Q4 2026 MakeMyTrip Ltd Earnings Call Transcript
Key Points
- MakeMyTrip Ltd (MMYT) reported a significant increase in gross bookings, reaching $10.4 billion in fiscal year 2026, reflecting a compound annual growth rate of approximately 34% over four years.
- The company has successfully leveraged AI to enhance customer experience, with Myra, their conversational interface, scaling to over 80,000 conversations per day, improving conversion rates by 10% compared to traditional methods.
- MakeMyTrip Ltd (MMYT) has expanded its accommodation options, now offering over 100,000 choices across more than 2,050 cities in India, contributing to a 15.2% year-on-year growth in their accommodation business.
- The company has maintained strong profitability, with an adjusted operating profit margin of 1.82% of gross bookings in fiscal year 2026, despite external disruptions.
- MakeMyTrip Ltd (MMYT) has a robust cash position, ending the quarter with over $782 million in cash and cash equivalents, and has effectively converted 97% of adjusted operating profit into cash flow from operating activities.
- The West Asia conflict has negatively impacted MakeMyTrip Ltd (MMYT)'s international travel segment, particularly affecting westbound travel and leading to a decline in international passenger traffic by 6% year-on-year.
- Elevated crude oil prices and a depreciating rupee have put pressure on international travel demand and profitability for airlines, leading to some airlines curtailing their international capacity.
- The domestic aviation market experienced a 1.5% year-on-year decline in flown passenger market for the quarter, reflecting challenges in the air ticketing business.
- Despite efforts to mitigate disruptions, the company anticipates continued impact on growth trajectory due to ongoing geopolitical issues and external headwinds.
- The potential listing of MakeMyTrip Ltd (MMYT) in India is still in early stages, with no clear timeline, and the process involves multiple regulatory and structural challenges.
(audio in progress) Fiscal 2026 fourth quarter and full year earnings webinar. Today's event will be hosted by company's leadership team, comprising Rajesh Magow, our Co-Founder and Group Chief Executive Officer; Mohit Kabra, our Group Chief Operating Officer; and Dipak Bohra, our Group Chief Financial Officer. As a reminder, this live event is being recorded by the company and will be made available for replay on our IR website shortly after the conclusion of today's event. At the end of these prepared remarks, we will also be hosting Q&A session.
Furthermore, certain statements made during today's event may be considered forward-looking statements within the meaning of the Safe Harbor provision of the US safe Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance, are subject to inherent uncertainties, and actual results may differ materially. Any forward-looking information relayed during this event speaks only as of this date, and the company undertakes no obligation to
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