MakeMyTrip Limited

What they do

MakeMyTrip operates online platforms for booking air travel, hotels, holiday packages, and other travel services. Based on the filing data, the company reports segments including Air Ticketing, Hotels and Packages, and other businesses. It serves customers primarily in India, with some operations in Southeast Asia, and also has a business in Dubai through its subsidiary Ibibo Group Holdings Singapore Pte Ltd. The company also has investments in subsidiaries such as Savaari Car Rentals Private Limited, Simplotel Technologies Private Limited, and BookMyForex Private Limited.

Revenue drivers

• Air Ticketing — The company earns commissions and fees from airline ticket bookings. Specific revenue figures for this segment are not provided in the excerpts.
• Hotels and Packages — Revenue comes from hotel reservations and holiday package sales, likely through commissions and markups. Specific revenue figures are not detailed in the excerpts.
• Other Services — Includes bus ticketing, car rentals, and other travel-related services, but the excerpts do not provide specific revenue breakdowns.

Recent performance

The filing excerpts do not contain specific financial results for the latest reported period. However, the 20-F for the fiscal year ended March 31, 2026, indicates the company has various financial instruments and liabilities, including secured bank loans and convertible notes due 2030. No revenue or profit figures are provided in the available data. Therefore, recent performance cannot be summarized from the given information.

Strategy

The company's strategy appears focused on expanding its travel services through acquisitions and investments, as evidenced by its holdings in Savaari Car Rentals, Simplotel Technologies, and BookMyForex. It also has a presence in Southeast Asia and the Middle East. The filing mentions conversion of convertible notes due 2030 and other financial activities, suggesting a focus on capital management. No explicit strategic priorities are detailed in the excerpts.

Risks

• Currency Fluctuations — The company has exposure to foreign exchange risk, particularly between the US Dollar and Indian Rupee, which could impact financial results.
• Liquidity Risk — The company has non-derivative financial liabilities, including payables for deferred bookings and secured bank loans, which require sufficient liquidity to meet obligations.
• Dependence on Travel Demand — As an online travel agency, revenue is sensitive to fluctuations in travel demand due to economic conditions, pandemics, or other disruptions.
• Regulatory Environment — Operations in India and other markets are subject to varying regulations that could affect business practices and profitability.

Outlook

The filing excerpts do not include management's forward-looking statements or guidance. Therefore, no specific outlook can be provided.