MakeMyTrip: 3 Key Takeaways for Long-Term Investors
Key Points
Gross bookings grew 20.9% in constant currency to $2.7 billion.
Non-air business mix expanded to 63.2% of total bookings.
Active corporate customers on myBiz increased to 84,600.
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On its second-quarter fiscal 2027 earnings call, held on Oct. 26, 2026, MakeMyTrip (NASDAQ:MMYT) reported 20.9% year-over-year constant-currency gross booking growth to $2.7 billion. Travel headwinds from high jet fuel prices and currency depreciation slowed air travel, making alternative segments critical for long-term shareholders.
Three takeaways from management's comments highlight how the business is adapting.
1. Ground Transport and Accommodations Drive Growth Outside Air Travel
High prices for aviation turbine fuel, or jet fuel, and Indian rupee depreciation slowed domestic and international flight demand. MakeMyTrip compensated by expanding ground transportation and domestic hotel listings, raising its business mix outside air travel.
Our non-air business mix has now reached 63.2% compared to 61.5% during the same quarter last year. We believe our resilience is best reflected in our ability to sustain customer engagement, serve evolving travel needs across categories, and deliver profitable growth.
-- Rajesh Magow, Group Chief Executive Officer
2. Artificial Intelligence Assistant Myra Boosts User Conversion Rates
The company integrated Myra, its artificial intelligence travel assistant, directly into the booking flow to help users search in regional languages and plan complex trips. Conversational assistance improves booking completion rates, particularly among price-sensitive customers in smaller cities.
Customers engaging with Myra convert at around 1.7x the rate of those who don't. In tier 2 and tier 3 cities, which account for around 55% of Myra conversations, this rises to over 2.1x.
-- Rajesh Magow, Group Chief Executive Officer
3. Corporate Travel Accounts Provide Steady Demand Buffer
Business travel within India held steady despite seasonal lulls in leisure travel. MakeMyTrip expanded its corporate accounts through myBiz, its platform for small and medium enterprises, and Quest2Travel, its platform for large enterprises, complementing its business-to-consumer, or B2C, segment.
Our corporate travel business continues to perform strongly, tapping into a demand pool that complements B2C travel. This mix adds resilience and helps navigate short-term headwinds more effectively.
-- Mohit Kabra, Group Chief Financial Officer
Looking Ahead
Travel demand is shifting toward ground transport and domestic stays while airfares remain elevated. MakeMyTrip relies on its network of over 105,000 domestic accommodation options and proprietary travel data, while keeping a close eye on airline fare normalization and customer acquisition expenses.
Our investment approach is to balance current performance with the capabilities needed for future growth. Priorities include accommodation, ground transport, emerging categories like tours and activity, customer experience and AI.
-- Dipak Bohra, Chief Financial Officer
By expanding direct supply relationships and deepening artificial intelligence integration, the platform aims to capture broader travel demand across price points.
We believe this approach positions MakeMyTrip well to capture India's long-term travel opportunity and deliver sustainable, profitable growth.
-- Rajesh Magow, Group Chief Executive Officer
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