Rajesh Magow: 'We have been consistently outpacing the industry's growth on the back of continued supply-side expansion.'
— Rajesh Magow
03Detailed Report
MMYT
MakeMyTrip Limited
Period
Q2 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 21, 2026
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Executive Summary
MakeMyTrip Limited reported a strong performance in Q2 2025, with total gross bookings hitting $2.3 billion, representing a year-over-year growth of 24.3% in constant currency. The quarterly revenue reached $210.99 million, reflecting a robust year-over-year increase of 26.5%. Despite facing headwinds from unusual heavy rainfall affecting demand in traditionally low-season periods, management noted resilience and continued momentum in both domestic and international markets. Adjusted operating profit grew significantly, by 33%, to $37.5 million, underlining the company’s effective cost management strategies and focus on enhancing customer experience through technological advancements such as AI-driven solutions. The outlook remains positive as India's economic growth supports increasing discretionary spending on travel.
Key Performance Indicators
Revenue
Increasing
210.99M
QoQ: -17.10% | YoY: 25.08%
Gross Profit
Decreasing
115.14M
54.57% margin
QoQ: -7.56% | YoY: -10.34%
Operating Income
Increasing
25.97M
QoQ: -6.61% | YoY: 286.80%
Net Income
Increasing
17.85M
QoQ: -15.11% | YoY: 762.05%
EPS
Increasing
0.16
QoQ: -15.79% | YoY: 700.00%
Revenue Trend
Margin Analysis
Financial Highlights
1. Revenue: $210.99 million, +26.5% YoY; +7.4% QoQ
2. Gross Profit Margin: 54.57%, improved from 49.14%
3. Net Income: $17.85 million, +762.05% YoY; $0.16 EPS
4. Cash Position: $401.87 million in cash, up from $348.57 million last quarter
5. Debt to Equity Ratio: 0.196, indicating a stable and manageable debt load.
6. Operating Exceptionality: Registered operating profit margin at 17.8% versus 14.8% in the previous quarter, demonstrating strong operational leverage amidst sales growth.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
210.99M
25.08%
-17.10%
Gross Profit
115.14M
-10.34%
-7.56%
Operating Income
25.97M
286.80%
-6.61%
Net Income
17.85M
762.05%
-15.11%
EPS
0.16
700.00%
-15.79%
Key Financial Ratios
Gross Profit Margin
Good
54.60%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Fair
12.30%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Fair
8.46%
Net profit margin is moderate, room for improvement in cost management
Return on Assets
Weak
1.00%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
1.53%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
2.82
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.20
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
High Growth
145.99x
Very high P/E indicates aggressive growth expectations, higher risk
Price to Book
High Premium
8.94x
Very high premium suggests asset-light business model or lofty expectations
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