Abstract
MakeMyTrip Limited is scheduled to release fiscal second-quarter 2027 results on October 26, 2026 (Pre-MKt), and this report previews consensus expectations for revenue, adjusted EPS and EBIT, reviews the prior quarter’s performance, and analyzes near-term drivers and risks by business line with an emphasis on profitability trajectory and execution.
Market Forecast
Consensus for the fiscal second quarter points to revenue of 274.23 million US dollars, up 3.41% year over year, adjusted EPS of 0.45, up 41.72% year over year, and EBIT of 58.92 million US dollars, up 59.08% year over year; no explicit gross margin or net margin guidance has been provided. Based on the latest reported mix, Hotels and Packages is expected to remain the principal earnings engine, with product and pricing execution supporting margin resilience. Bus Ticketing continues to be a promising contributor, with last quarter’s revenue of 44.93 million US dollars; group-level revenue rose 6.22% year over year in the prior quarter.
Last Quarter Review
For the fiscal first quarter ended June 30, 2026, MakeMyTrip Limited reported revenue of 285.58 million US dollars (up 6.22% year over year), a gross profit margin of 57.45%, GAAP net profit attributable to the parent company of 8.35 million US dollars, a net profit margin of 2.92%, and adjusted EPS of 0.53 (up 26.19% year over year). Adjusted EPS surpassed consensus while revenue modestly missed; EBIT of 51.40 million US dollars increased 8.57% year over year but trailed estimates. Hotels and Packages delivered 151.18 million US dollars in revenue, Air Ticketing 55.61 million US dollars, Bus Ticketing 44.93 million US dollars, and Others 33.86 million US dollars; at the group level, revenue advanced 6.22% year over year on a mix skewed toward higher-margin offerings.
Current Quarter Outlook
Hotels and Packages
The Hotels and Packages segment is central to near-term earnings, given its contribution to gross profit and the influence of rate and occupancy dynamics on consolidated margins. A key watch item this quarter is whether the company can maintain pricing discipline while sustaining conversion, particularly after a strong gross margin print of 57.45% in the prior quarter. Management’s commercial execution around direct supply, loyalty monetization, and alternative accommodation mix typically shapes take-rate stability; consensus expecting EPS growth of 41.72% alongside revenue growth of 3.41% implies meaningful operating leverage if the Hotels and Packages mix remains favorable. Promotional cadence is another swing factor: if discounting is contained and cross-sell to packages improves, margins can expand even on modest top-line growth. Additionally, the quarter’s seasonality should be considered when tracking booking windows and cancellation behavior; stable cancellation rates would help preserve the gross-to-net flow-through seen in the last reported period.
Bus Ticketing
Bus Ticketing, which delivered 44.93 million US dollars in revenue last quarter, remains a structurally attractive line for contribution margin and cross-sell potential. The near-term thesis centers on frequency and load factors during shoulder travel periods and the platform’s ability to fine-tune pricing and seat inventory allocation to sustain unit economics. From a cost perspective, the segment tends to scale efficiently with digital demand, making marketing spend per transaction a key metric to watch; stable or lower acquisition costs per booking would support EBIT expansion beyond the revenue growth rate. From a product standpoint, incremental enhancements to route discovery, payments, and post-booking support improve stickiness, which in turn promotes repeat activity across the broader travel wallet. Given the consensus EBIT growth forecast of 59.08% for the quarter on low single-digit revenue growth, the market appears to be anticipating mix and efficiency gains in Bus Ticketing and Hotels and Packages together, with Bus Ticketing’s contribution margin an important lever to hit those operating targets.
Key Stock Price Drivers This Quarter
Margin delivery versus expectations is paramount. With consensus embedding sizable gains in EPS and EBIT on modest revenue growth, investors will focus on the relationship between gross margin, marketing as a percentage of revenue, and the resulting operating margin. Any sign that gross margin can hold near the prior quarter’s 57.45% while marketing efficiency improves would validate the implied operating leverage in estimates. The second driver is revenue mix and booking momentum relative to the 274.23 million US dollars consensus. A composition skewed toward Hotels and Packages and resilient demand across domestic corridors would mitigate the modest top-line growth assumption and support profitability. Finally, management’s commentary on expense phasing, particularly technology and product investment and customer acquisition strategy, will shape the forward EPS trajectory; a measured pace of investment with strong conversion should underpin sustained margin expansion into the fiscal second half.
Analyst Opinions
Bullish views dominate in the past six months, with 100% of the cited ratings in our sample positive. Bank of America Securities’ Sachin Salgaonkar reiterated a Buy rating with a 60 US dollars price target, highlighting strong execution and margin outperformance; this corroborates consensus for steep EPS and EBIT growth despite modest expected revenue expansion in the quarter. UBS also maintained a Buy rating with an 80 US dollars target during the same period, signaling confidence in the company’s ability to leverage product mix and operational discipline to convert booking activity into profit growth. Across these opinions, the common thread is the focus on profitability quality: analysts are looking through short-term revenue variability to evaluate whether gross margin durability and marketing efficiency can continue to improve. In practical terms, that means the quarter will be judged less on absolute sales beats and more on evidence that mix, pricing, and cost control are lifting earnings faster than revenue. Should management’s commentary confirm that the Hotels and Packages segment is sustaining healthy take rates and that Bus Ticketing continues to scale efficiently, the bullish case anticipates upside risk to medium-term EBIT margins. Conversely, if results suggest heavier promotional intensity or higher customer acquisition costs to defend volumes, analysts could reassess the pace of EPS expansion even if headline revenue is in line. For this print, the prevailing institutional view remains positive, anchored in the expectation that the company’s operating model can translate incremental demand into disproportionate earnings growth, which is exactly what the consensus EPS and EBIT forecasts imply for October 26, 2026.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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