Want to see MMYT full AI Analyst Report?
Makemytrip (MMYT) AI Stock Analysis
Top Page
Makemytrip
(NASDAQ:MMYT)
MMYT’s score is held back primarily by balance-sheet risk (negative equity) and weakening recent cash-flow quality, alongside bearish technicals with the stock trading below all major moving averages. Offsetting these, the earnings call highlighted strong constant-currency growth and continued profitability progress across multiple segments, but the very high P/E limits support from valuation.
Makemytrip (MMYT) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $4.01B
- Dividend Yield
- ―
- Average Volume (3M)
- 860.20K
- Price to Earnings (P/E)
- 121.8
- Beta (1Y)
- 1.75
- Revenue Growth
- 5.49%
- EPS Growth
- -35.47%
- Country
- US
- Employees
- 5,507
- Sector
- Consumer Cyclical
- Sector Strength
- 61
- Industry
- Travel Services
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 Emirate...
How the Company Makes Money
MakeMyTrip primarily earns revenue by acting as an intermediary between travelers and travel suppliers and monetizing bookings made on its platforms. Key revenue streams include: (1) Commissions and incentives from travel suppliers: The company typic...
Makemytrip Earnings Call Summary
The call was predominantly positive. The company reported 20.9% constant-currency gross bookings growth, strong profitability, broad-based gains in hotels, buses, ancillaries, corporate travel, and AI engagement, while maintaining domestic air market share. These strengths outweighed the stated challenges from geopolitical conditions, high airfares, constrained air capacity, currency translation, and a modest decline in operating margin.
Q2-2027 Updates
Positive Updates
Negative Updates
Company Guidance
Management said its longer-term view of India remains unchanged, while the near-term environment calls for careful execution alongside continued investment; intercity cabs are growing “upwards of 40% year-on-year,” although on a small base, and the company expects bus momentum to continue in the coming quarters in line with the upcoming festive demand, alongside a gradual shift towards higher quality buses with enhanced amenities. Management said it expects the gap between air-ticket revenue and processing cost to narrow as fares and volume normalize, supporting a resumption of margin expansion, and that if travel conditions ease and demand returns more comprehensively with air contributing to growth, there is an opportunity for greater customer-acquisition efficiency and further profitability improvement. The company remains prepared for the India IPO, with timing subject to regulatory approvals and market conditions; its confidential filing is “almost valid for 18 months.”
Makemytrip Financial Statement Overview
Summary
Operating performance has improved with a multi-year return to profitability and positive TTM operating cash flow (~$165M) and free cash flow (~$46M). However, financial risk is elevated due to negative stockholders’ equity in the latest annual period and TTM, and free cash flow has dropped sharply versus the prior annual period (down ~52%), tempering overall quality.
Income Statement
68PositiveBalance Sheet
24NegativeCash Flow
55Neutral| 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 | 206.92M | 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 | 1.84B | 1.75B | 1.83B | 1.66B | 1.36B | 1.32B |
| Cash, Cash Equivalents and Short-Term Investments | 808.93M | 765.12M | 761.18M | 606.79M | 481.07M | 477.46M |
| Total Debt | 1.74B | 1.41B | 236.57M | 221.62M | 235.16M | 216.58M |
| Total Liabilities | 2.19B | 1.81B | 620.31M | 543.66M | 483.77M | 426.27M |
| Stockholders Equity | -363.19M | -67.77M | 1.20B | 1.11B | 869.57M | 894.13M |
Cash Flow | ||||||
| Free Cash Flow | 45.58M | 168.01M | 173.52M | 112.92M | 15.31M | -6.91M |
| Operating Cash Flow | 165.24M | 182.54M | 185.29M | 125.74M | 32.21M | 6.00M |
| Investing Cash Flow | -102.46M | -127.08M | 26.44M | -75.59M | 46.63M | -77.60M |
| Financing Cash Flow | -132.84M | -107.41M | -22.89M | -6.24M | -6.21M | -9.57M |
Makemytrip Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MMYT, the sentiment is Negative. The current price of 42.68 is below the 20-day moving average (MA) of 43.95, below the 50-day MA of 48.73, and below the 200-day MA of 50.68, indicating a bearish trend. The MACD of -1.63 indicates Negative momentum. The RSI at 40.85 is Neutral, neither overbought nor oversold. The STOCH value of 47.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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.
Latest Risks Added
3 New RisksMakemytrip Peers Comparison
Overall Rating
EXPE76Outperform
TCOM71Outperform
ABNB68Neutral
BKNG65Neutral- MMYT52Neutral
YTRA49Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| EXPE | 76Outperform | $34.32B | 17.14 | 184.84% | 0.64% | 12.00% | 92.75% |
| TCOM | 71Outperform | $25.65B | 7.14 | 14.59% | ― | 18.08% | 35.16% |
| ABNB | 68Neutral | $98.43B | 37.19 | 33.38% | ― | 14.20% | 6.18% |
| BKNG | 65Neutral | $111.30B | 16.34 | -96.70% | 1.11% | 12.85% | 56.24% |
| Sector * | 61Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
| MMYT | 52Neutral | $4.01B | 121.80 | -12.96% | ― | 5.49% | -35.47% |
| YTRA | 49Neutral | $52.02M | 34.59 | 3.79% | ― | 3.53% | -701.92% |
* Consumer Cyclical Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| MMYT | Makemytrip Limited | 42.68 | -36.75 | -46.27% | |
| TCOM | Trip.com Group Ltd. Sponsored ADR | 39.59 | -31.91 | -44.63% | |
| EXPE | Expedia | 285.93 | 71.91 | 33.60% | |
| BKNG | Booking Holdings | 148.13 | -51.27 | -25.71% | |
| YTRA | Yatra | 0.79 | -0.61 | -43.57% | |
| ABNB | Airbnb, Inc. | 164.39 | 37.59 | 29.65% |
Makemytrip Corporate Events
MakeMyTrip Posts Strong Q2 FY27 Growth as AI Assistant Myra Boosts Conversions
MakeMyTrip reported unaudited results for its fiscal second quarter ended September 30, 2026, showing Gross Bookings rising 20.9% year on year in constant currency to $2.7 billion and IFRS revenue up 11.2% to $235.2 million. Adjusted margins strength...
MakeMyTrip Posts Higher Bookings and Adjusted Profits in Q2 FY2027 Despite Mixed Segment Growth
On October 26, 2026, MakeMyTrip reported unaudited results for its fiscal second quarter ended September 30, 2026, showing IFRS revenue of $235.2 million, up 2.5% year-on-year, and gross bookings of $2.72 billion, up 11.3%. Results from operating act...
MakeMyTrip Shareholders Approve All Resolutions at 2026 Annual Meeting
MakeMyTrip Limited, a Mauritius-incorporated and India-headquartered online travel services provider, focuses on digital travel and tourism offerings such as bookings and related services for customers in India and surrounding markets. The company op...
MakeMyTrip Sets September 28, 2026 Shareholder Meeting and Publishes FY 2026 Audited Results
MakeMyTrip Limited, India’s leading online travel company listed on Nasdaq, has convened its annual meeting of shareholders for September 28, 2026, at its Gurugram headquarters, formalizing the timetable for investor approvals and corporate gov...
MakeMyTrip Posts Strong Q1 FY27 Growth and Launches AI Assistant Myra 2.0
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%. Resu...
MakeMyTrip Posts Strong Q1 FY27 Bookings and Margin Gains Despite Profit Drop
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 to...
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.
Date of analysis: Oct 28, 2026