$51.4 million in adjusted operating profit kept MakeMyTrip's (MMYT) margin at 1.8% of gross booking value in Q1 fiscal 2027, reported August 5, 2026, as hotels, packages and ground transport growth absorbed a 13% contraction in international flight departures. IFRS revenue reached $285.6 million, up 16.1% year-on-year in constant currency. Gross booking value grew 19.9% in constant currency, with an approximately 10-percentage-point translation drag compressing all reported figures.
Segment breakdown
Air ticketing adjusted margin came in at $98.5 million, up 10.8% year-on-year in constant currency, despite flat domestic departures and the 13% international decline. Hotels and Packages produced $134.5 million in adjusted margin, 21.3% constant-currency growth, on stand-alone hotel volume expansion of 20.2% year-on-year. Bus ticketing contributed $51.8 million in adjusted margin, 32.4% constant-currency growth, on volume of 23.9% year-on-year. The other segment covering ancillaries added $24.9 million, up 27.2% in constant currency.
| Segment | Adj. margin | CC growth |
|---|---|---|
| Air ticketing | $98.5M | +10.8% |
| Hotels and Packages | $134.5M | +21.3% |
| Bus ticketing | $51.8M | +32.4% |
| Other / ancillaries | $24.9M | +27.2% |
Reported PAT was $9.1 million, after a $29.3 million non-cash interest charge on zero-coupon convertible bonds and a $5.1 million translation-related foreign currency loss. Adjusted net profit before tax came in at $52.2 million.
Expenses and AI productivity
Marketing and sales promotion ran at 5.4% of gross booking, up 20 basis points from 5.2% the prior quarter, tracking seasonal patterns. Group CFO Dipak Bohra noted that AI productivity gains in personnel and general and administrative costs offset the higher marketing intensity, holding the 1.8% AOP margin.
MakeMyTrip's AI assistant Myra handled over 8 million conversations in the quarter, including more than 3 million in June alone. Over 45% of Myra usage originated in Tier 2 and smaller cities. The AI-powered customer support bot independently resolved more than 50% of customer calls. AI now generates more than 75% of the company's code.
Balance sheet and India IPO
Cash and cash equivalents ended Q1 at $794 million. The company deployed $7.8 million in buybacks during the quarter. Wholly owned subsidiary MakeMyTrip India Limited confidentially filed a Draft Red Herring Prospectus with SEBI on July 17, 2026, for a proposed Indian equity listing. MakeMyTrip Mauritius holds approximately $200 million in zero-coupon convertible bonds maturing in 2028 and a second tranche of approximately $1.4 billion. The myBiz platform's active SME and MSME corporate customer count reached over 79,000, up about 19% year-on-year. Large corporate accounts on Quest2Travel grew to over 550.
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