Exhibit 99.1

MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2026 SECOND QUARTER RESULTS

Gurugram, India and New York, October 28, 2025 — MakeMyTrip Limited (NASDAQ: MMYT), India’s leading travel service provider, today announced its unaudited interim financial and operating results for its fiscal second quarter ended September 30, 2025.


(in thousands)	For the three months ended September 30, 2024		For the three months ended September 30, 2025			YoY Change			YoY Change in constant currency(1)			For the six months ended September 30, 2024		For the six months ended September 30, 2025		YoY Change			YoY Change in constant currency(1)
Financial Summary as per IFRS
Revenue	$	210,993	$	229,341			8.7	%		12.6	%	$	465,512	$	498,187		7.0	%		9.9	%
Air Ticketing	$	61,019	$	61,029			0.02	%		3.3	%	$	118,565	$	121,154		2.2	%		5.0	%
Hotels and Packages	$	103,198	$	108,229			4.9	%		8.8	%	$	250,044	$	249,877		-0.1	%		2.6	%
Bus Ticketing	$	24,808	$	33,488			35.0	%		39.6	%	$	54,025	$	72,241		33.7	%		37.1	%
Others	$	21,968	$	26,595			21.1	%		25.7	%	$	42,878	$	54,915		28.1	%		32.1	%
Results from Operating Activities	$	26,112	$	34,437			31.9	%				$	53,970	$	74,798		38.6	%
Profit (loss) for the period	$	17,939	$	(5,738	)		-132.0	%				$	38,985	$	20,067		-48.5	%
Financial Summary as per non-IFRS measures
Adjusted Margin(2)
Air Ticketing	$	96,029	$	102,818			7.1	%		10.6	%	$	185,138	$	199,878		8.0	%		11.0	%
Hotels and Packages	$	90,734	$	105,817			16.6	%		21.6	%	$	198,009	$	227,698		15.0	%		18.7	%
Bus Ticketing	$	27,108	$	37,749			39.3	%		44.1	%	$	59,464	$	80,342		35.1	%		38.7	%
Others	$	16,397	$	20,500			25.0	%		29.7	%	$	31,315	$	41,995		34.1	%		38.2	%
Adjusted Operating Profit(2)	$	37,467	$	44,186			17.9	%				$	76,606	$	91,527		19.5	%
Adjusted Net Profit(2)	$	40,687	$	36,352			-10.7	%				$	85,210	$	85,781		0.7	%
Gross Bookings	$	2,257,229	$	2,447,318			8.4	%		13.1	%	$	4,637,587	$	5,055,797		9.0	%		12.7	%

Notes:

(1)

Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the rates in effect during the comparable fiscal period in the prior fiscal year. This is a non-IFRS measure. For more information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. IFRS refers to International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release.

(2)

This is a non-IFRS measure. For more information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release.

Financial Highlights for Fiscal 2026 Second Quarter

(Year over Year (YoY) growth % is based on constant currency(1))

•

Gross Bookings increased by 13.1% YoY in 2Q26 to $2,447.3 million.

•

Adjusted Margin(2) – Air Ticketing increased by 10.6% YoY in 2Q26 to $102.8 million.

•

Adjusted Margin(2) – Hotels and Packages increased by 21.6% YoY in 2Q26 to $105.8 million.

•

Adjusted Margin(2) – Bus Ticketing increased by 44.1% YoY in 2Q26 to $37.7 million.

•

Adjusted Margin(2) – Others increased by 29.7% YoY in 2Q26 to $20.5 million.

•

Adjusted Operating Profit(2) improved to $44.2 million in 2Q26 versus $37.5 million in 2Q25, reflecting an improvement of $6.7 million YoY.

Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, commenting on the results, said,

“It was encouraging to see travel sentiments improve in Q2, especially in the leisure segment, following a muted Q1 of this fiscal year due to external disruptions. Most of our segments experienced strong growth, although recovery in domestic air travel remained slow due to short-term supply constraints. We delivered strong growth, particularly in international travel as well as non-flight segments within domestic travel”.

Mohit Kabra, Group Chief Operating Officer, MakeMyTrip, commenting on the results, said,

“We continued to leverage our travel super-app approach, offering comprehensive travel and related services across our platforms for retail, trade and corporate customers. This strategy helped us achieve robust growth despite generally weaker travel demand, especially in Q1. We believe that the direct tax concessions and GST benefits introduced by the Government of India will boost discretionary consumer spending and drive growth in the second half of the fiscal year”.

Fiscal 2026 Second Quarter Financial Results

Revenue. We generated revenue of $229.3 million in the quarter ended September 30, 2025, an increase of 8.7% (12.6% in constant currency(1)) over revenue of $211.0 million in the quarter ended September 30, 2024, which was primarily attributable to the robust travel demand in India for both domestic and international outbound travel in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024.

This increase in revenue was primarily attributable to revenue from our air ticketing business exhibiting stable performance in absolute terms despite short-term supply constraints in the domestic market (an increase of 3.3% in constant currency), an increase of 4.9% (8.8% in constant currency) in revenue from our hotels and packages business, an increase of 35.0% (39.6% in constant currency) in revenue from our bus ticketing business, and an increase of 21.1% (25.7% in constant currency) in revenue from our others business, each as further described below.

The table below summarizes our segment profitability in terms of revenue and Adjusted Margin in each segment. For more information on non-IFRS measures and segment profitability measures, see “About Key Performance Indicators and Non-IFRS Measures” and “Information About Reportable Segments” in our condensed consolidated interim financial statements included elsewhere in this release.


	For the three months ended September 30
	Air ticketing				Hotels and packages				Bus ticketing				Others
	2024		2025		2024		2025		2024		2025		2024		2025
	(Amounts in USD thousands)
Revenue as per IFRS		61,019		61,029		103,198		108,229		24,808		33,488		21,968		26,595
Add: Customer inducement costs recorded as a reduction of revenue		35,010		41,789		31,444		42,429		2,300		4,261		290		578
Less: Service cost		—		—		43,908		44,841		—		—		5,861		6,673
Adjusted Margin(2)		96,029		102,818		90,734		105,817		27,108		37,749		16,397		20,500

Air Ticketing. Revenue from our air ticketing business was $61.0 million for the quarter ended September 30, 2025, exhibiting stable performance in absolute terms despite short-term supply constraints in the domestic market (an increase of 3.3% in constant currency), as compared to $61.0 million in the quarter ended September 30, 2024. Our Adjusted Margin – Air ticketing increased by 7.1% (10.6% in constant currency) to $102.8 million in the quarter ended September 30, 2025, from $96.0 million in the quarter ended September 30, 2024. Adjusted Margin – Air ticketing includes customer inducement costs of $41.8 million in the quarter ended September 30, 2025 and $35.0 million in the quarter ended September 30, 2024, recorded as a reduction of revenue. The increase in revenue (in constant currency) from our air ticketing business and Adjusted Margin – Air ticketing was primarily due to a marginal increase in gross bookings of 1.1% (5.4% in constant currency) in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024. Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of gross bookings) – Air ticketing increased marginally to 7.2% in the quarter ended September 30, 2025 as compared to 6.8% in the quarter ended September 30, 2024.

Hotels and Packages. Revenue from our hotels and packages business increased by 4.9% (8.8% in constant currency) to $108.2 million in the quarter ended September 30, 2025, from $103.2 million in the quarter ended September 30, 2024. Our Adjusted Margin – Hotels and packages increased by 16.6% (21.6% in constant currency) to $105.8 million in the quarter ended September 30, 2025 from $90.7 million in the quarter ended September 30, 2024. Adjusted Margin – Hotels and packages includes customer inducement costs of $42.4 million in the quarter ended September 30, 2025 and $31.4 million in the quarter ended September 30, 2024, recorded as a reduction of revenue. The increase in revenue from our hotels and packages business and Adjusted Margin – Hotels and packages was primarily due to an increase in gross bookings by 12.9% (17.8% in constant currency), which was primarily driven by a 18.0% increase in the number of hotel-room nights in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024, primarily due to robust travel demand in India for both domestic and international outbound travel in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024. Our Adjusted Margin % – Hotels and packages increased to 18.1% in the quarter ended September 30, 2025 as compared to 17.5% in the quarter ended September 30, 2024.

Bus Ticketing. Revenue from our bus ticketing business increased by 35.0% (39.6% in constant currency) to $33.5 million in the quarter ended September 30, 2025, from $24.8 million in the quarter ended September 30, 2024. Our Adjusted Margin – Bus ticketing increased by 39.3% (44.1% in constant currency) to $37.7 million in the quarter ended September 30, 2025 from $27.1 million in the quarter ended September 30, 2024. Adjusted Margin – Bus ticketing includes customer inducement costs of $4.3 million in the quarter ended September 30, 2025 and $2.3 million in the quarter ended September 30, 2024, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin – Bus ticketing was primarily due to an increase in gross bookings by 37.7% (43.7% in constant currency) driven by a 39.2% increase in the number of bus tickets travelled year over year, primarily due to robust travel demand in India in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024. Our Adjusted Margin % – Bus ticketing increased marginally to 10.4% in the quarter ended September 30, 2025 as compared to 10.3% in the quarter ended September 30, 2024.

Others. Revenue from our others business increased by 21.1% (25.7% in constant currency) to $26.6 million in the quarter ended September 30, 2025, from $22.0 million in the quarter ended September 30, 2024. Our Adjusted Margin – Others increased by 25.0% (29.7% in constant currency) to $20.5 million in the quarter ended September 30, 2025 from $16.4 million in the quarter ended September 30, 2024. Adjusted Margin – Others includes customer inducement costs of $0.6 million in the quarter ended September 30, 2025 and $0.3 million in the quarter ended September 30, 2024, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin – Others was primarily due to an increase in other travel services, marketing alliances and ancillary services.

Other Income. Other income was $0.3 million in the quarter ended September 30, 2025 and $0.1 million in the quarter ended September 30, 2024.

Service Cost. Service cost increased by 3.5% to $51.5 million in the quarter ended September 30, 2025 from $49.8 million in the quarter ended September 30, 2024, primarily due to robust travel demand, particularly for our packages and car booking businesses in India, in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024.

Personnel Expenses. Personnel expenses increased by 2.7% to $40.4 million in the quarter ended September 30, 2025 from $39.4 million in the quarter ended September 30, 2024, primarily due to the annual wage increases effected in the quarter ended June 30, 2025, which was partially offset by the decrease in the share-based compensation costs in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024.

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 6.0% to $37.9 million in the quarter ended September 30, 2025 from $35.8 million in the quarter ended September 30, 2024, primarily due to an increase in variable costs and discretionary expenditures such as expenses on events and brand building initiatives. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $89.1 million in the quarter ended September 30, 2025 and $69.0 million in the quarter ended September 30, 2024. The details are as follows:


	For the three months ended September 30
	2024		2025
	(Amounts in USD thousands)
Marketing and sales promotion expenses		35,800		37,931
Customer inducement costs recorded as a reduction of revenue		69,044		89,057

Other Operating Expenses. Other operating expenses increased by 9.2% to $58.3 million in the quarter ended September 30, 2025 from $53.4 million in the quarter ended September 30, 2024, primarily due to an increase in operating expenses, including distribution costs, website hosting charges, payment gateway charges and technology and maintenance expenses linked to an increase in bookings in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024.

Depreciation and Amortization . Our depreciation and amortization expenses were $7.0 million in the quarter ended September 30, 2025 and $6.7 million in the quarter ended September 30, 2024.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $34.4 million in the quarter ended September 30, 2025 as compared to a profit of $26.1 million in the quarter ended September 30, 2024. Our Adjusted Operating Profit was $44.2 million in the quarter ended September 30, 2025 as compared to $37.5 million in the quarter ended September 30, 2024. For a description of the components and calculation of “Adjusted Operating Profit” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Results from operating activities”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Net Finance Costs. Our net finance costs were $35.9 million in the quarter ended September 30, 2025 as compared to $0.5 million in the quarter ended September 30, 2024, primarily due to an increase of $24.3 million in interest expense on financial liabilities measured at amortized cost and an increase of $11.2 million in foreign exchange losses in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024.

The interest expense on financial liabilities measured at amortized cost referenced above is calculated on the liability component of $1,118.6 million related to our 0.00% convertible senior notes due 2030 (“2030 Notes”), which were issued on June 23, 2025 and are accounted for as a compound financial instrument. The present value of amount allocated to the liability component will be accreted to the principal amount of 2030 Notes i.e. $1,437.5 million, from the date of issuance to the earliest optional redemption date of the 2030 Notes in July 2028, with an effective interest rate of 8.63% per annum.

The increase in foreign exchange loss in the quarter ended September 30, 2025, which are primarily unrealized, resulted from translations of monetary assets and liabilities from U.S. Dollars and United Arab Emirates Dirhams to Indian rupees as at September 30, 2025 as compared to September 30, 2024 and was primarily due to the significant depreciation of the Indian Rupee by 3.7% against the U.S. Dollar and the United Arab Emirates Dirham during the quarter ended September 30, 2025.

Income Tax Expense. Our income tax expense was $4.3 million in the quarter ended September 30, 2025 as compared to $7.6 million in the quarter ended September 30, 2024, primarily due to a reversal of deferred tax liabilities recognized in the quarter ended September 30, 2025, which was partially offset by an increase in tax expense resulting from an increase in our taxable income.

Profit (Loss) for the Period. As a result of the foregoing factors, our loss for the quarter ended September 30, 2025 was $5.7 million as compared to a profit of $17.9 million in the quarter ended September 30, 2024. Our Adjusted Net Profit was $36.4 million in the quarter ended September 30, 2025, as compared to $40.7 million in the quarter ended September 30, 2024. For a description of the components and calculation of “Adjusted Net Profit” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Profit (loss) for the period”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Diluted Earnings (Loss) per Share. As a result of the foregoing factors, diluted loss per share was $0.06 for the quarter ended September 30, 2025 as compared to diluted earnings per share of $0.16 in the quarter ended September 30, 2024. Our Adjusted Diluted Earnings per share was $0.37 in the quarter ended September 30, 2025 as compared to $0.36 in the quarter ended September 30, 2024. For a description of the components and calculation of “Adjusted Diluted Earnings per Share” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Diluted earnings (loss) per share”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Liquidity. As at September 30, 2025, cash and cash equivalents and term deposits (including restricted cash and cash equivalents and term deposits of $15.3 million) on our balance sheet was $835.4 million. As at September 30, 2025, we had $0.5 million in bank overdrafts.

Repurchases of Shares and Convertible Notes

The Company’s share repurchase plan, pursuant to which the Company can repurchase its ordinary shares at any price determined by its board of directors from time to time, was amended on October 28, 2025 and remains effective until March 31, 2030. Furthermore, the board of directors has authorized the Company to repurchase its convertible senior notes due 2028 (the “2028 Notes”) and its convertible senior notes due 2030 from time to time through open market purchases, privately negotiated transactions with individual holders or otherwise, in accordance with applicable securities laws (including Rule 14e-5 of the U.S. Securities Exchange Act of 1934) which remains effective until March 31, 2030. The aggregate amount of ordinary shares, 2028 Notes and 2030 Notes that may be repurchased by the Company pursuant to this existing program shall not exceed $200.0 million, with a sub-limit of $100.0 million during each fiscal year. The price and timing of any such repurchases will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors as determined by the board of directors from time to time. There can be no assurance that we will execute any such repurchase pursuant to this existing program.

There were no repurchases of ordinary shares pursuant to the share repurchase plan or repurchases of 2028 Notes during the second quarter of fiscal 2026. Following the amendment of the repurchase program on October 28, 2025, we have remaining authority to repurchase an aggregate of up to $200.0 million of our outstanding ordinary shares, 2028 Notes and 2030 Notes.

Conference Call

MakeMyTrip will host a live Zoom webinar to discuss the Company’s results for the quarter ended September 30, 2025 beginning at 7:30 AM EDT or 5:00 PM IST on October 28, 2025 through the Company’s Investor Relations website at https://investors.makemytrip.com/. To participate, please use the following link https://makemytrip.zoom.us/webinar/register/WN_ezlSqXmpTw23OnW9DfKO7A to register for the live event. Registered participants will receive a confirmation email containing the Zoom access link and alternative phone dial-in details. A replay of the event will be available on the “Investor Relations” section of the Company’s website at http://investors.makemytrip.com, approximately two hours after the conclusion of the live event.

About Key Performance Indicators and Non-IFRS Measures

We refer to certain non-IFRS measures in various places within this release, including “Adjusted Operating Profit”, “Adjusted Net Profit”, “Adjusted Diluted Earnings per Share” and constant currency results. Our key performance indicators are “Adjusted Margin” and “Adjusted Margin %” which are also non-IFRS measures referred to in various places within this release.

We evaluate our financial performance in each of our reportable segments based on our key performance indicators, Adjusted Margin and Adjusted Margin %, which are non-IFRS measures and segment profitability measures. Adjusted Margin represents IFRS revenue after adding back customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue, and deducting the cost of procurement of services primarily relating to sales to customers where we act as the principal. Adjusted Margin % represents Adjusted Margin as a percentage of gross bookings.

As certain parts of our revenues are recognized on a “net” basis when we are acting as an agent, and other parts of our revenue are recognized on a “gross” basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a non-IFRS measure and a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. Income from packages, including income on airline tickets sold to customers

as a part of tours and packages is accounted for on a “gross” basis as the Company controls the services before such services are transferred to travelers. Revenue from the packages business which is accounted for on a “gross” basis represents the total amount paid by customers for these travel services and products, while our cost of procuring the relevant services and products for sale to our customers in this business is classified as service cost. Similarly, in our car bookings business, we generally recognize revenue on a “gross” basis.

We also refer to Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share which are non-IFRS measures and most directly comparable to results from operating activities, profit for the period and diluted earnings per share for the period, respectively, each of which is an IFRS measure. We use financial measures that exclude share-based compensation costs, amortization of acquired intangibles, gain on discontinuation of equity-accounted investment, change in fair value of financial asset measured at fair value through profit or loss (“FVTPL”), share of loss of equity-accounted investees, interest expense on financial liabilities measured at amortized cost, and income tax expense for our internal management reporting, budgeting and decision making purposes, including comparing our operating results to that of our competitors.

A limitation of using Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share instead of results from operating activities, profit for the period and diluted earnings per share calculated in accordance with IFRS as issued by the IASB is that these non-IFRS financial measures exclude a recurring cost, for example, share-based compensation. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share. Because of varying available valuation methodologies and subjective assumptions that companies can use when applying IFRS 2 “Share based payment,” management believes that providing non-IFRS measures that exclude such expense allows investors to make additional comparisons between our operating results and those of other companies. In addition, reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release.

Constant currency results are financial measures that are not prepared in accordance with IFRS and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year. Because the impact of changing foreign currency exchange rates may not provide an accurate baseline for analyzing trends in our business, management believes that percentage growth in constant currency is an important metric for evaluating our operations. Constant currency is a non-IFRS measure and it should not be considered as a substitute for measures prepared in accordance with IFRS.

We believe that our current calculations of Adjusted Operating Profit, Adjusted Net Profit, Adjusted Diluted Earnings per Share, Adjusted Margin, Adjusted Margin % and constant currency results represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items and other items such as customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs, which we believe are representative of our operating results and provide useful information to investors and analysts. We believe that investors and analysts in our industry use these non-IFRS measures and key performance indicators to compare our company and our performance to that of our global peers.

However, the presentation of these non-IFRS measures and key performance indicators are not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures and key performance indicators may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

Safe Harbor Statement

This release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “aim”, “anticipate”, “believe”, “continue”, “estimate”, “expect”, “is/are likely to”, “intend”, “may”, “potential”, “plan”, “project”, “should”, “seek”, “will”, or other similar expressions. Such statements include, among other things, quotations from management as well as the Company’s strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, a slow-down of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of the Company’s shares, the Company’s reliance on its relationships with travel suppliers and strategic alliances, failure to further increase the Company’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop the Company’s corporate travel business, damage to or failure of the Company’s infrastructure and technology, loss of services of the Company’s key executives, and inflation in India and in other countries. These and other factors are more fully discussed in the “Risk Factors” section of the Company’s 20-F dated June 16, 2025, filed with the United States Securities and Exchange Commission. All information provided in this release is provided as of the date of issuance of this release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About MakeMyTrip Limited

We own and operate well-recognized online travel brands, including MakeMyTrip, Goibibo and redBus. Through our primary websites, www.makemytrip.com, www.goibibo.com and www.redbus.in, and mobile platforms, travelers can research, plan and book a wide range of travel services and products in India and overseas. Our services include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, bus ticketing, rail ticketing, car hire, activities and experiences, and ancillary travel requirements such as facilitating access to third-party travel insurance, forex services and visa processing.

We provide our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, a comprehensive set of domestic accommodation properties in India and a wide selection of properties outside of India, tickets for Indian Railways and bus services operated through all major Indian bus operators.

For more details, please contact:

Vipul Garg

Senior Vice President - Investor Relations

MakeMyTrip Limited

Vipul.garg@go-mmt.com

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

(UNAUDITED)

(Amounts in USD thousands)


	As at March 31, 2025			As at September 30, 2025
Assets
Property, plant and equipment		26,457			23,927
Intangible assets and goodwill		597,791			570,895
Trade and other receivables		8,879			8,999
Investment in equity-accounted investees		1,914			1,650
Other investments		972			2,821
Term deposits		2,130			5,624
Non-current tax assets, net		18,044			20,747
Deferred tax assets, net		106,431			87,111
Other non-current assets		402			145
Total non-current assets		763,020			721,919
Inventories		363			643
Contract assets		507			9,054
Current tax assets, net		9,140			—
Trade and other receivables		141,143			149,951
Term deposits		252,286			308,110
Other current assets		152,931			145,130
Cash and cash equivalents		508,898			521,707
Total current assets		1,065,268			1,134,595
Total assets		1,828,288			1,856,514
Equity
Share capital		56			48
Share premium		2,203,445			2,708,678
Other components of equity		(71,003	)		142,299
Accumulated deficit		(929,868	)		(2,825,519	)
Total equity attributable to owners of the Company		1,202,630			25,506
Non-controlling interests		5,347			4,265
Total equity		1,207,977			29,771
Liabilities
Loans and borrowings(#)		13,895			1,156,648
Employee benefits		14,705			15,065
Contract liabilities		175			119
Deferred tax liabilities, net		2,526			50,818
Other non-current liabilities		12,396			11,538
Total non-current liabilities		43,697			1,234,188
Bank overdraft		536			461
Loans and borrowings(#)		222,142			230,191
Trade and other payables		146,999			142,505
Contract liabilities		120,098			134,422
Other current liabilities		86,839			84,976
Total current liabilities		576,614			592,555
Total liabilities		620,311			1,826,743
Total equity and liabilities		1,828,288			1,856,514

# Loans and borrowings include lease liabilities amounting to $13.7 million as at September 30, 2025 (as at March 31, 2025: $15.4 million).

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(UNAUDITED)

(Amounts in USD thousands, except per share data and share count)


	For the three months ended September 30						For the six months ended September 30
	2024			2025			2024			2025
Revenue
Air ticketing		61,019			61,029			118,565			121,154
Hotels and packages		103,198			108,229			250,044			249,877
Bus ticketing		24,808			33,488			54,025			72,241
Other revenue		21,968			26,595			42,878			54,915
Total revenue		210,993			229,341			465,512			498,187
Other income		142			252			192			1,777
Service cost
Procurement cost of hotels and packages services		43,908			44,841			122,562			112,023
Other cost of providing services		5,861			6,673			12,300			14,378
Personnel expenses		39,376			40,439			77,578			80,659
Marketing and sales promotion expenses		35,800			37,931			75,876			81,856
Other operating expenses		53,374			58,300			110,054			122,111
Depreciation and amortization		6,704			6,972			13,364			14,139
Results from operating activities		26,112			34,437			53,970			74,798
Finance income		7,283			7,248			14,497			14,042
Finance costs		7,771			43,109			13,310			53,879
Net finance income (costs)		(488	)		(35,861	)		1,187			(39,837	)
Share of loss of equity-accounted investees		(74	)		(23	)		(89	)		(29	)
Profit (loss) before tax		25,550			(1,447	)		55,068			34,932
Income tax expense		(7,611	)		(4,291	)		(16,083	)		(14,865	)
Profit (loss) for the period		17,939			(5,738	)		38,985			20,067
Other comprehensive income (loss), net of tax
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit liability		(466	)		95			(466	)		95
Equity instruments at fair value through other comprehensive income (FVOCI) - net change in fair value		—			—			(452	)		—
		(466	)		95			(918	)		95
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences on foreign operations		(3,147	)		(32,892	)		(3,422	)		(35,260	)
Other comprehensive income (loss) for the period, net of tax		(3,613	)		(32,797	)		(4,340	)		(35,165	)
Total comprehensive income (loss) for the period		14,326			(38,535	)		34,645			(15,098	)
Profit (loss) attributable to:
Owners of the Company		17,853			(5,615	)		38,883			20,309
Non-controlling interests		86			(123	)		102			(242	)
Profit (loss) for the period		17,939			(5,738	)		38,985			20,067
Total comprehensive income (loss) attributable to:
Owners of the Company		14,268			(38,229	)		34,573			(14,662	)
Non-controlling interests		58			(306	)		72			(436	)
Total comprehensive income (loss) for the period		14,326			(38,535	)		34,645			(15,098	)
Earnings (loss) per share (in USD)
Basic		0.16			(0.06	)		0.35			0.19
Diluted		0.16			(0.06	)		0.34			0.19
Weighted average number of shares (including Class B Shares)
Basic		112,165,236			97,978,804			112,095,316			106,498,131
Diluted		114,725,904			97,978,804			114,609,805			108,326,036

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

(Amounts in USD thousands)


	Attributable to owners of the Company
							Other components of equity
	Share Capital			Share Premium			Equity Component of Convertible Notes		Treasury Shares Reserve			Fair Value Reserves			Share Based Payment Reserve			Foreign Currency Translation Reserve			Accumulated Deficit			Total			Non- Controlling Interests			Total Equity
Balance as at April 1, 2025		56			2,203,445			31,122		(21,722	)		(84	)		118,412			(198,731	)		(929,868	)		1,202,630			5,347			1,207,977
Total comprehensive income (loss) for the period
Profit (loss) for the period		—			—			—		—			—			—			—			20,309			20,309			(242	)		20,067
Other comprehensive income (loss)
Foreign currency translation differences		—			—			—		—			—			—			(35,066	)		—			(35,066	)		(194	)		(35,260	)
Remeasurements of defined benefit liability		—			—			—		—			—			—			—			95			95			—			95
Total other comprehensive income (loss)		—			—			—		—			—			—			(35,066	)		95			(34,971	)		(194	)		(35,165	)
Total comprehensive income (loss) for the period		—			—			—		—			—			—			(35,066	)		20,404			(14,662	)		(436	)		(15,098	)
Transactions with owners of the Company
Contributions by owners
Share-based payment		—			—			—		—			—			12,908			—			—			12,908			65			12,973
Issue of ordinary shares on exercise of share based awards	*				8,177			—		—			—			(6,849	)		—			—			1,328			—			1,328
Transfer to accumulated deficit on expiry of share based awards		—			—			—		—			—			(28	)		—			28			—			—			—
Issue of convertible notes		—			—			241,728		—			—			—			—			—			241,728			—			241,728
Issue of ordinary shares		9			1,621,010			—		—			—			—			—			—			1,621,019			—			1,621,019
Repurchase of own shares		(17	)		(1,123,954	)		—		—			—			—			—			(1,914,846	)		(3,038,817	)		—			(3,038,817	)
Total contributions by owners		(8	)		505,233			241,728		—			—			6,031			—			(1,914,818	)		(1,161,834	)		65			(1,161,769	)
Changes in ownership interests
Recognition of financial liability for acquisition of non-controlling interest		—			—			—		—			—			—			—			(1,822	)		(1,822	)		(711	)		(2,533	)
Change in fair value of financial liability for acquisition of non-controlling interests		—			—			—		—			—			—			609			585			1,194			—			1,194
Total changes in ownership interests		—			—			—		—			—			—			609			(1,237	)		(628	)		(711	)		(1,339	)
Total transactions with owners of the Company		(8	)		505,233			241,728		—			—			6,031			609			(1,916,055	)		(1,162,462	)		(646	)		(1,163,108	)
Balance as at September 30, 2025		48			2,708,678			272,850		(21,722	)		(84	)		124,443			(233,188	)		(2,825,519	)		25,506			4,265			29,771

*less than 1

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

(UNAUDITED)

(Amounts in USD thousands)


	For the six months ended September 30
	2024			2025
Profit for the period		38,985			20,067
Adjustments for non-cash items		45,428			79,779
Changes in working capital		23,549			(9,330	)
Net cash generated from operating activities		107,962			90,516
Net cash used in investing activities		(28,778	)		(57,048	)
Net cash used in financing activities		(3,879	)		(3,935	)
Increase in cash and cash equivalents		75,305			29,533
Cash and cash equivalents at beginning of the period		327,065			508,362
Effect of exchange rate fluctuations on cash held		(497	)		(16,649	)
Cash and cash equivalents (net of bank overdraft) at end of the period		401,873			521,246

MAKEMYTRIP LIMITED

INFORMATION ABOUT REPORTABLE SEGMENTS

(UNAUDITED)

(Amounts in USD thousands)


	For the three months ended September 30
	Reportable segments
	Air ticketing				Hotels and packages				Bus ticketing				All other segments				Total
Particulars	2024		2025		2024		2025		2024		2025		2024		2025		2024			2025
Consolidated Revenue		61,019		61,029		103,198		108,229		24,808		33,488		21,968		26,595		210,993			229,341
Add: Customer inducement costs recorded as a reduction of revenue*		35,010		41,789		31,444		42,429		2,300		4,261		290		578		69,044			89,057
Less: Service cost		—		—		43,908		44,841		—		—		5,861		6,673		49,769			51,514
Adjusted Margin		96,029		102,818		90,734		105,817		27,108		37,749		16,397		20,500		230,268			266,884
Other income																		142			252
Personnel expenses																		(39,376	)		(40,439	)
Marketing and sales promotion expenses																		(35,800	)		(37,931	)
Customer inducement costs recorded as a reduction of revenue*																		(69,044	)		(89,057	)
Other operating expenses																		(53,374	)		(58,300	)
Depreciation and amortization																		(6,704	)		(6,972	)
Finance income																		7,283			7,248
Finance costs																		(7,771	)		(43,109	)
Share of loss of equity-accounted investees																		(74	)		(23	)
Profit (loss) before tax																		25,550			(1,447	)


	For the six months ended September 30
	Reportable segments
	Air ticketing				Hotels and packages				Bus ticketing				All other segments				Total
Particulars	2024		2025		2024		2025		2024		2025		2024		2025		2024			2025
Consolidated Revenue		118,565		121,154		250,044		249,877		54,025		72,241		42,878		54,915		465,512			498,187
Add: Customer inducement costs recorded as a reduction of revenue*		66,573		78,724		70,527		89,844		5,439		8,101		737		1,458		143,276			178,127
Less: Service cost		—		—		122,562		112,023		—		—		12,300		14,378		134,862			126,401
Adjusted Margin		185,138		199,878		198,009		227,698		59,464		80,342		31,315		41,995		473,926			549,913
Other income																		192			1,777
Personnel expenses																		(77,578	)		(80,659	)
Marketing and sales promotion expenses																		(75,876	)		(81,856	)
Customer inducement costs recorded as a reduction of revenue*																		(143,276	)		(178,127	)
Other operating expenses																		(110,054	)		(122,111	)
Depreciation and amortization																		(13,364	)		(14,139	)
Finance income																		14,497			14,042
Finance costs																		(13,310	)		(53,879	)
Share of loss of equity-accounted investees																		(89	)		(29	)
Profit before tax																		55,068			34,932

* For purposes of reporting to the Chief Operating Decision Maker (CODM), the segment profitability measure i.e. Adjusted Margin represents IFRS revenue after adding back certain customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue and reducing service cost.

MAKEMYTRIP LIMITED

RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS

(Unaudited)

(Amounts in USD thousands, except per share data)

The following tables reconcile our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) for the periods indicated:


	For the three months ended September 30
	Air ticketing				Hotels and packages				Bus ticketing				Others
	2024		2025		2024		2025		2024		2025		2024		2025
Revenue as per IFRS		61,019		61,029		103,198		108,229		24,808		33,488		21,968		26,595
Add: Customer inducement costs recorded as a reduction of revenue		35,010		41,789		31,444		42,429		2,300		4,261		290		578
Less: Service cost		—		—		43,908		44,841		—		—		5,861		6,673
Adjusted Margin(2)		96,029		102,818		90,734		105,817		27,108		37,749		16,397		20,500


	For the six months ended September 30
	Air ticketing				Hotels and packages				Bus ticketing				Others
	2024		2025		2024		2025		2024		2025		2024		2025
Revenue as per IFRS		118,565		121,154		250,044		249,877		54,025		72,241		42,878		54,915
Add: Customer inducement costs recorded as a reduction of revenue		66,573

MakeMyTrip Ltd 6-K