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    Manish Adukia • Goldman Sachs

    Manish Adukia's questions to MakeMyTrip Ltd (MMYT) leadership

    Manish Adukia's questions to MakeMyTrip Ltd (MMYT) leadership • Q1 2026

    Question

    Manish Adukia from Goldman Sachs asked about the sustainability of the international segment's strong growth, the competitive landscape including airline-direct channels and other OTAs, and the company's capital allocation strategy regarding share buybacks.

    Answer

    Group CEO Rajesh Magow and Group CFO Mohit Kabra attributed strong international growth to online penetration, supply expansion, and macro tailwinds, noting this segment was less impacted by recent headwinds. Mr. Kabra described the competitive landscape as stable, with MakeMyTrip maintaining its lead in domestic air. He also clarified that the share buyback program remains opportunistic rather than being guided by a formal, steady policy or specific price triggers.

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    Manish Adukia's questions to MakeMyTrip Ltd (MMYT) leadership • Q4 2025

    Question

    Manish Adukia of Goldman Sachs asked about the reasons for MakeMyTrip's dominant market position in India compared to other markets, the potential for margins to exceed the company's 1.8-2% guidance, and the strategy behind the pace of its share buyback program.

    Answer

    Co-Founder and Group CEO Rajesh Magow attributed the company's market strength to its holistic 'one-stop shop' strategy and consistent execution in a large, underpenetrated market, emphasizing a focus on their own roadmap rather than competition. Group CFO Mohit Kabra clarified that the full-year margin was 1.7%, still below the target range, and the immediate goal is to enter and stabilize within the 1.8-2% band. Regarding buybacks, Kabra described the strategy as 'opportunistic,' aiming to deploy capital during market volatility, with the current authorization not being a constraint.

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    Manish Adukia's questions to MakeMyTrip Ltd (MMYT) leadership • Q3 2025

    Question

    Manish Adukia from Goldman Sachs asked about the sustainability of the strong mid-20s gross booking growth, particularly in international travel, and what factors could cause a slowdown. He also sought insights into the competitive landscape, specifically regarding IndiGo's direct booking efforts and the stable OTA environment.

    Answer

    Rajesh Magow, Co-Founder and Group CEO, attributed the robust growth to favorable macro trends in consumer spending on travel and strong execution of the company's omnichannel strategy. He identified a broad economic slowdown as the primary risk to this growth trajectory. Regarding competition, Magow stated that MakeMyTrip's focus on capturing a larger share of the total intermediary market and its multi-channel approach (B2C, corporate, affiliates) allows it to consistently outpace the market, mitigating the impact of any single competitor's direct-to-consumer efforts.

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    Manish Adukia's questions to MakeMyTrip Ltd (MMYT) leadership • Q2 2025

    Question

    Manish Adukia followed up on the airline direct booking trend, asking about historical precedents and the economic rationale for low-cost carriers. He also questioned the company's capital allocation strategy, specifically the size of the share buyback program and the focus for potential M&A.

    Answer

    Group CEO Rajesh Magow explained that OTAs provide value through selection and have optimized customer acquisition and service costs, making direct channels not necessarily cheaper for airlines. Group CFO Mohit Kabra clarified the share repurchase plan is part of a larger $150 million program, not capped annually at $60 million. He added that M&A opportunities are being considered in both domestic and international markets to serve the Indian traveler.

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