Earnings release
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Exhibit 99.1 MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2026 SECOND QUARTER RESULTS Gurugram, India and New York, October 28, 2025 — MakeMyTrip Limited (NASDAQ: MMYT), India’s leading travel service provider, today announced its unaudited interim financial and operating results for its fiscal second quarter ended September 30, 2025. (in thousands) For the three months ended September 30, 2024 For the three months ended September 30, 2025 YoY Change YoY Change in constant currency For the six months ended September 30, 2024 For the six months ended September 30, 2025 YoY Change YoY Change in constant currency Financial Summary as per IFRS Revenue $ 210,993 $ 229,341 8.7% 12.6% $ 465,512 $ 498,187 7.0% 9.9% Air Ticketing $ 61,019 $ 61,029 0.02% 3.3% $ 118,565 $ 121,154 2.2% 5.0% Hotels and Packages $ 103,198 $ 108,229 4.9% 8.8% $ 250,044 $ 249,877 -0.1% 2.6% Bus Ticketing $ 24,808 $ 33,488 35.0% 39.6% $ 54,025 $ 72,241 33.7% 37.1% Others $ 21,968 $ 26,595 21.1% 25.7% $ 42,878 $ 54,915 28.1% 32.1% Results from Operating Activities $ 26,112 $ 34,437 31.9% $ 53,970 $ 74,798 38.6% Profit (loss) for the period $ 17,939 $ (5,738) -132.0% $ 38,985 $ 20,067 -48.5% Financial Summary as per non-IFRS measures Adjusted Margin Air Ticketing $ 96,029 $ 102,818 7.1% 10.6% $ 185,138 $ 199,878 8.0% 11.0% Hotels and Packages $ 90,734 $ 105,817 16.6% 21.6% $ 198,009 $ 227,698 15.0% 18.7% Bus Ticketing $ 27,108 $ 37,749 39.3% 44.1% $ 59,464 $ 80,342 35.1% 38.7% Others $ 16,397 $ 20,500 25.0% 29.7% $ 31,315 $ 41,995 34.1% 38.2% Adjusted Operating Profit $ 37,467 $ 44,186 17.9% $ 76,606 $ 91,527 19.5% Adjusted Net Profit $ 40,687 $ 36,352 -10.7% $ 85,210 $ 85,781 0.7% Gross Bookings $ 2,257,229 $ 2,447,318 8.4% 13.1% $ 4,637,587 $ 5,055,797 9.0% 12.7% Notes: (1) Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the rates in effect during the comparable fiscal period in the prior fiscal year. This is a non-IFRS measure. For more information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. IFRS refers to International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release. (2) This is a non-IFRS measure. For more information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release. Financial Highlights for Fiscal 2026 Second Quarter (Year over Year (YoY) growth % is based on constant currency(1)) • Gross Bookings increased by 13.1% YoY in 2Q26 to $2,447.3 million. • Adjusted Margin(2) – Air Ticketing increased by 10.6% YoY in 2Q26 to $102.8 million. • Adjusted Margin(2) – Hotels and Packages increased by 21.6% YoY in 2Q26 to $105.8 million. • Adjusted Margin(2) – Bus Ticketing increased by 44.1% YoY in 2Q26 to $37.7 million. • Adjusted Margin(2) – Others increased by 29.7% YoY in 2Q26 to $20.5 million. • Adjusted Operating Profit(2) improved to $44.2 million in 2Q26 versus $37.5 million in 2Q25, reflecting an improvement of $6.7 million YoY. Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, commenting on the results, said, “It was encouraging to see travel sentiments improve in Q2, especially in the leisure segment, following a muted Q1 of this fiscal year due to external disruptions. Most of our segments experienced strong growth, although recovery in domestic air travel remained slow due to short-term supply constraints. We delivered strong growth, particularly in international travel as well as non-flight segments within domestic travel”. Mohit Kabra, Group Chief Operating Officer, MakeMyTrip, commenting on the results, said, “We continued to leverage our travel super-app approach, offering comprehensive travel and related services across our platforms for retail, trade and corporate customers. This strategy helped us achieve robust growth despite generally weaker travel demand, especially in Q1. We believe that the direct tax concessions and GST benefits introduced by the Government of India will boost discretionary consumer spending and drive growth in the second half of the fiscal year”. (1) (1) (2) (2) (2)
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Fiscal 2026 Second Quarter Financial Results Revenue. We generated revenue of $229.3 million in the quarter ended September 30, 2025, an increase of 8.7% (12.6% in constant currency(1)) over revenue of $211.0 million in the quarter ended September 30, 2024, which was primarily attributable to the robust travel demand in India for both domestic and international outbound travel in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024. This increase in revenue was primarily attributable to revenue from our air ticketing business exhibiting stable performance in absolute terms despite short-term supply constraints in the domestic market (an increase of 3.3% in constant currency), an increase of 4.9% (8.8% in constant currency) in revenue from our hotels and packages business, an increase of 35.0% (39.6% in constant currency) in revenue from our bus ticketing business, and an increase of 21.1% (25.7% in constant currency) in revenue from our others business, each as further described below. The table below summarizes our segment profitability in terms of revenue and Adjusted Margin in each segment. For more information on non-IFRS measures and segment profitability measures, see “About Key Performance Indicators and Non-IFRS Measures” and “Information About Reportable Segments” in our condensed consolidated interim financial statements included elsewhere in this release. For the three months ended September 30 Air ticketing Hotels and packages Bus ticketing Others 2024 2025 2024 2025 2024 2025 2024 2025 (Amounts in USD thousands) Revenue as per IFRS 61,019 61,029 103,198 108,229 24,808 33,488 21,968 26,595 Add: Customer inducement costs recorded as a reduction of revenue 35,010 41,789 31,444 42,429 2,300 4,261 290 578 Less: Service cost — — 43,908 44,841 — — 5,861 6,673 Adjusted Margin 96,029 102,818 90,734 105,817 27,108 37,749 16,397 20,500 Air Ticketing. Revenue from our air ticketing business was $61.0 million for the quarter ended September 30, 2025, exhibiting stable performance in absolute terms despite short-term supply constraints in the domestic market (an increase of 3.3% in constant currency), as compared to $61.0 million in the quarter ended September 30, 2024. Our Adjusted Margin – Air ticketing increased by 7.1% (10.6% in constant currency) to $102.8 million in the quarter ended September 30, 2025, from $96.0 million in the quarter ended September 30, 2024. Adjusted Margin – Air ticketing includes customer inducement costs of $41.8 million in the quarter ended September 30, 2025 and $35.0 million in the quarter ended September 30, 2024, recorded as a reduction of revenue. The increase in revenue (in constant currency) from our air ticketing business and Adjusted Margin – Air ticketing was primarily due to a marginal increase in gross bookings of 1.1% (5.4% in constant currency) in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024. Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of gross bookings) – Air ticketing increased marginally to 7.2% in the quarter ended September 30, 2025 as compared to 6.8% in the quarter ended September 30, 2024. Hotels and Packages. Revenue from our hotels and packages business increased by 4.9% (8.8% in constant currency) to $108.2 million in the quarter ended September 30, 2025, from $103.2 million in the quarter ended September 30, 2024. Our Adjusted Margin – Hotels and packages increased by 16.6% (21.6% in constant currency) to $105.8 million in the quarter ended September 30, 2025 from $90.7 million in the quarter ended September 30, 2024. Adjusted Margin – Hotels and packages includes customer inducement costs of $42.4 million in the quarter ended September 30, 2025 and $31.4 million in the quarter ended September 30, 2024, recorded as a reduction of revenue. The increase in revenue from our hotels and packages business and Adjusted Margin – Hotels and packages was primarily due to an increase in gross bookings by 12.9% (17.8% in constant currency), which was primarily driven by a 18.0% increase in the number of hotel-room nights in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024, primarily due to robust travel demand in India for both domestic and international outbound travel in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024. Our Adjusted Margin % – Hotels and packages increased to 18.1% in the quarter ended September 30, 2025 as compared to 17.5% in the quarter ended September 30, 2024. Bus Ticketing. Revenue from our bus ticketing business increased by 35.0% (39.6% in constant currency) to $33.5 million in the quarter ended September 30, 2025, from $24.8 million in the quarter ended September 30, 2024. Our Adjusted Margin – Bus ticketing increased by 39.3% (44.1% in constant currency) to $37.7 million in the quarter ended September 30, 2025 from $27.1 million in the quarter ended September 30, 2024. Adjusted Margin – Bus ticketing includes customer inducement costs of $4.3 million in the quarter ended September 30, 2025 and $2.3 million in the quarter ended September 30, 2024, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin – Bus ticketing was primarily due to an increase in gross bookings by 37.7% (43.7% in constant currency) driven by a 39.2% increase in the number of bus tickets travelled year over year, primarily due to robust travel demand in India in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024. Our Adjusted Margin % – Bus ticketing increased marginally to 10.4% in the quarter ended September 30, 2025 as compared to 10.3% in the quarter ended September 30, 2024. (2)
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Others. Revenue from our others business increased by 21.1% (25.7% in constant currency) to $26.6 million in the quarter ended September 30, 2025, from $22.0 million in the quarter ended September 30, 2024. Our Adjusted Margin – Others increased by 25.0% (29.7% in constant currency) to $20.5 million in the quarter ended September 30, 2025 from $16.4 million in the quarter ended September 30, 2024. Adjusted Margin – Others includes customer inducement costs of $0.6 million in the quarter ended September 30, 2025 and $0.3 million in the quarter ended September 30, 2024, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin – Others was primarily due to an increase in other travel services, marketing alliances and ancillary services. Other Income. Other income was $0.3 million in the quarter ended September 30, 2025 and $0.1 million in the quarter ended September 30, 2024. Service Cost. Service cost increased by 3.5% to $51.5 million in the quarter ended September 30, 2025 from $49.8 million in the quarter ended September 30, 2024, primarily due to robust travel demand, particularly for our packages and car booking businesses in India, in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024. Personnel Expenses. Personnel expenses increased by 2.7% to $40.4 million in the quarter ended September 30, 2025 from $39.4 million in the quarter ended September 30, 2024, primarily due to the annual wage increases effected in the quarter ended June 30, 2025, which was partially offset by the decrease in the share-based compensation costs in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024. Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 6.0% to $37.9 million in the quarter ended September 30, 2025 from $35.8 million in the quarter ended September 30, 2024, primarily due to an increase in variable costs and discretionary expenditures such as expenses on events and brand building initiatives. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $89.1 million in the quarter ended September 30, 2025 and $69.0 million in the quarter ended September 30, 2024. The details are as follows: For the three months ended September 30 2024 2025 (Amounts in USD thousands) Marketing and sales promotion expenses 35,800 37,931 Customer inducement costs recorded as a reduction of revenue 69,044 89,057 Other Operating Expenses. Other operating expenses increased by 9.2% to $58.3 million in the quarter ended September 30, 2025 from $53.4 million in the quarter ended September 30, 2024, primarily due to an increase in operating expenses, including distribution costs, website hosting charges, payment gateway charges and technology and maintenance expenses linked to an increase in bookings in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024. Depreciation and Amortization . Our depreciation and amortization expenses were $7.0 million in the quarter ended September 30, 2025 and $6.7 million in the quarter ended September 30, 2024. Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $34.4 million in the quarter ended September 30, 2025 as compared to a profit of $26.1 million in the quarter ended September 30, 2024. Our Adjusted Operating Profit was $44.2 million in the quarter ended September 30, 2025 as compared to $37.5 million in the quarter ended September 30, 2024. For a description of the components and calculation of “Adjusted Operating Profit” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Results from operating activities”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Net Finance Costs. Our net finance costs were $35.9 million in the quarter ended September 30, 2025 as compared to $0.5 million in the quarter ended September 30, 2024, primarily due to an increase of $24.3 million in interest expense on financial liabilities measured at amortized cost and an increase of $11.2 million in foreign exchange losses in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024. The interest expense on financial liabilities measured at amortized cost referenced above is calculated on the liability component of $1,118.6 million related to our 0.00% convertible senior notes due 2030 (“2030 Notes”), which were issued on June 23, 2025 and are accounted for as a compound financial instrument. The present value of amount allocated to the liability component will be accreted to the principal amount of 2030 Notes i.e. $1,437.5 million, from the date of issuance to the earliest optional redemption date of the 2030 Notes in July 2028, with an effective interest rate of 8.63% per annum. The increase in foreign exchange loss in the quarter ended September 30, 2025, which are primarily unrealized, resulted from translations of monetary assets and liabilities from U.S. Dollars and United Arab Emirates Dirhams to Indian rupees as at September 30, 2025 as compared to September 30, 2024 and was primarily due to the significant depreciation of the Indian Rupee by 3.7% against the U.S. Dollar and the United Arab Emirates Dirham during the quarter ended September 30, 2025.
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Income Tax Expense. Our income tax expense was $4.3 million in the quarter ended September 30, 2025 as compared to $7.6 million in the quarter ended September 30, 2024, primarily due to a reversal of deferred tax liabilities recognized in the quarter ended September 30, 2025, which was partially offset by an increase in tax expense resulting from an increase in our taxable income. Profit (Loss) for the Period. As a result of the foregoing factors, our loss for the quarter ended September 30, 2025 was $5.7 million as compared to a profit of $17.9 million in the quarter ended September 30, 2024. Our Adjusted Net Profit was $36.4 million in the quarter ended September 30, 2025, as compared to $40.7 million in the quarter ended September 30, 2024. For a description of the components and calculation of “Adjusted Net Profit” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Profit (loss) for the period”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Diluted Earnings (Loss) per Share. As a result of the foregoing factors, diluted loss per share was $0.06 for the quarter ended September 30, 2025 as compared to diluted earnings per share of $0.16 in the quarter ended September 30, 2024. Our Adjusted Diluted Earnings per share was $0.37 in the quarter ended September 30, 2025 as compared to $0.36 in the quarter ended September 30, 2024. For a description of the components and calculation of “Adjusted Diluted Earnings per Share” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Diluted earnings (loss) per share”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Liquidity. As at September 30, 2025, cash and cash equivalents and term deposits (including restricted cash and cash equivalents and term deposits of $15.3 million) on our balance sheet was $835.4 million. As at September 30, 2025, we had $0.5 million in bank overdrafts. Repurchases of Shares and Convertible Notes The Company’s share repurchase plan, pursuant to which the Company can repurchase its ordinary shares at any price determined by its board of directors from time to time, was amended on October 28, 2025 and remains effective until March 31, 2030. Furthermore, the board of directors has authorized the Company to repurchase its convertible senior notes due 2028 (the “2028 Notes”) and its convertible senior notes due 2030 from time to time through open market purchases, privately negotiated transactions with individual holders or otherwise, in accordance with applicable securities laws (including Rule 14e-5 of the U.S. Securities Exchange Act of 1934) which remains effective until March 31, 2030. The aggregate amount of ordinary shares, 2028 Notes and 2030 Notes that may be repurchased by the Company pursuant to this existing program shall not exceed $200.0 million, with a sub-limit of $100.0 million during each fiscal year. The price and timing of any such repurchases will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors as determined by the board of directors from time to time. There can be no assurance that we will execute any such repurchase pursuant to this existing program. There were no repurchases of ordinary shares pursuant to the share repurchase plan or repurchases of 2028 Notes during the second quarter of fiscal 2026. Following the amendment of the repurchase program on October 28, 2025, we have remaining authority to repurchase an aggregate of up to $200.0 million of our outstanding ordinary shares, 2028 Notes and 2030 Notes. Conference Call MakeMyTrip will host a live Zoom webinar to discuss the Company’s results for the quarter ended September 30, 2025 beginning at 7:30 AM EDT or 5:00 PM IST on October 28, 2025 through the Company’s Investor Relations website at https://investors.makemytrip.com/. To participate, please use the following link https://makemytrip.zoom.us/webinar/register/WN_ezlSqXmpTw23OnW9DfKO7A to register for the live event. Registered participants will receive a confirmation email containing the Zoom access link and alternative phone dial-in details. A replay of the event will be available on the “Investor Relations” section of the Company’s website at http://investors.makemytrip.com, approximately two hours after the conclusion of the live event. About Key Performance Indicators and Non-IFRS Measures We refer to certain non-IFRS measures in various places within this release, including “Adjusted Operating Profit”, “Adjusted Net Profit”, “Adjusted Diluted Earnings per Share” and constant currency results. Our key performance indicators are “Adjusted Margin” and “Adjusted Margin %” which are also non-IFRS measures referred to in various places within this release. We evaluate our financial performance in each of our reportable segments based on our key performance indicators, Adjusted Margin and Adjusted Margin %, which are non-IFRS measures and segment profitability measures. Adjusted Margin represents IFRS revenue after adding back customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue, and deducting the cost of procurement of services primarily relating to sales to customers where we act as the principal. Adjusted Margin % represents Adjusted Margin as a percentage of gross bookings. As certain parts of our revenues are recognized on a “net” basis when we are acting as an agent, and other parts of our revenue are recognized on a “gross” basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a non-IFRS measure and a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. Income from packages, including income on airline tickets sold to customers
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as a part of tours and packages is accounted for on a “gross” basis as the Company controls the services before such services are transferred to travelers. Revenue from the packages business which is accounted for on a “gross” basis represents the total amount paid by customers for these travel services and products, while our cost of procuring the relevant services and products for sale to our customers in this business is classified as service cost. Similarly, in our car bookings business, we generally recognize revenue on a “gross” basis. We also refer to Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share which are non-IFRS measures and most directly comparable to results from operating activities, profit for the period and diluted earnings per share for the period, respectively, each of which is an IFRS measure. We use financial measures that exclude share-based compensation costs, amortization of acquired intangibles, gain on discontinuation of equity-accounted investment, change in fair value of financial asset measured at fair value through profit or loss (“FVTPL”), share of loss of equity-accounted investees, interest expense on financial liabilities measured at amortized cost, and income tax expense for our internal management reporting, budgeting and decision making purposes, including comparing our operating results to that of our competitors. A limitation of using Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share instead of results from operating activities, profit for the period and diluted earnings per share calculated in accordance with IFRS as issued by the IASB is that these non-IFRS financial measures exclude a recurring cost, for example, share-based compensation. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share. Because of varying available valuation methodologies and subjective assumptions that companies can use when applying IFRS 2 “Share based payment,” management believes that providing non-IFRS measures that exclude such expense allows investors to make additional comparisons between our operating results and those of other companies. In addition, reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release. Constant currency results are financial measures that are not prepared in accordance with IFRS and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year. Because the impact of changing foreign currency exchange rates may not provide an accurate baseline for analyzing trends in our business, management believes that percentage growth in constant currency is an important metric for evaluating our operations. Constant currency is a non-IFRS measure and it should not be considered as a substitute for measures prepared in accordance with IFRS. We believe that our current calculations of Adjusted Operating Profit, Adjusted Net Profit, Adjusted Diluted Earnings per Share, Adjusted Margin, Adjusted Margin % and constant currency results represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items and other items such as customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs, which we believe are representative of our operating results and provide useful information to investors and analysts. We believe that investors and analysts in our industry use these non-IFRS measures and key performance indicators to compare our company and our performance to that of our global peers. However, the presentation of these non-IFRS measures and key performance indicators are not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures and key performance indicators may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation. Safe Harbor Statement This release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “aim”, “anticipate”, “believe”, “continue”, “estimate”, “expect”, “is/are likely to”, “intend”, “may”, “potential”, “plan”, “project”, “should”, “seek”, “will”, or other similar expressions. Such statements include, among other things, quotations from management as well as the Company’s strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward- looking statement. Potential risks and uncertainties include, but are not limited to, a slow-down of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of the Company’s shares, the Company’s reliance on its relationships with travel suppliers and strategic alliances, failure to further increase the Company’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop the Company’s corporate travel business, damage to or failure of the Company’s infrastructure and technology, loss of services of the Company’s key executives, and inflation in India and in other countries. These and other factors are more fully discussed in the “Risk Factors” section of the Company’s 20-F dated June 16, 2025, filed with the United States Securities and Exchange Commission. All information provided in this release is provided as of the date of issuance of this release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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About MakeMyTrip Limited We own and operate well-recognized online travel brands, including MakeMyTrip, Goibibo and redBus. Through our primary websites, www.makemytrip.com, www.goibibo.com and www.redbus.in, and mobile platforms, travelers can research, plan and book a wide range of travel services and products in India and overseas. Our services include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, bus ticketing, rail ticketing, car hire, activities and experiences, and ancillary travel requirements such as facilitating access to third-party travel insurance, forex services and visa processing. We provide our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, a comprehensive set of domestic accommodation properties in India and a wide selection of properties outside of India, tickets for Indian Railways and bus services operated through all major Indian bus operators. For more details, please contact: Vipul Garg Senior Vice President - Investor Relations MakeMyTrip Limited Vipul.garg@go-mmt.com
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MAKEMYTRIP LIMITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED) (Amounts in USD thousands) As atMarch 31,2025 As atSeptember 30,2025 Assets Property, plant and equipment 26,457 23,927 Intangible assets and goodwill 597,791 570,895 Trade and other receivables 8,879 8,999 Investment in equity-accounted investees 1,914 1,650 Other investments 972 2,821 Term deposits 2,130 5,624 Non-current tax assets, net 18,044 20,747 Deferred tax assets, net 106,431 87,111 Other non-current assets 402 145 Total non-current assets 763,020 721,919 Inventories 363 643 Contract assets 507 9,054 Current tax assets, net 9,140 — Trade and other receivables 141,143 149,951 Term deposits 252,286 308,110 Other current assets 152,931 145,130 Cash and cash equivalents 508,898 521,707 Total current assets 1,065,268 1,134,595 Total assets 1,828,288 1,856,514 Equity Share capital 56 48 Share premium 2,203,445 2,708,678 Other components of equity (71,003) 142,299 Accumulated deficit (929,868) (2,825,519) Total equity attributable to owners of the Company 1,202,630 25,506 Non-controlling interests 5,347 4,265 Total equity 1,207,977 29,771 Liabilities Loans and borrowings 13,895 1,156,648 Employee benefits 14,705 15,065 Contract liabilities 175 119 Deferred tax liabilities, net 2,526 50,818 Other non-current liabilities 12,396 11,538 Total non-current liabilities 43,697 1,234,188 Bank overdraft 536 461 Loans and borrowings 222,142 230,191 Trade and other payables 146,999 142,505 Contract liabilities 120,098 134,422 Other current liabilities 86,839 84,976 Total current liabilities 576,614 592,555 Total liabilities 620,311 1,826,743 Total equity and liabilities 1,828,288 1,856,514 # Loans and borrowings include lease liabilities amounting to $13.7 million as at September 30, 2025 (as at March 31, 2025: $15.4 million). (#) (#)
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MAKEMYTRIP LIMITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED) (Amounts in USD thousands, except per share data and share count) For the three months ended September 30 For the six months ended September 30 2024 2025 2024 2025 Revenue Air ticketing 61,019 61,029 118,565 121,154 Hotels and packages 103,198 108,229 250,044 249,877 Bus ticketing 24,808 33,488 54,025 72,241 Other revenue 21,968 26,595 42,878 54,915 Total revenue 210,993 229,341 465,512 498,187 Other income 142 252 192 1,777 Service cost Procurement cost of hotels and packages services 43,908 44,841 122,562 112,023 Other cost of providing services 5,861 6,673 12,300 14,378 Personnel expenses 39,376 40,439 77,578 80,659 Marketing and sales promotion expenses 35,800 37,931 75,876 81,856 Other operating expenses 53,374 58,300 110,054 122,111 Depreciation and amortization 6,704 6,972 13,364 14,139 Results from operating activities 26,112 34,437 53,970 74,798 Finance income 7,283 7,248 14,497 14,042 Finance costs 7,771 43,109 13,310 53,879 Net finance income (costs) (488) (35,861) 1,187 (39,837)Share of loss of equity-accounted investees (74) (23) (89) (29) Profit (loss) before tax 25,550 (1,447) 55,068 34,932 Income tax expense (7,611) (4,291) (16,083) (14,865) Profit (loss) for the period 17,939 (5,738) 38,985 20,067 Other comprehensive income (loss), net of tax Items that will not be reclassified to profit or loss: Remeasurements of defined benefit liability (466) 95 (466) 95 Equity instruments at fair value through other comprehensive income (FVOCI) - net change in fair value — — (452) — (466) 95 (918) 95 Items that are or may be reclassified subsequently to profit or loss: Foreign currency translation differences on foreign operations (3,147) (32,892) (3,422) (35,260) Other comprehensive income (loss) for the period, net of tax (3,613) (32,797) (4,340) (35,165) Total comprehensive income (loss) for the period 14,326 (38,535) 34,645 (15,098) Profit (loss) attributable to: Owners of the Company 17,853 (5,615) 38,883 20,309 Non-controlling interests 86 (123) 102 (242) Profit (loss) for the period 17,939 (5,738) 38,985 20,067 Total comprehensive income (loss) attributable to: Owners of the Company 14,268 (38,229) 34,573 (14,662)Non-controlling interests 58 (306) 72 (436) Total comprehensive income (loss) for the period 14,326 (38,535) 34,645 (15,098) Earnings (loss) per share (in USD) Basic 0.16 (0.06) 0.35 0.19 Diluted 0.16 (0.06) 0.34 0.19 Weighted average number of shares (including Class B Shares) Basic 112,165,236 97,978,804 112,095,316 106,498,131 Diluted 114,725,904 97,978,804 114,609,805 108,326,036
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MAKEMYTRIP LIMITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED) (Amounts in USD thousands) Attributable to owners of the Company Other components of equity Share Capital Share Premium Equity Compone nt of Converti ble Notes Treasur y Shares Reserve Fair Value Reserves Share Based Payment Reserve Foreign Currency Translati on Reserve Accumul ated Deficit Total Non- Controlli ng Interests Total Equity Balance as at April 1, 2025 56 2,203, 445 31,122 (21,7 22) (84) 118,41 2 (198,7 31) (929,8 68) 1,202, 630 5,347 1,207,97 7 Total comprehensive income (loss) for the period Profit (loss) for the period — — — — — — — 20,309 20,309 (242) 20,067 Other comprehensive income (loss) Foreign currency translation differences — — — — — — (35,06 6) — (35,06 6) (194) (35,260) Remeasurements of defined benefit liability — — — — — — — 95 95 — 95 Total other comprehensive income (loss) — — — — — — (35,06 6) 95 (34,97 1) (194) (35,165) Total comprehensive income (loss) for the period — — — — — — (35,06 6) 20,404 (14,66 2) (436) (15,098) Transactions with owners of the Company Contributions by owners Share-based payment — — — — — 12,908 — — 12,908 65 12,973 Issue of ordinary shares on exercise of share based awards * 8,177 — — — (6,849) — — 1,328 — 1,328 Transfer to accumulated deficit on expiry of share based awards — — — — — (28) — 28 — — — Issue of convertible notes — — 241,72 8 — — — — — 241,72 8 — 241,728 Issue of ordinary shares 9 1,621, 010 — — — — — — 1,621, 019 — 1,621,01 9 Repurchase of own shares (17) (1,123, 954) — — — — — (1,914, 846) (3,038, 817) — (3,038,8 17) Total contributions by owners (8) 505,23 3 241,72 8 — — 6,031 — (1,914, 818) (1,161, 834) 65 (1,161,7 69) Changes in ownership interests Recognition of financial liability for acquisition of non-controlling interest — — — — — — — (1,822) (1,822) (711) (2,533) Change in fair value of financial liability for acquisition of non-controlling interests — — — — — — 609 585 1,194 — 1,194 Total changes in ownership interests — — — — — — 609 (1,237) (628) (711) (1,339) Total transactions with owners of the Company (8) 505,23 3 241,72 8 — — 6,031 609 (1,916, 055) (1,162, 462) (646) (1,163,1 08) Balance as at September 30, 2025 48 2,708, 678 272,85 0 (21,7 22) (84) 124,44 3 (233,1 88) (2,825, 519) 25,506 4,265 29,771 *less than 1
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MAKEMYTRIP LIMITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED) (Amounts in USD thousands) For the six months ended September 30 2024 2025 Profit for the period 38,985 20,067 Adjustments for non-cash items 45,428 79,779 Changes in working capital 23,549 (9,330) Net cash generated from operating activities 107,962 90,516 Net cash used in investing activities (28,778) (57,048) Net cash used in financing activities (3,879) (3,935) Increase in cash and cash equivalents 75,305 29,533 Cash and cash equivalents at beginning of the period 327,065 508,362 Effect of exchange rate fluctuations on cash held (497) (16,649) Cash and cash equivalents (net of bank overdraft) at end of the period 401,873 521,246
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MAKEMYTRIP LIMITED INFORMATION ABOUT REPORTABLE SEGMENTS (UNAUDITED) (Amounts in USD thousands) For the three months ended September 30 Reportable segments Air ticketing Hotels and packages Bus ticketing All other segments Total Particulars 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 Consolidated Revenue 61,019 61,029 103,19 8 108,22 9 24,808 33,488 21,968 26,595 210,99 3 229,341 Add: Customer inducement costs recorded as a reduction of revenue* 35,010 41,789 31,444 42,429 2,300 4,261 290 578 69,044 89,057 Less: Service cost — — 43,908 44,841 — — 5,861 6,673 49,769 51,514 Adjusted Margin 96,029 102,81 8 90,734 105,81 7 27,108 37,749 16,397 20,500 230,26 8 266,884 Other income 142 252 Personnel expenses (39,376) (40,439) Marketing and sales promotion expenses (35,800) (37,931) Customer inducement costs recorded as a reduction of revenue* (69,044) (89,057) Other operating expenses (53,374) (58,300) Depreciation and amortization (6,704) (6,972) Finance income 7,283 7,248 Finance costs (7,771) (43,109) Share of loss of equity-accounted investees (74) (23) Profit (loss) before tax 25,550 (1,447) For the six months ended September 30 Reportable segments Air ticketing Hotels and packages Bus ticketing All other segments Total Particulars 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 Consolidated Revenue 118,56 5 121,15 4 250,04 4 249,87 7 54,025 72,241 42,878 54,915 465,51 2 498,187 Add: Customer inducement costs recorded as a reduction of revenue* 66,573 78,724 70,527 89,844 5,439 8,101 737 1,458 143,27 6 178,127 Less: Service cost — — 122,56 2 112,02 3 — — 12,300 14,378 134,86 2 126,401 Adjusted Margin 185,13 8 199,87 8 198,00 9 227,69 8 59,464 80,342 31,315 41,995 473,92 6 549,913 Other income 192 1,777 Personnel expenses (77,578) (80,659) Marketing and sales promotion expenses (75,876) (81,856) Customer inducement costs recorded as a reduction of revenue* (143,27 6) (178,12 7) Other operating expenses (110,05 4) (122,11 1) Depreciation and amortization (13,364) (14,139) Finance income 14,497 14,042 Finance costs (13,310) (53,879) Share of loss of equity-accounted investees (89) (29) Profit before tax 55,068 34,932 * For purposes of reporting to the Chief Operating Decision Maker (CODM), the segment profitability measure i.e. Adjusted Margin represents IFRS revenue after adding back certain customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue and reducing service cost.
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MAKEMYTRIP LIMITED RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS (Unaudited) (Amounts in USD thousands, except per share data) The following tables reconcile our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) for the periods indicated: For the three months ended September 30 Air ticketing Hotels and packages Bus ticketing Others 2024 2025 2024 2025 2024 2025 2024 2025 Revenue as per IFRS 61,019 61,029 103,198 108,229 24,808 33,488 21,968 26,595 Add: Customer inducement costs recorded as a reduction of revenue 35,010 41,789 31,444 42,429 2,300 4,261 290 578 Less: Service cost — — 43,908 44,841 — — 5,861 6,673 Adjusted Margin 96,029 102,818 90,734 105,817 27,108 37,749 16,397 20,500 For the six months ended September 30 Air ticketing Hotels and packages Bus ticketing Others 2024 2025 2024 2025 2024 2025 2024 2025 Revenue as per IFRS 118,565 121,154 250,044 249,877 54,025 72,241 42,878 54,915 Add: Customer inducement costs recorded as a reduction of revenue 66,573 78,724 70,527 89,844 5,439 8,101 737 1,458 Less: Service cost — — 122,562 112,023 — — 12,300 14,378 Adjusted Margin 185,138 199,878 198,009 227,698 59,464 80,342 31,315 41,995 The following table reconciles our results from operating activities (an IFRS measure) to Adjusted Operating Profit (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted Operating Profit For the three months ended September 30 For the six months ended September 30 (Unaudited) 2024 2025 2024 2025 Results from operating activities as per IFRS 26,112 34,437 53,970 74,798 Add: Acquisition related intangibles amortization 2,869 2,814 5,750 5,689 Add: Employee share-based compensation costs 8,486 6,935 16,886 12,401 Less: Gain on discontinuation of equity accounted investment — — — (1,361) Adjusted Operating Profit 37,467 44,186 76,606 91,527 The following table reconciles our profit (loss) for the period (an IFRS measure) to Adjusted Net Profit (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted Net Profit For the three months ended September 30 For the six months ended September 30 (Unaudited) 2024 2025 2024 2025 Profit (loss) for the period as per IFRS 17,939 (5,738) 38,985 20,067 Add: Acquisition related intangibles amortization 2,869 2,814 5,750 5,689 Add: Employee share-based compensation costs 8,486 6,935 16,886 12,401 Less: Gain on discontinuation of equity accounted investment — — — (1,361) Less: Change in fair value of financial asset measured at FVTPL — (296) — (296) Add: Interest expense on financial liabilities measured at amortized cost 3,708 28,323 7,417 34,387 Add: Income tax expense 7,611 4,291 16,083 14,865 Add: Share of loss of equity-accounted investees 74 23 89 29 Adjusted Net Profit 40,687 36,352 85,210 85,781 (2) (2)
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The following table reconciles our diluted earnings (loss) per share for the period (an IFRS measure) to Adjusted Diluted Earnings per Share (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted Diluted Earnings per Share For the three months ended September 30 For the six months ended September 30 (Unaudited) 2024 2025 2024 2025 Diluted Earnings (Loss) per Share for the period as per IFRS 0.16 (0.06) 0.34 0.19 Add: Acquisition related intangibles amortization 0.03 0.03 0.05 0.05 Add: Employee share-based compensation costs 0.07 0.07 0.15 0.11 Less: Gain on discontinuation of equity accounted investment — — — (0.01) Less: Change in fair value of financial asset measured at FVTPL — * — * Add: Interest expense on financial liabilities measured at amortized cost 0.03 0.29 0.06 0.32 Add: Income tax expense 0.07 0.04 0.14 0.13 Add: Share of loss of equity-accounted investees * * * * Adjusted Diluted Earnings per Share 0.36 0.37 0.74 0.79 * Less than $0.01. The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported amount and constant currency(1) amount for the period indicated: (Unaudited) For the three months ended September 30, 2025 Revenue Adjusted Margin Reported Amount and Constant Currency Amount Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Amount 61,029 108,229 33,488 26,595 229,341 102,818 105,817 37,749 20,500 Impact of Foreign Currency Translation 2,008 4,079 1,147 1,016 8,250 3,377 4,504 1,323 759 Constant Currency Amount 63,037 112,308 34,635 27,611 237,591 106,195 110,321 39,072 21,259 (Unaudited) For the six months ended September 30, 2025 Revenue Adjusted Margin Reported Amount and Constant Currency Amount Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Amount 121,15 4 249,877 72,241 54,915 498,18 7 199,87 8 227,698 80,342 41,995 Impact of Foreign Currency Translation 3,387 6,679 1,834 1,715 13,615 5,661 7,344 2,110 1,274 Constant Currency Amount 124,54 1 256,556 74,075 56,630 511,80 2 205,53 9 235,042 82,452 43,269 The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported growth and constant currency(1) growth for the period indicated: (Unaudited) For the three months ended September 30, 2025 Revenue Adjusted Margin Reported Growth and Constant Currency Growth (YoY) Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Growth 0.02% 4.9% 35.0% 21.1% 8.7% 7.1% 16.6% 39.3% 25.0% Impact of Foreign Currency Translation 3.3% 3.9% 4.6% 4.6% 3.9% 3.5% 5.0% 4.8% 4.7% Constant Currency Growth 3.3% 8.8% 39.6% 25.7% 12.6% 10.6% 21.6% 44.1% 29.7% (Unaudited) For the six months ended September 30, 2025 Revenue Adjusted Margin Reported Growth and Constant Currency Growth (YoY) Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Growth 2.2% -0.1% 33.7% 28.1% 7.0% 8.0% 15.0% 35.1% 34.1% Impact of Foreign Currency Translation 2.8% 2.7% 3.4% 4.0% 2.9% 3.0% 3.7% 3.6% 4.1% Constant Currency Growth 5.0% 2.6% 37.1% 32.1% 9.9% 11.0% 18.7% 38.7% 38.2%
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MAKEMYTRIP LIMITED SELECTED OPERATING AND FINANCIAL DATA (Unaudited) For the three months ended September 30 For the six months ended September 30 2024 2025 2024 2025 (in thousands, except percentages) Unit Metrics Air Ticketing – Flight segments 15,105 14,760 29,261 29,239 Hotels and Packages – Room nights 8,504 10,033 17,612 20,690 Standalone Hotels – Online – Room nights 8,341 9,880 17,171 20,267 Bus Ticketing – Bus tickets 23,558 32,798 50,116 68,003 Adjusted Margin Air Ticketing $ 96,029 $ 102,818 $ 185,138 $ 199,878 Hotels and Packages 90,734 105,817 198,009 227,698 Bus Ticketing 27,108 37,749 59,464 80,342 Others 16,397 20,500 31,315 41,995 Gross Bookings Air Ticketing $ 1,410,958 $ 1,426,312 $ 2,808,028 $2,859,695 Hotels and Packages 517,218 584,017 1,128,549 1,271,729 Bus Ticketing 263,459 362,734 579,432 778,275 Other Transport Services 65,594 74,255 121,578 146,098 $ 2,257,229 $ 2,447,318 $ 4,637,587 $5,055,797 Adjusted Margin % Air Ticketing 6.8% 7.2% 6.6% 7.0% Hotels and Packages 17.5% 18.1% 17.5% 17.9% Bus Ticketing 10.3% 10.4% 10.3% 10.3% Notes: (1) “Flight segments” means a flight between two cities, including flights booked as part of a longer itinerary or a package, and is reported net of cancellations. (2) “Standalone Hotels – Online” refers to Standalone Hotels booked on desktops, laptops, mobiles and other online platforms. Hotels and Packages – Room nights includes Standalone Hotels – Online – Room nights and is reported net of cancellations. (3) Excludes flight segments booked as a component of bookings for our Hotels and Packages segment. (4) “Bus tickets” means tickets issued to customers for bus journeys, and is reported net of cancellations. Prior to the quarter ended March 31, 2025, we reported “Travelled tickets” which was the total number of bus journeys undertaken by our customers for the relevant period. (1) (2) (4) (3) (3) (3)