MakeMyTrip's Q4 2025: Navigating Contradictions in AI Strategy, Marketing Spend, and Industry Growth

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Record Financial Performance:
- MakeMyTrip Limited reported a record gross booking value of $9.8 billion for fiscal 2025, marking a 25.9% year-on-year growth in constant currency terms.
- The growth was driven by strong demand, new user acquisition, and the expansion of the company's product offerings.

International Business Growth:
- MakeMyTrip's international air-ticketing revenue grew by over 33% year-on-year, and international hotel revenue rose by over 65% year-on-year, contributing 25% to the overall revenue.
- The international business growth was attributed to enhanced product propositions and increased market penetration.

AI and Customer Experience Enhancement:
- MakeMyTrip continues to invest in AI, with initiatives like Myra.ai, which simplifies trip discovery and booking.
- The company is leveraging AI to provide personalized travel experiences and enhance customer support through digital channels.

Strong Domestic Travel Recovery:
- Domestic departures crossed pre-pandemic levels, and international departures grew by 18.5% year-on-year.
- The recovery in domestic travel was supported by pent-up demand and increased consumer confidence.