Earnings release
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Exhibit 99.1 MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2027 FIRST QUARTER RESULTS Gurugram, India and New York, August 3, 2026 — MakeMyTrip Limited (NASDAQ: MMYT), India’s leading travel service provider, today announced its unaudited interim financial and operating results for its fiscal first quarter ended June 30, 2026. (in thousands) For the three months ended June 30, 2025 For the three months ended June 30, 2026 YoY Change YoY Change in constant currency Financial Summary as per IFRS Revenue $ 268,846 $ 285,579 6.2% 16.1% Air Ticketing $ 60,125 $ 55,607 -7.5% 1.1% Hotels and Packages $ 141,648 $ 151,179 6.7% 16.7% Bus Ticketing $ 38,753 $ 44,933 15.9% 26.1% Others $ 28,320 $ 33,860 19.6% 31.5% Results from Operating Activities $ 40,361 $ 43,706 8.3% Profit for the period $ 25,805 $ 9,105 -64.7% Financial Summary as per non-IFRS measures Adjusted Margin Air Ticketing $ 97,060 $ 98,547 1.5% 10.8% Hotels and Packages $ 121,881 $ 134,462 10.3% 21.3% Bus Ticketing $ 42,593 $ 51,836 21.7% 32.4% Others $ 21,495 $ 24,892 15.8% 27.2% Adjusted Operating Profit $ 47,341 $ 51,396 8.6% Adjusted Net Profit Before Tax $ 49,429 $ 52,167 5.5% Adjusted EBITDA $ 51,633 $ 55,501 7.5% Free Cash Flow $ 37,930 $ 19,920 -47.5% Gross Bookings $ 2,608,479 $ 2,854,678 9.4% 19.9% Air Ticketing $ 1,433,383 $ 1,542,340 7.6% 17.7% Hotels and Packages $ 687,712 $ 746,388 8.5% 19.6% Bus Ticketing $ 415,541 $ 501,938 20.8% 31.4% Other Transport Services $ 71,843 $ 64,012 -10.9% -1.5% 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 IFRS Accounting 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 2027 First Quarter (Year over Year (YoY) growth % is based on constant currency(1)) • Gross Bookings increased by 19.9% YoY in 1Q27 to $2,854.7 million. • Adjusted Margin(2) – Air Ticketing increased by 10.8% YoY in 1Q27 to $98.5 million. • Adjusted Margin(2) – Hotels and Packages increased by 21.3% YoY in 1Q27 to $134.5 million. • Adjusted Margin(2) – Bus Ticketing increased by 32.4% YoY in 1Q27 to $51.8 million. • Adjusted Margin(2) – Others increased by 27.2% YoY in 1Q27 to $24.9 million. • Adjusted Operating Profit(2) improved to $51.4 million in 1Q27 versus $47.3 million in 1Q26, reflecting an improvement of $4.1 million YoY. • Adjusted Net Profit Before Tax(2) improved to $52.2 million in 1Q27 versus $49.4 million in 1Q26, reflecting an improvement of $2.8 million YoY. (1) (2) (2) (2) (2) (2)
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Reconciliation of revenue and Adjusted Margin in terms of reported and constant currency amount and growth 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 June 30, 2026 Revenue Adjusted Margin Reported Amount and Constant Currency Amount (YoY) Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others (Amounts in USD thousands) Reported Amount 55,607 151,179 44,933 33,860 285,57 9 98,547 134,462 51,836 24,892 Impact of Foreign Currency Translation 5,163 14,165 3,917 3,389 26,634 9,028 13,351 4,575 2,442 Constant Currency Amount 60,770 165,344 48,850 37,249 312,21 3 107,57 5 147,813 56,411 27,334 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 June 30, 2026 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 -7.5% 6.7% 15.9% 19.6% 6.2% 1.5% 10.3% 21.7% 15.8% Impact of Foreign Currency Translation 8.6% 10.0% 10.2% 11.9% 9.9% 9.3% 11.0% 10.7% 11.4% Constant Currency Growth 1.1% 16.7% 26.1% 31.5% 16.1% 10.8% 21.3% 32.4% 27.2% Fiscal 2027 First Quarter Financial Results Our overall results and growth for the quarter ended June 30, 2026 were impacted by several factors. While the Group reports its financial results in U.S. Dollars (USD), the functional currency of its material subsidiaries is the Indian Rupee (INR). During the quarter ended June 30, 2026, the INR depreciated against the USD by more than 10% year-on-year compared to the quarter ended June 30, 2025, which had a significant impact on our reported revenues and year-on-year growth rates. On the demand side, international outbound travel from India remained subdued due to the ongoing West Asia conflict, affecting growth in our international travel business and our results for the quarter ended June 30, 2026. Nevertheless, strong seasonal demand and improved domestic travel activity during the current quarter partially mitigated this impact, enabling us to maintain resilient overall performance. Revenue. We generated revenue of $285.6 million in the quarter ended June 30, 2026, an increase of 6.2% (16.1% in constant currency(1)) over revenue of $268.8 million in the quarter ended June 30, 2025. This increase in revenue was primarily attributable to an increase of 6.7% (16.7% in constant currency) in revenue from our hotels and packages business, an increase of 15.9% (26.1% in constant currency) in revenue from our bus ticketing business, and an increase of 19.6% (31.5% in constant currency) in revenue from our others business, partially offset by a decrease of 7.5% in revenue from our air ticketing business (an increase of 1.1% in constant currency), 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 June 30 Air ticketing Hotels and packages Bus ticketing Others 2025 2026 2025 2026 2025 2026 2025 2026 (Amounts in USD thousands) Revenue as per IFRS 60,125 55,607 141,648 151,179 38,753 44,933 28,320 33,860 Add: Customer inducement costs recorded as a reduction of revenue 36,935 42,940 47,415 55,955 3,840 6,903 880 1,035 Less: Service cost — — 67,182 72,672 — — 7,705 10,003 Adjusted Margin 97,060 98,547 121,881 134,462 42,593 51,836 21,495 24,892 Air Ticketing. Revenue from our air ticketing business decreased by 7.5% (an increase of 1.1% in constant currency) to $55.6 million for the quarter ended June 30, 2026 compared to $60.1 million for the quarter ended June 30, 2025. Our Adjusted Margin – Air ticketing increased by 1.5% (10.8% in constant currency) to $98.5 million in the quarter ended June 30, 2026, from $97.1 million in the quarter ended (2)
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June 30, 2025. Adjusted Margin – Air ticketing includes customer inducement costs of $42.9 million in the quarter ended June 30, 2026 and $36.9 million in the quarter ended June 30, 2025, 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 an increase in Gross Bookings by 7.6% (17.7% in constant currency) in the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025. Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of Gross Bookings) – Air ticketing decreased to 6.4% in the quarter ended June 30, 2026 as compared to 6.8% in the quarter ended June 30, 2025. Hotels and Packages. Revenue from our hotels and packages business increased by 6.7% (16.7% in constant currency) to $151.2 million in the quarter ended June 30, 2026, from $141.6 million in the quarter ended June 30, 2025. Our Adjusted Margin – Hotels and packages increased by 10.3% (21.3% in constant currency) to $134.5 million in the quarter ended June 30, 2026 from $121.9 million in the quarter ended June 30, 2025. Adjusted Margin – Hotels and packages include customer inducement costs of $56.0 million in the quarter ended June 30, 2026 and $47.4 million in the quarter ended June 30, 2025, 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 8.5% (19.6% in constant currency), which was primarily driven by a 19.9% increase in the number of hotel-room nights in the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025. Our Adjusted Margin % – Hotels and packages increased marginally to 18.0% in the quarter ended June 30, 2026 as compared to 17.7% in the quarter ended June 30, 2025. Bus Ticketing. Revenue from our bus ticketing business increased by 15.9% (26.1% in constant currency) to $44.9 million in the quarter ended June 30, 2026, from $38.8 million in the quarter ended June 30, 2025. Our Adjusted Margin – Bus ticketing increased by 21.7% (32.4% in constant currency) to $51.8 million in the quarter ended June 30, 2026 from $42.6 million in the quarter ended June 30, 2025. Adjusted Margin – Bus ticketing includes customer inducement costs of $6.9 million in the quarter ended June 30, 2026 and $3.8 million in the quarter ended June 30, 2025, 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 20.8% (31.4% in constant currency) driven by a 23.9% increase in the number of bus tickets in the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025. Our Adjusted Margin % – Bus ticketing remained constant at 10.3% in the quarter ended June 30, 2026 as compared to 10.3% in the quarter ended June 30, 2025. Others. Revenue from our others business increased by 19.6% (31.5% in constant currency) to $33.9 million in the quarter ended June 30, 2026, from $28.3 million in the quarter ended June 30, 2025. Our Adjusted Margin – Others increased by 15.8% (27.2% in constant currency) to $24.9 million in the quarter ended June 30, 2026 from $21.5 million in the quarter ended June 30, 2025. Adjusted Margin – Others includes customer inducement costs of $1.0 million in the quarter ended June 30, 2026 and $0.9 million in the quarter ended June 30, 2025, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin – Others was primarily led by growth in our ancillary services. Other Income. Other income was $0.3 million in the quarter ended June 30, 2026 and $1.5 million in the quarter ended June 30, 2025. Service Cost. Service cost increased by 10.4% to $82.7 million in the quarter ended June 30, 2026 from $74.9 million in the quarter ended June 30, 2025, primarily due to robust travel demand, particularly for our packages and car booking businesses in India, in the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025. Personnel Expenses. Personnel expenses decreased by 3.4% to $38.8 million in the quarter ended June 30, 2026 from $40.2 million in the quarter ended June 30, 2025, primarily due to the impact of foreign currency translation, particularly the depreciation of the Indian rupee against the U.S. dollar during the period, and a decrease in the share-based compensation costs in the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025. These decreases were partially offset by the annual wage increases effected in the quarter ended June 30, 2026. Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 11.1% to $48.8 million in the quarter ended June 30, 2026 from $43.9 million in the quarter ended June 30, 2025, 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 $106.8 million in the quarter ended June 30, 2026 and $89.1 million in the quarter ended June 30, 2025. The details are as follows: For the three months ended June 30 2025 2026 (Amounts in USD thousands) Marketing and sales promotion expenses 43,925 48,785 Customer inducement costs recorded as a reduction of revenue 89,070 106,833
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Other Operating Expenses. Other operating expenses increased by 2.3% to $65.3 million in the quarter ended June 30, 2026 from $63.8 million in the quarter ended June 30, 2025, primarily due to an increase in operating expenses, including distribution costs, website hosting charges and payment gateway charges linked to an increase in bookings, which was partially offset by a decrease in outsourcing expenses in the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025. Depreciation and Amortization. Our depreciation and amortization expenses were $6.5 million in the quarter ended June 30, 2026 and $7.2 million in the quarter ended June 30, 2025. Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were $43.7 million in the quarter ended June 30, 2026 as compared to $40.4 million in the quarter ended June 30, 2025. Our Adjusted Operating Profit was $51.4 million in the quarter ended June 30, 2026 as compared to $47.3 million in the quarter ended June 30, 2025. 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 $28.3 million in the quarter ended June 30, 2026 as compared to $4.0 million in the quarter ended June 30, 2025, primarily due to an increase of $23.4 million in interest expense on financial liabilities measured at amortized cost related to our convertible senior notes due 2030. Income Tax Expense. Our income tax expense was $6.3 million in the quarter ended June 30, 2026 as compared to $10.6 million in the quarter ended June 30, 2025, primarily due to reversal of deferred tax liabilities, partially offset by an increase in tax expense resulting from an increase in our taxable income in the quarter ended June 30, 2026. Profit for the Period. As a result of the foregoing factors, our profit for the quarter ended June 30, 2026 was $9.1 million as compared to $25.8 million in the quarter ended June 30, 2025. Our Adjusted Net Profit Before Tax was $52.2 million in the quarter ended June 30, 2026, as compared to $49.4 million in the quarter ended June 30, 2025. Our Adjusted EBITDA was $55.5 million in the quarter ended June 30, 2026, as compared to $51.6 million in the quarter ended June 30, 2025. For a description of the components and calculation of “Adjusted Net Profit Before Tax” and “Adjusted EBITDA” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Profit for the period”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Diluted Earnings per Share. As a result of the foregoing factors, diluted earnings per share was $0.09 for the quarter ended June 30, 2026 as compared to diluted earnings per share of $0.22 in the quarter ended June 30, 2025. Our Adjusted Diluted Earnings per Share was $0.53 in the quarter ended June 30, 2026 as compared to $0.42 in the quarter ended June 30, 2025. 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 per share”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Liquidity. As at June 30, 2026, we had $370.7 million of cash and cash equivalents (including restricted cash and cash equivalents of $2.6 million) and $423.6 million in term deposits with various banks (including term deposits amounting to $9.6 million marked as a lien with the National Company Law Appellate Tribunal and pledged with banks for bank guarantees, against court orders and credit facilities). As at June 30, 2026, we had $0.8 million in bank overdrafts. Repurchases of Shares and Convertible Notes The Company’s share repurchase program, pursuant to which the Company can repurchase its ordinary shares at any price determined by its board of directors from time to time, is 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 (the “2030 Notes”) from time to time until March 31, 2030. In each case, repurchases may be made using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with applicable securities laws and regulations. The Company may also, from time to time, enter into plans that are compliant with Rule 10b5- 1 of the U.S. Securities Exchange Act of 1934, as amended, to facilitate repurchases of its securities under the above-mentioned authorizations. 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. Pursuant to the repurchase program, during the first quarter of fiscal 2027, we repurchased 200,000 ordinary shares for an aggregate price of $7.8 million. There were no repurchases of 2028 Notes and 2030 Notes during the first quarter of fiscal 2027. As at June 30, 2026, we had remaining authority to repurchase an aggregate of up to $95.8 million of our outstanding ordinary shares, 2028 Notes and 2030 Notes (with a sub-limit of $92.2 million for fiscal 2027).
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Conference Call MakeMyTrip will host a live Zoom webinar to discuss the Company’s results for the quarter ended June 30, 2026 beginning at 7:30 AM EDT or 5:00 PM IST on August 3, 2026 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_NJmJWELTQ82iBjrf-l8_Sg 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 (Loss) Before Tax”, “Adjusted EBITDA”, “Adjusted Diluted Earnings per Share”, “Free Cash Flow” and constant currency results. 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 recorded as a reduction of revenue, and deducting service costs primarily relating to sales to customers where we act as the principal, for the relevant segment. 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. For our air ticketing (other than air tickets sold as part of a package), standalone hotel reservations, bus ticketing, rail ticketing and others businesses (excluding car bookings through our subsidiary, Savaari), we recognize revenue on a “net” basis (i.e., the amount billed to a traveler less the amount paid to a supplier), as the supplier is primarily responsible for providing the underlying travel services and we do not control the service provided by the supplier to the traveler. For our holiday packages (including air tickets, hotel room nights, car bookings, and tours and attractions sold as part of packages) and car bookings through our subsidiary, Savaari, we recognize revenue on a “gross” basis as we act as the principal and control the services before such services are transferred to the traveler. Adjusted Operating Profit (Loss) (which is a non-IFRS measure) is most directly comparable to results from operating activities (which is an IFRS measure). Adjusted Net Profit (Loss) Before Tax and Adjusted EBITDA (each of which are non-IFRS measures) are most directly comparable to profit (loss) for the period (which is an IFRS measure). Adjusted Diluted Earnings (Loss) per Share (which is a non-IFRS measure) is most directly comparable to diluted earnings (loss) per share for the period (which is an IFRS measure). Free Cash Flow (which is a non-IFRS measure) is most directly comparable to net cash generated from operating activities (which is an IFRS measure). A limitation of using Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings (Loss) per Share and Free Cash Flow instead of results from operating activities, profit (loss) for the period, diluted earnings (loss) per share for the period and net cash generated from operating activities calculated in accordance with IFRS as issued by the IASB is that these non-IFRS financial measures exclude certain recurring costs. For example: • Adjusted EBITDA excludes charges such as depreciation, amortization and impairment, and share-based compensation costs; • Adjusted Net Profit (Loss) Before Tax excludes, among others, share-based compensation costs and acquisition related intangibles amortization; and • Free Cash Flow does not reflect the impact of equity or debt raises or repayment of debt or dividends paid. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA and Adjusted Diluted Earnings (Loss) per Share and Free Cash Flow. 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 expenses 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.
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We believe that our current calculations of Adjusted Operating Profit, Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings per Share, Free Cash Flow, 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 is 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. The IFRS measures that are most directly comparable to Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings (Loss) per share and Free Cash Flow are results from operating activities, profit (loss) for the period, diluted earnings (loss) per share for the period and net cash generated from operating activities. 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 slowdown 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 July 27, 2026, 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. About MakeMyTrip Limited We are a leading travel service provider in India. Our travel technology platform enables transactions across a range of travel needs, empowering customers with seamless and integrated experiences. Our comprehensive suite of travel products and services includes air tickets, hotels and alternative accommodations, holiday packages, bus tickets, rail tickets, car hire, tours and attractions and ancillary services. We serve a broad and diverse customer base, ranging from individuals to enterprises and small and medium-sized businesses. Our customers can discover, compare, plan, book and manage a wide range of travel products and services through our digital-first, omni-channel distribution platform. Our MakeMyTrip, Goibibo and redBus mobile applications are available on Android and iOS and our primary websites are www.makemytrip.com, www.goibibo.com and www.redbus.in. We operate an asset-light marketplace model, connecting travelers with a broad network of suppliers, including airlines, hotels, accommodation providers and ground transport operators. In addition, we offer foreign exchange, prepaid forex cards, cross-border remittances, visa-processing and travel assurance services, and facilitate access to third-party travel credit and travel insurance products for travelers. Outside India, we have a growing presence in the United Arab Emirates, where we offer localized travel products and services such as air ticketing and hotels. In addition, redBus operates in certain countries in Southeast Asia and Latin America. 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 31,2026 As atJune 30,2026 Assets Property, plant and equipment 21,654 21,902 Intangible assets and goodwill 552,245 550,031 Trade and other receivables 9,182 9,345 Investment in equity-accounted investees 1,586 1,577 Other investments 12,756 12,971 Term deposits 17,704 18,052 Non-current tax assets, net 22,693 16,440 Deferred tax assets, net 70,503 62,861 Other non-current assets 75 138 Total non-current assets 708,398 693,317 Inventories 612 425 Contract assets 83 1,995 Trade and other receivables 163,011 186,986 Term deposits 340,297 405,527 Other current assets 117,654 124,530 Cash and cash equivalents 424,826 370,656 Total current assets 1,046,483 1,090,119 Total assets 1,754,881 1,783,436 Equity Share capital 48 48 Share premium 2,714,138 2,716,492 Other components of equity 10,773 (788) Accumulated deficit (2,792,733) (2,785,123) Total equity attributable to owners of the Company (67,774) (69,371) Non-controlling interests 9,313 10,066 Total equity (58,461) (59,305) Liabilities Loans and borrowings 1,399,722 1,428,909 Employee benefits 16,477 16,709 Contract liabilities and related payables 147 166 Deferred tax liabilities, net 47,142 41,922 Other non-current liabilities 6,649 6,527 Total non-current liabilities 1,470,137 1,494,233 Bank overdraft 822 757 Loans and borrowings 5,877 6,459 Trade and other payables 135,777 158,358 Contract liabilities and related payables 113,003 97,449 Other current liabilities 87,726 85,485 Total current liabilities 343,205 348,508 Total liabilities 1,813,342 1,842,741 Total equity and liabilities 1,754,881 1,783,436 # Loans and borrowings include lease liabilities amounting to $12.4 million as at June 30, 2026 (as at March 31, 2026: $11.8 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 June 30 2025 2026 Revenue Air ticketing 60,125 55,607 Hotels and packages 141,648 151,179 Bus ticketing 38,753 44,933 Other revenue 28,320 33,860 Total revenue 268,846 285,579 Other income 1,525 269 Service cost Procurement cost of hotels and packages services 67,182 72,672 Other cost of providing services 7,705 10,003 Personnel expenses 40,220 38,848 Marketing and sales promotion expenses 43,925 48,785 Other operating expenses 63,811 65,309 Depreciation and amortization 7,167 6,525 Results from operating activities 40,361 43,706 Finance income 6,794 6,734 Finance costs 10,770 35,008 Net finance income (costs) (3,976) (28,274) Share of profit (loss) of equity-accounted investees (6) 4 Profit before tax 36,379 15,436 Income tax expense (10,574) (6,331) Profit for the period 25,805 9,105 Other comprehensive income (loss), net of tax Items that are or may be reclassified subsequently to profit or loss: Foreign currency translation differences on foreign operations (2,368) (6,764) Other comprehensive income (loss) for the period, net of tax (2,368) (6,764) Total comprehensive income (loss) for the period 23,437 2,341 Profit (loss) attributable to: Owners of the Company 25,924 8,350 Non-controlling interests (119) 755 Profit for the period 25,805 9,105 Total comprehensive income (loss) attributable to: Owners of the Company 23,567 1,623 Non-controlling interests (130) 718 Total comprehensive income (loss) for the period 23,437 2,341 Earnings per share (in USD) Basic 0.23 0.09 Diluted 0.22 0.09 Weighted average number of shares (including Class B Shares) Basic 115,111,656 96,868,152 Diluted 117,286,124 98,198,614
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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, 2026 48 2,714, 138 272,17 2 (113, 451) 191 129,42 9 (277,5 68) (2,792, 733) (67,77 4) 9,313 (58,461) Total comprehensive income (loss) for the period Profit (loss) for the period — — — — — — — 8,350 8,350 755 9,105 Other comprehensive income (loss) Foreign currency translation differences — — — — — — (6,727) — (6,727) (37) (6,764) Total other comprehensive income (loss) — — — — — — (6,727) — (6,727) (37) (6,764) Total comprehensive income (loss) for the period — — — — — — (6,727) 8,350 1,623 718 2,341 Transactions with owners of the Company Contributions by owners Share-based payment — — — — — 5,235 — — 5,235 35 5,270 Issue of ordinary shares on exercise of share based awards * 2,354 — — — (2,354) — — — — — Transfer to accumulated deficit on expiry of share based awards — — — — — (39) — 39 — — — Treasury shares acquired — — — (7,77 8) — — — — (7,778) — (7,778) Total contributions by owners — 2,354 — (7,77 8) — 2,842 — 39 (2,543) 35 (2,508) Changes in ownership interests Change in fair value of financial liability for acquisition of non-controlling interests — — — — — — 102 (779) (677) — (677) Total changes in ownership interests — — — — — — 102 (779) (677) — (677) Total transactions with owners of the Company — 2,354 — (7,77 8) — 2,842 102 (740) (3,220) 35 (3,185) Balance as at June 30, 2026 48 2,716, 492 272,17 2 (121, 229) 191 132,27 1 (284,1 93) (2,785, 123) (69,37 1) 10,066 (59,305) *less than 1
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MAKEMYTRIP LIMITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED) (Amounts in USD thousands) For the three months ended June 30 2025 2026 Profit for the period 25,805 9,105 Adjustments for non-cash items 25,785 46,249 Changes in working capital (9,747) (28,645) Net cash generated from operating activities 41,843 26,709 Net cash used in investing activities (60,691) (67,342) Net cash used in financing activities (2,251) (10,157) Decrease in cash and cash equivalents (21,099) (50,790) Cash and cash equivalents (net of bank overdraft) at beginning of the period 508,362 424,004 Effect of exchange rate fluctuations on cash held (1,354) (3,315) Cash and cash equivalents (net of bank overdraft) at end of the period 485,909 369,899
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MAKEMYTRIP LIMITED INFORMATION ABOUT REPORTABLE SEGMENTS (UNAUDITED) (Amounts in USD thousands) For the three months ended June 30 Reportable segments Air ticketing Hotels and packages Bus ticketing All other segments Total Particulars 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 Revenue from external customers 60,125 55,607 141,64 8 151,17 9 38,753 44,933 28,320 33,860 268,84 6 285,579 Add: Customer inducement costs recorded as a reduction of revenue* 36,935 42,940 47,415 55,955 3,840 6,903 880 1,035 89,070 106,833 Less: Service cost — — 67,182 72,672 — — 7,705 10,003 74,887 82,675 Adjusted Margin 97,060 98,547 121,88 1 134,46 2 42,593 51,836 21,495 24,892 283,02 9 309,737 Other income 1,525 269 Personnel expenses (40,22 0) (38,848) Marketing and sales promotion expenses (43,92 5) (48,785) Customer inducement costs recorded as a reduction of revenue* (89,07 0) (106,83 3) Other operating expenses (63,81 1) (65,309) Depreciation and amortization (7,167) (6,525) Finance income 6,794 6,734 Finance costs (10,77 0) (35,008) Share of (loss) profit of equity-accounted investees (6) 4 Profit before tax 36,379 15,436 * 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 customer inducement costs recorded as a reduction of revenue, and deducting service costs primarily relating to sales to customers where we act as the principal, for the relevant segment.
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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 June 30 Air ticketing Hotels and packages Bus ticketing Others 2025 2026 2025 2026 2025 2026 2025 2026 Revenue as per IFRS 60,125 55,607 141,648 151,179 38,753 44,933 28,320 33,860 Add: Customer inducement costs recorded as a reduction of revenue 36,935 42,940 47,415 55,955 3,840 6,903 880 1,035 Less: Service cost — — 67,182 72,672 — — 7,705 10,003 Adjusted Margin 97,060 98,547 121,881 134,462 42,593 51,836 21,495 24,892 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 June 30 (Unaudited) 2025 2026 Results from operating activities as per IFRS 40,361 43,706 Add: Acquisition related intangibles amortization 2,875 2,420 Add: Employee share-based compensation costs 5,466 5,270 Less: Gain on discontinuation of equity accounted investment (1,361) — Adjusted Operating Profit 47,341 51,396 The following table reconciles our profit for the period (an IFRS measure) to Adjusted Net Profit Before Tax (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted Net Profit Before Tax For the three months ended June 30 (Unaudited) 2025 2026 Profit for the period as per IFRS 25,805 9,105 Add: Acquisition related intangibles amortization 2,875 2,420 Add: Employee share-based compensation costs 5,466 5,270 Less: Gain on discontinuation of equity accounted investment (1,361) — Add (Less): Change in fair value of financial asset measured at FVTPL — (174) Add: Interest expense on financial liabilities measured at amortized cost 6,064 29,219 Add: Income tax expense 10,574 6,331 Add (Less): Share of (profit) loss of equity-accounted investees 6 (4) Adjusted Net Profit Before Tax 49,429 52,167 The following table reconciles our profit for the period (an IFRS measure) to Adjusted EBITDA (a non-IFRS measure) for the periods indicated: (2)
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Reconciliation of Adjusted EBITDA For the three months ended June 30 (Unaudited) 2025 2026 Profit for the period as per IFRS 25,805 9,105 Add: Income tax expense 10,574 6,331 Add (Less): Share of (profit) loss of equity-accounted investees 6 (4) Add: Finance costs 10,770 35,008 Less: Finance income (6,794) (6,734) Add: Depreciation and amortization 7,167 6,525 Add: Employee share-based compensation costs 5,466 5,270 Less: Gain on discontinuation of equity accounted investment (1,361) - Adjusted EBITDA 51,633 55,501 The following table reconciles our diluted earnings 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 June 30 (Unaudited) 2025 2026 Diluted Earnings per Share for the period as per IFRS 0.22 0.09 Add: Acquisition related intangibles amortization 0.02 0.02 Add: Employee share-based compensation costs 0.05 0.05 Less: Gain on discontinuation of equity accounted investment (0.01) — Add (Less): Change in fair value of financial asset measured at FVTPL — * Add: Interest expense on financial liabilities measured at amortized cost 0.05 0.31 Add: Income tax expense 0.09 0.06 Add (Less): Share of (profit) loss of equity-accounted investees * * Adjusted Diluted Earnings per Share 0.42 0.53 * Less than $0.01. The following table reconciles our net cash generated from operating activities (an IFRS measure) to Free Cash Flow (a non-IFRS measure) for the periods indicated: Reconciliation of Free Cash Flow For the three months ended June 30 (Unaudited) 2025 2026 Net cash generated from operating activities 41,843 26,709 Less: Acquisition of property, plant and equipment (1,606) (480) Less: Acquisition of intangible assets (2,307) (6,309) Free Cash Flow 37,930 19,920
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MAKEMYTRIP LIMITED SELECTED OPERATING AND FINANCIAL DATA (Unaudited) For the three months ended June 30 2025 2026 (in thousands, except percentages) Unit Metrics Air Ticketing – Flight segments 14,479 14,185 Hotels and Packages – Room nights 10,657 12,773 Standalone Hotels – Room nights 10,387 12,481 Bus Ticketing – Bus tickets 35,205 43,629 Adjusted Margin Air Ticketing $ 97,060 $ 98,547 Hotels and Packages 121,881 134,462 Bus Ticketing 42,593 51,836 Others 21,495 24,892 Gross Bookings Air Ticketing $ 1,433,383 $ 1,542,340 Hotels and Packages 687,712 746,388 Bus Ticketing 415,541 501,938 Other Transport Services 71,843 64,012 $ 2,608,479 $ 2,854,678 Adjusted Margin % Air Ticketing 6.8% 6.4% Hotels and Packages 17.7% 18.0% Bus Ticketing 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) “Hotels and Packages – Room nights” refers to the number of room nights booked on a standalone basis and as part of a package that includes elements of travel and accommodation services booked through our online and offline channels. “Standalone Hotels – Room nights” refers to the number of room nights booked through our online and offline channels on a standalone basis (excluding room nights booked as part of a package that includes elements of travel and accommodation services). “Room nights” refers to the total number of hotel rooms occupied by a customer or group, multiplied by the number of nights/days that such customer or group occupies those rooms, and is presented net of cancellations. (3) “Bus tickets” means tickets issued to customers for bus journeys, and is reported net of cancellations. (4) Excludes flight segments booked as a component of bookings for our Hotels and Packages segment. (1) (2) (2) (3) (4) (4) (4)