MakeMyTrip : Q4 Earnings (MMYT Earnings Release 8fdc23d364)

About this update from Makemytrip Limited

MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2026 FOURTH QUARTER AND FULL YEAR RESULTS For the three For the three YoY YoY months months Change For the Year For the Year Change ended March ended March YoY in constant ended March ended March YoY in constant 31, 2025 31, 2026 Change currency (1) 31, 2025 31, 2026 Change currency (1) Gurugram, India and New York, May 19, 2026 - MakeMyTrip Limited (NASDAQ: MMYT), India's leading travel service provider, today announced its unaudited financial and operating results for its fiscal fourth quarter and full fiscal year ended March 31, 2026. (in thousands) Financial Summary as per IFRS Revenue $ 245,462 $ 250,116 1.9 % 6.7 % $ 978,336 $ 1,043,991 6.7 % 10.7 % Air Ticketing $ 61,628 $ 58,726 -4.7 % 0.1 % $ 241,529 $ 239,948 -0.7 % 3.3 % Hotels and Packages $ 123,278 $ 121,768 -1.2 % 3.5 % $ 520,411 $ 533,063 2.4 % 6.1 % Bus Ticketing $ 33,500 $ 35,944 7.3 % 11.4 % $ 119,361 $ 145,271 21.7 % 25.6 % Others $ 27,056 $ 33,678 24.5 % 30.6 % $ 97,035 $ 125,709 29.6 % 35.0 % Results from Operating Activities $ 31,232 $ 40,288 29.0 % $ 119,889 $ 155,975 30.1 % Profit for the period (2) $ 29,220 $ 24,319 -16.8 % $ 95,274 $ 51,670 -45.8 % Financial Summary as per non-IFRS measures Adjusted Margin (3) Air Ticketing $ 94,192 $ 99,320 5.4 % 10.7 % $ 373,092 $ 407,078 9.1 % 13.4 % Hotels and Packages $ 109,608 $ 115,929 5.8 % 11.5 % $ 429,477 $ 476,802 11.0 % 15.7 % Bus Ticketing $ 36,475 $ 41,125 12.7 % 17.1 % $ 130,967 $ 163,878 25.1 % 29.3 % Others $ 20,919 $ 25,371 21.3 % 27.1 % $ 72,026 $ 94,899 31.8 % 37.1 % Adjusted Operating Profit (3) $ 44,712 $ 46,524 4.1 % $ 167,322 $ 188,758 12.8 % Adjusted Net Profit (3) $ 48,102 $ 33,788 -29.8 % $ 178,222 $ 170,950 -4.1 % Gross Bookings $ 2,553,146 $ 2,550,531 -0.1 % 4.8 % $ 9,803,147 $ 10,390,842 6.0 % 10.4 % Air Ticketing $ 1,531,036 $ 1,436,856 -6.2 % -1.4 % $ 5,867,918 $ 5,830,789 -0.6 % 3.5 % Hotels and Packages $ 607,402 $ 638,910 5.2 % 10.8 % $ 2,417,425 $ 2,661,077 10.1 % 14.8 % Bus Ticketing $ 341,273 $ 403,537 18.2 % 22.7 % $ 1,249,564 $ 1,602,407 28.2 % 32.9 % Other Transport Services $ 73,435 $ 71,228 -3.0 % 2.4 % $ 268,240 $ 296,569 10.6 % 15.5 % Notes: Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the rates in effect during the comparable fiscal period in the prior fiscal year. This is a non-IFRS measure. For more information, see "Reconciliation of revenue and Adjusted Margin in terms of reported and constant currency amount and growth" elsewhere in this release. IFRS refers to IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). Includes a gain of $30.6 million due to the change in carrying value of our $230.0 million in aggregate principal amount of 0.00% convertible senior notes due 2028 (the "2028 Notes") measured at amortized cost in the quarter and year ended March 31, 2026. This is a non-IFRS measure. For more information, see "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release. Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release. Financial Highlights for Fiscal 2026 Fourth Quarter and Full Year (Year over Year (YoY) growth % is based on constant currency (1) ) Gross Bookings increased by 4.8% YoY in 4Q26 to $2,550.5 million and by 10.4% YoY in FY26 to $10,390.8 million. Adjusted Margin (3) - Air Ticketing increased by 10.7% YoY in 4Q26 to $99.3 million and by 13.4% YoY in FY26 to $407.1 million. Adjusted Margin (3) - Hotels and Packages increased by 11.5% YoY in 4Q26 to $115.9 million and by 15.7% YoY in FY26 to $476.8 million. Adjusted Margin (3) - Bus Ticketing increased by 17.1% YoY in 4Q26 to $41.1 million and by 29.3% YoY in FY26 to $163.9 million. Adjusted Margin (3) - Others increased by 27.1% YoY in 4Q26 to $25.4 million and by 37.1% YoY in FY26 to $94.9 million. Adjusted Operating Profit (3) improved to $46.5 million in 4Q26 versus $44.7 million in 4Q25, reflecting an improvement of $1.8 million YoY. Adjusted Operating Profit (3) increased to $188.8 million in FY26 versus $167.3 million in FY25, reflecting an improvement of $21.5 million. Reconciliation of revenue and Adjusted Margin in terms of reported and constant currency amount and growth The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported amount and constant currency (1) amount for the periods indicated: (Unaudited) For the three months ended March 31, 2026 Revenue Adjusted Margin Reported Amount and Constant Currency Amount Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Amount 58,726 121,768 35,944 33,678 250,116 99,320 115,929 41,125 25,371 Impact of Foreign Currency Translation 2,989 5,839 1,364 1,661 11,853 4,975 6,260 1,576 1,222 Constant Currency Amount 61,715 127,607 37,308 35,339 261,969 104,295 122,189 42,701 26,593 (Unaudited) For the year ended March 31, 2026 Revenue Adjusted Margin Reported Amount and Constant Currency Amount Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Amount 239,948 533,063 145,271 125,709 1,043,991 407,078 476,802 163,878 94,899 Impact of Foreign Currency Translation 9,602 19,071 4,675 5,251 38,599 15,980 20,122 5,404 3,866 Constant Currency Amount 249,550 552,134 149,946 130,960 1,082,590 423,058 496,924 169,282 98,765 The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported growth and constant currency (1) growth for the periods indicated: (Unaudited) For the three months ended March 31, 2026 Revenue Adjusted Margin Reported Growth and Constant Currency Growth (YoY) Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Growth -4.7% -1.2% 7.3% 24.5% 1.9% 5.4% 5.8% 12.7% 21.3% Impact of Foreign Currency Translation 4.8 % 4.7 % 4.1 % 6.1 % 4.8 % 5.3 % 5.7 % 4.4 % 5.8 % Constant Currency Growth 0.1% 3.5% 11.4% 30.6% 6.7% 10.7% 11.5% 17.1% 27.1% (Unaudited) For the year ended March 31, 2026 Revenue Adjusted Margin Reported Growth and Constant Currency Growth (YoY) Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Growth -0.7% 2.4% 21.7% 29.6% 6.7% 9.1% 11.0% 25.1% 31.8% Impact of Foreign Currency Translation 4.0 % 3.7 % 3.9 % 5.4 % 4.0 % 4.3 % 4.7 % 4.2 % 5.3 % Constant Currency Growth 3.3% 6.1% 25.6% 35.0% 10.7% 13.4% 15.7% 29.3% 37.1% Fiscal 2026 Fourth Quarter Financial Results Our overall results and growth for the quarter ended March 31, 2026 were impacted for a number of reasons. Although we recorded strong year-on-year growth in January 2026, our growth in February and March 2026 was lower in view of the impact of Maha Kumbh Mela, a significant pilgrimage festival in February 2025 and the ongoing West Asia conflict. Revenue . We generated revenue of $250.1 million in the quarter ended March 31, 2026, an increase of 1.9% (6.7% in constant currency (1) ) over revenue of $245.5 million in the quarter ended March 31, 2025. This increase in revenue was primarily attributable to an increase of 7.3% (11.4% in constant currency) in revenue from our bus ticketing business, and an increase of 24.5% (30.6% in constant currency) in revenue from our others business, partially offset by a decrease of 4.7% (an increase of 0.1% in constant currency) in revenue from our air ticketing business and a decrease of 1.2% (an increase of 3.5% in constant currency) in revenue from our hotels and packages business, each as further described below. The table below summarizes our segment profitability in terms of revenue and Adjusted Margin in each segment. For more information on non-IFRS measures and segment profitability measures, see "About Key Performance Indicators and Non-IFRS Measures" and "Information About Reportable Segments" in our condensed consolidated financial statements included elsewhere in this release. For the three months ended March 31 Air ticketing Hotels and packages Bus ticketing Others 2025 2026 2025 2026 2025 2026 2025 2026 (Amounts in USD thousands) Revenue as per IFRS 61,628 58,726 123,278 121,768 33,500 35,944 27,056 33,678 Add: Customer inducement costs recorded as a reduction of revenue 32,564 40,594 41,030 45,137 2,975 5,181 1,271 303 Less: Service cost - - 54,700 50,976 - - 7,408 8,610 Adjusted Margin (3) 94,192 99,320 109,608 115,929 36,475 41,125 20,919 25,371 Air Ticketing. Revenue from our air ticketing business decreased by 4.7% (an increase of 0.1% in constant currency) to $58.7 million for the quarter ended March 31, 2026 compared to $61.6 million for the quarter ended March 31, 2025. Our Adjusted Margin - Air ticketing increased by 5.4% (10.7% in constant currency) to $99.3 million in the quarter ended March 31, 2026, from $94.2 million in the quarter ended March 31, 2025. Adjusted Margin - Air ticketing includes customer inducement costs of $40.6 million in the quarter ended March 31, 2026 and $32.6 million in the quarter ended March 31, 2025, recorded as a reduction of revenue. The decrease in revenue, in absolute terms, from our air ticketing business was primarily due to a decrease in gross bookings by 6.2% (1.4% in constant currency) primarily driven by a 1.8% decrease in the number of air ticketing flight segments (excluding flight segments booked as a component of bookings for our Hotels and Packages segment) in the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025 and the depreciation of the Indian rupee against the U.S. Dollar during the quarter ended March 31, 2026. Our Adjusted Margin % (defined as Adjusted Margin as a percentage of gross bookings) - Air ticketing increased to 6.9% in the quarter ended March 31, 2026 as compared to 6.2% in the quarter ended March 31, 2025. Hotels and Packages. Revenue from our hotels and packages business decreased by 1.2% (an increase of 3.5% in constant currency) to $121.8 million in the quarter ended March 31, 2026, from $123.3 million in the quarter ended March 31, 2025. Our Adjusted Margin -Hotels and packages increased by 5.8% (11.5% in constant currency) to $115.9 million in the quarter ended March 31, 2026 from $109.6 million in the quarter ended March 31, 2025. Adjusted Margin - Hotels and packages includes customer inducement costs of $45.1 million in the quarter ended March 31, 2026 and $41.0 million in the quarter ended March 31, 2025, recorded as a reduction of revenue. The increase in revenue (in constant currency) from our hotels and packages business and Adjusted Margin - Hotels and packages was primarily due to an increase in gross bookings by 5.2% (10.8% in constant currency), which was primarily driven by a 15.2% increase in the number of hotel-room nights in the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025. Our Adjusted Margin % - Hotels and packages increased marginally to 18.1% in the quarter ended March 31, 2026 as compared to 18.0% in the quarter ended March 31, 2025. Bus Ticketing. Revenue from our bus ticketing business increased by 7.3% (11.4% in constant currency) to $35.9 million in the quarter ended March 31, 2026, from $33.5 million in the quarter ended March 31, 2025. Our Adjusted Margin - Bus ticketing increased by 12.7% (17.1% in constant currency) to $41.1 million in the quarter ended March 31, 2026 from $36.5 million in the quarter ended March 31, 2025. Adjusted Margin - Bus ticketing includes customer inducement costs of $5.2 million in the quarter ended March 31, 2026 and $3.0 million in the quarter ended March 31, 2025, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin - Bus ticketing was primarily due to an increase in gross bookings by 18.2% (22.7% in constant currency) driven by a 27.6% increase in the number of bus tickets in the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025. Our Adjusted Margin % - Bus ticketing decreased to 10.2% in the quarter ended March 31, 2026 as compared to 10.7% in the quarter ended March 31, 2025. Others. Revenue from our others business increased by 24.5% (30.6% in constant currency) to $33.7 million in the quarter ended March 31, 2026, from $27.1 million in the quarter ended March 31, 2025. Our Adjusted Margin - Others increased by 21.3% (27.1% in constant currency) to $25.4 million in the quarter ended March 31, 2026 from $20.9 million in the quarter ended March 31, 2025. Adjusted Margin - Others includes customer inducement costs of $0.3 million in the quarter ended March 31, 2026 and $1.3 million in the quarter ended March 31, 2025, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin - Others was primarily led by growth in our ancillary services and other travel services. Other Income . Other income was $0.2 million in the quarter ended March 31, 2026 and $0.1 million in the quarter ended March 31, 2025. Service Cost. Service cost decreased by 4.1% to $59.6 million in the quarter ended March 31, 2026 from $62.1 million in the quarter ended March 31, 2025, primarily due to the depreciation of the Indian rupee against the U.S. Dollar during the quarter ended March 31, 2026. Personnel Expenses. Personnel expenses decreased by 11.0% to $38.0 million in the quarter ended March 31, 2026 from $42.8 million in the quarter ended March 31, 2025, primarily due to a decrease in the share-based compensation costs in the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025, which was partially offset by annual wage increases effected in the quarter ended June 30, 2025. Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses remained stable at $42.1 million in the quarter ended March 31, 2026 and in the quarter ended March 31, 2025. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $91.2 million in the quarter ended March 31, 2026 and $77.8 million in the quarter ended March 31, 2025. The details are as follows: For the three months ended March 31 2025 2026 (Amounts in USD thousands) Marketing and sales promotion expenses 42,103 42,073 Customer inducement costs recorded as a reduction of revenue 77,840 91,215 Other Operating Expenses. Other operating expenses increased by 5.4% to $63.6 million in the quarter ended March 31, 2026 from $60.3 million in the quarter ended March 31, 2025, primarily due to an increase in operating expenses, including distribution costs, website hosting charges and technology and maintenance expenses linked to an increase in bookings in our hotels and packages business and bus ticketing business in the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025. Depreciation and Amortization. Our depreciation and amortization expenses were $6.7 million in the quarter ended March 31, 2026 and $7.0 million in the quarter ended March 31, 2025. Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $40.3 million in the quarter ended March 31, 2026 as compared to a profit of $31.2 million in the quarter ended March 31, 2025. Our Adjusted Operating Profit was $46.5 million in the quarter ended March 31, 2026 as compared to $44.7 million in the quarter ended March 31, 2025. For a description of the components and calculation of "Adjusted Operating Profit" and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Results from operating activities", see "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release. Net Finance Costs. Our net finance costs were $10.1 million in the quarter ended March 31, 2026 as compared to $0.3 million in the quarter ended March 31, 2025, primarily due to an increase of $23.8 million in interest expense on financial liabilities measured at amortized cost related to our convertible senior notes due 2030 (the "2030 Notes") and an increase of $15.4 million in foreign exchange losses in the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025 as a result of the depreciation of the Indian rupee against the U.S. Dollar during the quarter ended March 31, 2026 which was partially offset by a gain of $30.6 million due to the change in carrying value of our 2028 Notes, measured at amortized cost, in the quarter ended March 31, 2026. Income Tax Expense. Our income tax expense was $6.0 million in the quarter ended March 31, 2026 as compared to $1.7 million in the quarter ended March 31, 2025, primarily due to an increase in tax expense resulting from an increase in our taxable income, which was partially offset by a reversal of deferred tax liabilities in the quarter ended March 31, 2026. Profit for the Period. As a result of the foregoing factors, our profit for the quarter ended March 31, 2026 was $24.3 million as compared to $29.2 million in the quarter ended March 31, 2025. Our Adjusted Net Profit was $33.8 million in the quarter ended March 31, 2026, as compared to $48.1 million in the quarter ended March 31, 2025. For a description of the components and calculation of "Adjusted Net Profit" and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Profit for the period", see "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release. Diluted Earnings per Share. As a result of the foregoing factors, diluted earnings per share was $0.02 for the quarter ended March 31, 2026 as compared to $0.25 in the quarter ended March 31, 2025. Our Adjusted Diluted Earnings per share was $0.32 in the quarter ended March 31, 2026 as compared to $0.42 in the quarter ended March 31, 2025. For a description of the components and calculation of "Adjusted Diluted Earnings per Share" and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Diluted earnings per share", see "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release. Fiscal 2026 Full Year Financial Results Revenue . We generated revenue of $1,044.0 million in the year ended March 31, 2026, an increase of 6.7% (10.7% in constant currency (1) ) over revenue of $978.3 million in the year ended March 31, 2025. The overall growth of the travel and tourism industry in India was impacted during the year ended March 31, 2026 due to a series of external events, such as the West Asia and other regional conflicts, as well as exceptional supply side constraints from Indian airline carriers in the domestic market. This increase in revenue was primarily attributable to an increase of 2.4% (6.1% in constant currency) in revenue from our hotels and packages business, an increase of 21.7% (25.6% in constant currency) in revenue from our bus ticketing business, and an increase of 29.6% (35.0% in constant currency) in revenue from our others business, partially offset by a decrease of 0.7% (an increase of 3.3% in constant currency) in revenue from our air ticketing business, each as further described below. The table below summarizes our segment profitability in terms of revenue and Adjusted Margin in each segment. For more information on non-IFRS measures and segment profitability measures, see "Information About Reportable Segments" and "About Key Performance Indicators and Non-IFRS Measures" in our condensed consolidated financial statements included elsewhere in this release. For the year ended March 31 Air ticketing Hotels and packages Bus ticketing Others 2025 2026 2025 2026 2025 2026 2025 2026 Revenue as per IFRS 241,529 239,948 520,411 533,063 119,361 145,271 97,035 125,709 Add: Customer inducement costs recorded as a reduction of revenue 131,563 167,130 155,616 184,602 11,606 18,607 2,789 2,178 Less: Service cost - - 246,550 240,863 - - 27,798 32,988 Adjusted Margin (3) 373,092 407,078 429,477 476,802 130,967 163,878 72,026 94,899 Air Ticketing. Revenue from our air ticketing business decreased by 0.7% to $239.9 million in the year ended March 31, 2026 from $241.5 million in the year ended March 31, 2025, primarily resulting from the depreciation of the Indian rupee against the U.S. Dollar during the year ended March 31, 2026. In constant currency terms, revenue from our air ticketing business increased by 3.3% in the year ended March 31, 2026 compared to the year ended March 31, 2025. Our Adjusted Margin - Air ticketing increased by 9.1% (13.4% in constant currency) to $407.1 million in the year ended March 31, 2026, from $373.1 million in the year ended March 31, 2025. Adjusted Margin - Air ticketing includes customer inducement costs of $167.1 million in the year ended March 31, 2026 and $131.6 million in the year ended March 31, 2025, recorded as a reduction of revenue. The increase in revenue (in constant currency) from our air ticketing business and Adjusted Margin - Air ticketing was primarily due to an increase of 3.5% (in constant currency) in gross bookings, primarily driven by a 0.7% increase in the number of air ticketing flight segments year over year (excluding flight segments booked as a component of bookings for our Hotels and Packages segment). Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of Gross Bookings) - Air ticketing increased to 7.0% in the year ended March 31, 2026 as compared to 6.4% in the year ended March 31, 2025. Hotels and Packages. Revenue from our hotels and packages business increased by 2.4% (6.1% in constant currency) to $533.1 million in the year ended March 31, 2026, from $520.4 million in the year ended March 31, 2025. Our Adjusted Margin - Hotels and packages increased by 11.0% (15.7% in constant currency) to $476.8 million in the year ended March 31, 2026 from $429.5 million in the year ended March 31, 2025. Adjusted Margin - Hotels and packages includes customer inducement costs of $184.6 million in the year ended March 31, 2026 and $155.6 million in the year ended March 31, 2025, recorded as a reduction of revenue. The increase in revenue from our hotels and packages business and Adjusted Margin - Hotels and packages was primarily due to an increase in gross bookings by 10.1% (14.8% in constant currency) primarily driven by a 17.6% increase in the number of hotel-room nights in the year ended March 31, 2026 as compared to the year ended March 31, 2025. Our Adjusted Margin % - Hotels and packages increased marginally to 17.9% in the year ended March 31, 2026 as compared to 17.8% in the year ended March 31, 2025. Bus Ticketing. Revenue from our bus ticketing business increased by 21.7% (25.6% in constant currency) to $145.3 million in the year ended March 31, 2026, from $119.4 million in the year ended March 31, 2025. During the quarter ended March 31, 2025, we began recognizing bus ticketing revenue at the time of issuance of bus tickets due to changes in underlying arrangements with our suppliers. Previously, we recognized bus ticketing revenue on the date of the bus journey. Our Adjusted Margin - Bus ticketing increased by 25.1% (29.3% in constant currency) to $163.9 million in the year ended March 31, 2026 from $131.0 million in the year ended March 31, 2025. Adjusted Margin - Bus ticketing includes customer inducement costs of $18.6 million in the year ended March 31, 2026 and $11.6 million in the year ended March 31, 2025, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin - Bus ticketing was due to an increase in gross bookings by 28.2% (32.9% in constant currency) driven by a 32.9% increase in the number of bus tickets year over year. Our Adjusted Margin % - Bus ticketing decreased to 10.2% in the year ended March 31, 2026 as compared to 10.5% in the year ended March 31, 2025. Others. Revenue from our others business increased by 29.6% (35.0% in constant currency) to $125.7 million in the year ended March 31, 2026, from $97.0 million in the year ended March 31, 2025. Our Adjusted Margin - Others increased by 31.8% (37.1% in constant currency) to $94.9 million in the year ended March 31, 2026 from $72.0 million in the year ended March 31, 2025. Adjusted Margin -Others includes customer inducement costs of $2.2 million in the year ended March 31, 2026 and $2.8 million in the year ended March 31, 2025, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin - Others was primarily led by growth in our ancillary services and other travel services. Other Income . Other income was $2.0 million in the year ended March 31, 2026 and $0.3 million in the year ended March 31, 2025. Service Cost. Service cost decreased by 0.2% to $273.9 million in the year ended March 31, 2026 from $274.3 million in the year ended March 31, 2025. Personnel Expenses. Personnel expenses decreased marginally to $158.8 million in the year ended March 31, 2026 from $160.1 million in the year ended March 31, 2025, primarily due to the decrease in share-based compensation costs in the year ended March 31, 2026 as compared to the year ended March 31, 2025, offset by an annual wage increases effected in the quarter ended June 30, 2025. Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 6.6% to $176.3 million in the year ended March 31, 2026 from $165.3 million in the year ended March 31, 2025, primarily due to an increase in variable costs and discretionary expenditures such as expenses on events and brand building initiatives in response to the travel demand in India in the year ended March 31, 2026 as compared to the year ended March 31, 2025. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $372.5 million in the year ended March 31, 2026 and $301.6 million in the year ended March 31, 2025. The details are as follows: For the year ended March 31 2025 2026 (Amounts in USD thousands) Marketing and sales promotion expenses 165,324 176,268 Customer inducement costs recorded as a reduction of revenue 301,574 372,517 Other Operating Expenses. Other operating expenses increased by 9.2% to $253.3 million in the year ended March 31, 2026 from $231.9 million in the year ended March 31, 2025, primarily due to an increase in operating expenses, including distribution costs and website hosting charges linked to an increase in bookings in the year ended March 31, 2026 as compared to the year ended March 31, 2025. Depreciation and Amortization. Our depreciation and amortization expenses marginally increased by 2.7% to $27.8 million in the year ended March 31, 2026 from $27.1 million in the year ended March 31, 2025. Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $156.0 million in the year ended March 31, 2026 as compared to a profit of $119.9 million in the year ended March 31, 2025. Our Adjusted Operating Profit was $188.8 million in the year ended March 31, 2026 as compared to $167.3 million in the year ended March 31, 2025. For a description of the components and calculation of "Adjusted Operating Profit" and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Results from operating activities", see "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release. Net Finance Costs. Our net finance cost was $77.6 million in the year ended March 31, 2026 as compared to net finance cost of $3.9 million in the year ended March 31, 2025, primarily due to an increase of $74.4 million in interest expense on financial liabilities measured at amortized cost related to our 2030 Notes and an increase of $27.8 million in foreign exchange losses in the year ended March 31, 2026 as compared to the year ended March 31, 2025, which was partially offset by a gain of $30.6 million due to a change in the carrying value of our 2028 Notes, measured at amortized cost, in the year ended March 31, 2026. Income Tax Expense. Our income tax expense was $26.7 million in the year ended March 31, 2026 as compared to income tax expense of $20.6 million in the year ended March 31, 2025, primarily due to an increase in tax expense resulting from an increase in our taxable income, which was partially offset by a reversal of deferred tax liabilities in the year ended March 31, 2026. Profit for the Year. As a result of the foregoing factors, our profit for the year ended March 31, 2026 was $51.7 million as compared to $95.3 million in the year ended March 31, 2025. Our Adjusted Net Profit was $170.9 million in the year ended March 31, 2026 as compared to $178.2 million in the year ended March 31, 2025. For a description of the components and calculation of "Adjusted Net Profit " and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Profit for the period", see "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release. Diluted Earnings per Share. As a result of the foregoing factors, diluted earnings per share was $0.36 in the year ended March 31, 2026 as compared to $0.83 in the year ended March 31, 2025. Our Adjusted Diluted Earnings per share remained the same at $1.56 in the year ended March 31, 2026 and in the year ended March 31, 2025. For a description of the components and calculation of "Adjusted Diluted Earnings per Share" and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Diluted earnings per share", see "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release. Liquidity. As at March 31, 2026, cash and cash equivalents and term deposits (including restricted cash and cash equivalents and term deposits of $11.0 million) on our balance sheet was $782.8 million. As at March 31, 2026, we had $0.8 million in bank overdrafts. Repurchases of Shares and Convertible Notes The Company's share repurchase program, pursuant to which the Company can repurchase its ordinary shares at any price determined by its board of directors from time to time, is effective until March 31, 2030. Furthermore, the board of directors has authorized the Company to repurchase its 2028 Notes and 2030 Notes from time to time until March 31, 2030. In each case, repurchases may be made using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with applicable securities laws and regulations. The Company may also, from time to time, enter into plans that are compliant with Rule 10b5-1 of the U.S. Securities Exchange Act of 1934, as amended, to facilitate repurchases of its securities under the above-mentioned authorizations. The aggregate amount of ordinary shares, 2028 Notes and 2030 Notes that may be repurchased by the Company pursuant to this existing program shall not exceed $200.0 million, with a sub-limit of $100.0 million during each fiscal year. The price and timing of any such repurchases will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors as determined by the board of directors from time to time. There can be no assurance that we will execute any such repurchase pursuant to this existing program. Pursuant to the repurchase program, during the fourth quarter of fiscal 2026, we repurchased 900,000 ordinary shares for an aggregate price of $50.3 million from the open market. There were no repurchases of 2028 Notes and 2030 Notes during the fourth quarter of fiscal 2026. As at March 31, 2026, we had remaining authority to repurchase an aggregate of up to $103.6 million of our outstanding ordinary shares, 2028 Notes and 2030 Notes. Conference Call MakeMyTrip will host a live Zoom webinar to discuss the Company's results for the quarter and year ended March 31, 2026 beginning at 7:30 AM EDT or 5:00 PM IST on May 19, 2026 through the Company's Investor Relations website at https://investors.makemytrip.com/ . To participate, please use the following link https://makemytrip.zoom.us/webinar/register/WN_L8DK2jS8RryIDsRsdEPkPQ to register for the live event. Registered participants will receive a confirmation email containing the Zoom access link and alternative phone dial-in details. A replay of the event will be available on the "Investor Relations" section of the Company's website at http://investors.makemytrip.com , approximately two hours after the conclusion of the live event. About Key Performance Indicators and Non-IFRS Measures We refer to certain non-IFRS measures in various places within this release, including "Adjusted Operating Profit", "Adjusted Net Profit", "Adjusted Diluted Earnings per Share" and constant currency results. Our key performance indicators are "Adjusted Margin" and "Adjusted Margin %" which are also non-IFRS measures referred to in various places within this release. We evaluate our financial performance in each of our reportable segments based on our key performance indicators, Adjusted Margin and Adjusted Margin %, which are non-IFRS measures and segment profitability measures. Adjusted Margin represents IFRS revenue after adding back customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue and deducting the cost of procurement of services primarily relating to sales to customers where we act as the principal. Adjusted Margin % represents Adjusted Margin as a percentage of Gross Bookings. As certain parts of our revenues are recognized on a "net" basis when we are acting as an agent, and other parts of our revenue are recognized on a "gross" basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a non-IFRS measure and a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. Income from packages, including income on airline tickets sold to customers as a part of tours and packages is accounted for on a "gross" basis as the Company controls the services before such services are transferred to travelers. Revenue from the packages business which is accounted for on a "gross" basis represents the total amount paid by customers for these travel services and products, while our cost of procuring the relevant services and products for sale to our customers in this business is classified as service cost. Similarly, in our car bookings business, we generally recognize revenue on a "gross" basis. We also refer to Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share which are non-IFRS measures and most directly comparable to results from operating activities, profit for the period and diluted earnings per share for the period, respectively, each of which is an IFRS measure. We use financial measures that exclude share-based compensation costs, amortization of acquired intangibles, gain on discontinuation of equity-accounted investment, change in fair value of financial asset measured at fair value through profit or loss ("FVTPL"), change in carrying value of financial liabilities measured at amortized cost, share of loss of equity-accounted investees, interest expense on financial liabilities measured at amortized cost, and income tax expense for our internal management reporting, budgeting and decision making purposes, including comparing our operating results to that of our competitors. A limitation of using Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share instead of results from operating activities, profit for the period and diluted earnings per share calculated in accordance with IFRS as issued by the IASB is that these non-IFRS financial measures exclude a recurring cost, for example, share-based compensation. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share. Because of varying available valuation methodologies and subjective assumptions that companies can use when applying IFRS 2 "Share based payment," management believes that providing non-IFRS measures that exclude such expense allows investors to make additional comparisons between our operating results and those of other companies. In addition, reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release. Constant currency results are financial measures that are not prepared in accordance with IFRS and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year. Because the impact of changing foreign currency exchange rates may not provide an accurate baseline for analyzing trends in our business, management believes that percentage growth in constant currency is an important metric for evaluating our operations. Constant currency is a non-IFRS measure and it should not be considered as a substitute for measures prepared in accordance with IFRS. We believe that our current calculations of Adjusted Operating Profit, Adjusted Net Profit, Adjusted Diluted Earnings per Share, Adjusted Margin, Adjusted Margin % and constant currency results represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items and other items such as customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs, which we believe are representative of our operating results and provide useful information to investors and analysts. We believe that investors and analysts in our industry use these non-IFRS measures and key performance indicators to compare our company and our performance to that of our global peers. However, the presentation of these non-IFRS measures and key performance indicators are not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures and key performance indicators may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation. Safe Harbor Statement This release contains certain statements concerning the Company's future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "aim", "anticipate", "believe", "continue", "estimate", "expect", "is/are likely to", "intend", "may", "potential", "plan", "project", "should", "seek", "will", or other similar expressions. Such statements include, among other things, quotations from management as well as the Company's strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, a slow-down of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of the Company's shares, the Company's reliance on its relationships with travel suppliers and strategic alliances, failure to further increase the Company's brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop the Company's corporate travel business, damage to or failure of the Company's infrastructure and technology, loss of services of the Company's key executives, and inflation in India and in other countries. These and other factors are more fully discussed in the "Risk Factors" section of the Company's 20-F dated June 16, 2025, filed with the United States Securities and Exchange Commission. All information provided in this release is provided as of the date of issuance of this release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law. About MakeMyTrip Limited We own and operate online travel brands, including MakeMyTrip, Goibibo and redBus. Through our primary websites, www.makemytrip.com, www.goibibo.com and www.redbus.in, and mobile platforms, travelers can research, plan and book a wide range of travel services and products in India and overseas. Our services include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, bus ticketing, rail ticketing, car hire, activities and experiences, and ancillary travel requirements such as facilitating access to third-party travel insurance, forex services and visa processing. We provide our customers with access to domestic full-service and low-cost airlines operating in India and airlines operating to and from India, a comprehensive set of domestic accommodation properties in India and a wide selection of properties outside of India, tickets for Indian Railways and bus services operated through all major Indian bus operators. For more details, please contact: Vipul Garg Senior Vice President - Investor Relations MakeMyTrip Limited [email protected] MAKEMYTRIP LIMITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) (Amounts in USD thousands) Assets As at March 31, 2025 As at March 31, 2026 Property, plant and equipment 26,457 21,654 Intangible assets and goodwill 597,791 552,245 Trade and other receivables 8,879 9,182 Investment in equity-accounted investees 1,914 1,586 Other investments 972 12,756 Term deposits 2,130 17,704 Non-current tax assets, net 18,044 22,693 Deferred tax assets, net 106,431 70,503 Other non-current assets 402 75 Total non-current assets 763,020 708,398 Inventories 363 612 Contract assets 507 83 Current tax assets, net 9,140 - Trade and other receivables 141,143 163,011 Term deposits 252,286 340,297 Other current assets 152,931 117,654 Cash and cash equivalents 508,898 424,826 Total current assets 1,065,268 1,046,483 Total assets 1,828,288 1,754,881 Equity Share capital 56 48 Share premium 2,203,445 2,714,138 Other components of equity (71,003) 10,773 Accumulated deficit (929,868) (2,792,733) Total equity attributable to owners of the Company 1,202,630 (67,774) Non-controlling interests 5,347 9,313 Total equity 1,207,977 (58,461 ) Liabilities Loans and borrowings (#) 13,895 1,399,722 Employee benefits 14,705 16,477 Contract liabilities and related payables 175 147 Deferred tax liabilities, net 2,526 47,142 Other non-current liabilities 12,396 6,649 Total non-current liabilities 43,697 1,470,137 Bank overdraft 536 822 Loans and borrowings (#) 222,142 5,877 Trade and other payables 146,999 135,777 Contract liabilities and related payables 120,098 113,003 Other current liabilities 86,839 87,726 Total current liabilities 576,614 343,205 Total liabilities 620,311 1,813,342 Total equity and liabilities 1,828,288 1,754,881 # Loans and borrowings include lease liabilities amounting to $11.8 million as at March 31, 2026 (as at March 31, 2025: $15.4 million). MAKEMYTRIP LIMITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED) (Amounts in USD thousands, except per share data and share count) For the three months ended March 31 For the year ended March 31 2025 2026 2025 2026 Revenue Air ticketing 61,628 58,726 241,529 239,948 Hotels and packages 123,278 121,768 520,411 533,063 Bus ticketing 33,500 35,944 119,361 145,271 Other revenue 27,056 33,678 97,035 125,709 Total revenue 245,462 250,116 978,336 1,043,991 Other income 88 192 317 2,043 Service cost Procurement cost of hotels and packages services 54,700 50,976 246,550 240,863 Other cost of providing services 7,408 8,610 27,798 32,988 Personnel expenses 42,751 38,038 160,065 158,834 Marketing and sales promotion expenses 42,103 42,073 165,324 176,268 Other operating expenses 60,349 63,591 231,905 253,260 Depreciation and amortization 7,007 6,732 27,122 27,846 Results from operating activities 31,232 40,288 119,889 155,975 Finance income 7,158 6,533 28,256 27,149 Finance costs 7,477 16,591 32,191 104,756 Net finance income (costs) (319) (10,058) (3,935) (77,607) Share of profit (loss) of equity-accounted investees 44 49 (64) (2) Profit before tax 30,957 30,279 115,890 78,366 Income tax expense (1,737) (5,960) (20,616) (26,696) Profit for the period 29,220 24,319 95,274 51,670 Other comprehensive income (loss), net of tax Items that will not be reclassified to profit or loss: Remeasurements of defined benefit liability (176) (518) (642) (423) Equity instruments at fair value through other comprehensive income (FVOCI) -net change in fair value - 275 (452 ) 275 (176) (243) (1,094) (148) Items that are or may be reclassified subsequently to profit or loss: Foreign currency translation differences on foreign operations 1,637 (35,554) (20,898) (80,437) Other comprehensive income (loss) for the period, net of tax 1,461 (35,797 ) (21,992 ) (80,585 ) Total comprehensive income (loss) for the period 30,681 (11,478) 73,282 (28,915) Profit (loss) attributable to: Owners of the Company 29,198 24,248 95,101 51,804 Non-controlling interests 22 71 173 (134 ) Profit for the period 29,220 24,319 95,274 51,670 Total comprehensive income (loss) attributable to: Owners of the Company 30,655 (11,639) 73,255 (28,612) Non-controlling interests 26 161 27 (303 ) Total comprehensive income (loss) for the period 30,681 (11,478) 73,282 (28,915) Earnings per share (in USD) Basic 0.26 0.25 0.84 0.51 Diluted 0.25 0.02 0.83 0.36 Weighted average number of shares (including Class B Shares) Basic 113,158,001 97,117,036 112,592,774 101,966,362 Diluted 115,104,770 104,534,513 114,538,183 109,673,645 MAKEMYTRIP LIMITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) (Amounts in USD thousands) Attributable to owners of the Company Other components of equity Equity Share Capital Share Premium Component of Convertible Notes Treasury Shares Reserve Fair Value Reserves Share Based Payment Reserve Foreign Currency Translation Reserve Accumulated Deficit Total Non-Controlling Interests Total Equity Balance as at April 1, 2025 56 2,203,445 31,122 (21,722 ) (84 ) 118,412 (198,731 ) (929,868 ) 1,202,630 5,347 1,207,977 Total comprehensive income (loss) for the year Profit (loss) for the year - - - - - - - 51,804 51,804 (134 ) 51,670 Other comprehensive income (loss) Foreign currency translation differences - - - - - - (80,288 ) - (80,288 ) (149 ) (80,437 ) Equity instruments at FVOCI - net change in fair value - - - - 275 - - - 275 - 275 Remeasurements of defined benefit liability - - - - - - - (403 ) (403 ) (20 ) (423 ) Total other comprehensive income (loss) - - - - 275 - (80,288 ) (403 ) (80,416 ) (169 ) (80,585 ) Total comprehensive income (loss) for the year - - - - 275 - (80,288 ) 51,401 (28,612 ) (303 ) (28,915 ) Transactions with owners of the Company Contributions by owners Share-based payment - - - - - 23,428 - - 23,428 138 23,566 Issue of ordinary shares on exercise of share based awards * 13,637 - - - (12,309 ) - - 1,328 - 1,328 Transfer to accumulated deficit on expiry of share based awards - - - - - (102 ) - 102 - - - Issue of convertible notes - - 241,728 - - - - - 241,728 - 241,728 Issue of ordinary shares 9 1,621,010 - - - - - - 1,621,019 - 1,621,019 Repurchase of own shares (17 ) (1,123,954 ) - - - - - (1,914,846 ) (3,038,817 ) - (3,038,817 ) Repurchase of convertible notes - - (678 ) - - - - 361 (317 ) - (317 ) Treasury shares acquired - - - (91,729 ) - - - - (91,729 ) - (91,729 ) Total contributions by owners (8 ) 510,693 241,050 (91,729 ) - 11,017 - (1,914,383 ) (1,243,360 ) 138 (1,243,222 ) Changes in ownership interests Acquisition of subsidiary with non-controlling interest - - - - - - - - - 4,842 4,842 Recognition of financial liability for acquisition of non-controlling interest - - - - - - - (1,822 ) (1,822 ) (711 ) (2,533 ) Change in fair value of financial liability for acquisition of non-controlling interests - - - - - - 1,451 1,939 3,390 - 3,390 Total changes in ownership interests - - - - - - 1,451 117 1,568 4,131 5,699 Total transactions with owners of the Company (8 ) 510,693 241,050 (91,729 ) - 11,017 1,451 (1,914,266 ) (1,241,792 ) 4,269 (1,237,523 ) Balance as at March 31, 2026 48 2,714,138 272,172 (113,451 ) 191 129,429 (277,568 ) (2,792,733 ) (67,774 ) 9,313 (58,461 ) *less than 1 MAKEMYTRIP LIMITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (Amounts in USD thousands) For the year ended March 31 2025 2026 Profit for the year 95,274 51,670 Adjustments for non-cash items 89,155 155,317 Changes in working capital 857 (24,450) Net cash generated from operating activities 185,286 182,537 Net cash generated from (used in) investing activities 26,444 (127,081) Net cash used in financing activities (22,891 ) (107,405 ) Increase (decrease) in cash and cash equivalents 188,839 (51,949) Cash and cash equivalents (net of bank overdraft) at beginning of the year 327,065 508,362 Effect of exchange rate fluctuations on cash held (7,542) (32,409) Cash and cash equivalents (net of bank overdraft) at end of the year 508,362 424,004 MAKEMYTRIP LIMITED INFORMATION ABOUT REPORTABLE SEGMENTS (UNAUDITED) (Amounts in USD thousands) Reportable segments Hotels and For the three months ended March 31 All other Air ticketing packages Bus ticketing segments Total Particulars 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 Revenue from external customers 61,628 58,726 123,278 121,768 33,500 35,944 27,056 33,678 245,462 250,116 Add: Customer inducement costs recorded as a reduction of revenue* 32,564 40,594 41,030 45,137 2,975 5,181 1,271 303 77,840 91,215 Less: Service cost - - 54,700 50,976 - - 7,408 8,610 62,108 59,586 Adjusted Margin Other income 94,192 99,320 109,608 115,929 36,475 41,125 20,919 25,371 261,194 88 281,745 192 Personnel expenses (42,751) (38,038) Marketing and sales promotion expenses (42,103) (42,073) Customer inducement costs recorded as a reduction of revenue* (77,840) (91,215) Other operating expenses (60,349) (63,591) Depreciation and amortization (7,007) (6,732) Finance income 7,158 6,533 Finance costs (7,477) (16,591) Share of profit (loss) of equity-accounted investees 44 49 Profit before tax 30,957 30,279 For the year ended March 31 Reportable segments Hotels and All other Air ticketing packages Bus ticketing segments Total Particulars 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 Revenue from external customers 241,529 239,948 520,411 533,063 119,361 145,271 97,035 125,709 978,336 1,043,991 Add: Customer inducement costs recorded as a reduction of revenue* 131,563 167,130 155,616 184,602 11,606 18,607 2,789 2,178 301,574 372,517 Less: Service cost - - 246,550 240,863 - - 27,798 32,988 274,348 273,851 Adjusted Margin 373,092 407,078 429,477 476,802 130,967 163,878 72,026 94,899 1,005,562 1,142,657 Other income 317 2,043 Personnel expenses (160,065 ) (158,834 ) Marketing and sales promotion expenses (165,324 ) (176,268 ) Customer inducement costs recorded as a reduction of revenue* (301,574 ) (372,517 ) Other operating expenses (231,905 ) (253,260 ) Depreciation and amortization (27,122 ) (27,846 ) Finance income 28,256 27,149 Finance costs (32,191 ) (104,756 ) Share of profit (loss) of equity-accounted investees (64 ) (2 ) Profit before tax 115,890 78,366 * For purposes of reporting to the Chief Operating Decision Maker (CODM), the segment profitability measure i.e. Adjusted Margin represents IFRS revenue after adding back certain customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue and reducing service cost. MAKEMYTRIP LIMITED RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS (Unaudited) (Amounts in USD thousands, except per share data) The following tables reconcile our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) for the periods indicated: For the three months ended March 31 Air ticketing Hotels and packages Bus ticketing Others 2025 2026 2025 2026 2025 2026 2025 2026 Revenue as per IFRS 61,628 58,726 123,278 121,768 33,500 35,944 27,056 33,678 Add: Customer inducement costs recorded as a reduction of revenue 32,564 40,594 41,030 45,137 2,975 5,181 1,271 303 Less: Service cost - - 54,700 50,976 - - 7,408 8,610 Adjusted Margin (3) 94,192 99,320 109,608 115,929 36,475 41,125 20,919 25,371 For the year ended March 31 Air ticketing Hotels and packages Bus ticketing Others 2025 2026 2025 2026 2025 2026 2025 2026 Revenue as per IFRS 241,529 239,948 520,411 533,063 119,361 145,271 97,035 125,709 Add: Customer inducement costs recorded as a reduction of revenue 131,563 167,130 155,616 184,602 11,606 18,607 2,789 2,178 Less: Service cost - - 246,550 240,863 - - 27,798 32,988 Adjusted Margin (3) 373,092 407,078 429,477 476,802 130,967 163,878 72,026 94,899 The following table reconciles our results from operating activities (an IFRS measure) to Adjusted Operating Profit (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted Operating Profit For the three months ended March 31 For the year ended March 31 (Unaudited) 2025 2026 2025 2026 Results from operating activities as per IFRS 31,232 40,288 119,889 155,975 Add: Acquisition related intangibles amortization 2,820 2,722 11,415 11,168 Add: Employee share-based compensation costs 10,660 3,514 36,018 22,976 Less: Gain on discontinuation of equity accounted investment - - - (1,361 ) Adjusted Operating Profit 44,712 46,524 167,322 188,758 The following table reconciles our profit for the period (an IFRS measure) to Adjusted Net Profit (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted Net Profit For the three months ended March 31 For the year ended March 31 (Unaudited) 2025 2026 2025 2026 Profit for the period as per IFRS 29,220 24,319 95,274 51,670 Add: Acquisition related intangibles amortization 2,820 2,722 11,415 11,168 Add: Employee share-based compensation costs 10,660 3,514 36,018 22,976 Less: Gain on discontinuation of equity accounted investment - - - (1,361) Less: Gain on change in carrying value of financial liabilities measured at amortized cost - (30,578) - (30,578) Add: Change in fair value of financial asset measured at FVTPL - 382 - 273 Add: Interest expense on financial liabilities measured at amortized cost 3,709 27,518 14,835 90,104 Add: Income tax expense 1,737 5,960 20,616 26,696 Add (Less): Share of (profit) loss of equity-accounted investees (44) (49) 64 2 Adjusted Net Profit 48,102 33,788 178,222 170,950 The following table reconciles our diluted earnings per share for the period (an IFRS measure) to Adjusted Diluted Earnings per Share (a non-IFRS measure) for the periods indicated: For the three months ended Reconciliation of Adjusted Diluted Earnings per Share March 31 For the year ended March 31 (Unaudited) 2025 2026 2025 2026 Diluted Earnings per Share for the period as per IFRS 0.25 0.02 0.83 0.36 Add: Acquisition related intangibles amortization 0.02 0.03 0.10 0.10 Add: Employee share-based compensation costs 0.09 0.03 0.31 0.21 Less: Gain on discontinuation of equity accounted investment - - - (0.01) Add: Change in fair value of financial asset measured at FVTPL - * - * Add: Interest expense on financial liabilities measured at amortized cost # 0.04 0.23 0.14 0.68 Add: Income tax expense # 0.02 0.01 0.18 0.22 Add (Less): Share of (profit) loss of equity-accounted investees * * * * Adjusted Diluted Earnings per Share 0.42 0.32 1.56 1.56 * Less than $0.01. # For the quarter and year ended March 31, 2026, the impact of interest expense on financial liabilities measured at amortized cost related to our 2028 Notes and the gain on change in carrying value thereof along with the related income tax has already been considered in calculation of diluted earnings per share for the period as per IFRS. The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported amount and constant currency (1) amount for the periods indicated: (Unaudited) For the three months ended March 31, 2026 Revenue Adjusted Margin Reported Amount and Constant Currency Amount Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Amount 58,726 121,768 35,944 33,678 250,116 99,320 115,929 41,125 25,371 Impact of Foreign Currency Translation 2,989 5,839 1,364 1,661 11,853 4,975 6,260 1,576 1,222 Constant Currency Amount 61,715 127,607 37,308 35,339 261,969 104,295 122,189 42,701 26,593 (Unaudited) For the year ended March 31, 2026 Revenue Adjusted Margin Reported Amount and Constant Currency Amount Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Amount 239,948 533,063 145,271 125,709 1,043,991 407,078 476,802 163,878 94,899 Impact of Foreign Currency Translation 9,602 19,071 4,675 5,251 38,599 15,980 20,122 5,404 3,866 Constant Currency Amount 249,550 552,134 149,946 130,960 1,082,590 423,058 496,924 169,282 98,765 The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported growth and constant currency (1) growth for the periods indicated: (Unaudited) For the three months ended March 31, 2026 Revenue Adjusted Margin Reported Growth and Constant Currency Growth (YoY) Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Growth -4.7% -1.2% 7.3% 24.5% 1.9% 5.4% 5.8% 12.7% 21.3% Impact of Foreign Currency Translation 4.8 % 4.7 % 4.1 % 6.1 % 4.8 % 5.3 % 5.7 % 4.4 % 5.8 % Constant Currency Growth 0.1% 3.5% 11.4% 30.6% 6.7% 10.7% 11.5% 17.1% 27.1% (Unaudited) For the year ended March 31, 2026 Revenue Adjusted Margin Reported Growth and Constant Currency Growth (YoY) Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Growth -0.7% 2.4% 21.7% 29.6% 6.7% 9.1% 11.0% 25.1% 31.8% Impact of Foreign Currency Translation 4.0 % 3.7 % 3.9 % 5.4 % 4.0 % 4.3 % 4.7 % 4.2 % 5.3 % Constant Currency Growth 3.3% 6.1% 25.6% 35.0% 10.7% 13.4% 15.7% 29.3% 37.1% MAKEMYTRIP LIMITED SELECTED OPERATING AND FINANCIAL DATA (Unaudited) For the three months ended For the year ended March 31 March 31 2025 2026 2025 2026 (in thousands, except percentages) Unit Metrics Air Ticketing - Flight segments (1) 14,775 14,462 58,701 59,057 Hotels and Packages - Room nights (2) 9,554 11,010 37,000 43,528 Standalone Hotels - Room nights (2) 9,319 10,759 36,039 42,540 Bus Ticketing - Bus tickets (3) 28,845 36,797 106,483 141,482 Adjusted Margin Air Ticketing (4) $ 94,192 $ 99,320 $ 373,092 $ 407,078 Hotels and Packages 109,608 115,929 429,477 476,802 Bus Ticketing 36,475 41,125 130,967 163,878 Others 20,919 25,371 72,026 94,899 Gross Bookings Air Ticketing (4) $ 1,531,036 $ 1,436,856 $ 5,867,918 $ 5,830,789 Hotels and Packages 607,402 638,910 2,417,425 2,661,077 Bus Ticketing 341,273 403,537 1,249,564 1,602,407 Other Transport Services 73,435 71,228 268,240 296,569 $ 2,553,146 $ 2,550,531 $ 9,803,147 $ 10,390,842 Adjusted Margin % Air Ticketing (4) 6.2% 6.9% 6.4% 7.0% Hotels and Packages 18.0% 18.1% 17.8% 17.9% Bus Ticketing 10.7% 10.2% 10.5% 10.2% Notes: "Flight segments" means a flight between two cities, including flights booked as part of a longer itinerary or a package, and is reported net of cancellations. "Hotels and Packages - Room nights" refers to the number of room nights booked through our online and offline platforms as part of a package that includes elements of travel and accommodation services and "Standalone Hotels - Room nights". "Standalone Hotels - Room nights" refers to room nights booked through our online and offline platforms on a standalone basis. (excluding room nights booked as part of a package that includes elements of travel and accommodation services). "Room nights" refers to the total number of hotel rooms occupied by a customer or group, multiplied by the number of nights/days that such customer or group occupies those rooms, and is reported net of cancellations. "Bus tickets" means tickets issued to customers for bus journeys, and is reported net of cancellations. Prior to the quarter ended March 31, 2025, we reported "Travelled tickets" which was the total number of bus journeys undertaken by our customers for the relevant period. Excludes flight segments booked as a component of bookings for our Hotels and Packages segment.

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