MakeMyTrip's Profit Fell 65%, But It Wasn't the Travel Business That Broke

Sometimes a company's operations can be humming along just fine while its bottom line quietly gets hit by something that has nothing to do with how many flights or hotel rooms it booked. That is roughly what happened to MakeMyTrip this quarter.

The Nasdaq-listed travel platform reported revenue of $285.6 million for the quarter ended June 2026, up 6.2% year-on-year from $268.8 million, or a stronger 16.1% once currency swings are stripped out. Profit told a very different story, plunging 64.7% to just $9.1 million. The culprit was not the travel business itself but finance costs, which surged to $35 million from $10.8 million a year earlier, driven almost entirely by higher interest on the company's convertible senior notes. Net finance costs alone jumped to $28.3 million from $4 million.

The operating side of the business actually held up reasonably well given the headwinds. A more than 10% depreciation in the rupee against the dollar and subdued international outbound travel, tied to the ongoing conflict in West Asia, weighed on results, but strong domestic demand cushioned the blow. Hotels and packages remained the largest segment at $151.2 million, up 6.7%, while bus ticketing jumped 15.9% to $44.9 million. Air ticketing was the one clear laggard, falling 7.5% to $55.6 million, while the company's other businesses grew 19.6% to $33.9 million.

The underlying volumes tell a more optimistic story than the headline profit number suggests. Gross bookings climbed 9.4% to $2.85 billion, hotel room nights rose almost 20% to 12.8 million, and bus ticket volumes grew nearly 24% to 43.6 million, all signs that people are still travelling and booking through the platform even as broader economic crosswinds bite into the accounting.

MakeMyTrip closed the quarter with $370.7 million in cash and equivalents plus $423.6 million in term deposits, and posted Adjusted EBITDA of $55.5 million, a reminder that beneath the messy headline number, the core travel business is still generating real cash.