MakeMyTrip FY26 gross bookings hit $10.4bn, revenue up 10.7%
MakeMyTrip reported record gross bookings of $10.4 billion in FY26, with a 10.7% rise in constant currency revenue and a 30.1% jump in operating income to $156 million. The adjusted operating profit margin expanded to 1.82%, driven by strong domestic demand and improved unit economics. Strategic AI initiatives, including the Myra interface, contributed to higher conversion rates, while the company navigated geopolitical headwinds impacting international travel.
*this image is generated using AI for illustrative purposes only.
MakeMyTrip reported record gross bookings of $10.4 billion in fiscal year 2026, reflecting a compound annual growth rate of roughly 34% over four years. The company achieved 10.7% year-over-year revenue growth in constant currency for FY26, alongside improved profitability and an expansion in operating profit margins. Despite external headwinds such as the West Asia conflict, the platform demonstrated resilience through strong domestic performance and strategic investments in artificial intelligence.
Financial Performance
The company’s financial results for FY26 highlighted significant progress in unit economics and operating discipline. Results from operating activities, equivalent to EBIT, reached $156 million, marking a strong growth of 30.1% year-over-year. The adjusted operating profit margin expanded to 1.82% of gross bookings in FY26, compared to 1.71% in the previous fiscal year.
Segment Highlights
MakeMyTrip witnessed varied performance across its business segments. The air ticketing segment faced volume declines due to geopolitical disruptions, yet it achieved robust growth in adjusted margin, driven by strong ancillary revenue and better unit economics. The hotels and packages segment recorded a volume growth of 15.2% year-over-year, with standalone hotels growing faster at 15.5%.
| Metric | FY26 Performance |
|---|---|
| Gross bookings | $10.4 billion |
| Revenue growth (constant currency) | 10.7% |
| Results from operating activities | $156 million |
| Adjusted operating profit margin | 1.82% |
| Hotels and packages volume growth | 15.2% |
Strategic Initiatives and AI Integration
A key focus for MakeMyTrip has been the integration of AI into its operations to enhance customer engagement and conversion rates. The company launched Myra, an AI-driven conversational interface, which has scaled to over 80,000 conversations per day. Users interacting with Myra demonstrated 10% higher conversion rates compared to traditional filter-led journeys. The company aims to become an AI-native organization, leveraging the technology to drive efficiencies across engineering, customer support, and marketing functions.
Market Dynamics and Outlook
The travel demand in India continues to be fueled by a rising middle class and increased travel frequency, with tier 2 and tier 3 cities emerging as major growth drivers. Infrastructure improvements, including expanded airport capacity and enhanced internet connectivity, have further supported this growth. While the West Asia conflict impacted international travel, the domestic market remained robust. Management remains cautiously optimistic about future growth, expecting revenue growth in the 20% range during stable periods, supported by disciplined cost management and AI-led transformation.
How will the company balance the increased investment in AI transformation with the goal of maintaining disciplined cost management?
What specific strategies will be employed to mitigate the impact of geopolitical conflicts on international air ticketing volumes in the coming year?
To what extent can the 10% conversion rate lift from Myra be sustained as the user base scales beyond early adopters?
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