MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2026 SECOND QUARTER RESULTS (Form 6-K)

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.

Notes:

Financial Highlights for Fiscal 2026 Second Quarter

(Year over Year (YoY) growth % is based on constant currency(1))

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".

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.

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.

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:

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.

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

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.