Post-earnings recap
Reported
Tue, May 19, 2026
EPS actual
$0.32
EPS est.
$0.21
EPS surprise
+48.84%
1-day move
-7.72%
MakeMyTrip's earnings report shows a significant miss on EPS expectations, which likely contributed to the stock's decline of 7.72%. Investors may be concerned about the company's ability to meet revenue expectations, as no revenue figures were reported. The lack of guidance further adds uncertainty to the company's outlook.
| Metric | Actual | Expected | Surprise |
|---|---|---|---|
| EPS | $0.32 | $0.41 | +48.84% |
| Revenue | — | $275M | — |
No transcript is on record for the earnings call, so the analysis is based solely on numerical results.
MakeMyTrip Limited (MMYT) is a leading online travel company in India, specializing in hotel bookings, vacation packages, and travel services. As consumer spending on travel continues to rebound post-pandemic, MMYT plays a crucial role in the growing tourism sector.
Last quarter
In Q3-2026, MakeMyTrip reported an EPS of $0.52, significantly exceeding expectations of $0.29, leading to a notable surprise. However, the stock fell 12.13% the following day, indicating market concerns despite strong earnings.
Management promises and guidance
EPS beat streak
3Q
EPS beat rate
88%
Avg EPS surprise
+46.43%
Avg 1-day reaction
-2.55%
Analysts expect a solid performance from MakeMyTrip in Q4-2026, with a consensus EPS of $0.41 and revenue of $275M. The market is watching closely for any signs of continued recovery in travel demand.
Bull case
If MMYT can exceed EPS expectations and show strong revenue growth, it may indicate a robust recovery in the travel sector, boosting investor confidence.
Bear case
Conversely, if the company fails to meet expectations or provides weak guidance, it could raise concerns about ongoing challenges in the travel market, leading to a negative reaction.
Key metrics to watch
EPS
$0.41Earnings per share (EPS) is a key indicator of profitability and will show how well the company managed costs and revenues this quarter.
Revenue
$275MRevenue figures will provide insight into overall business growth and demand for travel services, which is critical in the current economic climate.
The print will turn on these.
Q1
Will MakeMyTrip's revenue exceed the consensus estimate of $275M?
Revenue growth is crucial for assessing the company's recovery and market demand, especially in the travel sector.
Q2
Can the company maintain or improve its EPS above the consensus of $0.41?
A strong EPS performance would indicate effective cost management and profitability, which are key to investor confidence.
—
Est. EPS
—
Est. Rev
—
Impl. Move
±8.9%
Why consensus could be wrong
The consensus may underestimate the potential for a strong rebound in travel demand, particularly in the domestic market, which could drive higher revenues than expected.
Supporting evidence
Recent trends show increased travel bookings, suggesting a stronger recovery than analysts anticipate.
The company's strategic partnerships and marketing efforts may yield better-than-expected results.
Options pricing indicates a lower expected move, which may not reflect the potential for a significant earnings surprise.
Key risk
If revenue comes in significantly above $275M, it could challenge the current bearish sentiment.
Pre-commit to what would confirm each case.
The market is debating whether MakeMyTrip can sustain its recent momentum in earnings and revenue growth amid a recovering travel landscape.
Bull confirmed if
An EPS of $0.45 or higher would confirm strong operational performance and growth potential.
Bear confirmed if
An EPS below $0.35 would signal potential ongoing struggles in the travel market.
What the market is pricing for the move.
Implied Move
±3.3%
Historical Avg
±6.3%
The options market is pricing in a modest move of about 3.3% around the earnings report, suggesting that traders are anticipating a relatively stable outcome.
Options are pricing ±3.3% while MMYT has averaged ±6.3% over the last 8 prints — setup is pricing cheap.
ATM IV
0.7%
30d HV
61.5%
Smart-money positioning from the most recent 13F filings.
Institutional
105.63%
of float
Insider
20.75%
of float
Holders
345
institutions
Top Holders· as of Jun 2026
Verition Fund Management, LLC
32,500,000 sh · $1.4B
36.61%
413175.7%
Likely market behavior by outcome. Not investment advice.
Beat & raise
If MMYT beats expectations, history suggests the stock could rise by about 1.15%, confirming a positive outlook for the travel sector.
In line / cautious
If results are in line with expectations, the stock may experience a muted reaction as investors await further guidance.
Miss
A miss could lead to a decline of around 10.25%, reflecting market disappointment and concerns about future growth.
The lines on the call that would change the story.
BAILLIE GIFFORD & CO
14,670,083 sh · $636.8M
16.53%
-2.3%
Schroder Investment Management Group
7,708,990 sh · $334.6M
8.68%
22.4%
Royal Bank of Canada
6,113,740 sh · $265.4M
6.89%
74.8%
FMR, LLC
4,821,753 sh · $209.3M
5.43%
187.2%
13F filings updated quarterly. Position deltas show change in shares vs. the prior quarter.