MakeMyTrip Posts Record $10.4B in Gross Bookings for FY2026

India's largest online travel company hit an all-time high in annual gross bookings in fiscal 2026, even as a conflict in West Asia clipped outbound travel demand in the fourth quarter.

MakeMyTrip (NASDAQ: MMYT) reported gross bookings of $10.4 billion for the full year ended March 31, 2026, up 10.4% in constant currency. Full-year revenue reached $1.04 billion, a 10.7% gain in constant currency and the first time the company has crossed the billion-dollar mark on an annual basis. Results from operating activities grew 30.1% to $156 million.

Segments

Hotels and Packages was the largest contributor to adjusted margin growth, rising 15.7% in constant currency to $477 million. The segment has been the focus of MakeMyTrip's supply-side investment in India, where the company has been aggressively adding inventory in smaller cities and leisure destinations beyond the major metros.

Bus Ticketing was the standout, up 25.6% in constant currency for the full year. The segment has benefited from MakeMyTrip's dominance in India's fragmented intercity bus market, where it operates the redBus brand.

Air Ticketing grew more slowly at 3.3% in constant currency for the year, reflecting the broader softness in international routes tied to regional geopolitical disruption in the second half.

Q4 Drag from West Asia Tensions

The fourth quarter tells a more complicated story. Revenue grew just 1.9% reported (6.7% in constant currency) to $250 million, and the company pointed explicitly to the West Asia conflict as the cause of weakness in outbound and international travel. Hotels and Packages revenue fell 1.2% in reported terms in Q4, though it remained positive in constant currency.

Despite the demand disruption, Q4 operating profit still grew 29% year-over-year, helped by cost discipline and the continued mix shift toward higher-margin domestic hotels.

AI Initiative

MakeMyTrip's Myra AI travel assistant crossed 54,000 daily conversations in Q4, with more than 45% of usage coming from Tier-2 and smaller cities. The company has framed Myra as a way to extend MakeMyTrip's reach into markets where travel booking has traditionally been handled by offline agents.

Co-Founder and Group CEO Rajesh Magow noted that the company delivered higher full-year revenue and profitability despite repeated disruptions to travel demand. For operators distributing via MakeMyTrip or redBus in India, the continued growth in domestic hotel bookings and the expansion into smaller cities represents an ongoing shift in the platform's demand mix that is worth tracking.