MakeMyTrip (NASDAQ: MMYT) reported fourth-quarter financial results on Tuesday. The transcript from the company's fourth-quarter earnings call has been provided below.

MakeMyTrip（纳斯达克股票代码：MMYT）于周二公布了第四季度财务业绩。以下是公司第四季度财报电话会议的文字记录。

Benzinga APIs provide real-time access to earnings call transcripts and financial data. Visit https://www.benzinga.com/apis/ to learn more.

Benzinga API 提供实时访问财报电话会议记录和财务数据。访问 https://www.benzinga.com/apis/ 了解更多信息。

Access the full call at https://makemytrip.zoom.us/webinar/register/WN_L8DK2jS8RryIDsRsdEPkPQ

访问完整电话会议记录：https://makemytrip.zoom.us/webinar/register/WN_L8DK2jS8RryIDsRsdEPkPQ

Summary

摘要

MakeMyTrip Ltd reported a strong growth in gross bookings, reaching a record $10.4 billion in fiscal year 2026, with a compound annual growth rate of roughly 34% over four years.

MakeMyTrip Ltd 报告称，毛预订量强劲增长，在 2026 财年达到了创纪录的 104 亿美元，四年的年均复合增长率约为 34%。

The company highlighted significant demand from India's rising middle class and increased travel frequency, with tier 2 and tier 3 cities becoming major growth drivers.

公司强调了来自印度日益壮大的中产阶级的显著需求和旅行频率的增加，二线和三线城市成为主要的增长驱动力。

Strategically, MakeMyTrip has focused on integrating AI into its operations, including the launch of Myra, an AI-driven conversational interface, which has improved customer engagement and conversion rates.

在战略上，MakeMyTrip 专注于将人工智能整合到其运营中，包括推出 Myra，一个基于人工智能的对话界面，改善了客户参与度和转化率。

Despite geopolitical impacts such as the West Asia conflict, the company maintained strong domestic performance and expects continued revenue growth in the 20% range during stable periods.

尽管受到西亚冲突等地缘政治影响，公司仍保持强劲的国内表现，并预计在稳定时期收入将继续增长 20% 左右。

MakeMyTrip is leveraging improved infrastructure and digital advancements in India, including increased airport capacity and enhanced internet connectivity, to capture expanding travel opportunities.

MakeMyTrip 正在利用印度改善的基础设施和数字化进步，包括增加的机场容量和增强的互联网连接，以捕捉不断扩大的旅行机会。

The company is investing in AI to improve efficiencies and enhance customer experiences, aiming to become an AI-native organization.

公司正在投资人工智能以提高效率和改善客户体验，目标是成为一家以人工智能为核心的组织。

Financially, the company reported a 10.7% year-over-year revenue growth in constant currency for FY26, with improved profitability and an operating profit margin expansion.

在财务方面，公司报告称 2026 财年以固定汇率计算的收入同比增长 10.7%，盈利能力改善，营业利润率扩大。

Management remains cautiously optimistic about future growth, focusing on AI-driven transformation and disciplined cost management to navigate external challenges.

管理层对未来增长保持谨慎乐观，专注于以人工智能驱动的转型和严格的成本管理，以应对外部挑战。

Full Transcript

完整记录

OPERATOR

主持人

Fiscal 2026 fourth quarter and full Year Earnings Webinar Today's event will be hosted by Companies Leadership team comprising Rajesh Mago, our Co Founder and Group Chief Executive Officer, Mohit Kabra, our Group Chief Operating Officer and Deepak Pora, our Group Chief Financial Officer of MakeMyTrip Ltd, our Group Chief Financial Officer. As a reminder, this live event is being recorded by the Company and will be made available for replay on our IR website shortly after the conclusion of today's event.

2026 财年第四季度及全年财报网络研讨会，今天的活动将由公司的领导团队主持，包括我们的联合创始人兼集团首席执行官 Rajesh Mago、集团首席运营官 Mohit Kabra 和 MakeMyTrip Ltd 的集团首席财务官 Deepak Pora。请注意，此次直播活动将由公司录制，并将在今天活动结束后不久在我们的投资者关系网站上提供重播。

At the end of these prepared remarks, we will also be hosting a Q&A session. Furthermore, certain statements made during today's event may be considered forward looking statements within the meaning of the Safe Harbor provision of the U.S. private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance, are subject to inherent uncertainties and actual results may differ materially. Any forward looking information relayed during this event speaks only as of this date and the Company undertakes no obligation to update the information to reflect changed circumstances.

在这些准备发言结束后，我们还将举行问答环节。此外，今天活动中所作的某些陈述可能被视为 1995 年美国私人证券诉讼改革法案中的安全港条款下的前瞻性陈述。这些陈述并不保证未来的表现，受固有不确定性的影响，实际结果可能会有重大差异。任何在此次活动中传达的前瞻性信息仅在此日期有效，公司没有义务更新信息以反映情况的变化。

Additional information concerning these statements is contained in the Risk Factors and Forward Looking Statements section of the Company's Annual report on Form 20-F filed with the Securities and Exchange Commission (SEC) on June 16, 2025. Copies of these filings are available from the Securities and Exchange Commission (SEC) or from the Company's Investor Relations Department. I would like to now turn over the call to Rajesh. Over to you Rajesh.

有关这些陈述的更多信息包含在公司于2025年6月16日向证券交易委员会（SEC）提交的 20-F 表格年度报告的风险因素和前瞻性陈述部分。这些文件的副本可从证券交易委员会（SEC）或公司的投资者关系部门获得。现在我将电话交给 Rajesh。请你继续，Rajesh。

Rajesh Mago (Co Founder and Group Chief Executive Officer)

Rajesh Mago（联合创始人兼集团首席执行官）

Thank you Vipul. Welcome everyone to our fourth quarter and full year call for fiscal 2026. Before we take you all through the quarter details, I would like to step back a bit and remind everyone about some fundamental structural changes that have emerged post-COVID that has been shaping the travel market in India. When the world opened in 2022, the rebound that initially looked to be pent up demand coming out of the quiet phase due to pandemic soon formed a new baseline.

谢谢你，Vipul。欢迎大家参加我们 2026 财年第四季度及全年电话会议。在我们详细介绍季度情况之前，我想稍微回顾一下 COVID 后出现的一些基本结构性变化，这些变化正在塑造印度的旅行市场。当世界在 2022 年重新开放时，最初看似是疫情静默阶段后释放的压抑需求，随后形成了新的基准。

This robust shift in demand is reflected in our reported numbers where gross bookings went from approximately 3.2 billion in fiscal year 22 to 6.6 billion in fiscal year 23 and a record 10.4 billion in fiscal year 26, compounding at roughly 34% over four years. This was a good combination of post pandemic recovery and behavior shift among Indian travelers, well supported by some key structural macro changes in the Indian economy. Major reasons for this robust demand shift are first is rising and aspirational middle-class.

这种需求的强劲变化反映在我们的报告数字中，毛预订量从 2022 财年的约 32 亿美元增长到 2023 财年的 66 亿美元，并在 2026 财年达到了创纪录的 104 亿美元，四年复合增长率约为 34%。这是疫情后复苏与印度旅行者行为变化的良好结合，并得到了印度经济中一些关键结构性宏观变化的有力支持。这种强劲需求变化的主要原因首先是中产阶级的崛起和渴望。

As per a Bain study, the middle-income household with annual income between $4,500 to $35,000 has been growing at a robust high single digit annual growth rate and is likely to further grow at an accelerated pace from 200 million in 2022 to 300 million in 2032, a growth of 50% in 10 years. India also added over 70 million passport holders in the last five years. Tier 2 and Tier 3 cities are now major growth drivers. A traveler from Indore or Coimbatore today has the same aspiration and increasingly the same purchasing power as one from Mumbai or Delhi five years ago.

根据贝恩研究，年收入在 4500 美元到 35000 美元之间的中等收入家庭以高个位数的年增长率稳步增长，预计在 2032 年将从 2022 年的 2 亿人加速增长到 3 亿人，十年增长 50%。印度在过去五年中新增了超过 7000 万护照持有者。二线和三线城市现在是主要的增长驱动力。来自印多尔或科印巴托尔的旅行者今天的愿望和购买力与五年前来自孟买或德里的旅行者相同。

This is a massive multi year addressable market expansion and we are only in its early innings. Second, travel has shifted from occasion to habit. Our data shows booking frequency per user is rising year on year. Indians are no longer saving up for one big annual holiday. They are taking multiple trips a year. Three to six trips a year across leisure, religious and extended weekend categories is becoming the new normal for India's connected earning class.

这是一个巨大的多年可寻址市场扩展，我们仅处于早期阶段。其次，旅行已从偶尔的活动转变为习惯。我们的数据显示，每位用户的预订频率逐年上升。印度人不再为一次大型年度假期而存钱，他们每年进行多次旅行。每年进行三到六次的休闲、宗教和延长周末旅行已成为印度连接的收入阶层的新常态。

The experiential economy is real and is a big opportunity. The cohort driving this is also the one with the longest consumption Runway ahead. As per Colling's International 2024 research, Indian millennials annual travel spend was at about $6,000, making travel their single largest discretionary expense at 34% of annual spending. These millennials are not yet in their peak earning years. These millennials are not yet in their even peak earning years.

体验经济是真实存在的，并且是一个巨大的机会。推动这一趋势的群体也是未来消费潜力最长的一群人。根据 Colling's International 2024 年的研究，印度千禧一代的年均旅行支出约为 6000 美元，使旅行成为他们最大的可自由支配支出，占年支出的 34%。这些千禧一代尚未进入他们的高峰收入年限。

The per trip wallet will only expand with time. Third, the growth of world class physical infrastructure. The demand story compounds if supply keeps pace. As we all know, new airports or routes, expressways, premium rail train corridors, the government's infrastructure investment is creating supply that meets this demand. Every new airport is a new market for us. Every new direct international route is a new booking opportunity. India's expanding highway network and airport capacity are making travel faster, easier and more reliable across the country.

每次旅行的消费只会随着时间的推移而增加。第三，世界级的实体基础设施的增长。如果供应能够跟上，需求故事将会复合增长。众所周知，新机场或航线、高速公路、优质铁路走廊，政府的基础设施投资正在创造满足这一需求的供应。每一个新机场都是我们新的市场。每一条新的直飞国际航线都是一个新的预订机会。印度不断扩展的高速公路网络和机场容量正在使全国的旅行变得更快、更容易和更可靠。

Better road and air connectivity is opening up smaller cities and tourist destinations, reducing travel time and helping unlock tourism, local spending and regional economic growth on aviation. Operational airports have doubled from 74 in 2014 to 157 in 2024, improving access beyond major metros and making travel more affordable and widespread especially for tier 2 and tier 3 cities. This is expected to further expand to 400 airports by 2047, providing a multi decade opportunity.

更好的公路和航空连接正在打开小城市和旅游目的地，减少旅行时间，并帮助释放旅游、地方消费和区域经济增长。运营中的机场数量从 2014 年的 74 个增加到 2024 年的 157 个，改善了对主要大城市以外地区的访问，使旅行变得更加经济和普及，尤其是对二线和三线城市。这预计到 2047 年将进一步扩展到 400 个机场，提供数十年的机会。

India's highway network has expanded sharply with national highways rising from 91,287 km in 2014 to about 1 46,145 km in 2024, while construction speed increased to 33.8 km per day in 2324. Similarly listed hotel companies are projected to add over 70,000 keys to India's hotel sector by fiscal year 2030, according to CBRE. Majority of new additions are being built into under supplied tier 2 markets and spiritual tourism corridors, both of which are future growth opportunities.

印度的高速公路网络急剧扩展，国家高速公路从 2014 年的 91,287 公里增加到 2024 年的约 146,145 公里，同时建设速度在 2324 年达到了每天 33.8 公里。根据 CBRE 的预测，上市酒店公司预计到 2030 财年将向印度酒店行业增加超过 70,000 个房间。大多数新增房间将建在供应不足的二线市场和宗教旅游走廊，这两者都是未来的增长机会。

Homestays have emerged as a flexible scalable supply addition as well. Now actively supported by governments, vacation rentals and boutique home stays are capturing outsized growth because they align with experiential itineraries that favor local immersion over standardized services. The physical infrastructure story only is half the job done in today's digital age unless the digital infrastructure has kept pace with it. India has also come a long way in digital infrastructure development, with Internet penetration touching about a billion people with high quality bandwidth becoming affordable, with data costs falling from rupees 269 per GB in

民宿作为一种灵活可扩展的供应补充也开始出现。现在在政府的积极支持下，度假租赁和精品民宿正在获得超出预期的增长，因为它们与偏向于地方沉浸而非标准化服务的体验行程相一致。在当今数字时代，单靠实体基础设施的故事只是完成了一半的工作，除非数字基础设施与之保持同步。印度在数字基础设施发展方面也取得了长足进展，互联网普及率已接近十亿人，高质量带宽变得更加实惠，数据成本从 2014 年的每 GB 269 卢比降至 2024 年的约 9 卢比。

2014 to about nine rupees per GB in 2024. On top of this is the payments infrastructure. UPI processed 640 million transactions daily in 2025, clearing over 16 billion transactions in a single month by late 2025. The combined effect is that checkout friction, historically one of the largest causes of bookings abandonment, has largely been addressed. A traveler in a tier three city with a mid range Android device can now search, compare, book and pay in under five minutes without a credit card.

此外，还有支付基础设施。UPI 在 2025 年每天处理 6.4 亿笔交易，到 2025 年底单月清算超过 160 亿笔交易。综合效应是，结账摩擦，历史上是导致预订放弃的最大原因之一，已在很大程度上得到解决。现在，三线城市的一位中档安卓设备用户可以在不到五分钟的时间内搜索、比较、预订和支付，而无需信用卡。

We have also witnessed Indian market showing resilience to bounce back fairly quickly as the disruption starts to go away. Last year was another such year as it was impacted by many disruptions pretty much every quarter. But interesting part was that the travel demand remained resilient and robust during the unimpacted months of the year, reflecting the continued strength of underlying consumer sentiment and the structural growth trajectory of India's travel market.

我们还见证了印度市场在干扰开始消失后迅速反弹的韧性。去年是这样的一年，因为几乎每个季度都受到许多干扰的影响。但有趣的是，在未受影响的月份，旅行需求依然保持韧性和强劲，反映了消费者情绪的持续强劲和印度旅行市场的结构性增长轨迹。

We at MMIT continue to outpace industry growth despite disruptions with healthy momentum across segments.

我们在 MMIT 继续超越行业增长，尽管面临干扰，各个细分市场的势头依然健康。

Sure, sure. Sorry. Is it fine now? Is it fine now? Yes, yes, much better. All right. While our international business started to get impacted in March due to Middle East conflict, the domestic business remains strong for the reported quarter. March was impacted due to West Asia conflict conflict. January and February witnessed strong year on year growth on steady state basis, encouraged by structural changes in the market and consumer behavior to spend more on travel.

当然，当然。抱歉。现在可以了吗？现在可以了吗？是的，是的，好多了。好的。虽然我们的国际业务在三月因中东冲突开始受到影响，但国内业务在报告的季度内依然强劲。三月受到西亚冲突的影响。1 月和 2 月在稳定状态下见证了强劲的同比增长，受到市场和消费者行为结构性变化的鼓励，消费者在旅行上的支出增加。

We remain confident of revenue growth in the 20s during normal periods and when external headwinds arise. We rely on the strength and resilience of our platform which offers multiple travel services, serves diverse demand segments to still deliver healthy growth compared to the industry. The other big transformational shift in the digital world is being caused by AI. At Ni' Kma Trip, we see AI not merely as a productivity tool, but as a foundational layer that can redefine travel discovery, planning, booking, servicing and loyalty.

我们对正常时期的收入增长保持信心，预计将达到 20% 的增长，当外部逆风出现时，我们依赖于我们平台的强大和韧性，提供多种旅行服务，满足多样化的需求细分，以实现相较于行业的健康增长。数字世界的另一个重大转型变化是由人工智能引起的。在 Ni' Kma Trip，我们将人工智能视为不仅仅是生产力工具，而是可以重新定义旅行发现、规划、预订、服务和忠诚度的基础层。

As shared earlier, we have been on our journey to embed Generative AI (GenAI) all through the consumer journey leveraging our own proprietary data. Besides launching Mira, a conversational interface, continuing with the journey, we launched an upgraded and more powerful and intelligent version of Mira where a traveler can now complete consumer journey right from planning to making payments within Mira using multilingual voice feature. It also now enables seamless natural interactions across flights, hotels, buses, trains, cabs and end to end itinerary planning provider positioning itself as a true travel companion what makes India uniquely exciting

如前所述，我们一直在努力将生成式人工智能（GenAI）嵌入到消费者旅程中，利用我们自己的专有数据。除了推出 Mira 这一对话界面外，我们还推出了一个升级版、更强大和智能的 Mira，旅行者现在可以在 Mira 中完成从规划到支付的整个消费者旅程，使用多语言语音功能。它现在还支持跨航班、酒店、巴士、火车、出租车和端到端行程规划的无缝自然互动，定位自己为真正的旅行伴侣。

in the AI era is also the diversity and scale of consumer behavior. AI allows us to bridge language trust and discovery barriers in ways that were previously impossible. Over the last quarter, Mira has scaled to over 50,000 plus conversations every day and is now embedded across the entire customer journey from inspiration and discovery to booking and post sales support. Over the last few days this number has further scaled to over 80,000 conversations per day for Mira.

在人工智能时代，使印度独特而令人兴奋的是消费者行为的多样性和规模。人工智能使我们能够以以前不可能的方式弥合语言、信任和发现的障碍。在过去的一个季度中，Mira 的日常对话量已扩大到超过 50,000 次，现在已嵌入整个客户旅程，从灵感和发现到预订和售后支持。在过去几天，这一数字进一步扩大到每天超过 80,000 次对话。

Adoption is broad based. Over 45% of usage comes from tier 2 and smaller cities with voice emerging as a key interface. Voice interactions are 50% higher in non metro markets with 70% of queries in English and prompts that are 40% longer and more complex than text inputs. Highlighting deeper engagement and richer intent capture Regional languages are also gaining traction, contributing 10% of voice volume today. Mira has now expanded to seven additional Indian languages, significantly widening accessibility.

采用情况广泛。超过 45% 的使用来自二线及更小城市，语音成为关键接口。在非大城市市场，语音互动比率高出 50%，70% 的查询使用英语，提示信息比文本输入长 40% 且更复杂。这突显了更深层次的参与和更丰富的意图捕捉。地方语言也在逐渐获得关注，目前占语音使用量的 10%。Mira 现已扩展至七种额外的印度语言，显著提高了可达性。

Almost 15% of conversations now happen at the trip planning stage where users are still exploring destinations and options. This allows us to influence decision making much earlier and guide users towards more relevant higher value outcomes. This deeper engagement is translating into measurable business impact. Users interacting with Mira across discovery support and booking stages demonstrate 10% higher conversion rates compared to traditional filter led journeys.

现在几乎 15% 的对话发生在旅行规划阶段，此时用户仍在探索目的地和选项。这使我们能够更早地影响决策，并引导用户朝着更相关、更高价值的结果前进。这种更深层次的参与正在转化为可衡量的商业影响。与 Mira 在发现支持和预订阶段互动的用户，转化率比传统的筛选式旅程高出 10%。

By making discovery more intuitive and personalized, Mira is reducing friction and accelerating decision making. During the quarter, myra assisted over 200,000 bookings directly. Customers engaged with our AI agent got their queries resolved and completed a transaction. We are also continuing to enhance our existing consumer journey flow with the use of AI. Our Smart Search feature is now enabling intent led discovery at scale. Smart Search is semantic free text search capability that lets customers describe what they want naturally.

通过使发现过程更加直观和个性化，Mira 正在减少摩擦，加速决策。在本季度，Mira 直接协助了超过 200,000 个预订。与我们的 AI 代理互动的客户解决了他们的查询并完成了交易。我们还在继续利用 AI 增强现有的消费者旅程流程。我们的智能搜索功能现在能够大规模实现以意图为导向的发现。智能搜索是一种语义自由文本搜索能力，让客户自然地描述他们想要的内容。

For example, families stay near Waga beach with Jain food or rooftop pool hotel in Jaipur with spa access. Through this feature, customers now receive contextually precise explainable results. This feature delivers much higher conversion versus traditional filter based learnings, clearly demonstrating that understanding intent outperforms matching keywords. We have also enabled user reviews through voice. With this feature we are seeing a fundamental shift in review quality.

例如，家庭可以选择靠近瓦加海滩的提供印度教徒饮食的酒店，或在斋浦尔有屋顶游泳池和水疗服务的酒店。通过这一功能，客户现在可以获得上下文精确的可解释结果。该功能的转化率远高于传统的基于筛选的学习，清楚地表明理解意图的效果优于匹配关键词。我们还通过语音启用了用户评论。通过这一功能，我们看到评论质量发生了根本性变化。

Voice reviews are generating lot more content per submission compared to typed reviews. Customers describe their stays naturally in detail in their own language. This richer signal feeds directly into our knowledge graph, improving the quality of AI generated summaries, safety scores and contextual recommendations for future travelers. Voice is becoming the default input for Indian customers increasingly and we are building our content infrastructure around that reality.

与打字评论相比，语音评论每次提交生成的内容更多。客户用自己的语言详细描述他们的住宿体验。这种更丰富的信号直接输入到我们的知识图谱中，提高了 AI 生成摘要、安全评分和未来旅行者的上下文推荐的质量。语音正逐渐成为印度客户的默认输入方式，我们正在围绕这一现实构建我们的内容基础设施。

We continue to drive AI based interventions in our Redbus brand too. Apart from customer support handling through AI chatbots which have scaled up and yielded about 33% efficiencies, we are now introducing voice bots to replace legacy IVR systems. We are witnessing an initial csat. Additionally, we have scaled up the AI chatbot Ray in the pre booking user journey as well. Adoption has scaled meaningfully. Regional language users show 2x engagement compared to English users, indicating clear resonance among high intent and regional audiences.

我们在 Redbus 品牌中也继续推动基于 AI 的干预。除了通过 AI 聊天机器人处理客户支持外，我们还引入了语音机器人来替代传统的 IVR 系统。我们正在见证初步的客户满意度。此外，我们还在预订前用户旅程中扩大了 AI 聊天机器人 Ray 的规模。采用率显著提升。地方语言用户的参与度是英语用户的两倍，表明在高意图和地方受众中产生了明显的共鸣。

Around 6% of total queries come via voice as input. Overall, Ray is emerging as an assist layer that improves decision confidence before booking and deepens engagement in core booking funnels. This is reflected in an overall strong growth in bus ticketing segment driven not just by top metros but the tier 2 cities across the country. Overall we are on our journey to make make my trip an AI native org with engineering, customer support, supply, onboarding, content generation and marketing functions leading the race.

大约 6% 的总查询通过语音输入。总体而言，Ray 正在成为一个辅助层，提升预订前的决策信心，并加深核心预订流程中的参与度。这在整体上反映出巴士票务领域的强劲增长，这一增长不仅来自顶级大城市，还来自全国的二线城市。总体而言，我们正在努力将 MakeMyTrip 打造成一个 AI 原生组织，工程、客户支持、供应、入驻、内容生成和营销职能在这一过程中处于领先地位。

While other corporate functions are catching up on AI adoption real fast making the org more agile and efficient. We have started to see meaningful impact in certain areas as well for for instance, about 60 to 70% of the new code is being written by AI tools now. Similarly, AI is also driving meaningful efficiency gains on our customer service function. About 55% of our call center, flight and hotels customer queries are being now resolved by digital voice agent.

虽然其他企业职能在快速追赶 AI 的采用，使组织变得更加灵活和高效。我们也开始在某些领域看到显著的影响，例如，现在约 60% 到 70% 的新代码是由 AI 工具编写的。同样，AI 也在我们的客户服务职能中推动了显著的效率提升。现在约 55% 的呼叫中心、航班和酒店客户查询由数字语音代理解决。

AIM is to keep solving for the long tail and corner use cases as we go along to ultimately have minimal human intervention on customer service without compromise on quality of experience for the customer. India remains one of the most underpenetrated travel markets globally relative to its population and income trajectory. Over the next decade we believe India could become one of the largest travel opportunity markets in the world. Online travel is a multibillion dollar structural growth opportunity and MakeMyTrip Ltd intends to play a central role in enabling that journey.

我们的目标是继续解决长尾和边缘用例，最终在客户服务中实现最小的人为干预，同时不影响客户体验的质量。相较于其人口和收入轨迹，印度仍然是全球旅行市场中渗透率最低的市场之一。在未来十年，我们相信印度可能成为全球最大的旅行机会市场之一。在线旅行是一个数十亿美元的结构性增长机会，MakeMyTrip Ltd 打算在这一旅程中发挥核心作用。

As we look ahead, our priorities remain clear driving an AI and proprietary data led transformation change in the org to drive the future growth at MMYT. Keep innovating to further strengthen the core offerings with supply side modes and scale our new offerings to the customers first choice to be the customer's first choice as one stop shop for all travel needs both for our retail and corporate customers. Leverage unique positioning of our three strong brands and other distribution channels to expand customer reach.

展望未来，我们的优先事项依然明确，推动以 AI 和专有数据为主导的组织转型，以推动 MMYT 的未来增长。继续创新，进一步增强核心产品的供应侧模式，并将我们的新产品推广为客户的首选，成为零售和企业客户所有旅行需求的一站式商店。利用我们三大强势品牌和其他分销渠道的独特定位，扩大客户覆盖面。

Leverage AI tools to drive efficiencies across the org to help drive operating leverage with this, let me now hand over the call to Mohit for the business highlights of the quarter.

利用 AI 工具推动组织内的效率，以帮助推动运营杠杆。接下来，我将把电话交给 Mohit，介绍本季度的业务亮点。

Mohit Kabra (Group Chief Operating Officer)

Mohit Kabra（集团首席运营官）

Thanks Rajesh and hello everyone. The reported financial year presented a challenging operating environment with several external factors impacting travel demand across quarters. The reported quarter was also marred by the West Asia conflict which has impacted westbound international travel and with increasing fuel costs has also led to an increase in domestic airfares. In a highly price conscious market, we were able to partially mitigate the impact of these headwinds by promoting domestic travel with a variety of transport options to suit the varying travel budgets of our customers and promoting eastbound travel within our international travel

谢谢 Rajesh，大家好。报告的财年呈现出一个具有挑战性的运营环境，多个外部因素影响了各季度的旅行需求。报告的季度也受到西亚冲突的影响，这影响了西向国际旅行，并且随着燃油成本的上升，国内机票价格也随之上涨。在一个高度关注价格的市场中，我们通过推广国内旅行和多样化的交通选择，部分缓解了这些逆风的影响，以适应客户不同的旅行预算，并促进东向国际旅行。

offerings. India continues to offer a deep and growing domestic travel opportunity supported by improving infrastructure which is helping open travel demand beyond the traditional destinations. While we are dialing up traditional leisure destinations like Goa, Kerala, Rajasthan and Kashmir, we are now actively promoting the relatively under explored destinations of for example, the Northeast. We are also tapping into the potential of pilgrimage plus pleasure trips, combining visits to pilgrimage destinations with activities or holiday options in or around those destinations.

印度继续提供深厚且不断增长的国内旅游机会，得益于基础设施的改善，这有助于打开传统目的地以外的旅游需求。虽然我们正在加大对传统休闲目的地如果阿、喀拉拉邦、拉贾斯坦邦和克什米尔的推广，但我们现在也在积极推广相对未被充分开发的目的地，例如东北地区。我们还在挖掘朝圣与休闲旅行的潜力，将朝圣目的地的访问与在这些目的地周边的活动或假期选项结合起来。

Short duration drive down holidays or breaks are also gaining popularity and we are curating more of such options for our customers across the length and breadth of the country. This is being done by curating relevant supply, strengthening partnerships and targeting customers with more contextual offerings as well as curating destinations and products where the travel confidence and affordability remains strong. For customers who are finding increasing airfares as a deterrent to travel, we have dialed up our ground transport offerings to retain or spur up domestic travel demand.

短途自驾假期或休息也越来越受欢迎，我们正在为全国各地的客户策划更多此类选项。这是通过策划相关供应、加强合作伙伴关系以及针对客户提供更具情境的产品来实现的，同时策划旅行信心和可负担性仍然强劲的目的地和产品。对于那些因机票上涨而感到旅行受阻的客户，我们已经加强了地面交通服务，以保持或刺激国内旅行需求。

We have added new supply to take the private bus inventory to an average of 46,000 daily schedules during the reported quarter. To channel new supply of routes to higher demand categories or sectors, we have revamped the route suggestions module for our suppliers of bus services. This enables them to figure out routes that have unmet demand and add more inventory on those routes. As a result, our bus ticketing volumes for the quarter grew by 27.6% year on year and for the full year grew by 32.9% year on year.

我们新增了供应，将私人巴士的日常班次提升至平均 46,000 个。在将新路线供应引导至需求更高的类别或行业方面，我们对巴士服务供应商的路线建议模块进行了改进。这使他们能够找出未满足需求的路线，并在这些路线增加更多库存。因此，我们的巴士票务量在报告季度同比增长了 27.6%，全年同比增长了 32.9%。

And the intercity cabs business, which is a relatively new business, has also seen growth at over 20%. Demand on a variety of these routes was also aided by regional festivals during the quarter As a result of providing variety of transport options that suit the travel budgets of our varied customers, we were able to deliver strong volume growth of 15.2% in our accommodation business which includes hotels, homestays and holiday packages. It might be relevant to call that as per HPS analog research, the occupancy in the accommodation industry during the reported quarter is likely to or slightly negative on a year on year basis.

而城市间出租车业务作为一个相对新兴的业务，也实现了超过 20% 的增长。多条路线的需求在季度内也受到区域节日的推动。由于提供了适合不同客户旅行预算的多样化交通选择，我们的住宿业务（包括酒店、民宿和假期套餐）实现了 15.2% 的强劲增长。根据 HPS 的类比研究，报告季度的住宿行业入住率可能同比持平或略有下降。

This year on year growth of 15. 2.2% is also notable as it has come in in a quarter which has been impacted by the high base of Kumbh related one time demand in the same quarter of last year. Long weekends and drive down holidays are emerging as important growth drivers as more consumers or customers increasingly look for short haul, convenient and value oriented travel options. We recorded our highest ever domestic hotel check INS on the 24th of January weekend, crossing 200,000 room nights on a single day for the first time.

这一 15.2% 的同比增长也值得注意，因为它是在受到去年同季度与 Kumbh 相关的一次性高基数影响的情况下实现的。长周末和短途自驾假期正在成为重要的增长驱动力，因为越来越多的消费者或客户寻求短途、便利和性价比高的旅行选项。我们在 1 月 24 日的周末记录了有史以来最高的国内酒店入住人数，单日超过 200,000 个房晚。

One particularly notable trend is the rise of spiritual and pilgrimage tourism. Accommodation bookings for spiritual destinations have continued to demonstrate strong momentum even after the event of last year, highlighting the structural rise of pilgrimage and faith based tourism in India. Pilgrimage has always been embedded in India's culture. We are witnessing now a growing wave with more and more Indians across age groups actively choosing spiritual travel as part of their lives.

一个特别显著的趋势是精神和朝圣旅游的兴起。针对精神目的地的住宿预订在去年事件后仍然保持强劲势头，突显了印度朝圣和信仰旅游的结构性增长。朝圣一直是印度文化的一部分。我们现在目睹了一波增长，越来越多的印度人各个年龄段积极选择精神旅行作为生活的一部分。

This also reflects that travel in India is increasingly emotional, cultural and experience driven and not just transactional. We continue to differentiate ourselves through unmatched spread and selection, offering customers a breadth of inventory across destinations, price points as per their travel needs. This extensive choice combined with our strong platform experience allows us to serve a wide range of travel preferences more effectively. We now have over 100,000 accommodation options available on the platform covering more than 2050 cities and in the country.

这也反映出印度的旅行越来越情感化、文化化和体验驱动，而不仅仅是交易性的。我们继续通过无与伦比的广度和选择来区分自己，根据客户的旅行需求提供跨目的地、价格区间的丰富库存。这种广泛的选择结合我们强大的平台体验，使我们能够更有效地满足各种旅行偏好。我们现在在平台上提供超过 100,000 个住宿选项，覆盖全国超过 2050 个城市。

During the last year we sold room nights for over 12,000 new properties for the first time on our platforms. In the homestay segment we continue to invest in building the category and are enhancing our product proposition to improve customer experience and broaden the appeal of these kind of stays. We believe this remains an important long term opportunity and we are focused on on strengthening the value proposition for both travelers as well as our supply partners.

在过去一年中，我们首次在平台上销售了超过 12,000 个新物业的房晚。在民宿领域，我们继续投资于建立这一类别，并提升我们的产品主张，以改善客户体验并扩大这类住宿的吸引力。我们相信这仍然是一个重要的长期机会，我们专注于加强对旅行者和供应合作伙伴的价值主张。

We launched Quick Commerce and food delivery Serviceability status on relevant property page details for many of such accommodations. Surfacing availability of essentials and food delivery upfront improves trip planning convenience for our customers and reduces the pre booking anxiety. We also enhanced visibility of caretaker and on site support information across these listings. Clearer disclosure of presence, availability and responsibilities helps the guests better assess the stay experience and on the ground and provide on ground assistance.

我们在许多此类住宿的相关物业页面上推出了快速商业和食品配送服务的可用性状态。提前展示必需品和食品配送的可用性，提高了客户的旅行规划便利性，减少了预订前的焦虑。我们还增强了这些列表中看护人和现场支持信息的可见性。更清晰地披露存在、可用性和责任，有助于客人更好地评估住宿体验并提供现场协助。

Our holiday packages business and homestays business continue to scale well during the quarter we completed our acquisition of the majority stake in Flamingo Transworld a regional group holiday packages business based out of Gujarat in India. Flamingo has a strong presence in the state of Gujarat, Maharashtra, Rajasthan and Uttar Pradesh with curated group tours known for regional focus, customized experiences and servicing of international travelers.

我们的假期套餐业务和民宿业务在季度内继续良好扩展，我们完成了对 Flamingo Transworld 的控股收购，该公司是一家总部位于印度古吉拉特邦的区域性团体假期套餐业务。Flamingo 在古吉拉特邦、马哈拉施特拉邦、拉贾斯坦邦和北方邦拥有强大的市场存在，以其以区域为重点、定制体验和服务国际旅行者而闻名的团体旅游而著称。

This is going to add to our strength of the holidays business, particularly on the international side coming to our integrating business. This was impacted by a combination of supply side and geopolitical factors. During the first three quarters, the domestic aviation market was affected by geopolitical issues and capacity constraints leading to limited growth. Despite underlying demand remaining healthy in the fourth quarter, the West Asia conflict has created uncertainty and impacted westbound traffic from India.

这将增强我们假期业务的实力，特别是在国际业务方面。我们的整合业务受到供应方和地缘政治因素的共同影响。在前三个季度，国内航空市场受到地缘政治问题和产能限制的影响，导致增长有限。尽管第四季度的潜在需求仍然健康，但西亚冲突造成的不确定性影响了来自印度的西向交通。

This has impacted both international air ticketing as well as international accommodation business for us. Some of this uncertainty is continuing in the current quarter as well. Elevated crude oil prices and a depreciating rupee are weighing on international travel, though both higher airfare and softer discretionary demand for outbound trips. This is also leading to profitability pressures for the airlines and some of the airlines have already curtailed their international capacity during the reported quarter.

这对我们的国际机票和国际住宿业务都产生了影响。这种不确定性在当前季度仍在持续。高企的原油价格和贬值的卢比对国际旅行造成了压力，尽管出境旅行的机票价格上涨，但可支配需求却有所减弱。这也导致航空公司面临盈利压力，一些航空公司在报告的季度内已经缩减了国际运力。

Both domestic and international flight departures witnessed degrowth as compared to the same quarter last year. While domestic flown passenger market for the quarter declined by 1.5% year on year, the decline in the international passenger traffic was even higher at 6% year on year. We continue to grow in line with the industry while maintaining our leading market share in the air ticketing business. Just as our booking of travel services including mobile, including multiple transport options is helping us meet the travel budgets of our varied retail customers, our differentiated demand segments are also helping us drive better than industry growth.

与去年同期相比，国内和国际航班的出发量均出现了下降。国内乘客市场在本季度同比下降了 1.5%，而国际乘客流量的下降幅度更大，达到了 6%。我们继续与行业保持一致增长，同时在机票业务中保持领先的市场份额。正如我们在旅行服务预订中，包括移动端和多种交通选择，帮助我们满足不同零售客户的旅行预算，我们的差异化需求细分也帮助我们实现了超过行业的增长。

While the West Asia crisis has had a higher impact on retail demand, corporate demand continues to remain strong. Our corporate travel businesses via Both our platforms, that is MyBiz and Quest2Travel saw not only growth from existing accounts but also new acquisition. Our active customer count on Mybiz is now over 76,800 corporates compared to 64,000 of them during the same quarter last year. Similarly for Q2T, the active customer count has now reached 548 large corporates compared to 507 such corporates during the same quarter last year.

虽然西亚危机对零售需求的影响更大，但企业需求依然强劲。我们的企业差旅业务通过 MyBiz 和 Quest2Travel 两个平台，不仅从现有客户中实现了增长，还获得了新客户。MyBiz 的活跃客户数量现在超过 76,800 家企业，而去年同期为 64,000 家。同样，Q2T 的活跃客户数量现在达到了 548 家大型企业，而去年同期为 507 家。

Across the two platforms, we now service over 1500 large corporate customers. Lastly, we made a strategic minority investment and visa servicing agreement with Atlas Visa, a visa processing platform. This investment will allow makemytrip travelers to benefit from a streamlined visa application process as well as create an opportunity for MakeMyTrip to cross sell its travel offerings to the customer base of Atlas Visae. Before I hand over the call to Deepak to present the financial summary, I would like to call out that we remain cautiously optimistic in view of the ongoing geopolitical issues.

在这两个平台上，我们现在为超过 1500 家大型企业客户提供服务。最后，我们与签证处理平台 Atlas Visa 达成了战略性少数股权投资和签证服务协议。这项投资将使 MakeMyTrip 的旅行者受益于简化的签证申请流程，同时为 MakeMyTrip 提供了向 Atlas Visa 客户群交叉销售旅行产品的机会。在我将电话交给 Deepak 进行财务总结之前，我想指出，我们在当前地缘政治问题的背景下保持谨慎乐观。

Just as Covid offered us a silver lining in terms of utilizing the team to invest in new platforms to tap into corporate and small travel agent demand, we are now investing in an AI first approach to build AI enabled platforms for the future. This will span across our investments in product innovation, personalization, supplier partnerships, service reliability and building platform native revenue streams to drive traffic monetization. It will also be important to call out that we have built a playbook to manage demand volatility with a disciplined approach on optimizing costs in line with market conditions and ensuring operating leverage in our

正如 Covid 为我们提供了利用团队投资新平台以满足企业和小型旅行代理需求的机会，我们现在正在投资于以 AI 为首的方式，构建未来的 AI 驱动平台。这将涵盖我们在产品创新、个性化、供应商合作、服务可靠性和构建平台原生收入流以推动流量变现方面的投资。同时，我们还建立了一本手册，以有序的方式管理需求波动，优化成本以适应市场条件，并确保我们的业务运营杠杆。

business. This, along with our diversified business model, strong brand equity and deep customer relationships should keep us well positioned to capture the next phase of growth as demand conditions improve. With this, let me now hand over the call to Deepak for financial highlights of the quarter.

这与我们多元化的商业模式、强大的品牌价值和深厚的客户关系相结合，应该使我们在需求条件改善时保持良好的增长潜力。接下来，我将把电话交给 Deepak，介绍本季度的财务亮点。

Deepak Pora (Group Chief Financial Officer)

Deepak Pora（集团首席财务官）

Thanks Mohit and hello everyone. We started January on a strong note with healthy growth across the businesses. In February, our growth rate moderated and was broadly in line with our expectations given the higher base from cum related demand in the same period of last year. March was impacted by the conflict which created pressure on demand. Even so, overall growth for the quarter remained decent and demonstrated the resilience of our business. For the full year.

谢谢 Mohit，大家好。我们在一月以强劲的势头开始，业务增长健康。二月，我们的增长率有所放缓，基本符合我们的预期，因为去年同期的需求基数较高。三月受到冲突的影响，需求承压。尽管如此，本季度的整体增长仍然不错，展示了我们业务的韧性。对于整个年度，

IFRS revenue grew by 10.7% YoY in constant currency. Our results from operating activities, which is equivalent to EBIT, was at $156 million in FY26, witnessing a strong growth of 30.1% YoY even in an impacted year. We continue to improve our unit economics through better mix operating discipline and steady execution across the platform. As a result, overall profitability for the year improved meaningfully. Adjusted operating profit margin expanded to 1.82% of gross booking in FY26 compared to 1.71% in FY25.

在固定汇率下，国际财务报告准则（IFRS）收入同比增长 10.7%。我们的营业活动结果，相当于息税前利润（EBIT），在 FY26 达到了 1.56 亿美元，即使在受影响的年份也实现了 30.1% 的强劲增长。我们通过更好的业务组合、运营纪律和平台的稳定执行，继续改善我们的单位经济效益。因此，整体盈利能力显著提升。调整后的营业利润率在 FY26 达到了 1.82% 的毛预订额，而 FY25 为 1.71%。

Importantly, even in a quarter that was impacted by external events, we were able to maintain profitability which reflects the strength of our business model and benefits of disciplined cost management. Moving on to our segment results for the quarter, our air ticketing adjusted margin stood at 99.3 million, registering a YoY growth of 10.7 YoY in constant currency while the volume declined due to disruption. We achieved robust growth in adjusted margin on the back of a strong ancillary attached and better unit economics.

重要的是，即使在一个受到外部事件影响的季度，我们仍然能够保持盈利，这反映了我们商业模式的强大和严格的成本管理带来的好处。接下来是我们本季度的各个业务板块的结果，我们的机票业务调整后的利润为 9930 万美元，同比在固定汇率下增长了 10.7%，尽管由于干扰，交易量有所下降。我们在附加服务和更好的单位经济效益的支持下，实现了调整后利润的强劲增长。

For the hotels and packages segment we recorded strong volume growth of 15.2% YoY with standalone hotels growing faster at 15.5% YoY on the back of a strong demand in domestic hotel segments. International hotel segment growth was impacted this quarter due to the conflict. Like International Air as explained last quarter we are witnessing a mixed shift between the hotel segment by GST reduction leading to a lower ASP (Average Selling Price). In line with this the shift our gross booking growth was at 10.8% YoY in constant currency and adjusted margin growth was at 11.5% YoY in constant currency for the full year.

在酒店和套餐板块，我们记录了 15.2% 的强劲同比增长，独立酒店的增长速度更快，达到了 15.5%。由于国内酒店需求强劲，国际酒店板块的增长在本季度受到冲突的影响。正如上个季度所解释的国际航空业务一样，我们在酒店板块也见证了由于 GST 减免导致的平均售价（ASP）降低的混合转变。与此相符，我们的毛预订额在固定汇率下同比增长了 10.8%，调整后的利润增长在固定汇率下为 11.5%。

Hotel and packages adjusted margin growth was at 15.7% yoy in constant currency. In our bus ticketing business the adjusted margin stood at 41.1 million registering a YoY growth of 17.1% in constant currency terms. This is little lower than the trend due to the impact of one time Kumbh-related demand in quarter four of last year. Our ancillary business which is part of other segment is scaling up well. This is helping us get a larger share of wallet of our customers by building.

酒店和套餐的调整后利润增长在固定汇率下为 15.7%。在我们的巴士票务业务中，调整后的利润为 4110 万美元，同比在固定汇率下增长了 17.1%。由于去年第四季度一次性 Kumbh 相关需求的影响，这一增长略低于趋势。我们的附加业务作为其他板块的一部分正在良好扩展。这帮助我们通过建立更大的客户消费份额。

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.

免责声明： 本次文字记录仅供参考。尽管我们努力确保准确性，但此自动转录可能存在错误或遗漏。有关公司的正式声明和财务信息，请参阅公司的 SEC 备案文件和官方新闻稿。企业参与者和分析师的陈述反映了他们在本次电话会议日期的观点，可能会在没有通知的情况下发生变化。

MakeMyTrip 2026 年第四季度财报电话会议：完整文字记录