The company is strategically shifting its focus toward high-margin segments like international travel and non-air services to sustain its robust growth trajectory and expand its Adjusted Operating Profit, which hit $167.3 million in FY2025. MakeMyTrip operates through multiple distribution channels including websites, call centers, franchisee-owned travel stores, and mobile applications.
Cyborg Score Rationale
MakeMyTrip maintains market-leading position with record Gross Bookings of $9.8 billion in FY2025. GST cuts on hotel rooms drove significant volume growth with mid-to-budget hotel volumes surging 23% year-over-year, expanding the customer funnel. Revenue growth and operational profitability are strong, though earnings volatility remains a concern.
Top Insights
Record Gross Bookings of $9.8 billion in FY2025 demonstrates dominant market position in India's OTA segment
Strategic pivot toward international travel and non-air services targeting higher-margin revenue streams
GST tax reductions driving 23% surge in mid-budget hotel bookings, expanding addressable customer base
Diversified product portfolio across air, hotels, bus, rail, car hire, and ancillary services through multiple brands
Named Competitors
Trip.com — International online travel agency with significant market presence
Yatra Online — Competing OTA platform in Indian travel services
Global Business Travel Group — Corporate and leisure travel booking services
Booking.com — Global online travel booking platform
Recent Developments
(September 2025) Mohit Kabra promoted to Group Chief Operating Officer to drive operational efficiency
(Full Year 2025) Achieved record Gross Bookings of $9.8 billion and IFRS Revenue of $978.3 million
(Q3 2026) Q3 results show robust revenue and earnings growth across all verticals with GST-driven hotel volume acceleration
Open the full interactive MakeMyTrip Limited report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.