				1,621,019
Repurchase of own shares			(17	)			(1,123,954	)			—				—				—				—				—				(1,914,846	)			(3,038,817	)			—				(3,038,817	)
Repurchase of convertible notes			—				—				(678	)			—				—				—				—				361				(317	)			—				(317	)
Treasury shares acquired			—				—				—				(91,729	)			—				—				—				—				(91,729	)			—				(91,729	)
Total contributions by owners			(8	)			510,693				241,050				(91,729	)			—				11,017				—				(1,914,383	)			(1,243,360	)			138				(1,243,222	)
Changes in ownership interests
Acquisition of subsidiary with non-controlling interest			—				—				—				—				—				—				—				—				—				4,842				4,842
Recognition of financial liability for acquisition of non-controlling interest			—				—				—				—				—				—				—				(1,822	)			(1,822	)			(711	)			(2,533	)
Change in fair value of financial liability for acquisition of non-controlling interests			—				—				—				—				—				—				1,451				1,939				3,390				—				3,390
Total changes in ownership interests			—				—				—				—				—				—				1,451				117				1,568				4,131				5,699
Total transactions with owners of the Company			(8	)			510,693				241,050				(91,729	)			—				11,017				1,451				(1,914,266	)			(1,241,792	)			4,269				(1,237,523	)
Balance as at March 31, 2026			48				2,714,138				272,172				(113,451	)			191				129,429				(277,568	)			(2,792,733	)			(67,774	)			9,313				(58,461	)

*less than 1

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

(Amounts in USD thousands)

		For the year ended  March 31
		2025				2026
Profit for the year			95,274				51,670
Adjustments for non-cash items			89,155				155,317
Changes in working capital			857				(24,450	)
Net cash generated from operating activities			185,286				182,537
Net cash generated from (used in) investing activities			26,444				(127,081	)
Net cash used in financing activities			(22,891	)			(107,405	)
Increase (decrease) in cash and cash equivalents			188,839				(51,949	)
Cash and cash equivalents (net of bank overdraft) at beginning of the year			327,065				508,362
Effect of exchange rate fluctuations on cash held			(7,542	)			(32,409	)
Cash and cash equivalents (net of bank overdraft) at end of the year			508,362				424,004

MAKEMYTRIP LIMITED

INFORMATION ABOUT REPORTABLE SEGMENTS

(UNAUDITED)

(Amounts in USD thousands)

		For the three months ended  March 31
		Reportable segments
		Air ticketing								Hotels and packages								Bus ticketing								All other segments								Total
Particulars		2025				2026				2025				2026				2025				2026				2025				2026				2025				2026
Revenue from external customers			61,628				58,726				123,278				121,768				33,500				35,944				27,056				33,678				245,462				250,116
Add: Customer inducement costs recorded as a reduction of revenue*			32,564				40,594				41,030				45,137				2,975				5,181				1,271				303				77,840				91,215
Less: Service cost			—				—				54,700				50,976				—				—				7,408				8,610				62,108				59,586
Adjusted Margin			94,192				99,320				109,608				115,929				36,475				41,125				20,919				25,371				261,194				281,745
Other income																																			88				192
Personnel expenses																																			(42,751	)			(38,038	)
Marketing and sales promotion expenses																																			(42,103	)			(42,073	)
Customer inducement costs recorded as a reduction of revenue*																																			(77,840	)			(91,215	)
Other operating expenses																																			(60,349	)			(63,591	)
Depreciation and amortization																																			(7,007	)			(6,732	)
Finance income																																			7,158				6,533
Finance costs																																			(7,477	)			(16,591	)
Share of profit (loss) of equity-accounted investees																																			44				49
Profit before tax																																			30,957				30,279

		For the year ended March 31
		Reportable segments
		Air ticketing								Hotels and packages								Bus ticketing								All other segments								Total
Particulars		2025				2026				2025				2026				2025				2026				2025				2026				2025				2026
Revenue from external customers			241,529				239,948				520,411				533,063				119,361				145,271				97,035				125,709				978,336				1,043,991
Add: Customer inducement costs recorded as a reduction of revenue*			131,563				167,130				155,616				184,602				11,606				18,607				2,789				2,178				301,574				372,517
Less: Service cost			—				—				246,550				240,863				—				—				27,798				32,988				274,348				273,851
Adjusted Margin			373,092				407,078				429,477				476,802				130,967				163,878				72,026				94,899				1,005,562				1,142,657
Other income																																			317				2,043
Personnel expenses																																			(160,065	)			(158,834	)
Marketing and sales promotion expenses																																			(165,324	)			(176,268	)
Customer inducement costs recorded as a reduction of revenue*																																			(301,574	)			(372,517	)
Other operating expenses																																			(231,905	)			(253,260	)
Depreciation and amortization																																			(27,122	)			(27,846	)
Finance income																																			28,256				27,149
Finance costs																																			(32,191	)			(104,756	)
Share of profit (loss) of equity-accounted investees																																			(64	)			(2	)
Profit before tax																																			115,890				78,366

* For purposes of reporting to the Chief Operating Decision Maker (CODM), the segment profitability measure i.e. Adjusted Margin represents IFRS revenue after adding back certain customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue and reducing service cost.

MAKEMYTRIP LIMITED

RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS

(Unaudited)

(Amounts in USD thousands, except per share data)

The following tables reconcile our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) for the periods indicated:

		For the three months ended  March 31
		Air ticketing								Hotels and packages								Bus ticketing								Others
		2025				2026				2025				2026				2025				2026				2025				2026
Revenue as per IFRS			61,628				58,726				123,278				121,768				33,500				35,944				27,056				33,678
Add: Customer inducement costs recorded as a reduction of revenue			32,564				40,594				41,030				45,137				2,975				5,181				1,271				303
Less: Service cost			—				—				54,700				50,976				—				—				7,408				8,610
Adjusted Margin(3)			94,192				99,320				109,608				115,929				36,475				41,125				20,919				25,371

		For the year ended March 31
		Air ticketing								Hotels and packages								Bus ticketing								Others
		2025				2026				2025				2026				2025				2026				2025				2026
Revenue as per IFRS			241,529				239,948				520,411				533,063				119,361				145,271				97,035				125,709
Add: Customer inducement costs recorded as a reduction of revenue			131,563				167,130				155,616				184,602				11,606				18,607				2,789				2,178
Less: Service cost			—				—				246,550				240,863				—				—				27,798				32,988
Adjusted Margin(3)			373,092				407,078				429,477				476,802				130,967				163,878				72,026				94,899

The following table reconciles our results from operating activities (an IFRS measure) to Adjusted Operating Profit (a non-IFRS measure) for the periods indicated:

Reconciliation of Adjusted Operating Profit		For the three months ended  March 31								For the year ended March 31
(Unaudited)		2025				2026				2025				2026
Results from operating activities as per IFRS			31,232				40,288				119,889				155,975
Add: Acquisition related intangibles amortization			2,820				2,722				11,415				11,168
Add: Employee share-based compensation costs			10,660				3,514				36,018				22,976
Less: Gain on discontinuation of equity accounted investment			—				—				—				(1,361	)
Adjusted Operating Profit			44,712				46,524				167,322				188,758

The following table reconciles our profit for the period (an IFRS measure) to Adjusted Net Profit (a non-IFRS measure) for the periods indicated:

Reconciliation of Adjusted Net Profit		For the three months ended  March 31								For the year ended March 31
(Unaudited)		2025				2026				2025				2026
Profit for the period as per IFRS			29,220				24,319				95,274				51,670
Add: Acquisition related intangibles amortization			2,820				2,722				11,415				11,168
Add: Employee share-based compensation costs			10,660				3,514				36,018				22,976
Less: Gain on discontinuation of equity accounted investment			—				—				—				(1,361	)
Less: Gain on change in carrying value of financial liabilities measured at amortized cost			—				(30,578	)			—				(30,578	)
Add: Change in fair value of financial asset measured at FVTPL			—				382				—				273
Add: Interest expense on financial liabilities measured at amortized cost			3,709				27,518				14,835				90,104
Add: Income tax expense			1,737				5,960				20,616				26,696
Add (Less): Share of (profit) loss of equity-accounted investees			(44	)			(49	)			64				2
Adjusted Net Profit			48,102				33,788				178,222				170,950

The following table reconciles our diluted earnings per share for the period (an IFRS measure) to Adjusted Diluted Earnings per Share (a non-IFRS measure) for the periods indicated:

Reconciliation of Adjusted Diluted Earnings per Share		For the three months ended  March 31								For the year ended March 31
(Unaudited)		2025				2026				2025				2026
Diluted Earnings per Share for the period as per IFRS			0.25				0.02				0.83				0.36
Add: Acquisition related intangibles amortization			0.02				0.03				0.10				0.10
Add: Employee share-based compensation costs			0.09				0.03				0.31				0.21
Less: Gain on discontinuation of equity accounted investment			—				—				—				(0.01	)
Add: Change in fair value of financial asset measured at FVTPL			—			*					—			*
Add: Interest expense on financial liabilities measured at amortized cost#			0.04				0.23				0.14				0.68
Add: Income tax expense#			0.02				0.01				0.18				0.22
Add (Less): Share of (profit) loss of equity-accounted investees		*				*				*				*
Adjusted Diluted Earnings per Share			0.42				0.32				1.56				1.56

* Less than $0.01.

# For the quarter and year ended March 31, 2026, the impact of interest expense on financial liabilities measured at amortized cost related to our 2028 Notes and the gain on change in carrying value thereof along with the related income tax has already been considered in calculation of diluted earnings per share for the period as per IFRS.

The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported amount and constant currency(1) amount for the periods indicated:

(Unaudited)		For the three months ended March 31, 2026
		Revenue																				Adjusted Margin
Reported Amount and Constant Currency Amount		Air Ticketing				Hotels and Packages				Bus  Ticketing				Others				Total				Air Ticketing				Hotels and Packages				Bus  Ticketing				Others
Reported Amount			58,726				121,768				35,944				33,678				250,116				99,320				115,929				41,125				25,371
Impact of Foreign Currency Translation			2,989				5,839				1,364				1,661				11,853				4,975				6,260				1,576				1,222
Constant Currency Amount			61,715				127,607				37,308				35,339				261,969				104,295				122,189				42,701				26,593

(Unaudited)		For the year ended March 31, 2026
		Revenue																				Adjusted Margin
Reported Amount and Constant Currency Amount		Air Ticketing				Hotels and Packages				Bus  Ticketing				Others				Total				Air Ticketing				Hotels and Packages				Bus  Ticketing				Others
Reported Amount			239,948				533,063				145,271				125,709				1,043,991				407,078				476,802				163,878				94,899
Impact of Foreign Currency Translation			9,602				19,071				4,675				5,251				38,599				15,980				20,122				5,404				3,866
Constant Currency Amount			249,550				552,134				149,946				130,960				1,082,590				423,058				496,924				169,282				98,765

The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported growth and constant currency(1) growth for the periods indicated:

(Unaudited)		For the three months ended March 31, 2026
		Revenue																				Adjusted Margin
Reported Growth and Constant Currency Growth (YoY)		Air Ticketing				Hotels and Packages				Bus  Ticketing				Others				Total				Air Ticketing				Hotels and Packages				Bus  Ticketing				Others
Reported Growth			-4.7	%			-1.2	%			7.3	%			24.5	%			1.9	%			5.4	%			5.8	%			12.7	%			21.3	%
Impact of Foreign Currency Translation			4.8	%			4.7	%			4.1	%			6.1	%			4.8	%			5.3	%			5.7	%			4.4	%			5.8	%
Constant Currency Growth			0.1	%			3.5	%			11.4	%			30.6	%			6.7	%			10.7	%			11.5	%			17.1	%			27.1	%

(Unaudited)		For the year ended March 31, 2026
		Revenue																				Adjusted Margin
Reported Growth and Constant Currency Growth (YoY)		Air Ticketing				Hotels and Packages				Bus  Ticketing				Others				Total				Air Ticketing				Hotels and Packages				Bus  Ticketing				Others
Reported Growth			-0.7	%			2.4	%			21.7	%			29.6	%			6.7	%			9.1	%			11.0	%			25.1	%			31.8	%
Impact of Foreign Currency Translation			4.0	%			3.7	%			3.9	%			5.4	%			4.0	%			4.3	%			4.7	%			4.2	%			5.3	%
Constant Currency Growth			3.3	%			6.1	%			25.6	%			35.0	%			10.7	%			13.4	%			15.7	%			29.3	%			37.1	%

MAKEMYTRIP LIMITED

SELECTED OPERATING AND FINANCIAL DATA

(Unaudited)

		For the three months ended  March 31								For the year ended March 31
		2025				2026				2025				2026
		(in thousands, except percentages)
Unit Metrics
Air Ticketing – Flight segments(1)			14,775				14,462				58,701				59,057
Hotels and Packages – Room nights (2)			9,554				11,010				37,000				43,528
Standalone Hotels – Room nights (2)			9,319				10,759				36,039				42,540
Bus Ticketing – Bus tickets(3)			28,845				36,797				106,483				141,482
Adjusted Margin
Air Ticketing(4)		$	94,192			$	99,320			$	373,092			$	407,078
Hotels and Packages			109,608				115,929				429,477				476,802
Bus Ticketing			36,475				41,125				130,967				163,878
Others			20,919				25,371				72,026				94,899
Gross Bookings
Air Ticketing(4)		$	1,531,036			$	1,436,856			$	5,867,918			$	5,830,789
Hotels and Packages			607,402				638,910				2,417,425				2,661,077
Bus Ticketing			341,273				403,537				1,249,564				1,602,407
Other Transport Services			73,435				71,228				268,240				296,569
		$	2,553,146			$	2,550,531			$	9,803,147			$	10,390,842
Adjusted Margin %
Air Ticketing(4)			6.2	%			6.9	%			6.4	%			7.0	%
Hotels and Packages			18.0	%			18.1	%			17.8	%			17.9	%
Bus Ticketing			10.7	%			10.2	%			10.5	%			10.2	%

Notes:

1.“Flight segments” means a flight between two cities, including flights booked as part of a longer itinerary or a package, and is reported net of cancellations.

2.“Hotels and Packages – Room nights” refers to the number of room nights booked through our online and offline platforms as part of a package that includes elements of travel and accommodation services and “Standalone Hotels – Room nights”.

“Standalone Hotels – Room nights” refers to room nights booked through our online and offline platforms on a standalone basis. (excluding room nights booked as part of a package that includes elements of travel and accommodation services).

“Room nights” refers to the total number of hotel rooms occupied by a customer or group, multiplied by the number of nights/days that such customer or group occupies those rooms, and is reported net of cancellations.

3.“Bus tickets” means tickets issued to customers for bus journeys, and is reported net of cancellations. Prior to the quarter ended March 31, 2025, we reported “Travelled tickets” which was the total number of bus journeys undertaken by our customers for the relevant period.

4.Excludes flight segments booked as a component of bookings for our Hotels and Packages segment.

FAQ

How did MakeMyTrip (MMYT) perform financially in fiscal 2026?

MakeMyTrip’s revenue grew 6.7% to $1,044.0 million in fiscal 2026, with gross bookings rising 10.4% to $10,390.8 million. However, profit for the year dropped to $51.7 million from $95.3 million as net finance costs increased significantly.

What were MakeMyTrip’s key segment trends in FY26?

Air ticketing revenue was broadly flat at $239.9 million, while hotels and packages rose to $533.1 million. Bus ticketing revenue increased to $145.3 million, and others to $125.7 million, showing strong growth in non-air businesses, especially in constant currency.

Why did MakeMyTrip’s profit decline despite higher revenue in FY26?

Profit declined mainly because net finance costs surged to $77.6 million from $3.9 million. This reflected higher interest on 2030 convertible notes and larger foreign exchange losses, partly offset by a $30.6 million gain on 2028 notes’ carrying value.

How did MakeMyTrip’s non-IFRS metrics evolve in fiscal 2026?

Adjusted Operating Profit increased to $188.8 million from $167.3 million, showing better core profitability. Adjusted Net Profit slipped slightly to $170.9 million from $178.2 million, while Adjusted Diluted Earnings per Share remained stable at $1.56.

What was MakeMyTrip’s cash position and buyback activity at March 31, 2026?

At March 31, 2026, MakeMyTrip held $782.8 million in cash, cash equivalents and term deposits, including restricted amounts. During Q4 FY26 it repurchased 900,000 shares for $50.3 million, with $103.6 million of aggregate share and note repurchase authorization remaining.

How did MakeMyTrip’s Q4 FY26 results compare to Q4 FY25?

Q4 FY26 revenue increased 1.9% to $250.1 million, while results from operating activities rose to $40.3 million from $31.2 million. Profit for the quarter declined to $24.3 million from $29.2 million as net finance costs and income tax expense increased.

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