MakeMyTrip Q1: Profit Jumps To $26 Mn, Business Growth Hit By India-Pak Conflict

Nasdaq-listed online travel aggregator (OTA) MakeMyTrip posted a 23% increase in its profit for the first quarter of FY26 to $25.8 Mn from $21 Mn in the year-ago quarter. Sequentially, profit fell 12% from $29.2 Mn. 

While the company’s top line grew on a sequential as well as YoY basis, the growth took a hit due to the geopolitical situation and the crash of an Air India plane during the quarter. MakeMyTrip reported a 5.6% increase in revenue to $268.9 Mn in Q1 FY26 from $254.5 Mn in the year-ago quarter. On a QoQ basis, it rose 10% from $245.5 Mn. 

The company said while it saw strong growth in April, the business growth was impacted in May and June due to the terrorist attack in Pahalgam and the subsequent India-Pakistan military conflict, which “resulted in significant travel and infrastructure disruptions in India”, including temporary closure of airports in several Indian cities until the ceasefire was agreed between the two countries on May 10, 2025. 

Further, the passenger airplane crash in Ahmedabad in June also impacted travel demand.

MakeMyTrip’s hotels and packages business continued to be the star of the show, raking in the highest revenue at $141.6 Mn. However, the segment’s revenue dipped 3.5% YoY from $146.9 Mn in Q1 FY25.

While the air ticketing business’ revenue grew 4.5% YoY to $60.1 Mn, bus ticketing saw a 35.4% YoY rise in revenue to $28.3 Mn during the quarter. Meanwhile, the revenue from other businesses, which include travel services, marketing alliances and ancillary services, increased 35.4% YoY to $28.3 Mn in the June quarter.

“We had a great start to the new fiscal year with growth momentum continuing in April. However, it slowed down in May and June, especially in leisure travel, due to muted consumer sentiment and supply constraints as a result of the geopolitical situation and unfortunate crash of a passenger airplane in India. We believe this impact is short-term in nature and our view on the travel sector’s long-term growth prospects in India remains unchanged,” MakeMyTrip Group CEO Rajesh Magow said.

Notably, amid the India-Pakistan conflict, EaseMyTrip’s Nishant Pitti took to social media to criticise MakeMyTrip for Chinese ownership. While MakeMyTrip rubbished the comments then, it subsequently undertook the largest ever fundraise undertaken by an Indian new-age tech company to reduce the Chinese ownership. 

During the quarter, MakeMyTrip announced plans to raise capital via a mix of convertible notes and a primary offering of shares. It closed the funding round at $3.1 Bn. The purpose of the raise was to repurchase a portion of its Class B shares from China’s Trip Group.

In its disclosure today, the company said that the stake repurchase from Trip Group culminated on July 2 and saw it increase its holding in the company with 34.4 Mn Class B shares. Following the transaction, Trip still holds 16.9% voting power in the company as against 45.95% stake earlier.