Global Finance News
19 May 2026, 17:14
MakeMyTrip Shares Drop 11% Despite Record Gross Bookings Milestone
MakeMyTrip fell sharply today, with shares tumbling 11% even as India's leading travel platform reported record full-year gross bookings and double-digit margin growth across every major business segment — a reaction that suggests the market had set its expectations higher than the numbers delivered.
Full-year gross bookings reached an all-time high of $10.4 billion, up 10.4% year over year in constant currency, crossing the $10 billion threshold for the first time. Full-year IFRS revenue grew 10.7% to $1.04 billion. Results from operating activities rose 30.1% to $156 million, and adjusted operating profit came in at $188.8 million for the year.
Margin growth was broad-based and healthy across all segments. Bus Ticketing led the way with adjusted margin growth of 29.3%, followed by Hotels and Packages at 15.7%, Air Ticketing at 13.4% and the Others category at an impressive 37.1%. CEO Rajesh Magow highlighted that this performance came despite a challenging macro environment in which travel sentiment was adversely impacted by multiple external events during the year.
The fourth quarter was where the market's disappointment likely crystallized. Q4 gross bookings came in at $2.55 billion, essentially flat compared to $2.553 billion in the same period a year ago, despite a reported 4.8% constant currency gain. That stagnation in headline bookings into year-end may have unnerved investors expecting acceleration.
On the AI front, the company's travel assistant Myra engaged in over 54,000 daily conversations in Q4, autonomously resolving approximately 55% of post-booking queries across flights and hotels, with over 45% of usage now coming from tier-2 and smaller cities.
The 11% drop reflects a market that acknowledged the record annual milestone but focused on the flat fourth quarter trajectory and a macro backdrop that leaves near-term visibility limited.
MakeMyTrip fell sharply today, with shares tumbling 11% even as India's leading travel platform reported record full-year gross bookings and double-digit margin growth across every major business segment — a reaction that suggests the market had set its expectations higher than the numbers delivered.
Full-year gross bookings reached an all-time high of $10.4 billion, up 10.4% year over year in constant currency, crossing the $10 billion threshold for the first time. Full-year IFRS revenue grew 10.7% to $1.04 billion. Results from operating activities rose 30.1% to $156 million, and adjusted operating profit came in at $188.8 million for the year.
Margin growth was broad-based and healthy across all segments. Bus Ticketing led the way with adjusted margin growth of 29.3%, followed by Hotels and Packages at 15.7%, Air Ticketing at 13.4% and the Others category at an impressive 37.1%. CEO Rajesh Magow highlighted that this performance came despite a challenging macro environment in which travel sentiment was adversely impacted by multiple external events during the year.
The fourth quarter was where the market's disappointment likely crystallized. Q4 gross bookings came in at $2.55 billion, essentially flat compared to $2.553 billion in the same period a year ago, despite a reported 4.8% constant currency gain. That stagnation in headline bookings into year-end may have unnerved investors expecting acceleration.
On the AI front, the company's travel assistant Myra engaged in over 54,000 daily conversations in Q4, autonomously resolving approximately 55% of post-booking queries across flights and hotels, with over 45% of usage now coming from tier-2 and smaller cities.
The 11% drop reflects a market that acknowledged the record annual milestone but focused on the flat fourth quarter trajectory and a macro backdrop that leaves near-term visibility limited.
