Morpheus Research released a short‑seller report on March 30 2026 that accuses MakeMyTrip Limited of continuing to enforce price‑parity clauses in violation of a 2022 Competition Commission of India (CCI) order, of inflating its reported earnings by $212 million through aggressive “adjustments,” and of using dark‑pattern tactics to push mandatory insurance and hidden convenience fees at checkout. The report cites a 2022 CCI order dated October 19 that directed MakeMyTrip and its sister platform Goibibo to modify agreements related to price and room parity clauses. Morpheus claims the company still applies a “price‑competitiveness score” that influences hotel rankings, effectively maintaining the prohibited practice.
The report also highlights a $20 million receivable from the insolvent Go Air, which competitors have written off. MakeMyTrip has provisioned only half of that amount, leaving a potential $10 million refund liability unaddressed. Go Air entered liquidation in 2025, and the CCI fine imposed on MakeMyTrip and Goibibo in October 2022 was approximately $26.1 million. Morpheus estimates that, after a 10 % deposit for appeal, the remaining liability could reach $34 million with accrued interest, and the next appeal hearing is scheduled for April 29 2026.
Financially, MakeMyTrip’s Q2 FY25 revenue rose 26.5 % to $211 million, and net profit jumped to $17.9 million from $2.0 million the prior year, driven by growth across air ticketing, hotels, packages, and bus ticketing. However, the company’s adjusted operating profit growth has been accompanied by a $212 million discrepancy between adjusted and IFRS profits since 2021, with adjustments accounting for 76 % of adjusted profit versus 11 % for Booking Holdings and 18 % for Expedia. This raises concerns about the transparency and reliability of MakeMyTrip’s financial reporting.
Consumer‑protection issues are also highlighted. The report identifies 113 hotels on MakeMyTrip’s platform with safety‑related reviews and accuses the company of employing dark patterns to push mandatory insurance and hidden convenience fees. A 2023 report by The Hindu noted a convenience fee added at the payment gateway, and MakeMyTrip declared compliance with government dark‑pattern guidelines in November 2025, though a former engineer reportedly contradicted this claim.
The allegations are material because they touch on regulatory compliance, financial reporting integrity, and consumer protection—areas that can trigger investigations, fines, or loss of customer trust. The report’s release on March 30 2026 meets the criteria for a newsworthy event under the priority hierarchy, warranting coverage.
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