MakeMyTrip’s 4Q net income drop 30% as war hits outbound travel

Gurugram-based online travel company MakeMyTrip saw a 29.8% y-o-y drop in its net income in 4Q FY 2026 as the ongoing war dampens outbound travel demand, as per an earnings release. Revenue rose 1.9% y-o-y to INR 24 bn (USD 250.1 mn) in 4Q.

Tensions reshape strategy: The Iran war continues to batter international travel sentiment, pushing the company to pivot aggressively toward domestic tourism and short-haul regional destinations. Domestic holiday packages and corporate travel bookings held strong throughout the quarter, while the company's bus ticketing arm and ancillary businesses provided a much-needed buffer for the top line.

Why it matters: MakeMyTrip's operational shift captures the impact of regional instability in the aviation and hospitality sectors across the MENA-India corridor. Rather than waiting for the geopolitical storm to pass, major Indian travel operators are actively burrowing into domestic markets to defend their yields while volatile borders continue to stall long-haul global growth.