"Indian travelers continue to demonstrate their eagerness to travel and experience new horizons... this has enabled us to outpace industry growth consistently." - Rajesh Magow
— Rajesh Magow
03Detailed Report
MMYT
MakeMyTrip Limited
Period
Q3 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 21, 2026
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Executive Summary
MakeMyTrip Limited (MMYT) posted robust financial results for Q3 2025, characterized by strong revenue growth driven by increased travel demand and improved operational efficiency. The company reported a revenue of $267.4 million, reflecting a year-over-year increase of 24.8%. This growth is attributed to favorable macroeconomic conditions, changing consumer behaviors, and strategic enhancements in service offerings. Management highlighted record performance in both air ticketing and hotel bookings, showcasing a resilience against competitive pressures. As the company continues to innovate and adapt to customer needs, the forward outlook remains optimistic, with significant growth opportunities identified in international markets and experiential travel segments.
Key Performance Indicators
Revenue
Increasing
267.36M
QoQ: 26.72% | YoY: 24.81%
Gross Profit
Increasing
189.98M
71.06% margin
QoQ: 65.00% | YoY: 25.11%
Operating Income
Increasing
34.69M
QoQ: 33.57% | YoY: 53.18%
Net Income
Increasing
27.02M
QoQ: 51.35% | YoY: 11.37%
EPS
Increasing
0.24
QoQ: 50.00% | YoY: 9.09%
Revenue Trend
Margin Analysis
Financial Highlights
Key Financial Metrics
- Revenue: $267.4 million (YoY +24.8%, QoQ +26.7%)
- Net Income: $27.0 million (YoY +11.4%, QoQ +51.4%)
- Gross Profit Margin: 71.1%
- Operating Income: $34.7 million (29.6% of revenue)
- EBITDA: $48.1 million
- Adjusted Operating Profit Margin: 17.8%
- Customer Acquisition Cost: 4.9% of gross bookings
Operational Highlights
- Adjusted operating profit reached its highest at $46 million.
- Domestic air ticketing market share maintained above 30%, despite supply constraints.
- International air ticketing revenue increased by 32% YoY, while hotel bookings grew 63% YoY.
- The company's strong cash position with over $700 million in cash and cash equivalents supports future growth initiatives and potential acquisitions.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
267.36M
24.81%
26.72%
Gross Profit
189.98M
25.11%
65.00%
Operating Income
34.69M
53.18%
33.57%
Net Income
27.02M
11.37%
51.35%
EPS
0.24
9.09%
50.00%
Key Financial Ratios
Gross Profit Margin
Excellent
71.10%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Fair
13.00%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Good
10.10%
Net profit margin is healthy and competitive within industry standards
Return on Assets
Weak
1.49%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
2.28%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
2.88
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
117.42x
Very high P/E indicates aggressive growth expectations, higher risk
Price to Book
High Premium
10.70x
Very high premium suggests asset-light business model or lofty expectations
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