MakeMyTrip Q3 Results Show Mixed Performance: Bus Quotes Segment Gains Ground

For the quarter ending December 2025, MakeMyTrip (MMYT) announced a revenue of $295.69 million, marking a 10.6% year-over-year increase but falling 5.72% short of Wall Street’s $313.62 million consensus estimate. However, the company delivered an impressive earnings surprise, reporting EPS of $0.52 against the expected $0.39 — a 33.33% upside beat. This divergence between revenue miss and earnings beat reflects underlying operational efficiency in the company’s business segments.

Bus Ticketing Growth Outpaces Expectations

The bus ticketing vertical emerged as a standout performer across MMYT’s portfolio. The company processed 36.68 million bus tickets during the quarter, exceeding analyst projections of 34.68 million — a significant outperformance that demonstrates growing adoption of the platform for ground transportation. This strength in bus quotes and ticketing contributed to gross bookings of $420.6 million in the bus segment, nearly aligning with the $421.52 million forecast. The adjusted margin for bus ticketing reached $42.41 million, though this came in slightly below the $44.05 million estimate, suggesting margin compression despite volume gains.

Air and Hotel Services Face Headwinds

Air ticketing gross bookings totaled $1.53 billion, marginally underperforming the $1.55 billion average analyst estimate. The segment generated 15.36 million flight segments—actually exceeding the 15.01 million projection—yet gross bookings fell short, indicating potential pricing pressure in the airline market. Hotels and packages posted $750.44 million in gross bookings against a $794.59 million estimate, reflecting a more pronounced miss in this category. However, adjusted margins in hotels strengthened to $133.18 million, though this trailed the $143.03 million consensus estimate.

Total gross bookings reached $2.78 billion, slightly below the $2.8 billion two-analyst average, while the overall adjusted margin portfolio demonstrated mixed results across all segments.

Market Skepticism and Stock Performance

Despite the earnings beat, market sentiment remains cautious. MMYT shares have declined 12.8% over the past month, significantly underperforming the broader S&P 500’s modest 0.4% decline. The company currently carries a Zacks Rank #4 (Sell) rating, suggesting near-term underperformance relative to the market. This valuation headwind may reflect investor concerns about the revenue miss and guidance implications, despite operational strengths evidenced by bus ticketing momentum and improved earnings delivery.