New York, May 23, 2026, 15:01 (ET)
MakeMyTrip Ltd shares on Nasdaq finished Friday at $42.75, slipping 0.6%. That put the Indian online travel group’s stock down on the week after a steep fall following its earnings. Shares jumped 3.8% Monday but tumbled 7.7% Tuesday, later clawing back some ground to close about 1.3% under their May 15 level of $43.30.
Nasdaq will be closed Monday, May 25, for Memorial Day. That puts the first regular trading session for investors on Tuesday, when they’ll be able to react to last week’s earnings, peer results and the latest on holiday travel sentiment. Normal cash-equity trading on Nasdaq is 9:30 a.m. to 4:00 p.m. ET.
Investors are weighing MakeMyTrip’s record full-year bookings and stronger operating profit against a softer bottom line and signs of slower fourth-quarter growth in parts of its business. So the question for the week is not about whether the company is still growing, but about which numbers matter most now.
MakeMyTrip said gross bookings for fiscal 2026 hit $10.39 billion, a 10.4% increase on a constant currency basis. IFRS revenue climbed 10.7% in constant currency to $1.04 billion. Adjusted operating profit jumped to $188.8 million.
The fourth quarter numbers weren’t as strong. Gross bookings for the quarter landed at $2.55 billion, flat year over year in reported dollars and up 4.8% in constant currency. Profit dropped to $24.3 million from $29.2 million. Air-ticketing revenue slipped 4.7% on a reported basis.
MakeMyTrip (MMYT) has gone past $10 billion in bookings, CEO Rajesh Magow said. He said their work with artificial intelligence is “beginning to show results.” The company said its Myra AI assistant handled over 54,000 daily conversations in Q4, resolving about 55% of flight and hotel post-booking questions. SEC
Citi’s Vijit Jain cut MakeMyTrip’s price target to $70 from $80 but kept a Buy, according to TipRanks/The Fly. The firm trimmed forecasts to factor in a longer drag from geopolitical issues. Analyst sentiment stayed cautious, not bearish.
Peer moves were mixed. Booking Holdings gained 0.9% Friday, Expedia dropped 1.6%. MakeMyTrip’s share slide tracked with the group. In India, ixigo posted record Q4 after-tax profit of 32.1 crore rupees and 34% year-on-year revenue growth for FY26, showing the country’s travel demand hasn’t been one-way.
MakeMyTrip flagged that growth in February and March was slowed by the tough comparison with the Maha Kumbh Mela in 2025 and the conflict in West Asia. The company also pointed to other regional conflicts and airline supply issues at home for the year. If these headwinds stick around, or if a weaker rupee keeps dragging on reported dollar results, investors may focus less on constant-currency gains.
Tuesday’s open could set the tone after last week’s recovery. If shares stick above Tuesday’s close, traders may be betting on the company’s size and some pickup in hotels, packages and bus ticket sales. But a softer open would put the spotlight back on profit figures and bigger travel hits the company can’t manage.
MakeMyTrip comes out of the holiday weekend with more bookings, a bigger business, and shares still trading below where they were before earnings week started.
