MakeMyTrip (MMYT) Q4 FY26 earnings call: guidance and Q&A

Given persistent headwinds, will Q1 FY27 (June quarter) be worse for GDV/revenue growth, and does the disruption to outbound travel negatively impact margins?

Management expects continued impact on growth trajectory in Q1 FY27 due to the West Asia crisis, but margins are expected to remain stable. They are actively promoting domestic travel and alternative international destinations to mitigate the impact, noting that May has shown seasonal momentum.

“As far as margins are concerned, as you would have seen even in the reported quarter, we have not seen any impact across segments. So we've largely maintained similar kind of margin levels across our segment, and we expect that, that will continue even through the upcoming quarter.”

asked by Manish Adukia · answered by Mohit Kabra

Is there a timeline for the potential India listing, and how would fungibility work for current MakeMyTrip Limited shareholders?

It's too early for a clear timeline, but the work is ongoing. India does not allow dual listing, so there would initially be multiple listings. Longer-term, the aim is a singular fungible structure, subject to regulatory rules and optimizing stakeholder valuation. Many current investors can already invest in both India and the U.S.

“To be honest, Manish, a little too early in the process. Like we have called out, the India listing is more a long-term kind of a strategy kind of priority considering that MakeMyTrip's core business is in the India market, right?”

asked by Manish Adukia · answered by Rajesh Magow

Could Agentic commerce negatively impact OTAs like MakeMyTrip by shifting online travel traffic away from them?

Management believes OTAs have strong fundamental moats (fragmented supply, fulfillment/post-sale experience, payment infrastructure, comprehensive service offerings) that make disruption by Agentic commerce highly challenging. They note that horizontal players focus more on planning/discovery, not deep funnel. MakeMyTrip is building its own AI capabilities to remain the first choice for users.

“But our view right now is, and we've studied it very, very deep, and we continue to, as you saw in that, I was just trying to sort of give a lot more sort of deep color and the way we are looking at AI from an opportunity standpoint as well. But to answer your specific question, I think we should keep in mind specific to the OTA model, there are a few fundamental moats that it brings to the table, which is going to be -- I mean, never say never. It's not going to be an impossible task to disrupt, but it's going to be really highly challenging task.”

asked by Manish Adukia · answered by Rajesh Magow

Will the shift from West to East travel (lower ticket size) impact overall usage, and how have rising fuel prices historically affected demand?

The shift to East (Southeast Asia/Far East) does result in lower ticket prices, but this is partially mitigated by extended stays and domestic travel. While April was slower, May has shown seasonal momentum. Historically, fuel prices up to $90-$100/barrel didn't severely impact demand if sentiment was strong, but sustained high prices could lead to airline capacity reductions.

“But I think the key point here is not necessarily going up for a week and coming down significantly. If it stays at that level for a little longer period, that is when the impact starts to sort of clearly become more visible.”

asked by Sachin Salgaonkar · answered by Rajesh Magow

Does the strong hotel performance indicate an accelerated shift from air to hotels, and how has the air funnel's role in driving hotel bookings changed?

Air remains a critical funnel, but current market conditions (expensive airfares) are causing consumers to shift to alternative transport modes like buses and cabs, which are seeing robust growth. This allows the company to drive domestic demand through diverse offerings. MakeMyTrip's domestic aviation market share is 30.8%, indicating continued strength despite industry headwinds.

“Just the pointed response to what you were saying, it's very important is that the question that whether air is critical for us, air funnel is very important for us. The answer is absolutely yes, it continues to be. It is just the market situation, what Mohit is trying to highlight from a consumer point of view, for certain segment of consumers, air is expensive, will move to an alternative mode of transport.”

asked by Vijit Jain · answered by Rajesh Magow