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（納斯達克股票代碼：MMYT）於週二公佈了第四季度財務業績。以下是公司第四季度財報電話會議的文字記錄。

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

Benzinga API 提供實時訪問財報電話會議記錄和財務數據。訪問 https://www.benzinga.com/apis/ 瞭解更多信息。

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

訪問完整電話會議記錄：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 報告稱，毛預訂量強勁增長，在 2026 財年達到了創紀錄的 104 億美元，四年的年均複合增長率約為 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.

公司強調了來自印度日益壯大的中產階級的顯著需求和旅行頻率的增加，二線和三線城市成為主要的增長驅動力。

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.

在戰略上，MakeMyTrip 專注於將人工智能整合到其運營中，包括推出 Myra，一個基於人工智能的對話界面，改善了客户參與度和轉化率。

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.

儘管受到西亞衝突等地緣政治影響，公司仍保持強勁的國內表現，並預計在穩定時期收入將繼續增長 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礎設施和數字化進步，包括增加的機場容量和增強的互聯網連接，以捕捉不斷擴大的旅行機會。

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

公司正在投資人工智能以提高效率和改善客户體驗，目標是成為一家以人工智能為核心的組織。

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.

在財務方面，公司報告稱 2026 財年以固定匯率計算的收入同比增長 10.7%，盈利能力改善，營業利潤率擴大。

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

管理層對未來增長保持謹慎樂觀，專注於以人工智能驅動的轉型和嚴格的成本管理，以應對外部挑戰。

Full Transcript

完整記錄

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 財年第四季度及全年財報網絡研討會，今天的活動將由公司的領導團隊主持，包括我們的聯合創始人兼集團首席執行官 Rajesh Mago、集團首席運營官 Mohit Kabra 和 MakeMyTrip Ltd 的集團首席財務官 Deepak Pora。請注意，此次直播活動將由公司錄製，並將在今天活動結束後不久在我們的投資者關係網站上提供重播。

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.

在這些準備發言結束後，我們還將舉行問答環節。此外，今天活動中所作的某些陳述可能被視為 1995 年美國私人證券訴訟改革法案中的安全港條款下的前瞻性陳述。這些陳述並不保證未來的表現，受固有不確定性的影響，實際結果可能會有重大差異。任何在此次活動中傳達的前瞻性信息僅在此日期有效，公司沒有義務更新信息以反映情況的變化。

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.

有關這些陳述的更多信息包含在公司於2025年6月16日向證券交易委員會（SEC）提交的 20-F 表格年度報告的風險因素和前瞻性陳述部分。這些文件的副本可從證券交易委員會（SEC）或公司的投資者關係部門獲得。現在我將電話交給 Rajesh。請你繼續，Rajesh。

Rajesh Mago (Co Founder and Group Chief Executive Officer)

Rajesh Mago（聯合創始人兼集團首席執行官）

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.

謝謝你，Vipul。歡迎大家參加我們 2026 財年第四季度及全年電話會議。在我們詳細介紹季度情況之前，我想稍微回顧一下 COVID 後出現的一些基本結構性變化，這些變化正在塑造印度的旅行市場。當世界在 2022 年重新開放時，最初看似是疫情靜默階段後釋放的壓抑需求，隨後形成了新的基準。

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.

這種需求的強勁變化反映在我們的報告數字中，毛預訂量從 2022 財年的約 32 億美元增長到 2023 財年的 66 億美元，並在 2026 財年達到了創紀錄的 104 億美元，四年複合增長率約為 34%。這是疫情後復甦與印度旅行者行為變化的良好結合，並得到了印度經濟中一些關鍵結構性宏觀變化的有力支持。這種強勁需求變化的主要原因首先是中產階級的崛起和渴望。

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.

根據貝恩研究，年收入在 4500 美元到 35000 美元之間的中等收入家庭以高個位數的年增長率穩步增長，預計在 2032 年將從 2022 年的 2 億人加速增長到 3 億人，十年增長 50%。印度在過去五年中新增了超過 7000 萬護照持有者。二線和三線城市現在是主要的增長驅動力。來自印多爾或科印巴托爾的旅行者今天的願望和購買力與五年前來自孟買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.

這是一個巨大的多年可尋址市場擴展，我們僅處於早期階段。其次，旅行已從偶爾的活動轉變為習慣。我們的數據顯示，每位用户的預訂頻率逐年上升。印度人不再為一次大型年度假期而存錢，他們每年進行多次旅行。每年進行三到六次的休閒、宗教和延長週末旅行已成為印度連接的收入階層的新常態。

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.

體驗經濟是真實存在的，並且是一個巨大的機會。推動這一趨勢的羣體也是未來消費潛力最長的一羣人。根據 Colling's International 2024 年的研究，印度千禧一代的年均旅行支出約為 6000 美元，使旅行成為他們最大的可自由支配支出，佔年支出的 34%。這些千禧一代尚未進入他們的高峰收入年限。

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.

每次旅行的消費只會隨着時間的推移而增加。第三，世界級的實體基礎設施的增長。如果供應能夠跟上，需求故事將會複合增長。眾所周知，新機場或航線、高速公路、優質鐵路走廊，政府的基礎設施投資正在創造滿足這一需求的供應。每一個新機場都是我們新的市場。每一條新的直飛國際航線都是一個新的預訂機會。印度不斷擴展的高速公路網絡和機場容量正在使全國的旅行變得更快、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.

更好的公路和航空連接正在打開小城市和旅遊目的地，減少旅行時間，並幫助釋放旅遊、地方消費和區域經濟增長。運營中的機場數量從 2014 年的 74 個增加到 2024 年的 157 個，改善了對主要大城市以外地區的訪問，使旅行變得更加經濟和普及，尤其是對二線和三線城市。這預計到 2047 年將進一步擴展到 400 個機場，提供數十年的機會。

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.

印度的高速公路網絡急劇擴展，國家高速公路從 2014 年的 91,287 公里增加到 2024 年的約 146,145 公里，同時建設速度在 2324 年達到了每天 33.8 公里。根據 CBRE 的預測，上市酒店公司預計到 2030 財年將向印度酒店行業增加超過 70,000 個房間。大多數新增房間將建在供應不足的二線市場和宗教旅遊走廊，這兩者都是未來的增長機會。

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

民宿作為一種靈活可擴展的供應補充也開始出現。現在在政府的積極支持下，度假租賃和精品民宿正在獲得超出預期的增長，因為它們與偏向於地方沉浸而非標準化服務的體驗行程相一致。在當今數字時代，單靠實體基礎設施的故事只是完成了一半的工作，除非數字基礎設施與之保持同步。印度在數字基礎設施發展方面也取得了長足進展，互聯網普及率已接近十億人，高質量帶寬變得更加實惠，數據成本從 2014 年的每 GB 269 盧比降至 2024 年的約 9 盧比。

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，還有支付基礎設施。UPI 在 2025 年每天處理 6.4 億筆交易，到 2025 年底單月清算超過 160 億筆交易。綜合效應是，結賬摩擦，歷史上是導致預訂放棄的最大原因之一，已在很大程度上得到解決。現在，三線城市的一位中檔安卓設備用户可以在不到五分鐘的時間內搜索、比較、預訂和支付，而無需信用卡。

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.

我們還見證了印度市場在干擾開始消失後迅速反彈的韌性。去年是這樣的一年，因為幾乎每個季度都受到許多幹擾的影響。但有趣的是，在未受影響的月份，旅行需求依然保持韌性和強勁，反映了消費者情緒的持續強勁和印度旅行市場的結構性增長軌跡。

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

我們在 MMIT 繼續超越行業增長，儘管面臨干擾，各個細分市場的勢頭依然健康。

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.

當然，當然。抱歉。現在可以了嗎？現在可以了嗎？是的，是的，好多了。好的。雖然我們的國際業務在三月因中東衝突開始受到影響，但國內業務在報告的季度內依然強勁。三月受到西亞衝突的影響。1 月和 2 月在穩定狀態下見證了強勁的同比增長，受到市場和消費者行為結構性變化的鼓勵，消費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.

我們對正常時期的收入增長保持信心，預計將達到 20% 的增長，當外部逆風出現時，我們依賴於我們平台的強大和韌性，提供多種旅行服務，滿足多樣化的需求細分，以實現相較於行業的健康增長。數字世界的另一個重大轉型變化是由人工智能引起的。在 Ni' Kma Trip，我們將人工智能視為不僅僅是生產力工具，而是可以重新定義旅行發現、規劃、預訂、服務和忠誠度的基礎層。

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，我們一直在努力將生成式人工智能（GenAI）嵌入到消費者旅程中，利用我們自己的專有數據。除了推出 Mira 這一對話界面外，我們還推出了一個升級版、更強大和智能的 Mira，旅行者現在可以在 Mira 中完成從規劃到支付的整個消費者旅程，使用多語言語音功能。它現在還支持跨航班、酒店、巴士、火車、出租車和端到端行程規劃的無縫自然互動，定位自己為真正的旅行伴侶。

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.

在人工智能時代，使印度獨特而令人興奮的是消費者行為的多樣性和規模。人工智能使我們能夠以以前不可能的方式彌合語言、信任和發現的障礙。在過去的一個季度中，Mira 的日常對話量已擴大到超過 50,000 次，現在已嵌入整個客户旅程，從靈感和發現到預訂和售後支持。在過去幾天，這一數字進一步擴大到每天超過 80,000 次對話。

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.

採用情況廣泛。超過 45% 的使用來自二線及更小城市，語音成為關鍵接口。在非大城市市場，語音互動比率高出 50%，70% 的查詢使用英語，提示信息比文本輸入長 40% 且更復雜。這突顯了更深層次的參與和更豐富的意圖捕捉。地方語言也在逐漸獲得關注，目前佔語音使用量的 10%。Mira 現已擴展至七種額外的印度語言，顯著提高了可達性。

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.

現在幾乎 15% 的對話發生在旅行規劃階段，此時用户仍在探索目的地和選項。這使我們能夠更早地影響決策，並引導用户朝着更相關、更高價值的結果前進。這種更深層次的參與正在轉化為可衡量的商業影響。與 Mira 在發現支持和預訂階段互動的用户，轉化率比傳統的篩選式旅程高出 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.

通過使發現過程更加直觀和個性化，Mira 正在減少摩擦，加速決策。在本季度，Mira 直接協助了超過 200,000 個預訂。與我們的 AI 代理互動的客户解決了他們的查詢並完成了交易。我們還在繼續利用 AI 增強現有的消費者旅程流程。我們的智能搜索功能現在能夠大規模實現以意圖為導向的發現。智能搜索是一種語義自由文本搜索能力，讓客户自然地描述他們想要的內容。

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，家庭可以選擇靠近瓦加海灘的提供印度教徒飲食的酒店，或在齋浦爾有屋頂游泳池和水療服務的酒店。通過這一功能，客户現在可以獲得上下文精確的可解釋結果。該功能的轉化率遠高於傳統的基於篩選的學習，清楚地表明理解意圖的效果優於匹配關鍵詞。我們還通過語音啓用了用户評論。通過這一功能，我們看到評論質量發生了根本性變化。

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.

與打字評論相比，語音評論每次提交生成的內容更多。客户用自己的語言詳細描述他們的住宿體驗。這種更豐富的信號直接輸入到我們的知識圖譜中，提高了 AI 生成摘要、安全評分和未來旅行者的上下文推薦的質量。語音正逐漸成為印度客户的默認輸入方式，我們正在圍繞這一現實構建我們的內容基礎設施。

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.

我們在 Redbus 品牌中也繼續推動基於 AI 的干預。除了通過 AI 聊天機器人處理客户支持外，我們還引入了語音機器人來替代傳統的 IVR 系統。我們正在見證初步的客户滿意度。此外，我們還在預訂前用户旅程中擴大了 AI 聊天機器人 Ray 的規模。採用率顯著提升。地方語言用户的參與度是英語用户的兩倍，表明在高意圖和地方受眾中產生了明顯的共鳴。

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.

大約 6% 的總查詢通過語音輸入。總體而言，Ray 正在成為一個輔助層，提升預訂前的決策信心，並加深核心預訂流程中的參與度。這在整體上反映出巴士票務領域的強勁增長，這一增長不僅來自頂級大城市，還來自全國的二線城市。總體而言，我們正在努力將 MakeMyTrip 打造成一個 AI 原生組織，工程、客户支持、供應、入駐、內容生成和營銷職能在這一過程中處於領先地位。

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.

雖然其他企業職能在快速追趕 AI 的採用，使組織變得更加靈活和高效。我們也開始在某些領域看到顯著的影響，例如，現在約 60% 到 70% 的新代碼是由 AI 工具編寫的。同樣，AI 也在我們的客户服務職能中推動了顯著的效率提升。現在約 55% 的呼叫中心、航班和酒店客户查詢由數字語音代理解決。

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.

我們的目標是繼續解決長尾和邊緣用例，最終在客户服務中實現最小的人為干預，同時不影響客户體驗的質量。相較於其人口和收入軌跡，印度仍然是全球旅行市場中滲透率最低的市場之一。在未來十年，我們相信印度可能成為全球最大的旅行機會市場之一。在線旅行是一個數十億美元的結構性增長機會，MakeMyTrip Ltd 打算在這一旅程中發揮核心作用。

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.

展望未來，我們的優先事項依然明確，推動以 AI 和專有數據為主導的組織轉型，以推動 MMYT 的未來增長。繼續創新，進一步增強核心產品的供應側模式，並將我們的新產品推廣為客户的首選，成為零售和企業客户所有旅行需求的一站式商店。利用我們三大強勢品牌和其他分銷渠道的獨特定位，擴大客户覆蓋面。

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 工具推動組織內的效率，以幫助推動運營槓桿。接下來，我將把電話交給 Mohit，介紹本季度的業務亮點。

Mohit Kabra (Group Chief Operating Officer)

Mohit Kabra（集團首席運營官）

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

謝謝 Rajesh，大家好。報告的財年呈現出一個具有挑戰性的運營環境，多個外部因素影響了各季度的旅行需求。報告的季度也受到西亞衝突的影響，這影響了西向國際旅行，並且隨着燃油成本的上升，國內機票價格也隨之上漲。在一個高度關注價格的市場中，我們通過推廣國內旅行和多樣化的交通選擇，部分緩解了這些逆風的影響，以適應客户不同的旅行預算，並促進東向國際旅行。

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.

印度繼續提供深厚且不斷增長的國內旅遊機會，得益於基礎設施的改善，這有助於打開傳統目的地以外的旅遊需求。雖然我們正在加大對傳統休閒目的地如果阿、喀拉拉邦、拉賈斯坦邦和克什米爾的推廣，但我們現在也在積極推廣相對未被充分開發的目的地，例如東北地區。我們還在挖掘朝聖與休閒旅行的潛力，將朝聖目的地的訪問與在這些目的地周邊的活動或假期選項結合起來。

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.

短途自駕假期或休息也越來越受歡迎，我們正在為全國各地的客户策劃更多此類選項。這是通過策劃相關供應、加強合作伙伴關係以及針對客户提供更具情境的產品來實現的，同時策劃旅行信心和可負擔性仍然強勁的目的地和產品。對於那些因機票上漲而感到旅行受阻的客户，我們已經加強了地面交通服務，以保持或刺激國內旅行需求。

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.

我們新增了供應，將私人巴士的日常班次提升至平均 46,000 個。在將新路線供應引導至需求更高的類別或行業方面，我們對巴士服務供應商的路線建議模塊進行了改進。這使他們能夠找出未滿足需求的路線，並在這些路線增加更多庫存。因此，我們的巴士票務量在報告季度同比增長了 27.6%，全年同比增長了 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.

而城市間出租車業務作為一個相對新興的業務，也實現了超過 20% 的增長。多條路線的需求在季度內也受到區域節日的推動。由於提供了適合不同客户旅行預算的多樣化交通選擇，我們的住宿業務（包括酒店、民宿和假期套餐）實現了 15.2% 的強勁增長。根據 HPS 的類比研究，報告季度的住宿行業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.

這一 15.2% 的同比增長也值得注意，因為它是在受到去年同季度與 Kumbh 相關的一次性高基數影響的情況下實現的。長週末和短途自駕假期正在成為重要的增長驅動力，因為越來越多的消費者或客户尋求短途、便利和性價比高的旅行選項。我們在 1 月 24 日的週末記錄了有史以來最高的國內酒店入住人數，單日超過 200,000 個房晚。

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.

一個特別顯著的趨勢是精神和朝聖旅遊的興起。針對精神目的地的住宿預訂在去年事件後仍然保持強勁勢頭，突顯了印度朝聖和信仰旅遊的結構性增長。朝聖一直是印度文化的一部分。我們現在目睹了一波增長，越來越多的印度人各個年齡段積極選擇精神旅行作為生活的一部分。

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.

這也反映出印度的旅行越來越情感化、文化化和體驗驅動，而不僅僅是交易性的。我們繼續通過無與倫比的廣度和選擇來區分自己，根據客户的旅行需求提供跨目的地、價格區間的豐富庫存。這種廣泛的選擇結合我們強大的平台體驗，使我們能夠更有效地滿足各種旅行偏好。我們現在在平台上提供超過 100,000 個住宿選項，覆蓋全國超過 2050 個城市。

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.

在過去一年中，我們首次在平台上銷售了超過 12,000 個新物業的房晚。在民宿領域，我們繼續投資於建立這一類別，並提升我們的產品主張，以改善客户體驗並擴大這類住宿的吸引力。我們相信這仍然是一個重要的長期機會，我們專注於加強對旅行者和供應合作伙伴的價值主張。

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.

我們在許多此類住宿的相關物業頁面上推出了快速商業和食品配送服務的可用性狀態。提前展示必需品和食品配送的可用性，提高了客户的旅行規劃便利性，減少了預訂前的焦慮。我們還增強了這些列表中看護人和現場支持信息的可見性。更清晰地披露存在、可用性和責任，有助於客人更好地評估住宿體驗並提供現場協助。

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.

我們的假期套餐業務和民宿業務在季度內繼續良好擴展，我們完成了對 Flamingo Transworld 的控股收購，該公司是一家總部位於印度古吉拉特邦的區域性團體假期套餐業務。Flamingo 在古吉拉特邦、馬哈拉施特拉邦、拉賈斯坦邦和北方邦擁有強大的市場存在，以其以區域為重點、定製體驗和服務國際旅行者而聞名的團體旅遊而著稱。

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.

這將增強我們假期業務的實力，特別是在國際業務方面。我們的整合業務受到供應方和地緣政治因素的共同影響。在前三個季度，國內航空市場受到地緣政治問題和產能限制的影響，導致增長有限。儘管第四季度的潛在需求仍然健康，但西亞衝突造成的不確定性影響了來自印度的西向交通。

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.

這對我們的國際機票和國際住宿業務都產生了影響。這種不確定性在當前季度仍在持續。高企的原油價格和貶值的盧比對國際旅行造成了壓力，儘管出境旅行的機票價格上漲，但可支配需求卻有所減弱。這也導致航空公司面臨盈利壓力，一些航空公司在報告的季度內已經縮減了國際運力。

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.

與去年同期相比，國內和國際航班的出發量均出現了下降。國內乘客市場在本季度同比下降了 1.5%，而國際乘客流量的下降幅度更大，達到了 6%。我們繼續與行業保持一致增長，同時在機票業務中保持領先的市場份額。正如我們在旅行服務預訂中，包括移動端和多種交通選擇，幫助我們滿足不同零售客户的旅行預算，我們的差異化需求細分也幫助我們實現了超過行業的增長。

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.

雖然西亞危機對零售需求的影響更大，但企業需求依然強勁。我們的企業差旅業務通過 MyBiz 和 Quest2Travel 兩個平台，不僅從現有客户中實現了增長，還獲得了新客户。MyBiz 的活躍客户數量現在超過 76,800 家企業，而去年同期為 64,000 家。同樣，Q2T 的活躍客户數量現在達到了 548 家大型企業，而去年同期為 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.

在這兩個平台上，我們現在為超過 1500 家大型企業客户提供服務。最後，我們與簽證處理平台 Atlas Visa 達成了戰略性少數股權投資和簽證服務協議。這項投資將使 MakeMyTrip 的旅行者受益於簡化的簽證申請流程，同時為 MakeMyTrip 提供了向 Atlas Visa 客户羣交叉銷售旅行產品的機會。在我將電話交給 Deepak 進行財務總結之前，我想指出，我們在當前地緣政治問題的背景下保持謹慎樂觀。

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 為我們提供了利用團隊投資新平台以滿足企業和小型旅行代理需求的機會，我們現在正在投資於以 AI 為首的方式，構建未來的 AI 驅動平台。這將涵蓋我們在產品創新、個性化、供應商合作、服務可靠性和構建平台原生收入流以推動流量變現方面的投資。同時，我們還建立了一本手冊，以有序的方式管理需求波動，優化成本以適應市場條件，並確保我們的業務運營槓桿。

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.

這與我們多元化的商業模式、強大的品牌價值和深厚的客户關係相結合，應該使我們在需求條件改善時保持良好的增長潛力。接下來，我將把電話交給 Deepak，介紹本季度的財務亮點。

Deepak Pora (Group Chief Financial Officer)

Deepak Pora（集團首席財務官）

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.

謝謝 Mohit，大家好。我們在一月以強勁的勢頭開始，業務增長健康。二月，我們的增長率有所放緩，基本符合我們的預期，因為去年同期的需求基數較高。三月受到衝突的影響，需求承壓。儘管如此，本季度的整體增長仍然不錯，展示了我們業務的韌性。對於整個年度，

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.

在固定匯率下，國際財務報告準則（IFRS）收入同比增長 10.7%。我們的營業活動結果，相當於息税前利潤（EBIT），在 FY26 達到了 1.56 億美元，即使在受影響的年份也實現了 30.1% 的強勁增長。我們通過更好的業務組合、運營紀律和平台的穩定執行，繼續改善我們的單位經濟效益。因此，整體盈利能力顯著提升。調整後的營業利潤率在 FY26 達到了 1.82% 的毛預訂額，而 FY25 為 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，即使在一個受到外部事件影響的季度，我們仍然能夠保持盈利，這反映了我們商業模式的強大和嚴格的成本管理帶來的好處。接下來是我們本季度的各個業務板塊的結果，我們的機票業務調整後的利潤為 9930 萬美元，同比在固定匯率下增長了 10.7%，儘管由於干擾，交易量有所下降。我們在附加服務和更好的單位經濟效益的支持下，實現了調整後利潤的強勁增長。

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.

在酒店和套餐板塊，我們記錄了 15.2% 的強勁同比增長，獨立酒店的增長速度更快，達到了 15.5%。由於國內酒店需求強勁，國際酒店板塊的增長在本季度受到衝突的影響。正如上個季度所解釋的國際航空業務一樣，我們在酒店板塊也見證了由於 GST 減免導致的平均售價（ASP）降低的混合轉變。與此相符，我們的毛預訂額在固定匯率下同比增長了 10.8%，調整後的利潤增長在固定匯率下為 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.

酒店和套餐的調整後利潤增長在固定匯率下為 15.7%。在我們的巴士票務業務中，調整後的利潤為 4110 萬美元，同比在固定匯率下增長了 17.1%。由於去年第四季度一次性 Kumbh 相關需求的影響，這一增長略低於趨勢。我們的附加業務作為其他板塊的一部分正在良好擴展。這幫助我們通過建立更大的客户消費份額。

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.

免責聲明： 本次文字記錄僅供參考。儘管我們努力確保準確性，但此自動轉錄可能存在錯誤或遺漏。有關公司的正式聲明和財務信息，請參閲公司的 SEC 備案文件和官方新聞稿。企業參與者和分析師的陳述反映了他們在本次電話會議日期的觀點，可能會在沒有通知的情況下發生變化。

MakeMyTrip 2026 年第四季度財報電話會議：完整文字記錄