MakeMyTrip Limited (NASDAQ: MMYT) shares were trading at $68.55 at mid-day on Wednesday, January 21, 2026, representing a decline of 8.10% from the previous close. The stock opened at $74.87 on the NASDAQ Global Market, as investors reacted to the company’s fiscal third-quarter earnings report, which showed a revenue miss despite a beat on earnings per share.
Market Capitalization and Valuation
The company’s market capitalization currently stands at approximately $6.52 billion. MMYT remains the largest Indian-focused travel services provider listed on a major U.S. exchange, serving as a primary vehicle for international investors seeking exposure to the expanding Indian consumer travel market.
Latest Quarterly Results (Q3 FY2026)
For the quarter ended December 31, 2025, MakeMyTrip reported:
- Revenue: $295.7 million, an increase of 10.6% year-over-year (15.4% in constant currency). This figure came in below the consensus analyst estimate of $306.29 million.
- Net Profit: Reported at $7.3 million, down significantly from $27.1 million in the same quarter last year. The decline was primarily attributed to one-time tax impacts and costs associated with the repurchase of convertible notes.
- Adjusted Net Profit: Excluding exceptional items, adjusted profit rose 14.4% to $51.4 million.
- Gross Bookings: Reached $2.78 billion, up 11% year-over-year, driven by record travel demand during the peak holiday season.
Financial Trends Dashboard
Business & Operations Update
The company continues to diversify beyond its core Indian domestic market to mitigate regional risks and capture high-margin international demand:
- International Reach: International air ticketing now accounts for 43% of the company’s total air margin, fueled by outbound travel from India to the Middle East and Southeast Asia.
- AI Integration: The company has scaled “Myra,” its GenAI-powered travel assistant, which now handles over 50,000 daily conversations, reducing operational overhead.
- Strategic M&A: On January 6, 2026, the National Company Law Tribunal (NCLT) approved the merger of its redBus unit into MakeMyTrip India, a move expected to streamline corporate tax structures and operational efficiencies.
- Capital Allocation: During the quarter, the company repurchased 550,000 shares for $41.5 million and retired $5 million in principal of its convertible notes, signaling confidence in its balance sheet despite the stock price volatility.
Equity Analyst Commentary
Wall Street sentiment remains largely constructive despite the intraday sell-off:
- Bank of America (BofA): Institutional analysis from BofA Securities recently adjusted the price target for MMYT to $113 from $115.
- Morgan Stanley: Retained an “Overweight” rating with a target of $113.00, noting that the revenue miss was largely due to short-term domestic air supply constraints rather than a structural decline in demand.
Performance Summary Table
| Metric (Q3 FY2026) | Value (USD) | YoY Change (CC) |
| Gross Bookings | $2.78 Billion | +11.0% |
| Revenue | $295.7 Million | +15.4% |
| Adj. Operating Profit | $50.7 Million | +10.2% |
| Adj. Net Profit | $51.4 Million | +14.4% |
| Air Ticketing Margin | $107.9 Million | +15.1% |
| Hotel Segment Margin | $133.2 Million | +9.3% |
Guidance & Outlook
Management indicated that while domestic air travel faces temporary headwinds from revised pilot rest rules (FDTL) in India which limited flight capacity, the long-term outlook for international outbound travel remains the primary growth driver. The company expects margins to stabilize as the redBus merger synergies begin to realize in the upcoming fiscal year.