MakeMyTrip Limited

As a reminder, this live event is being recorded by the company and will be made available for replay on our IR website shortly after the conclusion of today's event. At the end of these prepared remarks, we will also be hosting a Q&A session. Furthermore, certain statements made during today's event may be considered forward-looking statements within the meaning of safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance, are subject to inherent uncertainties and actual results may differ materially. Any forward-looking information relayed during this event speaks only as of this date and the company undertakes no obligation to update the information to reflect changed circumstances. Additional information concerning these statements is contained in the risk factors and forward-looking statement section of the company's annual report on form 20F filed with the SEC on July 27, 2026. Copies of these filings are available from the SEC or from the company's investor relations department. I would like to now turn over the call to Rajesh. Over to you, Rajesh.

Thank you, Vipul. Welcome everyone to our second quarter call for fiscal 2027. We are pleased to report strong market leading growth despite a challenging environment for the travel industry particularly in air travel segment. The West Asia conflict and resulting inflationary pressures due to high ETF prices and INR deprecation have weighed on air travel demand both for international and domestic air travel. Our performance in such difficult macro conditions is a testament to our resilient comprehensive product portfolio strategy Both in retail and corporate segments as well as the focus execution by the team. Our strong Q2 performance in a low leisure travel season quarter was led by domestic travel and short haul international destinations for leisure purpose while business travel within India continued as usual resulting in robust growth in our corporate business. We were able to capitalize on this shift of choices with our ground transport offerings along with unmatched accommodation options resulting in robust growth in these segments while performing in line with the market on air travel. We continue to deliver growth and profitability While investing in the capabilities that will support our long-term growth, in Q2 we delivered gross bookings of 2.7 billion, witnessing growth of 20.9% year-on-year in constant currency and adjusted operating profit of $46.2 million. All business segments delivered strong growth both in volumes and gross bookings value. except air ticketing where we continue to hold on to our market share in domestic air ticketing and perform better than market in international air ticketing. Our non-air business mix has now reached 63.2% compared to 61.5% during the same quarter last year. We believe our resilience is best reflected in our ability to sustain customer engagement, serve evolving travel needs across categories and deliver profitable growth. India's underlying Economic momentum and propensity to travel remains robust. Therefore, our longer-term view of India remains unchanged. The near-term environment calls for careful execution alongside continued investment in the market with substantial long-term potential. An expanding base of aspiring travelers, participation from smaller cities, improving connectivity and digital payments will support growth in travel consumption over time. The opportunity includes both increased travel frequency and a greater share of that travel being booked online. Progress will vary by category and market, but the underlying need for convenient, reliable travel services remains strong. This is why we continue to invest beyond the immediate quota. Hotels, alternative accommodations, Buses, intercity cabs, tours and experiences present opportunities where the supply is fragmented and is digitally underpenetrated. In these categories, growth requires us to make supply easier to discover and book, improve confidence in the product and deliver dependable service. Building these capabilities helps expand the online market and strengthens our ability to earn a larger share of it. For hotels, we continue to drive online penetration by going deeper into the country and aggregating fragmented supply. Similarly, our intercity cabs business, which we started to build only a couple of years ago, is now growing upwards of 40% year on year, although on a small base. Our objective is to build sustained share gains through a better customer and partner proposition backed by a strong tech platform. Let me now share how we think about AI. We see AI as a net positive for online travel platforms, particularly in large emerging markets such as India. AI can gradually change how customers search and book for travel, but it does not change what it takes to deliver a trip. Accurate and bookable supply, reliable transactions and someone accountable when plans change. We believe value will accrue to platforms that are that own those capabilities and these are the capabilities we have spent building over the last two decades. Travel is an involved purchase with an element of inspiration, exploration, emotion and experience and often a significant share of household spread. Customers like to explore multiple options, take time to discuss with families and friends before choosing the reliable option. We expect conversational assistance and visual discovery to work together with customers choosing how much of the journey they want to delegate. The nature of supply in India is central to how we think about this. Much of India's travel supply is fragmented and a meaningful part of it still operates offline. Independent hotels, homestays and villas, thousands of private bus operators and local cab operators. A large part of this supply does not have structured content or reliable digital print of rates and availability. A horizontal AI assistant can only recommend what is discoverable, accurate and bookable that is available on internet. And in India, much of that layer does not exist on the open web. It has to be built on the ground, partner by partner. Our domestic accommodation portfolio now covers more than 105,000 options across over 2,000 cities and our bus platform carries more than 50,000 schedules a day. Behind these numbers are years of partner onboarding, content creation, inventory and pricing tools, and quality checks. This is difficult to replicate and AI makes it more valuable, not less. Our second advantage is proprietary data. Over two decades of searches, bookings, cancellations and reviews from customers who have actually traveled give us a grounded understanding of what a property is really like, which room suits a family with elderly parents or which bus operator runs on time. Our knowledge graph connects property attributes, reviews, images and location intelligence with customer preferences. General purpose models built on public information do not have this transaction level understanding and it is what makes recommendations relevant. As AI makes information more widely accessible, we expect differentiation to depend increasingly on the relevance of recommendations, the quality of bookable options and the reliability of service. Third is the transaction and the relationship after it. A traveler needs confidence that the price is final, that the payment has gone through whether by UPI card or EMI or with the right GST invoice for a business traveler and that support will be available if plans change. When a flight is cancelled, a booking needs to be amended or a property does not meet expectations, the customer needs a clear point of contact. who can rebook, refund and coordinate with supply. Our ability to connect discovery with booking, payments, amendments, refund and assistance at scale and across languages is central to our proposition. This brings me to trust, which we believe will shape how customers adopt AI in travel. General purpose assistance are useful for inspiration and research and some travelers may begin their journeys there. But planning a trip and committing money to it are different decisions. When a customer is spending a meaningful part of their monthly income on a family holiday, they want the answer to come from someone who can see live inventory and actual policies, can complete and change the booking and stands behind the outcome. A general assistant can recommend a travel platform is accountable for delivery. We think this distinction matters most at the point of payment and when something goes wrong, it is where a vertical assistant backed by a trusted brand has a natural advantage. In India, this matters even more. Many of the customers coming online are first-time or infrequent travelers from smaller cities. Often more comfortable speaking in Hindi or a regional language than typing in English and highly value-conscious. They often need help understanding an unfamiliar destination or product. A customer planning a pilgrimage with elderly parents may want to explain the budget, accessibility needs and meal preferences in their own language and be confident that what gets booked will match. A travel specialist assistant, backed by brands customers already know such as MakeMyTrip, Goibibo and RedBirds is well placed to earn that confidence. We believe this can help bring assisted and offline travel demand online and help smaller suppliers reach demand they would otherwise find difficult to access. These are meaningful opportunities to expand the market. Our early experience supports this view. Building on last quarter's launch of Myra 2.0, we made our AI travel assistant smarter, faster, and more closely integrated into customer journey. Expanding its capabilities across end-to-end trip planning, native voice interactions, and in-chat payments. Myra now engages in over 90,000 daily conversations and assists over 3,000 bookings a day. Customers engaging with Myra convert at around 1.7 times the rate of those who don't. In Tier 2 and Tier 3 cities, which account for around 55% of Myra conversations, this rises to over 2.1 times. These are the customers who benefit from the assistance and these patents reinforce our view that a travel specialist assistant can help more of them book with confidence. Myra also resolved over 53% of post booking queries autonomously in relation to flights and hotels. We have also embedded generative AI into our core hotel and flight booking journey, helping customers express their preferences in natural language and discover more relevant options. AI-powered semantic search now accounts for around 10% of total searches with conversion rates approximately 24% higher than filter-led search. Smart filters and Myra recommendations within the booking journey are showing even greater conversion advantages, particularly among new customers. Our approach is to keep strengthening our AI interface Myra while experimenting with external assistance alongside Customer-facing applications, our investment priorities include AI-assisted engineering, partner onboarding, and customer support. AI can make the work of aggregating fragmented supply faster and more efficient, for example, in creating content for and onboarding smaller partners, and we see scope to reinvest part of those productivity gains in growth. We will measure success through better customer outcomes, dependable service, and sustainable economics with appropriate oversight where human judgment remains important. To summarize, we are driving three economic outcomes with AI. A, growing revenue and conversion through personalized discovery, semantic search, assisted planning, relevant cross-sell, and better matching of customer intent with available inventory. Improving operating productivity through automation of routine servicing, engineering productivity, supplier content creation and faster partner onboarding Expanding the addressable market by bringing fragmented supply online, enabling customers to translate in regional languages and making complex travel products easier to discover and book Looking ahead, we remain mindful of evolving geopolitical environment and macro situation We will continue to serve customers across their travel needs, strengthen our presence in categories with significant potential for online adoption and invest with discipline in future growth. We believe this approach positions MakeMyTrip well to capture India's long-term travel opportunity and deliver sustainable profitable growth. With this, let me now hand over the call to Mohit for business highlights of the quarter.

Thanks Rajesh and hello everyone. During the reported quarter, the external environment remained challenging for the Indian travel industry and particularly for our outbound and air ticketing businesses. While making sure that we performed better than industry in the impacted segments, we focused on driving growth momentum in the other segments of travel such as accommodations, ground transport including bus and cabs, as well as a variety of ancillary travel services. As a result, we were able to post gross booking year-on-year constant currency growth of 20.9%. The ability to drive strong operational results even in a seasonally weaker quarter for leisure travel despite the degrowth in air ticketing industry shows the resilience we have built in our overall business and in being able to dial up different lines of businesses and or demand segments largely led by our ability to offer curated travel options that suit the pocket of every Indian traveler. In view of high airfares, we dialed up growth across domestic destinations, promoting drive-down breaks, short-duration holidays, pilgrimage-led trips and supported the breadth of our hotel and ground offerings. Our operating focus remained on expanding relevant supply, improving the booking experience and encouraging repeat usage. As we build on this breadth, we are deepening our capabilities within each category to serve more travel locations and across price points. Let me now share some segment-wise commentary, beginning with hotels and packages, which accounts for a leading 40% share of our business mix. During this quarter, this segment delivered an adjusted margin of $116.8 million, representing a strong year-on-year constant currency growth of 20.2%, standalone hotel room 90 degree, 18.6%, driven by a strong growth of 20.4% in domestic hotels. It was encouraging that despite the degrowth in outbound travel from India due to a variety of external factors, our international room nights continued to grow amidst single digits year on year. Domestic growth was powered by curating wider supply to drive demand for a variety of travel occasions including short duration, spiritual tourism or celebrations such as anniversaries and family gatherings. International rural demand has also held up across destinations outside the Middle East and long-haul markets where geopolitical headwinds and high fares continue to weigh on travel. Accommodation remains an important investment priority for us. India's supply landscape is fragmented with a wide range of independent hotels, homestays, and villas. For many partners, the opportunity involves getting discovered and bringing more of their business online. At the end of the quarter, Our domestic accommodation portfolio covered more than 1,05,000 options across 2,080 cities in the country. Alongside expanding coverage, our priorities include improving content availability and personalization of recommendations so that our customers get the most relevant options to choose from and our supplied partners see improving business from participating on our platforms. While geopolitical headwinds weighed on near-term international demand, we continue to see outbound travel as a significant long-term growth opportunity and therefore continue to invest in building international hotel supply. We are expanding our directly contracted hotel network. We have expanded our direct hotel supply by adding 45 new cities during the last one year, taking our total presence to about 110 destinations globally. Overall, the directly contracted international hotel portfolio grew to 40,000 accommodations, a 30% increase over same quarter last year. These investments broaden our offering and strengthen our ability to capture growth as demand recovers. In hotels, we are combining a broader range of accommodation options with technology that helps customers find the right stay for their needs. From family holidays and pilgrimage trips to group travel, events or business-related travel, we continue to expand our supply and product capabilities to serve each of these locations a lot more effectively. Our focus extends across customer cohorts and price points, offering relevant choices for different budgets and preferences. We continue to accelerate our efforts to solve for specific needs of the Indian customers as they travel within India and internationally. Flexibility with hourly bookings, solving for guaranteed early check-ins, upgrading to better rooms, getting the right meals, group stays or child stay options are some of the examples of areas which we have worked on with deep consumer insights and specific needs. While solving for customer needs on one side, these value propositions also help build incremental revenue for our supply partners. These value propositions were driven largely by rolling out an AI-enabled deep learning system across our apps, combining our proprietary knowledge graph of property attributes, reviews, images, and location intelligence with customer insights on preferences and behavior to deliver more relevant recommendations for our customers. This improved visitor conversion by over 2.5% with gains of nearly 6% for super premium stays including villas. The system is now live for all app users and we continue to expand the coverage and refine the model. In homestays, we continue to invest behind building the category. We enhanced our product proposition by introducing locality highlights to help customers better understand a property's surroundings and be able to book with confidence, particularly in destinations like hilly areas where homestays and villas are often spread across offbeat locations. This feature is now live across hill destinations and has delivered over 5% conversion uplift for the relevant properties. During the last quarter, we sold over 29,400 unique properties across 1185 cities. We plan to extend this feature to relevant pilgrimage and leisure destinations as well. In tours and attractions, our aim is to serve more of the trip beyond the initial flight or hotel booking. Discovery and booking of these services remains fragmented across most destinations. Making relevant activities available alongside the customer's itinerary can improve convenience and increase engagement during travel. With a view to drive convenience in booking and selection, we introduced the MMT Experience Pass, a flexible bundled offering designed to encourage customers to book multiple activities within a destination with compelling value proposition. Early adoption across Southeast Asian destinations has been encouraging and reinforces the potential of offering these bundled experiences to drive higher customer engagement and gain larger wallet share. A bus ticketing business, where Redbus is a strong market leader with phenomenal top-of-mind recall, continues to deliver strong growth. With delivered volume growth of 24.7% year-on-year, with 29.4% growth in gross bookings and 29% growth in adjusted margin in constant currency terms. We continue to work very closely with our bus operating partners to add more inventory, particularly in overnight or pilgrimage-led routes which are seeing much better offtake in view of the prevailing high airfares. Hence, almost half of the growth is led by inventory additions with the rest being market share gains. We continue to be optimistic about this segment in view of the improving highway infrastructure and investments by our supply partners in fleet upgrades. We expect this momentum to continue in the coming quarters in line with the upcoming festive demand alongside a gradual shift towards higher quality buses with enhanced amenities. We continue to enhance customer experience by expanding the coverage of the customer comfort score displaying onboard toilets, emergency exits in seat layouts, improving in-app live tracking experience, and enhancing our air assistant tray. Our campaign on ease of travel, particularly for women travelers on buses with inbuilt toilets, gained good traction among women travelers across India. These kinds of product-led initiatives are helping us further strengthen our customer proposition. Coming to the air ticketing business, this has been impacted by macro headwinds. Overall, market supply was constrained and domestic departures witnessed a decline of 7% year-on-year, while international departures witnessed a degrowth of 4% year-on-year. Both high fares and constrained capacity impacted demand leading to an overall decline in flown passengers. In line with our called-out strategy, we continue to maintain a leading 30% plus share of domestic air ticketing market. AI remains an important part of our customer proposition and a source of engagement across the travel journey. AI is becoming an important differentiator in our flights business, helping us improve both booking as well as service through smart affair discovery, personalized recommendations, integrated trip planning, and proactive disruption management. These capabilities are designed to strengthen the customer experience and improve the economics of the business. We continue to enhance our product proposition and drive cross-sell. During the quarter, we launched an integrated flight plus cab booking experience, connecting customers to 200 plus high-demand destinations across India without airports through a single purchase journey. The feature simplifies end-to-end travel planning and supports cross-category adoption. Rollout is underway with flights and cab combinations being optimized for total travel cost and journey duration. Let me now share some details specific to our B2B or corporate business as well as the indirect B2C channels. We continue to sharply target different demand cohorts via our corporate platforms, travel agent networks, and affiliate partnerships to extend our reach to a broader customer base. Our corporate travel business continues to perform strongly, tapping into a demand pool that complements B2C travel. This mix adds resilience and helps navigate short-term headwinds more effectively. MyBiz and Quest2Travel, the two platforms that we operate on the corporate side, allow us to serve businesses with different requirements from SMEs to large enterprises. These customers value policy controls, reporting, and support alongside convenience booking. At the end of the quarter, MyBiz served about 84,600 active corporate customers as compared to about 75,500 corporate customers during same quarter last year. And Quest2Travel served 568 large customers compared to about 527 large customers served a year earlier. Our travel agent platform MyPartner continues to see growing adoption with more than 26,000 unique agents transacting during the quarter for the first time. This was supported by an on-ground engagement at technology-led CRM initiatives. Agents are also booking a broader range of offerings with healthy repeat activity reflecting stronger engagement and further cross-sell potential. Another distribution channel for us is MyAffiliates wherein we power travel for other online platforms like Amazon Pay, PhonePay, etc. While MyAffiliates remain a small part of our overall business, it is helping us acquire new customers. Based on seasonality and shifting Thanks Mohit and hello everyone.