MakeMyTrip (NASDAQ:MMYT) reported a surge in adjusted profitability for its fiscal third quarter, as the Gurgaon-based travel leader successfully leveraged its diversified portfolio to navigate a cooling domestic aviation market.
The company posted net income of $7.2 million, or $0.07 per diluted share, for the period ended Dec. 31, 2025.
On an adjusted basis—excluding non-recurring costs and stock-based compensation—earnings jumped to $0.52 per share, handily beating the analyst consensus of $0.43 as the company's "Travel Ka Mahurat Sale" and AI-driven efficiency gains bore fruit.
While domestic air travel showed signs of sluggishness, MakeMyTrip's broader ecosystem picked up the slack.
Total revenue rose 15.4% on a constant-currency basis to $295.7 million, fueled by a 20.3% increase in hotel room-night volumes and explosive 45.5% growth in ancillary "Other" services.
Gross bookings for the quarter reached $2.78 billion, up 11.8% year-over-year.
CEO Rajesh Magow noted that the company’s ability to capture demand across bus ticketing and alternative accommodations has shielded margins, with adjusted operating profit climbing 17.9% to $40.9 million.
The results highlight a growing divide between MakeMyTrip’s GAAP and non-GAAP performance, a gap that investors are watching closely as the company balances aggressive marketing spend with long-term profitability.