MakeMyTrip returns to Q2 profit as bus ticket revenue jumps 17%
By Arjun MehtaSenior Business Editor, Peepals Business
Representative image: 822640 / Pixabay
MakeMyTrip posted a $1.8 million Q2 FY27 profit on October 26, 2026, against a $5.7 million loss, as bus revenue rose 17% and air revenue fell 7%.
What Happened
MakeMyTrip, the Indian online travel company, returned to a quarterly profit in the July-September 2026 period, helped by fast growth in bus ticketing. In results released before the US market opened on Monday, October 26, 2026, the Nasdaq-listed company reported a net profit of about $1.8 million for the second quarter of fiscal 2027, against a loss of $5.7 million a year earlier. Revenue rose about 2.5% to $235.2 million, while air ticketing revenue fell and a weaker rupee cut into reported growth.
Key Facts
- Net profit: about $1.8 million for the quarter ended September 30, 2026, against a loss of $5.7 million in the same quarter of 2025.
- Revenue: $235.2 million, up from $229.3 million a year earlier, a rise of about 2.5% in dollar terms.
- Gross bookings (the total value of travel sold on its platforms): $2,724.7 million, up from $2,447.3 million; the company put the growth at 20.9% in constant currency, which strips out exchange-rate moves.
- Bus ticketing: revenue rose about 17% to roughly $39 million; bus gross bookings rose 20% to $435.3 million, with tickets sold up about 25%.
- Air ticketing: revenue fell 7% to $56.7 million.
- Adjusted operating profit: $46.2 million, against $44.2 million a year earlier; as a share of gross bookings it slipped to 1.7% from 1.8%.
- Buyback: the company repurchased 345,158 of its shares for $17.2 million during the quarter.
- Revenue was below analysts' pre-results consensus of roughly $267 million to $269 million, according to market data firms.
Why It Matters
MakeMyTrip is one of the best-known Indian consumer internet companies listed abroad, and it sells flights, hotels, holiday packages and bus tickets. Its quarterly numbers are one of the clearest public readings of how Indians are travelling, because few other travel platforms in the country publish full results every quarter.
This quarter's figures show two different stories. Indians booked much more travel through the platform: in constant currency, gross bookings grew by about a fifth. But the money the company keeps from each booking grew far more slowly. The company said air fares had risen sharply, by 25% to 30%, while its air revenue is mostly tied to the number of tickets sold. Payment gateway charges, by contrast, rise with the value of each booking. Dearer tickets therefore pushed up its costs without lifting its income in the same way, and air revenue fell 7%.
Bus travel was the bright spot. Bus ticketing is now a major business for MakeMyTrip, and bus revenue grew about 17% as tickets sold rose by a quarter. Bus trips are cheaper and often booked by people in smaller towns and cities, so growth here suggests demand from travellers who may be switching from costlier flights, as well as more people booking online for the first time.
The weaker rupee mattered too. MakeMyTrip earns most of its money in rupees but reports in US dollars, so a fall in the rupee shrinks its reported revenue even when business in India grows. The company also pointed to soft demand for long-haul international trips from India.
| | Measure | Q2 FY27 | Q2 FY26 | |
|---|---|---|
| | Revenue | $235.2 million | $229.3 million | |
| | Net result | $1.8 million profit | $5.7 million loss | |
| | Gross bookings | $2,724.7 million | $2,447.3 million | |
| | Adjusted operating profit | $46.2 million | $44.2 million | |
Impact
Short-term: The return to profit is small, about $1.8 million on revenue of more than $235 million, and revenue fell short of analysts' expectations. Investors will weigh the profit and the strong bus business against the miss and the pressure on air margins. This article does not offer any view on the shares.
Long-term: The results show where growth in Indian travel may come from: road travel, hotels and smaller cities rather than only flights. If high air fares persist, platforms that sell buses, trains and budget stays could gain share of travellers' spending. For start-ups building travel products, the numbers suggest that demand is strong but margins on air tickets are thin.
Who is affected: MakeMyTrip's shareholders and staff; airlines, bus operators and hotels that sell through its platforms; and Indian travellers, whose choices are shifting as air fares rise. Rival online travel firms and travel-tech start-ups will also read the figures as a guide to the market.
Key Takeaway
MakeMyTrip returned to a small profit in July-September 2026 as bus ticketing grew about 17%, even as dearer air fares and a weaker rupee held reported revenue growth to about 2.5%.
Questions and Answers
Did MakeMyTrip make a profit in Q2 FY27?
Yes. MakeMyTrip reported a net profit of about $1.8 million for the quarter ended September 30, 2026, compared with a loss of $5.7 million in the same quarter a year earlier. The results were released on October 26, 2026.
Why did MakeMyTrip's revenue grow only 2.5% when bookings grew faster?
Two reasons. A weaker rupee reduced the dollar value of its Indian earnings, and higher air fares raised payment costs while its air revenue depends mainly on ticket numbers. In constant currency, gross bookings grew 20.9%.
What drove MakeMyTrip's return to profit?
Bus ticketing was the main driver. Bus revenue rose about 17% to roughly $39 million and bus tickets sold rose about 25%, while hotel room-night bookings and extra services also grew.
Did MakeMyTrip meet analysts' expectations?
On revenue, no. Its $235.2 million came in below the consensus of roughly $267 million to $269 million compiled by market data firms. Analysts' estimates for earnings per share varied by source.
Disclaimer: Prepared by the Peepals newsroom from publicly available sources with AI assistance. Information is accurate to the best of our knowledge at the time of publication and may change. Images may be representative. Not professional advice. Report an error via our contact page.
By Arjun Mehta, Senior Business EditorCovers Start-ups & Opportunities and more for Peepals Business. All stories by Arjun Mehta
Arjun Mehta is a pen name of the Peepals Global Editorial Team, which researches, fact-checks and publishes every story. The portrait is an illustration.
