How Investors Are Reacting To MakeMyTrip (MMYT) Reporting Higher Revenue but a Quarterly Net Loss

• MakeMyTrip Limited recently reported earnings for the second quarter and six months ended September 30, 2025, showing quarterly revenue of US$229.34 million and a net loss of US$5.62 million, compared to a net income of US$17.85 million a year earlier.
• While revenues continued to increase year-on-year, the company posted a swing from profit to loss in the quarter, highlighting a disconnect between top-line growth and underlying profitability.
• We'll examine how the shift to a quarterly net loss, despite higher revenue, could influence MakeMyTrip's investment narrative going forward.

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MakeMyTrip Investment Narrative Recap

To be a MakeMyTrip shareholder, you need to believe that growing online travel adoption and digital bookings in India will outweigh near-term earnings volatility caused by rising costs and competition. The latest quarterly swing to a net loss is unlikely to materially impact the primary catalysts, ongoing digital adoption and market expansion, though it does put greater focus on the risk that aggressive spending and pricing pressures could keep margins under pressure in the short term.

Among recent company announcements, the launch of the GenAI-enabled Trip Planning Assistant stands out. This product aims to enhance user experience and accessibility, which connects directly to MakeMyTrip’s core catalyst: broadening reach in underpenetrated markets, especially as travel demand continues shifting online.

Yet, while revenue growth remains robust, investors should be aware that, in contrast, rising competition and structurally high marketing costs could continue to pressure margins if...

Read the full narrative on MakeMyTrip (it's free!)

MakeMyTrip's narrative projects $1.8 billion revenue and $288.3 million earnings by 2028. This requires 22.2% yearly revenue growth and a $188.3 million earnings increase from the current $100.0 million.

Uncover how MakeMyTrip's forecasts yield a $118.44 fair value, a 52% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members have posted three fair value estimates for MakeMyTrip, ranging from US$45 to over US$180,000. As you consider these varied viewpoints, remember that intensifying competition in both domestic and global travel markets could affect MakeMyTrip’s ability to sustain earnings growth.

Explore 3 other fair value estimates on MakeMyTrip - why the stock might be worth 42% less than the current price!

Build Your Own MakeMyTrip Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your MakeMyTrip research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free MakeMyTrip research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate MakeMyTrip's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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