What MakeMyTrip's FY26 numbers mean for small agencies

MakeMyTrip filed its FY26 results in May-June 2026, and for a week the travel trade press (StockTitan, AngelOne, IndianStartupNews, Travel Turtle) couldn't talk about much else: gross bookings of $10.4 billion, revenue crossing $1 billion for the first time. If you've ever wondered how MakeMyTrip actually makes money, and what its commission percentage really looks like once you do the arithmetic, this filing answers both. More useful for you: it tells an agency owner exactly where the defensible margin still is, and where you're competing on fumes.

This isn't a speculation piece about MakeMyTrip's strategy. It's a read of the public numbers, translated into decisions for a five-to-fifteen-person agency that competes with MakeMyTrip for the same client's rupee every day.

MakeMyTrip's FY26 headline numbers

MakeMyTrip's revenue as a share of gross bookings, its blended take rate, works out to roughly 10% for FY26. That single number is the most useful thing in the filing for an agent: it tells you how much of every rupee that flows through an OTA actually becomes the platform's revenue, versus how much is pass-through to airlines, hotels and other suppliers.

Metric	FY26	Growth (constant currency)
Gross bookings	$10.4B	+10.4%
Revenue	$1,044.0M	+10.7%
Operating result	$156.0M	-

(Source: MakeMyTrip's 6-K filing, as of July 2026.)

Two numbers you can derive from that table without any outside data:

• Blended take rate: $1,044.0M revenue ÷ $10.4B gross bookings ≈ 10%. That's the average cut MakeMyTrip keeps across every category it sells, air, hotels, bus, packages, blended together.
• Operating margin: $156.0M operating result ÷ $1,044.0M revenue ≈ 14.9%. Roughly 15 paise of every revenue rupee falls to operating profit before tax and other adjustments.

Neither number is a "commission percentage" you can quote a client. It's a blended average across categories that behave very differently, which is exactly why the segment split matters more than the headline number.

Where the revenue actually comes from: hotels beat flights

MakeMyTrip's FY26 segment revenue shows hotels and packages generating more revenue than air ticketing, even though air travel is the higher-volume, more commoditised business. That split is the clearest signal in the entire filing about where an OTA's real margin sits, and it matches what agents already feel on the ground: flights pay next to nothing, packages and hotels pay for the business.

Segment	Revenue (FY26)	Share of the four segments
Hotels & packages	$476.8M	~42%
Air ticketing	$407.1M	~36%
Bus	$163.9M	~14%
Others	$94.9M	~8%

(Source: IndianStartupNews, citing MakeMyTrip's FY26 filing, as of July 2026. These four segments add up to roughly $1,142.7M, reported before the consolidation adjustments that bring the group to its $1,044.0M total revenue figure. Use the shares, not the raw totals, for comparison.)

Hotels and packages account for a larger slice of segment revenue than air ticketing does, despite airlines almost certainly carrying more transaction volume in absolute bookings. The only honest read of that gap: the revenue per booking on air is thin, and the revenue per booking on hotels and packages is thick. That's not a guess about MakeMyTrip's strategy, it's what the ratio of segment revenue to any reasonable estimate of segment volume implies for margin density, and it's the same pattern independent agents report from their own books.

Careful: Don't over-read a two-line segment table into a strategy memo. MakeMyTrip doesn't disclose booking volume by segment in these figures, only revenue. The takeaway here is about margin density (revenue concentration), not about what MakeMyTrip intends to prioritise next year.

What "take rate" means for your own commission

A take rate is simply revenue divided by the total value of goods or services sold through a platform. For an OTA, that means: of every ₹100 a customer pays for flights, hotels and packages combined, how much does the platform keep as its own revenue (commission, markup, convenience fees, ad revenue), versus pass through to the airline, hotel or DMC.

MakeMyTrip's ~10% blended take rate in FY26 sits well above EaseMyTrip's roughly 6.8% take rate in FY25 (₹587 crore operating revenue on ₹8,691 crore of gross booking revenue, with ₹143 crore profit before tax).

Company	Period	Gross bookings	Revenue	Take rate
MakeMyTrip	FY26	$10.4B	$1,044.0M	~10%
EaseMyTrip	FY25	₹8,691Cr	₹587Cr	~6.8%

These two rows aren't a clean apples-to-apples comparison, different currencies, different fiscal years, different business mixes (MakeMyTrip carries more hotels and packages relative to its air business than EaseMyTrip does). But the direction is consistent with what the segment data already showed: an OTA that leans harder into hotels, packages and higher-margin ancillary revenue posts a meaningfully higher take rate than one still built mostly around flight ticketing volume.

Example: Say your agency books ₹50 lakh of client travel this quarter, split roughly ₹20 lakh in flights and ₹30 lakh in hotels and packages. If your effective margin on flights runs close to what airline base commission has shrunk to today, near zero before you add a service fee, and your margin on the hotel and package portion runs closer to 12-18% (net rate against sell rate), your blended take on that ₹50 lakh looks a lot more like MakeMyTrip's ~10% than EaseMyTrip's ~6.8%, purely because of mix. The lesson isn't the exact percentage. It's that your blended margin is a mix problem, not a single number, exactly the way it is for the OTAs.

What this means for a five-person agency

The practical decision this filing supports: stop trying to out-compete OTAs on flight ticketing margin, and put your energy where the segment data shows the real money sits, hotels, packages and the service wrapped around them.

Flights are the segment where an OTA the size of MakeMyTrip, with better airline deals, bulk GDS incentives and app-driven volume, will win on price almost every time. Your defensible edge on flights isn't the fare, it's the follow-up: rebooking when a flight gets cancelled, chasing an airline for a refund, handling the 11 pm "gate change" panic call. That's worth a service fee, not a commission argument.

Hotels and packages are where the segment data says the real revenue density is, and it's also where a small agency has genuine structural advantages an app can't replicate: negotiated net rates with hotels you actually know, an itinerary built around a client's real constraints rather than a filterable list, and someone who picks up the phone when the itinerary needs to change mid-trip. If MakeMyTrip's own FY26 numbers show its highest-revenue segment is hotels and packages rather than flights, that's a strong signal about where the margin in this trade actually lives, for the OTA and for you.

None of this means walking away from air ticketing. It means pricing it honestly (a flat service fee rather than an invisible markup you can't defend against a screenshot), and putting your real selling energy into packages, add-ons and the parts of the trip an algorithm handles worse than you do. For the numbers on what your own commission and margin structure should look like once you make that call, see the travel agent commission rates card for 2026 and the honest margin benchmarks for tour operators.

There's also a quieter number in the filing worth sitting with: MakeMyTrip's "Others" segment, at $94.9M, is smaller than bus ticketing but still a meaningful ~8% of segment revenue. That's ancillary income, insurance, forex, add-ons, the same categories many agencies treat as an afterthought at the point of sale. An OTA the size of MakeMyTrip is squeezing real revenue out of the products bolted on around the core booking. A small agency that treats travel insurance or a forex card as a favour to the client rather than a line item is leaving margin on the table that even the big platforms bother to collect.

What this means if you sell through MakeMyTrip's own agent programme

If your agency already books through MakeMyTrip's myPartner platform rather than competing against it, these FY26 numbers are still relevant, they're the same revenue base that funds whatever agent payouts and incentives myPartner offers. For what agents actually earn on that platform and the fine print around it, the detailed breakdown is in the MakeMyTrip myPartner guide.

More broadly, if you're weighing how much of your business should flow through OTA-adjacent channels versus your own direct bookings, the underlying economics are the same ones this filing exposes: the platform's take rate is real money leaving your side of the transaction. The real math of OTA dependence and the case for going direct walks through that trade-off in rupee terms. And if you want the fuller picture of how money actually moves between client, agent, DMC and supplier before any of it becomes someone's "take rate," see how the money actually flows in the trade.

Common questions

How does MakeMyTrip make money?

MakeMyTrip earns revenue across four main segments: air ticketing, hotels and packages, bus ticketing, and other services (which includes ancillary products). In FY26, hotels and packages generated $476.8M in segment revenue, more than air ticketing's $407.1M, even though flights are typically the higher-volume category. The company doesn't earn a single flat commission; it earns a blend of commissions, markups, convenience fees and ad revenue across all four segments.

What is MakeMyTrip's commission percentage in 2026?

There isn't one published commission percentage. The closest public number is the blended take rate, revenue divided by gross bookings, which works out to roughly 10% for FY26 ($1,044.0M revenue on $10.4B gross bookings, per the company's own filing). That average sits above categories like pure flight ticketing, where margins are thin, and below what higher-margin hotel and package bookings likely contribute individually.

Is MakeMyTrip profitable in FY26?

Yes, on an operating basis. MakeMyTrip reported an operating result of $156.0M on $1,044.0M of revenue for FY26, an operating margin of roughly 14.9%, as of July 2026. That's a different number from net profit after tax and other adjustments, which the filing reports separately; the operating result is the cleanest read of the core business's profitability.

What is a good OTA take rate in India?

There's no single benchmark, take rate depends heavily on category mix. MakeMyTrip's FY26 blended take rate runs close to 10%, while EaseMyTrip's FY25 take rate runs closer to 6.8%, a gap that tracks with EaseMyTrip's business still leaning more heavily on flight ticketing relative to hotels and packages. For an individual agency, the more useful exercise is calculating your own blended margin the same way, revenue as a share of total client billing, and checking whether your mix of flights versus hotels/packages/services is pulling that number up or down.

The short version

• MakeMyTrip's FY26 blended take rate (revenue ÷ gross bookings) works out to roughly 10%: $1,044.0M revenue on $10.4B gross bookings, as reported in its own filing.
• Operating result of $156.0M on that revenue works out to a roughly 14.9% operating margin, as of July 2026.
• Segment revenue shows hotels and packages ($476.8M) ahead of air ticketing ($407.1M), despite flights typically carrying more transaction volume, the clearest signal of where OTA margin actually concentrates.
• EaseMyTrip's FY25 take rate runs lower, around 6.8% (₹587Cr revenue on ₹8,691Cr gross booking revenue), consistent with a business mix still weighted more toward flights.
• The practical read for your agency: price flight ticketing as a service fee, not a margin play, and put your real selling effort into hotels, packages and the service around them, where both MakeMyTrip's numbers and your own books say the money actually is.
• These are two companies, two fiscal years and two currencies side by side, treat the comparison as directional, not exact, and confirm current figures before quoting them to anyone.