Shares of MakeMyTrip Limited (NASDAQ:MMYT) drew investor attention on Tuesday after the company delivered adjusted earnings well above market expectations for its fiscal second quarter ended September 30, 2025, even as revenue came in below forecasts.
The India-based online travel platform reported adjusted earnings per share of $0.37, nearly double the analyst estimate of $0.19. Quarterly revenue reached $229.3 million, missing the $261.37 million consensus but still marking an 8.7% increase year over year (12.6% in constant currency).
Adjusted operating profit rose to $44.2 million from $37.5 million in the same period last year, representing a 17.9% gain. However, on a GAAP basis, the company recorded a net loss of $5.7 million compared to a $17.9 million profit a year earlier, mainly due to higher financing costs.
“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,” said Rajesh Magow, Group Chief Executive Officer at MakeMyTrip. “Most of our segments experienced strong growth, although recovery in domestic air travel remained slow due to short-term supply constraints.”
The bus ticketing segment stood out as the company’s top performer, with revenue climbing 35% year on year to $33.5 million, fueled by a 39.2% jump in the number of tickets booked. Revenue from hotels and packages grew 4.9% to $108.2 million, while air ticketing revenue was flat at $61 million amid tight capacity in India’s domestic market.
Gross bookings — a key industry indicator — increased 8.4% year on year to $2.45 billion (13.1% in constant currency). Adjusted margins improved notably, rising 16.6% to $105.8 million for hotels and packages and 39.3% to $37.7 million for bus ticketing.
Looking ahead, MakeMyTrip expressed optimism for the second half of the fiscal year, pointing to potential tailwinds from new direct tax concessions and GST benefits introduced by the Government of India, which the company believes will help boost discretionary consumer spending.