Equity Profile

MMYT

MakeMyTrip Limited

Consumer DiscretionaryHotels, Resorts & Cruise Lines$4.2B

May19Tue

Post-Earnings Recap

ReportedQ4-2026Pre-Market6:20 AM EDT

MakeMyTrip Misses on EPS, Stock Down 7.72%

Metric	Actual	Expected	Surprise
EPS	$0.32	$0.41	+48.84%
Revenue	—	$275M	—

management commentary, guidance changes, and full analysis available with Pro.

MakeMyTrip Misses on EPS, Stock Down 7.72%

Key Numbers

Metric	Actual	Expected	Surprise
EPS	$0.32	$0.41	+48.84%
Revenue	—	$275M	—

Management Commentary

Tone: Unknown

No transcript is on record for the earnings call, so the analysis is based solely on numerical results.

What It Means

MakeMyTrip's earnings report shows a significant miss on EPS expectations, which likely contributed to the stock's decline of 7.72%. Investors may be concerned about the company's ability to meet revenue expectations, as no revenue figures were reported. The lack of guidance further adds uncertainty to the company's outlook.

Company Snapshot

MakeMyTrip Limited (MMYT) is a leading online travel company in India, specializing in hotel bookings, vacation packages, and travel services. As consumer spending on travel continues to rebound post-pandemic, MMYT plays a crucial role in the growing tourism sector.

Key Metrics to Watch

EPS

Earnings per share (EPS) is a key indicator of profitability and will show how well the company managed costs and revenues this quarter.

$0.41

Revenue

Revenue figures will provide insight into overall business growth and demand for travel services, which is critical in the current economic climate.

$275M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+67.47%

Avg Stock Reaction

-2.60%

Last Quarter Recap

In Q3-2026, MakeMyTrip reported an EPS of $0.52, significantly exceeding expectations of $0.29, leading to a notable surprise. However, the stock fell 12.13% the following day, indicating market concerns despite strong earnings.

Management Promises & Guidance

Focus on expanding hotel partnerships to enhance inventory.
Commitment to improving customer service and user experience on the platform.
Plans to increase marketing efforts to capture more market share.

Expectations

Wall Street Expectations

Analysts expect a solid performance from MakeMyTrip in Q4-2026, with a consensus EPS of $0.41 and revenue of $275M. The market is watching closely for any signs of continued recovery in travel demand.

Bull Case

If MMYT can exceed EPS expectations and show strong revenue growth, it may indicate a robust recovery in the travel sector, boosting investor confidence.

Bear Case

Conversely, if the company fails to meet expectations or provides weak guidance, it could raise concerns about ongoing challenges in the travel market, leading to a negative reaction.

Key Metrics to Watch

EPS

$0.41

Earnings per share (EPS) is a key indicator of profitability and will show how well the company managed costs and revenues this quarter.

Revenue

$275M

Revenue figures will provide insight into overall business growth and demand for travel services, which is critical in the current economic climate.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will MakeMyTrip's revenue exceed the consensus estimate of $275M?

Revenue growth is crucial for assessing the company's recovery and market demand, especially in the travel sector.

Can the company maintain or improve its EPS above the consensus of $0.41?

A strong EPS performance would indicate effective cost management and profitability, which are key to investor confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the potential for a strong rebound in travel demand, particularly in the domestic market, which could drive higher revenues than expected.

Supporting Evidence

Recent trends show increased travel bookings, suggesting a stronger recovery than analysts anticipate.

The company's strategic partnerships and marketing efforts may yield better-than-expected results.

Options pricing indicates a lower expected move, which may not reflect the potential for a significant earnings surprise.

Key Risk

If revenue comes in significantly above $275M, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether MakeMyTrip can sustain its recent momentum in earnings and revenue growth amid a recovering travel landscape.

Bull Confirmed If

An EPS of $0.45 or higher would confirm strong operational performance and growth potential.

Bear Confirmed If

An EPS below $0.35 would signal potential ongoing struggles in the travel market.

Pre-Earnings Positioning

Options Market

Implied Move

±3.3%

Historical Avg

±6.2%

Pricing cheap

The options market is pricing in a modest move of about 3.3% around the earnings report, suggesting that traders are anticipating a relatively stable outcome.

Options are pricing ±3.3% while MMYT has averaged ±6.2% over the last 8 prints — setup is pricing cheap.

Detail

ATM IV

0.7%

30d HV

61.5%

Calls (15K)P/C Ratio: 0.90Puts (6K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If MMYT beats expectations, history suggests the stock could rise by about 1.15%, confirming a positive outlook for the travel sector.

In-Line / Cautious

If results are in line with expectations, the stock may experience a muted reaction as investors await further guidance.

Miss

A miss could lead to a decline of around 10.25%, reflecting market disappointment and concerns about future growth.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on travel demand trends and customer booking behavior.
2Any commentary on the impact of marketing initiatives on revenue.
3Insights into operational efficiencies and cost management strategies.
4Future guidance on expected revenue and EPS growth for the upcoming quarters.

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Company Snapshot

Key Metrics to Watch

EPS

Earnings per share (EPS) is a key indicator of profitability and will show how well the company managed costs and revenues this quarter.

$0.41

Revenue

Revenue figures will provide insight into overall business growth and demand for travel services, which is critical in the current economic climate.

$275M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+67.47%

Avg Stock Reaction

-2.60%

Last Quarter Recap

Management Promises & Guidance

Focus on expanding hotel partnerships to enhance inventory.
Commitment to improving customer service and user experience on the platform.
Plans to increase marketing efforts to capture more market share.

Expectations

Wall Street Expectations

Bull Case

If MMYT can exceed EPS expectations and show strong revenue growth, it may indicate a robust recovery in the travel sector, boosting investor confidence.

Bear Case

Conversely, if the company fails to meet expectations or provides weak guidance, it could raise concerns about ongoing challenges in the travel market, leading to a negative reaction.

Key Metrics to Watch

EPS

$0.41

Earnings per share (EPS) is a key indicator of profitability and will show how well the company managed costs and revenues this quarter.

Revenue

$275M

Revenue figures will provide insight into overall business growth and demand for travel services, which is critical in the current economic climate.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will MakeMyTrip's revenue exceed the consensus estimate of $275M?

Revenue growth is crucial for assessing the company's recovery and market demand, especially in the travel sector.

Can the company maintain or improve its EPS above the consensus of $0.41?

A strong EPS performance would indicate effective cost management and profitability, which are key to investor confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the potential for a strong rebound in travel demand, particularly in the domestic market, which could drive higher revenues than expected.

Supporting Evidence

Recent trends show increased travel bookings, suggesting a stronger recovery than analysts anticipate.

The company's strategic partnerships and marketing efforts may yield better-than-expected results.

Options pricing indicates a lower expected move, which may not reflect the potential for a significant earnings surprise.

Key Risk

If revenue comes in significantly above $275M, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether MakeMyTrip can sustain its recent momentum in earnings and revenue growth amid a recovering travel landscape.

Bull Confirmed If

An EPS of $0.45 or higher would confirm strong operational performance and growth potential.

Bear Confirmed If

An EPS below $0.35 would signal potential ongoing struggles in the travel market.

Pre-Earnings Positioning

Options Market

Implied Move

±3.3%

Historical Avg

±6.2%

Pricing cheap

The options market is pricing in a modest move of about 3.3% around the earnings report, suggesting that traders are anticipating a relatively stable outcome.

Options are pricing ±3.3% while MMYT has averaged ±6.2% over the last 8 prints — setup is pricing cheap.

Detail

ATM IV

0.7%

30d HV

61.5%

Calls (15K)P/C Ratio: 0.90Puts (6K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If MMYT beats expectations, history suggests the stock could rise by about 1.15%, confirming a positive outlook for the travel sector.

In-Line / Cautious

If results are in line with expectations, the stock may experience a muted reaction as investors await further guidance.

Miss

A miss could lead to a decline of around 10.25%, reflecting market disappointment and concerns about future growth.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on travel demand trends and customer booking behavior.
2Any commentary on the impact of marketing initiatives on revenue.
3Insights into operational efficiencies and cost management strategies.
4Future guidance on expected revenue and EPS growth for the upcoming quarters.