MakeMyTrip Q3 2026: AI Growth vs Flight Duty Chaos Hits Stock Hard

Описание: MakeMyTrip Limited reported a mixed Q3 FY2026 with record adjusted profitability but significant IFRS profit pressure due to phantom finance costs from convertible notes. Revenue rose 10.6% YoY to $295.7M, driven by strong gross bookings growth of 11.8% to $2.78B. However, air travel supply was disrupted by stricter Flight Duty Time Limitation rules, grounding flights and delaying recovery until mid-2026. The company also benefited from a GST reduction on budget hotel rooms, boosting volume by 23% but compressing reported booking growth.

The companys AI chatbot, Myra AI, scaled to over 50,000 daily conversations, enhancing customer acquisition in tier 2 and 3 Indian cities through voice-based interactions. Management highlighted the competitive edge from proprietary data and fulfillment capabilities versus generic AI trip planners. Despite a 13% stock drop post-earnings, MakeMyTrip demonstrated strong cash liquidity with $830M in reserves and executed a $41.5M share buyback, signaling confidence in long-term growth.

Investors face a classic operational strength versus headline noise scenario. The near-term impact of pilot-related capacity constraints and accounting costs weighed on reported earnings. Long-term growth drivers include expanding higher-margin verticals, AI-driven product innovation, and a corporate restructuring merger preparing for a potential India IPO. The key watchpoints remain air capacity normalization and market recognition of the companys robust adjusted profitability and cash flow generation.

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