MakeMyTrip Q1 Bookings Up 19.9% as Hotels and Ground Travel Offset Air Softness

Hotels, buses and ancillary services carried MakeMyTrip through a turbulent first quarter, with constant-currency gross bookings up 19.9% year over year while air ticketing absorbed the fallout of the West Asia conflict, higher fuel costs and elevated fares.

India's largest online travel company reported fiscal 2027 first-quarter results on August 3, before US markets opened. IFRS revenue rose 16.1% in constant currency to $285.6 million, and adjusted operating profit came in at $51.4 million, holding the margin at 1.8% of gross bookings. CFO Dipak Bohra noted that currency translation shaved roughly 10 percentage points off reported growth figures, since the company reports in dollars but earns mostly in rupees.

Reported profit after tax was $9.1 million, weighed down by $29.3 million of non-cash interest on zero-coupon convertible bonds and a $5.1 million currency loss. Adjusted net profit before tax was $52.2 million. The company ended the quarter with $794 million in cash and put $7.8 million toward share buybacks.

Non-air segments do the heavy lifting

The segment split tells the story of the quarter. Air ticketing adjusted margin grew 10.8% in constant currency to $98.5 million on marginally lower flight volumes, propped up by ancillary attachment rather than demand. Hotels and packages adjusted margin rose 21.3% to $134.5 million, with standalone hotel booking volumes up 20.2%. Bus ticketing was the standout, growing adjusted margin 32.4% to $51.8 million on 23.9% volume growth as travelers traded flights for cheaper ground transport.

Group CEO Rajesh Magow said the quarter opened with the continuing effects of the West Asia conflict, which disrupted flight operations and made travelers cautious about international trips, particularly westbound. Domestic stays, shorter holidays and pilgrimage travel picked up the slack.

New levers for accommodation partners

Several product moves this quarter are worth operators' attention. MakeMyTrip launched One Circle, a cross-network hotel rewards program covering more than 13,000 properties in India and abroad at launch, letting travelers earn and redeem across hotels, homestays and villas. A new paid guaranteed early check-in and late check-out product lets guests buy schedule certainty at booking time, a fresh monetization angle that shifts operational commitments onto properties. In homestays, a Star Host program now badges hosts on ratings, responsiveness and booking performance. The platform lists more than 101,000 accommodation options across over 2,070 Indian cities.

The company also renewed its bus-ticketing partnership with PhonePe and brought a Goibibo-powered flight booking experience back into the payments app after a two-year gap.

AI now writing most of the code

Myra 2.0, the company's AI travel assistant, handled more than 8 million conversations in the quarter, over 3 million of them in June, with more than 45% of usage coming from tier-2 and smaller cities. Management said AI now generates over 75% of the company's code and its support bot independently resolves more than half of customer calls, a rate it believes can reach 65% to 70% without major additional work.

The results land as MakeMyTrip prepares to list its Indian subsidiary, having confidentially pre-filed a draft red herring prospectus with Indian regulators on July 17. Proceeds are earmarked for growth, acquisitions and buybacks of securities including its convertibles, and the unit will stay consolidated after the offering.

Management flagged oil prices and rupee weakness as the variables to watch, striking a cautious near-term tone while leaning on non-air categories for growth.