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Makemytrip
(NASDAQ:MMYT)
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Rating:62Neutral
Price Target:
$65.00
▲(32.03% Upside)
Action:Reiterated
Date:08/04/26
The score is held back primarily by financial risk (negative equity/high leverage and weaker free-cash-flow trend) and a stretched valuation (very high P/E with no dividend). These are partially offset by strong technical momentum and a generally positive earnings call showing diversified growth and productivity gains, though near-term headwinds remain.
Positive Factors
Diversified revenue mix and segment growth
MakeMyTrip's growth is broad-based across hotels, packages, bus ticketing and ancillaries, reducing reliance on air. Durable multi-vertical expansion supports revenue resilience, higher margin mix over time and lowers cyclicality from airline volatility, strengthening long‑term business stability.
Negative Factors
Deteriorated balance sheet with negative equity
Negative equity and high leverage materially reduce financial flexibility and increase refinancing and solvency risk. Over months, this constrains M&A, capital allocation and raises sensitivity to cash flow swings, limiting the firm's ability to absorb shocks or fund opportunistic investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified revenue mix and segment growth
MakeMyTrip's growth is broad-based across hotels, packages, bus ticketing and ancillaries, reducing reliance on air. Durable multi-vertical expansion supports revenue resilience, higher margin mix over time and lowers cyclicality from airline volatility, strengthening long‑term business stability.
Read all positive factors
Makemytrip (MMYT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.56B
Dividend YieldN/A
Average Volume (3M)1.13M
Price to Earnings (P/E)164.8
Beta (1Y)1.73
Revenue Growth6.86%
EPS Growth-59.99%
CountryUS
Employees5,507
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)0.35
Shares Outstanding88,762,970
10 Day Avg. Volume839,034
30 Day Avg. Volume1,134,604
Financial Highlights & Ratios
PEG Ratio-1.86
Price to Book (P/B)-56.10
Price to Sales (P/S)3.64
P/FCF Ratio22.63
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$74.20Price Target Upside50.72% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.52
Revenue Forecast (FY)$1.20B
Makemytrip Business Overview & Revenue Model
Company Description
MakeMyTrip Limited operates as a prominent online travel platform, offering a wide array of travel products and solutions across an extensive global footprint, including India, the United States, Singapore, Malaysia, Thailand, the United Arab Emir...
How the Company Makes Money
MakeMyTrip primarily earns revenue by facilitating travel bookings and related services, typically monetizing transactions through commissions, service/transaction fees, and margins on travel products. Key revenue streams generally include: (1) Ai...
Makemytrip Earnings Call Summary
Earnings Call Date:Aug 03, 2026
(Q1-2027)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive operational quarter driven by strong constant-currency growth across hotels, packages, ground transport and ancillaries, meaningful AI-led productivity gains, and maintained adjusted profitability and a healthy cash balance. These strengths offset material lowlights: air travel softness (especially international), translation-related reporting drag (~10%), one-time noncash interest and FX charges reducing reported PAT, working capital seasonality, and near-term uncertainty from higher ATF and airline capacity cuts. On balance the company demonstrated resilience and execution through diversification and technology investments, while highlighting cautious near-term variables.Positive Updates
Strong Constant-Currency Top-Line Growth
Gross booking value grew 19.9% YoY in constant currency; IFRS revenue grew 16.1% YoY in constant currency to $285.6 million.
Negative Updates
Air Travel Weakness and International Degrowth
Flight operations and international westbound travel were disrupted by the West Asia conflict and higher ATF-driven airfares; international flight departures declined ~13% YoY and domestic departures were flat YoY, pressuring air volumes.
Read all updates
Q1-2027 Updates
Positive
Negative
Strong Constant-Currency Top-Line Growth
Gross booking value grew 19.9% YoY in constant currency; IFRS revenue grew 16.1% YoY in constant currency to $285.6 million.
Read all positive updates
Company Guidance
Management's guidance was cautious near-term—calling out higher ATF/oil prices and a weaker rupee—but constructive on long‑term structural demand: they will emphasize non‑air growth, calibrate marketing spend and continue AI investments to protect profitability and capture market share. Key metrics cited: Q1 GBV +19.9% YoY (constant currency), IFRS revenue $285.6m (+16.1% CC), adjusted operating profit $51.4m (1.8% of GBV), hotels & packages GB +19.6% YoY with adjusted margin +21.3% YoY to $134.5m (stand‑alone hotels volumes +20.2%), air adjusted margin $98.5m (+10.8% YoY CC) with domestic departures flat and international departures −13% (domestic air share ~30%), bus volumes +23.9% and bus adj. margin $51.8m (+32.4% CC), intercity cabs growth in the 40s, ancillaries adj. margin $24.9m (+27.2% CC); product/AI metrics: Myra handled >8m conversations this quarter (3m in June) with >45% from Tier‑2+ cities, AI now generates >75% of code and the support bot resolves >50% of calls; marketing was 5.4% of GBV (vs 5.2% prior quarter), cash $794m, $7.8m deployed in buybacks, adjusted net profit before tax $52.2m, reported PAT $9.1m, and a confidential DRHP for MMT India was filed with proceeds intended for long‑term growth, inorganic opportunities and potential actions related to the ~$1.6bn of convertibles.Makemytrip Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
22
Negative
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.06B | 1.04B | 978.34M | 782.52M | 593.04M | 303.92M |
| Gross Profit | 734.32M | 583.46M | 703.99M | 567.43M | 415.47M | 245.17M |
| EBITDA | 213.89M | 210.97M | 159.95M | 137.93M | 31.72M | -2.00M |
| Net Income | 34.23M | 51.80M | 95.10M | 216.80M | -11.32M | -45.41M |
Balance Sheet | ||||||
| Total Assets | 1.78B | 1.75B | 1.83B | 1.66B | 1.36B | 1.32B |
| Cash, Cash Equivalents and Short-Term Investments | 776.18M | 765.12M | 761.18M | 606.79M | 481.07M | 477.46M |
| Total Debt | 1.71B | 1.41B | 236.57M | 221.62M | 235.16M | 216.58M |
| Total Liabilities | 2.11B | 1.81B | 620.31M | 543.66M | 483.77M | 426.27M |
| Stockholders Equity | -341.54M | -67.77M | 1.20B | 1.11B | 869.57M | 894.13M |
Cash Flow | ||||||
| Free Cash Flow | 94.25M | 168.01M | 173.52M | 112.92M | 15.31M | -6.91M |
| Operating Cash Flow | 163.73M | 182.54M | 185.29M | 125.74M | 32.21M | 6.00M |
| Investing Cash Flow | -132.06M | -127.08M | 26.44M | -75.59M | 46.63M | -77.60M |
| Financing Cash Flow | -112.64M | -107.41M | -22.89M | -6.24M | -6.21M | -9.57M |
Makemytrip Technical Analysis
Neutral
49.23
Price Trends
56.13
Positive
50.55
Positive
57.71
Positive
Market Momentum
1.29
Positive
52.11
Neutral
27.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MMYT, the sentiment is Neutral. The current price of 49.23 is below the 20-day moving average (MA) of 60.28, below the 50-day MA of 56.13, and below the 200-day MA of 57.71, indicating a neutral trend. The MACD of 1.29 indicates Positive momentum. The RSI at 52.11 is Neutral, neither overbought nor oversold. The STOCH value of 27.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MMYT.
Makemytrip Risk Analysis
Makemytrip disclosed 60 risk factors in its most recent earnings report. Makemytrip reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Our significant shareholder may have interests that are different from or conflict with the interests of our other shareholders. Q1, 2026
2.
The trading price for our ordinary shares is highly volatile. Q1, 2026
3.
Failure to protect our intellectual property rights could adversely affect our business and our brand. Q1, 2026
Makemytrip Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $29.66B | 6.33 | 19.31% | ― | 19.28% | 87.04% | |
78 Outperform | $40.02B | 19.12 | 184.84% | 0.68% | 12.00% | 92.75% | |
75 Outperform | $156.96B | 22.35 | -96.70% | 0.91% | 12.85% | 56.24% | |
62 Neutral | $5.56B | 164.77 | -14.56% | ― | 6.86% | -59.99% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | $1.16B | 244.75 | 0.76% | ― | -4.37% | -92.21% | |
53 Neutral | $66.50M | 54.41 | 3.84% | ― | 3.53% | -701.92% |
* Consumer Cyclical Sector Average
MMYT
Makemytrip
58.18
-42.27
-42.08%
TCOM
Trip.com Group Sponsored ADR
44.61
-30.42
-40.54%
EXPE
Expedia
318.92
105.79
49.64%
BKNG
Booking Holdings
202.56
-21.62
-9.65%
TRIP
TripAdvisor
9.79
-7.25
-42.55%
YTRA
Yatra Online
0.99
-0.44
-31.12%
Makemytrip Corporate Events
MakeMyTrip Posts Strong Q1 FY27 Growth and Launches AI Assistant Myra 2.0
Aug 3, 2026
MakeMyTrip reported unaudited results for the first quarter of fiscal 2027, covering the period ended June 30, 2026, showing that gross bookings rose 19.9% year-on-year in constant currency to about $2.9 billion and IFRS revenue increased 16.1%. R...
MakeMyTrip Posts Strong Q1 FY27 Bookings and Margin Gains Despite Profit Drop
Aug 3, 2026
On August 3, 2026, MakeMyTrip reported unaudited results for the first quarter of fiscal 2027, covering the period ended June 30, 2026, and filed them with the U.S. Securities and Exchange Commission via a Form 6-K. Revenue rose 6.2% year on year ...
MakeMyTrip Plans IPO and Indian Listing for MMT India Subsidiary
Jul 17, 2026
On July 17, 2026, MakeMyTrip Limited announced that its wholly owned subsidiary, MakeMyTrip (India) Limited, has confidentially submitted a pre-filed draft red herring prospectus to Indian regulators and stock exchanges for a proposed initial publ...
MakeMyTrip Posts Record FY26 Bookings and Boosts AI-Driven Travel Assistant
May 19, 2026
MakeMyTrip reported unaudited results for its fiscal fourth quarter and full year ended March 31, 2026, highlighting record full-year gross bookings of $10.4 billion, up 10.4% year-on-year in constant currency despite a tough macro environment and...
MakeMyTrip Posts Fiscal 2026 Results With Revenue Growth but Profit Decline
May 19, 2026
MakeMyTrip reported its unaudited results for the fourth quarter and full year ended March 31, 2026, on May 19, 2026, showing modest top-line growth alongside mixed performance across segments. Revenue rose 1.9% year-on-year in the March quarter a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.