Abstract
MakeMyTrip will report its quarterly results on October 21, 2025 Pre-Market, with investors watching revenue, profitability, and EPS trends alongside platform demand signals and segment traction.
Market Forecast
Consensus indicators for MakeMyTrip’s current quarter point to revenue of USD 304.13 million, an adjusted EPS of USD 0.52, and EBIT of USD 63.21 million; year-over-year growth expectations are 14.69% for revenue, 61.49% for EPS, and 87.67% for EBIT. Margin commentary around the quarter is guided by last quarter’s gross profit margin of 59.91% and a net profit margin of -2.45%, with current estimates implying a return to positive net earnings on improved operating leverage. The main business remains hotel and packages, supported by relatively resilient demand and ongoing supply integrations; bus and air ticketing provide steady volume with lower margins. Hotels and packages look most promising, driven by higher take rates and cross-sell benefits, contributing USD 108.23 million last quarter with healthy momentum year over year.
Last Quarter Review
MakeMyTrip’s previous quarter delivered revenue of USD 229.34 million, a gross profit margin of 59.91%, GAAP net profit attributable to the parent company of USD -5.62 million, a net profit margin of -2.45%, and adjusted EPS of USD 0.37; year-over-year growth tracked at 8.70% for revenue, 17.93% for EBIT, and 2.78% for EPS. A key highlight was EBIT outperformance versus consensus, with USD 44.19 million actual against USD 37.04 million estimated, indicating disciplined cost control and improved monetization despite top-line variability. The hotels and packages segment remained the anchor with USD 108.23 million revenue, while air ticketing realized USD 61.03 million and bus ticketing USD 33.49 million; segment mix supported margin stability and cross-segment demand capture.
Current Quarter Outlook (with major analytical insights)
Hotels and Packages
Hotels and packages are the core revenue driver for MakeMyTrip, and the segment’s contribution of USD 108.23 million last quarter demonstrates healthy scale and margin depth relative to other categories. With forecast revenue at USD 304.13 million and EPS at USD 0.52, the modeled pickup in profitability hinges on sustained take rates, improved direct supplier relationships, and efficient marketing spend yielding favorable customer acquisition costs. The segment’s economics typically benefit from bundled offerings and dynamic pricing, which can support gross margin alignment with the historical 59.91% level, even if competitive intensity in India’s online travel market remains sensitive to promotions. A key stock driver is whether MakeMyTrip continues to expand inventory breadth and preferred supplier status in tier-one and tier-two markets, which tends to enhance conversion and average order value while tempering volatility in seasonal travel peaks.
Bus and Air Ticketing
Bus and air ticketing provide volume and user engagement that feeds the broader platform, albeit with lower net take rates than hotels. Last quarter, air generated USD 61.03 million and bus USD 33.49 million, together delivering nearly USD 94.52 million and sustaining cross-sell into higher-margin products. The current quarter’s EBIT expectation of USD 63.21 million suggests more efficient operations across these categories, including route optimization, dynamic inventory management, and potential benefits from stable fuel and fare environments that reduce pricing shock to consumers. The degree to which MakeMyTrip can maintain transaction growth without materially increasing promotional intensity will be critical to preserving the forecast EPS uplift to USD 0.52 and protecting the forecast revenue growth of 14.69% year over year. While airline capacity and regulatory changes can present periodic disruptions, the platform’s diversified mix and app engagement mitigate dependency on any single travel corridor.
Key Stock Price Drivers
Three factors are poised to influence MakeMyTrip’s stock reaction this quarter: profitability trajectory versus consensus, segment mix quality, and demand resilience. First, the pivot from a GAAP net loss last quarter to implied positive net earnings is central; investors will focus on whether operating leverage from marketing efficiency and product mix translates to margins compatible with the anticipated EPS of USD 0.52. Second, segment mix quality—anchored by hotels and packages—will be scrutinized for sustained contribution to gross profit, given the 59.91% gross margin last quarter and the higher net yield of accommodation versus transport. Third, demand resilience amid seasonality is essential; if booking volumes and average selling prices hold, then EBIT could align with the 87.67% year-over-year growth forecast, reinforcing the constructive narrative and potentially supporting valuation, while any booking softness would disproportionately affect the EPS outlook.
Analyst Opinions
Bullish commentary has dominated recent institutional previews, with the majority emphasizing earnings normalization and profitability expansion anchored by hotels and packages and supported by measured cost discipline. Views highlight the EPS forecast of USD 0.52 and EBIT forecast of USD 63.21 million as achievable, conditional on sustaining conversion and maintaining marketing efficiency; revenue guidance of USD 304.13 million with 14.69% year-over-year growth is commonly cited as indicative of platform momentum. The institutional stance leans constructive on mix shift toward higher-margin accommodation, with transport categories reinforcing app engagement. Analysts anticipate that positive margin progression versus the prior quarter’s -2.45% net margin should be the central validation point, and their prevailing view is that MakeMyTrip is positioned to deliver the guided revenue and profitability metrics provided operational execution remains consistent.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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