MakeMyTrip Limited Q3 FY2026 earnings call

• Q3 2026 saw strong demand recovery in Indian travel, except for temporary disruption in December due to new flight duty time limitation rules for pilots. The diversified product portfolio and market leadership act as mitigating factors. - Leveraging AI, Myra has scaled to over 50,000 conversations daily, with 72% of conversations being good, 15% of conversations in early trip planning stage, and over 45% of users from tier two cities and beyond. AI is also used to improve post - sales support and data intelligence for supply partners. - Launched tours and activities, giving Indian travelers access to over 200,000 bookable activities across 1,100 cities in 130 countries. - Air ticketing business had market supply and growth bounce back in October and November but was disrupted in December. Launched new feature in international flights funnel for visa guidance. - Accommodation business had strong volume growth driven by leisure travel, GST reduction on hotel rooms under rupees 7,500, and surge in booking volumes. - Holiday packages business had strong seasonal performance, with MakeMyTrip chartered flight packages to Phu Quoc. - Bus ticketing business had strong growth aided by festive and holiday travel, with inventory addition and cross - sell strategy. - Corporate travel business had strong growth with new customer acquisition, and integration with Happay is complete.

Air ticketing adjusted margin is $207.9 million, with year - on - year growth of 20.4% in constant currency. International air ticketing now accounts for about 43% of the existing margin within the ticketing segment. Domestic air market saw the industry grow by 0.9% year - on - year, while MakeMyTrip delivered 2.2% year - on - year growth and had a market share of just over 31% during the quarter. Accommodation business, including hotels, homestays, and holiday packages, had 20.3% volume growth year - on - year. Gross booking growth was more moderate due to lower tax component. The mix of international hotels and packages revenue increased to about 24.2% in the quarter. Bus ticketing business had a consistent margin of $42.4 million, with year - on - year growth of over 26.1% in constant currency. Ancillaries business, part of the other segment, had adjusted margin of $27.5 million, with year - on - year growth of 45.5% in constant currency.

• Complete supply recovery from flight operation disruption is likely to be pushed out into the next fiscal year. - For the hotel segment, the GST impact will be a one - off over the next four quarters. - Domestic air traffic growth outlook is expected to improve as the situation with flight duty rules stabilizes and new planes and refurbished planes come in, but will be more clear in the next seasonal quarter. - The growth in the other segment from ancillaries is expected to continue as more services are added to the platform.

• Temporary disruption in December 2025 due to new and stricter flight duty time limitation rules for pilots affected domestic air travel. - Rupee depreciation led to translation - related foreign currency losses. - Competition from new entrants or existing players in the travel industry, especially in the area of trip planning with generative AI.

Q: On the net take rate on air A: Nothing exceptional, it can be about half a percentage point lower or higher depending on prevailing phase and lag between booking and flown Q: On the hotels and packages business constant currency GBV growth and future views A: Directionally, the GST impact is a one - year optical thing with no real long - term impact on the business, and the online penetration in the segment still has long headroom