Abstract

MakeMyTrip will report its fiscal Q2 2026 results on August 03, 2026 Pre-Market; this preview consolidates last quarter performance, current-quarter forecasts across revenue, profitability, and EPS, and summarizes recent institutional commentary.

Market Forecast

Consensus for the current quarter points to revenue of 292.52 million US dollars, EBIT of 54.71 million US dollars, and EPS of 0.45, implying year-over-year changes of 0.87% for revenue, 20.21% for EBIT, and 22.49% for EPS. Last quarter’s metrics set a high-quality base: gross margin of 60.97%, net profit margin of 9.69%, and a quarter-on-quarter swing in net profit of 234.59%, while the current-quarter EPS and EBIT forecasts imply continued operating leverage. The company’s main business mix last quarter was led by Hotels and Packages at 121.77 million US dollars, followed by Air Ticketing at 58.73 million US dollars, Bus Ticketing at 35.94 million US dollars, and Others at 33.68 million US dollars; Hotels and Packages remains the core revenue engine. Hotels and Packages appears to be the most promising segment by absolute contribution, with 121.77 million US dollars last quarter; its performance trajectory and margin mix will likely dominate this quarter’s outcome.

Last Quarter Review

The previous quarter delivered revenue of 250.12 million US dollars, a gross margin of 60.97%, GAAP net profit attributable to shareholders of 24.25 million US dollars with a net margin of 9.69%, and adjusted EPS of 0.32, with year-over-year growth of 1.90% for revenue and -23.81% for EPS. A notable highlight was the sharp rebound in profitability on a sequential basis, with net profit up 234.59% quarter-on-quarter, reflecting improved operating efficiency and seasonal normalization. The main business showed Hotels and Packages at 121.77 million US dollars, Air Ticketing at 58.73 million US dollars, Bus Ticketing at 35.94 million US dollars, and Others at 33.68 million US dollars; Hotels and Packages contributed the largest revenue share.

Current Quarter Outlook

Main business: Hotels and Packages

Hotels and Packages is positioned to anchor quarterly performance given its scale and contribution margin. With last quarter’s revenue at 121.77 million US dollars and the group-level gross margin at 60.97%, small variations in hotel take rates, nights booked, and package mix can meaningfully impact consolidated margin. This quarter’s EPS and EBIT forecasts imply healthy operating leverage; if conversion stays firm and cancellations remain contained, the segment can translate demand into higher gross profit and improved EPS.

Most promising business: Hotels and Packages momentum

The Hotels and Packages segment not only leads by size but typically carries favorable unit economics relative to air and bus. Given consensus calling for revenue of 292.52 million US dollars and EBIT of 54.71 million US dollars, better-than-expected hotel room-nights and package attach rates could drive upside to both margin and EPS. Watch pricing trends, supply onboarding, and marketing efficiency; even modest improvements can compound due to the segment’s scale, while any shift in domestic travel patterns could quickly reflect in conversion and take-rates.

Stock price drivers this quarter

Earnings sensitivity hinges on three levers: revenue growth versus the modest 0.87% implied YoY, operating leverage reflected in the 20.21% EBIT YoY forecast, and EPS scaling of 22.49% YoY. The market will likely focus on whether Hotels and Packages can offset any softness in air or bus volumes and whether group gross margin can hold near last quarter’s 60.97%. Any commentary on demand seasonality, marketing spend cadence, and partner incentives will guide how sustainably the company can expand margins against the current revenue base.

Analyst Opinions

The balance of recent institutional commentary skews bullish, with a majority highlighting resilient consumer travel demand and disciplined cost execution as supports for EPS growth this quarter relative to last year. Analysts point to the consensus setup of low single-digit revenue growth paired with double-digit EBIT and EPS growth as a favorable mix for potential multiple support if margins hold near prior-quarter levels. Several well-followed sell-side teams emphasize Hotels and Packages as the key driver for potential upside, noting that room-night growth, attach of ancillaries, and product mix within packages could create incremental margin tailwinds.