Online travel platform MakeMyTrip reported a mixed performance for the first quarter of FY27, with revenue growing in single digits while profit declined 65% to $9.1 million due to higher finance costs linked to its convertible notes. The Nasdaq-listed company recorded 6.2% year-on-year growth in revenue to $285.6 million in the quarter ended June 2026 from $268.8 million in the corresponding period last year. In constant currency terms, revenue grew 16.1%. MakeMyTrip said the quarter was affected by a more than 10% depreciation in the Indian rupee against the U.S. dollar, as well as subdued international outbound travel due to the ongoing West Asia conflict. However, strong domestic travel demand helped offset part of the impact. Hotels and packages remained the company's largest business with revenue of $151.2 million, recording a 6.7% year-on-year increase. Bus ticketing revenue climbed 15.9% to $44.9 million. Revenue from the air ticketing segment fell 7.5% to $55.6 million, while the others segment recorded 19.6% growth to $33.9 million. Gross bookings grew 9.4% to $2.85 billion, led by growth across hotels, bus ticketing and air travel. Hotel room nights rose nearly 20% to 12.8 million, while bus ticket volumes increased 23.9% to 43.6 million. On the expense front, service costs rose 10.4% year-on-year to $82.7 million, driven by strong demand for packages and car bookings in India. Marketing and sales promotion expenses increased 11.1% to $48.8 million, while other operating expenses edged up 2.3% to $65.3 million. Personnel expenses, however, declined 3.4% to $38.8 million. Finance costs surged to $35 million in Q1 FY27 from $10.8 million a year earlier, primarily due to higher interest expenses on convertible senior notes. As a result, net finance costs jumped to $28.3 million from $4 million in the year-ago quarter. In the end, the Gurugram-based company reported a 64.7% decline in profit to $9.1 million during the quarter, as higher finance costs weighed on its bottom line. Its Adjusted EBITDA stood at $55.5 million during the quarter. As of June 30, 2026, MakeMyTrip held $370.7 million in cash and cash equivalents and $423.6 million in term deposits. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
