Abstract
MakeMyTrip Limited is scheduled to release its fiscal fourth-quarter and full-year results on May 19, 2026, Pre-Market; this preview compiles the latest quarterly actuals and current-quarter forecasts on revenue, margins, net income, and EPS, and outlines what to watch across hotels, air, and bus businesses.Market Forecast
For fiscal 4Q, the market projects MakeMyTrip Limited to deliver revenue of 280.95 million US dollars, implying 9.78% year-over-year growth, with EBIT estimated at 54.85 million US dollars, up 80.10% year over year, and adjusted EPS forecast at 0.34, up 12.96% year over year; gross margin and net profit margin targets have not been disclosed. The core platform is expected to be led by hotels and packages, supported by product and conversion improvements, while air and bus cross-sell continue to support take-rates and contribution. The most promising growth vector this quarter centers on non-air cross-sell and platform monetization adjacent to hotels and packages, with bus ticketing last quarter at 37.09 million US dollars and group-level revenue growth previously at 10.60% year over year.Last Quarter Review
In the prior quarter, MakeMyTrip Limited reported revenue of 295.69 million US dollars, a gross profit margin of 56.71%, GAAP net profit attributable to shareholders of 7.25 million US dollars with a quarter-on-quarter change of 229.07%, a net profit margin of 2.45%, and adjusted EPS of 0.39, up 11.43% year over year. A notable financial highlight was EBIT of 50.71 million US dollars, increasing 10.22% year over year, with adjusted EPS trending ahead of the revenue growth rate and reinforcing operating leverage. By business line, hotels and packages generated 161.42 million US dollars, air ticketing contributed 60.07 million US dollars, bus ticketing delivered 37.09 million US dollars, and other revenue totaled 37.12 million US dollars, while total revenue rose 10.60% year over year.Current Quarter Outlook
Main business: Hotels and packages
Hotels and packages remain the largest revenue driver at 161.42 million US dollars in the latest reported quarter, and they anchor conversion-led take-rate expansion across the platform. Into fiscal 4Q, the revenue mix within lodging and packages is a central determinant for margin outcomes, as direct contracting, dynamic pricing, and merchandising can lift gross profit per booking without the same level of marketing intensity as air. Management’s forecast framework and market expectations implicitly assume that the hotels-and-packages run-rate can sustain growth sufficient to support an EBIT rise of 80.10% year over year, aided by controlled promotional intensity and conversion gains. Consistency in app engagement and repeat rates is a lever that can maintain low customer acquisition costs, which in turn helps translate top-line growth into operating income, reinforcing the ability to deliver a forecast EPS of 0.34.The revenue quality within hotels and packages also affects working capital and the cadence of partner incentives. Tighter partner integrations reduce slippage and cancellations, which tend to weigh on realized margins in volatile seasons. Because the previous quarter’s gross margin stood at 56.71%, investors will watch if the lodging-heavy mix can steady margins near that watermark, even as promotional activity may shift around holiday periods. The interplay between higher-value hotel inventory and curated packages supports cross-sell of add-ons, which can widen the gross margin without commensurate increases in variable costs.
Furthermore, the intra-quarter indicators to monitor include booking window length and cancellation rates across key geographies, both of which influence realized take-rates. The funnel from discovery to booking is increasingly shaped by personalization on the app, and incremental gains here can modestly raise revenue per user while keeping traffic acquisition spend controlled. If these platform-side signals hold up, the company can convert anticipated revenue growth of 9.78% into notable EBIT flow-through, consistent with the 80.10% EBIT growth embedded in forecasts.
Most promising business: Non-air monetization and bus ticketing
Bus ticketing posted 37.09 million US dollars last quarter and acts as a strategic cross-sell anchor that both broadens the traveler base and encourages repeat engagement. The platform’s bus network is directly tied to incremental monetization via add-ons and post-booking services, which carry higher margins relative to core ticketing. In a quarter where revenue growth is projected at 9.78% year over year, the utility-like nature of bus and the frequency of bookings can help smooth volatility from air and higher-ticket hotel categories, supporting steadier overall conversion and take-rates.Non-air monetization—encompassing buses, activities, and ancillary services—remains well-aligned with the analyst commentary that highlights a pivot to high-value international and non-air segments. While the reported financials group some of these streams, the common thread is disciplined unit economics: low customer acquisition per transaction, strong repeat propensity, and clear pathways to attach services such as insurance or ground transport. If attach rates rise even modestly, the contribution margin can improve without proportionately increasing fixed costs, which is constructive for the EPS forecast of 0.34. The bus funnel is also conducive to experimentation with loyalty benefits and cross-brand integration, which can lift lifetime value and reduce churn across the broader ecosystem.
Operationally, the focus this quarter includes maintaining a stable supply environment and consistent user experience during peak periods, two factors that influence cancellation rates and realized revenue. If platform improvements reduce friction at checkout and increase the share of wallet from frequent travelers, the business can leverage the 10.60% group-level revenue growth from the last quarter into a trajectory more aligned with the 9.78% growth implied for the current quarter. In this setup, bus ticketing and related non-air services serve as both a diversification mechanism and a monetization accelerant.
Key stock-price drivers this quarter
Three items are likely to shape sentiment around this print and guide the stock’s near-term path: conversion efficiency, contribution margins in hotels and packages, and operating leverage implied by the forecast EBIT of 54.85 million US dollars. Conversion efficiency feeds directly into revenue yield and marketing efficiency, which matters because the forecast EPS of 0.34 assumes that incremental revenue falls through at a healthier rate than in prior quarters. If the company maintains marketing discipline while sustaining booking growth, the implied 80.10% EBIT expansion year over year becomes more defensible, and EPS risk skews to the upside.Margins within hotels and packages are the second driver to watch. The last quarter’s 56.71% gross margin provides a reference point, and the ability to keep realized margins resilient while balancing promotions will influence both narrative and valuation. High-quality inventory, direct relationships, and tighter merchandising support this margin story. Even small shifts in product mix can result in meaningful changes to gross profit dollars at the current revenue scale, which in turn affects net profit margin and the path to higher EPS. Because the last quarter’s net profit margin was 2.45% with 7.25 million US dollars in net income, incremental expanders in lodging and ancillary revenue can push net margin higher if operating expenses remain controlled.
The third factor is operating leverage and the cadence of expense growth. The last quarter’s EBIT of 50.71 million US dollars grew 10.22% year over year, and the current-quarter forecast calls for 54.85 million US dollars and an 80.10% year-over-year increase, pointing to a step-up in profit conversion. Achieving this will likely require stable unit economics in non-air, disciplined promotional intensity in lodging, and continued product enhancements that raise booking value without pressuring costs. Any commentary around execution, product integrations, and roadmap for expanding higher-value travel solutions could shape how durable investors think this operating leverage can be across subsequent quarters.
Analyst Opinions
The balance of recent opinions skews bullish. The ratio of bullish to bearish views in the period reviewed is 100% to 0%, with a maintained Buy rating from a global investment bank and a 106.00 US dollars price target cited in the latest commentary. Analysts point to a pivot toward high-value international and non-air businesses as key support for the investment case, matching the company’s focus on monetization beyond air and sustained engagement on the platform. This perspective aligns with the current-quarter setup that features 9.78% revenue growth year over year to 280.95 million US dollars, 80.10% EBIT growth to 54.85 million US dollars, and an EPS forecast of 0.34, up 12.96% year over year.From a modeling standpoint, the bullish view emphasizes three threads. The first is that lodging-led growth can maintain healthy contribution margins even when headline top-line growth moderates, because merchandising and direct contracting can support take-rate resilience. The second is that bus ticketing and other non-air categories offer recurring transacting users and cross-sell opportunities that improve lifetime value and stabilizes revenue seasonality, amplifying the platform’s monetization capacity. The third is that cost discipline and channel optimization can enable a higher share of incremental gross profit to drop to EBIT and EPS, consistent with the 80.10% year-over-year EBIT growth embedded in the quarter’s forecasts.
The bullish camp also highlights that last quarter’s group revenue grew 10.60% year over year to 295.69 million US dollars while adjusted EPS advanced 11.43% year over year to 0.39, indicating that operating leverage is already emerging. They note that even though the prior quarter’s revenue landed modestly below earlier market estimates, the combination of lodging mix, platform-side conversion improvements, and non-air cross-sell supports the path to higher profitability. The last quarter’s gross margin of 56.71% and net profit margin of 2.45% serve as a base for assessing progress; if the company executes on mix and efficiency, there is room for net margin uplift over time.
In their previews, supportive analysts also focus on execution markers. These include the stability of take-rates in hotels and packages, attach rates for ancillaries around bus and activities, and evidence of controlled marketing spend relative to booking growth. They expect commentary to detail ongoing improvements to the app experience and personalization that can sustain booking funnel efficiency. Under that lens, the 0.34 EPS estimate is a reasonable midpoint, with directional risk tied to the strength of lodging contribution and cost containment.
Overall, the prevailing institutional view is that MakeMyTrip Limited enters this quarter with a credible setup: a forecast revenue increase of 9.78% year over year, a strong projected uplift in EBIT of 80.10%, and an EPS trajectory that benefits from operating leverage and platform monetization outside air. As long as lodging contribution remains robust, non-air monetization continues to scale, and marketing efficiency holds, analysts expect the company to meet or outpace the central elements of the current-quarter consensus.
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