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    Vijit Jain • Citigroup Inc.

    Vijit Jain's questions to MakeMyTrip Ltd (MMYT) leadership

    Vijit Jain's questions to MakeMyTrip Ltd (MMYT) leadership • Q1 2026

    Question

    Vijit Jain from Citi asked about the outlook for adjusted EBIT margins against the company's guidance, the rationale for an increase in air ticketing customer inducements, and the reason for lower GBV growth compared to room nights booked in the hotel segment.

    Answer

    Group CFO Mohit Kabra reaffirmed the full-year adjusted operating margin guidance of 1.8% to 2% of gross bookings, explaining that spending is managed tactically. He advised looking at the total customer acquisition cost, which was efficient, rather than specific inducement line items. He clarified that the divergence in hotel GBV growth was due to the flat performance of high-value holiday packages, which impacted the segment's blended average.

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    Vijit Jain's questions to MakeMyTrip Ltd (MMYT) leadership • Q4 2025

    Question

    Vijit Jain of Citigroup inquired about MakeMyTrip's strategy for the 'experiences' category following a major launch by Airbnb, potential inorganic growth opportunities in experiences or travel media, and whether there were any one-off costs from recent travel disruptions.

    Answer

    Co-Founder and Group CEO Rajesh Magow revealed that MakeMyTrip has already launched its own extensive tours and experiences offering, which is currently being rolled out organically to leverage existing platform traffic. He stated that the M&A focus remains on niche, capability-enhancing acquisitions rather than large plays in experiences or content. Magow also confirmed there were no one-off costs associated with the recent geopolitical disruptions, only a temporary dip in travel sentiment.

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    Vijit Jain's questions to MakeMyTrip Ltd (MMYT) leadership • Q3 2025

    Question

    Vijit Jain of Citigroup inquired if the upcoming fourth quarter would be less seasonal than prior years due to specific events. He also asked for a breakdown of marketing spend between direct booking attribution and brand marketing, and questioned the company's experimentation with generative AI for end-to-end travel bookings.

    Answer

    Rajesh Magow, Co-Founder and Group CEO, responded that he does not anticipate Q4 seasonality to be significantly different, as the business serves a mix of leisure and non-leisure use cases year-round. Mohit Kabra, Group CFO, clarified that marketing spend trends with seasonality and is best viewed as a percentage of gross bookings. Magow confirmed that the company is deeply invested in GenAI, including agent-like chatbots for bookings, but emphasized that widespread consumer adoption will be a gradual journey.

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    Vijit Jain's questions to MakeMyTrip Ltd (MMYT) leadership • Q2 2025

    Question

    Vijit Jain inquired about the mix of packaged trips in the international hotel business, the ratio of direct versus agent bookings for international hotels, and the potential steady-state online penetration for the hotel segment.

    Answer

    Group CFO Mohit Kabra clarified that Q2 is a seasonal low for packages and that the reported international growth was for standalone hotels. He explained that directly contracted hotels account for 50-60% of room nights overall, rising to 70-75% in key markets. Group CEO Rajesh Magow added that online penetration for hotels is low (15-20% domestic, 10-15% international), offering significant headroom for growth compared to mature markets.

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