MakeMyTrip (MMYT) Operating Margin (2009 - 2026)
MakeMyTrip's (MMYT) quarterly Operating Margin came in at 16.11% in Q1 2026, up 338.0% year-on-year from 3.68% in Q1 2025, and up 16.48% quarter-over-quarter from 13.83% in Q4 2025.
MakeMyTrip (MMYT) Operating Margin (2009 - 2026) Analysis & Trends
MakeMyTrip's Operating Margin history runs 18 years deep, the most recent figure standing at 16.11% for Q1 2026.
- On a quarterly basis, Operating Margin rose 338.0% year-over-year to 16.11% in Q1 2026; TTM through Mar 2026 was 14.94%, a 269.0% increase from a year earlier, with the FY2026 full-year figure at 14.94%, up 269.0% from the prior year.
- Operating Margin grew to 16.11% in Q1 2026 per MMYT's latest filing, from 13.83% in the prior quarter.
- Across five years, Operating Margin topped out at 16.11% in Q1 2026 and bottomed at 2.97% in Q3 2022.
- The 5-year median for Operating Margin is 10.57% (2023), against an average of 9.47%.
- Across the five-year window, Operating Margin soared 6243 bps in 2022 and surged 85 bps in 2025, its largest moves.
- Year by year, Operating Margin stood at 4.38% in 2022, then soared by 141 bps to 10.57% in 2023, then increased by 23 bps to 12.97% in 2024, then increased by 7 bps to 13.83% in 2025, then rose by 16 bps to 16.11% in 2026.
- Per Business Quant, the three latest MMYT Operating Margin figures stand at 16.11% (Q1 2026), 13.83% (Q4 2025), and 15.02% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 136.54 Bn | 120.51 Bn | 3.46 Bn | 22.98% |
| 2 | Royal Caribbean Cruises | 86.11 Bn | 85.59 Bn | 2.21 Bn | 26.10% |
| 3 | Airbnb | 82.27 Bn | 70.26 Bn | 2.10 Bn | 3.21% |
| 4 | Yatra Online | 55.46 Bn | 55.47 Bn | 10.44 Mn | -12.11% |
| 5 | Viking Holdings | 44.18 Bn | 40.37 Bn | 713.43 Mn | 61.84% |
| 6 | Carnival | 34.61 Bn | 32.38 Bn | - | 12.77% |
| 7 | Expedia | 31.38 Bn | 28.88 Bn | 3.05 Bn | 7.33% |
| 8 | Norwegian Cruise Line Holdings | 8.54 Bn | 8.35 Bn | 953.34 Mn | 9.99% |
| 9 | MakeMyTrip | 5.02 Bn | 4.60 Bn | 199.14 Mn | 16.11% |
| 10 | Global Business Travel | 4.83 Bn | 4.43 Bn | 490.00 Mn | 0.36% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 16.11% |
| Dec 31, 2025 | 13.83% |
| Sep 30, 2025 | 15.02% |
| Jun 30, 2025 | 15.01% |
| Mar 31, 2025 | 12.72% |
| Dec 31, 2024 | 12.97% |
| Sep 30, 2024 | 12.38% |
| Jun 30, 2024 | 10.95% |
| Mar 31, 2024 | 8.24% |
| Dec 31, 2023 | 10.57% |
| Sep 30, 2023 | 3.98% |
| Jun 30, 2023 | 9.72% |
| Mar 31, 2023 | 5.37% |
| Dec 31, 2022 | 4.38% |
| Sep 30, 2022 | 2.97% |
| Jun 30, 2022 | 2.99% |
| Mar 31, 2022 | 3.78% |
| Dec 31, 2021 | -5.40% |
| Sep 30, 2021 | -11.84% |
| Jun 30, 2021 | -59.44% |