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- **AI-Driven Growth**: Myra assistant handles 25,000 daily interactions,2026, with 35% users planning trips 90 days in advance. Voice-first adoption in Tier 2/3 cities is 50% higher than metros. 
- **Market Expansion**: International air and hotel revenue grew 29.6% and 42% YoY, targeting underpenetrated markets like Phu Quoc with direct flights. 
- **Financial Resilience**: Despite $28.3M interest costs, adjusted operating profit rose 18% YoY to $44.2M. 
- **Strategic Initiatives**: Expanded bus ticketing inventory and AI voice agents for customer service. 
- **Buyback Flexibility**: $200M buyback program with $100M annual limit. 


**【CEO & COO Summary Section】**
- **Revenue Growth**: Adjusted operating profit rose 18% YoY to $44.2 million, driven by strong performance in hotels, international air, and bus ticketing. Hotels and packages segment saw 21.6% YoY margin growth, with international air revenue up 29.6% YoY. AI-powered tools like Myra, the conversational assistant, handled 25,000 daily interactions, with 35% of users planning trips 90 days in advance. Voice-first engagement in Tier 2/3 cities is 50% higher than metro areas. 
- **Market Expansion**: International air and hotel revenue now accounts for 28% of total, up from 25% last year. Direct flights to Phu Quoc and AI-driven voice agents for customer service are enhancing user experience. 
- **Leadership Changes**: Mohit Kabra shifted to COO, focusing on growth; new CFO Dipak Bohra brings 30 years of finance experience. 

**【CFO Financial Highlights】**
- **Margins & Costs**: Adjusted operating margin improved to 1.8% of gross bookings, up from 1.66% last year. Interest costs ($28.3M) and FX losses ($14.3M) impacted net loss of $5.7M, but adjusted EBITDA remains strong. 
- **Buyback Program**: Expanded to $200M, with annual limit raised to $100M. 

**【Q&A Highlights】**
- **Domestic Air Recovery**: Daily departures expected to reach 3,200+ in H2, similar to Q3 2025 levels. GST cuts for buses and hotels up to INR 7,500 boost demand. 
- **Competitive Edge**: 20%+ growth in non-air segments offsets domestic air constraints. 
- **Buyback Activity**: No Q2 buybacks, but plans to repurchase shares and notes opportunistically. 


MakeMyTrip Limited (MMYT) Q2 2026 Earnings Call Transcript

Revenue

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Financing Services Revenue

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Operating Expenses

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MMYT

MMYT fundamentals

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