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Makemytrip
(NASDAQ:MMYT)
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Rating:52Neutral
Price Target:
$42.00
▼(-28.84% Downside)
Action:Reiterated
Date:10/28/26
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.
Positive Factors
Bookings Growth
Strong gross-bookings growth demonstrates continued customer demand and platform usage despite a difficult travel environment. Sustained volume expansion can deepen supplier relationships, improve operating leverage, and support MakeMyTrip’s ability to reinvest in products and market share.
Negative Factors
Negative Equity
Negative equity and relatively high debt indicate materially reduced balance-sheet flexibility compared with prior periods. This can constrain capital allocation, increase sensitivity to weaker operating conditions, and make it harder for the company to absorb setbacks while continuing to invest in long-term growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Bookings Growth
Strong gross-bookings growth demonstrates continued customer demand and platform usage despite a difficult travel environment. Sustained volume expansion can deepen supplier relationships, improve operating leverage, and support MakeMyTrip’s ability to reinvest in products and market share.
Read all positive factors
Makemytrip (MMYT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.01B
Dividend YieldN/A
Average Volume (3M)1.14M
Price to Earnings (P/E)121.8
Beta (1Y)1.75
Revenue Growth5.49%
EPS Growth-35.47%
CountryUS
Employees5,507
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)0.35
Shares Outstanding88,762,970
10 Day Avg. Volume1,073,248
30 Day Avg. Volume1,135,445
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 Cap1.39
Enterprise Value/Revenue5.24
Enterprise Value/Gross Profit7.57
Enterprise Value/Ebitda26.88
Forecast
1Y Price Target
$67.50Price Target Upside14.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.38
Revenue Forecast (FY)$1.19B
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 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 ty...
Makemytrip Earnings Call Summary
Earnings Call Date:Oct 26, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Positive
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.Positive Updates
Strong Gross Bookings and Operating Profit Growth
Q2 gross bookings reached $2.7 billion, growing 20.9% year-on-year in constant currency, while adjusted operating profit was $46.2 million, up 13.8% year-on-year in constant currency.
Negative Updates
Air Travel Industry Faced Significant Macro Headwinds
The West Asia conflict, inflationary pressures from high ATF prices, and INR depreciation weighed on both international and domestic air travel demand.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong Gross Bookings and Operating Profit Growth
Q2 gross bookings reached $2.7 billion, growing 20.9% year-on-year in constant currency, while adjusted operating profit was $46.2 million, up 13.8% year-on-year in constant currency.
Read all positive 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
Income Statement
68
Positive
Balance Sheet
24
Negative
Cash Flow
55
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 | 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
Negative
59.02
Price Trends
48.73
Negative
51.72
Negative
50.68
Negative
Market Momentum
-1.63
Negative
40.85
Neutral
47.70
Neutral
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 59.02 is above the 20-day moving average (MA) of 43.95, above the 50-day MA of 48.73, and above 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.
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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $34.32B | 17.14 | 184.84% | 0.64% | 12.00% | 92.75% | |
73 Outperform | $98.43B | 37.19 | 33.38% | ― | 14.20% | 6.18% | |
72 Outperform | $25.65B | 7.14 | 14.59% | 0.45% | 18.08% | 35.16% | |
65 Neutral | $111.30B | 16.34 | -96.70% | 1.11% | 12.85% | 56.24% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
52 Neutral | $4.01B | 121.80 | -12.96% | ― | 5.49% | -35.47% | |
49 Neutral | $52.02M | 34.59 | 3.79% | ― | 3.53% | -701.92% |
* Consumer Cyclical Sector Average
MMYT
Makemytrip
42.68
-37.32
-46.65%
TCOM
Trip.com Group Sponsored ADR
39.59
-31.06
-43.96%
EXPE
Expedia
285.93
67.55
30.93%
BKNG
Booking Holdings
148.13
-53.14
-26.40%
YTRA
Yatra Online
0.79
-0.66
-45.52%
ABNB
Airbnb
164.39
37.85
29.91%
Makemytrip Corporate Events
MakeMyTrip Posts Strong Q2 FY27 Growth as AI Assistant Myra Boosts Conversions
Oct 26, 2026
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 stren...
MakeMyTrip Posts Higher Bookings and Adjusted Profits in Q2 FY2027 Despite Mixed Segment Growth
Oct 26, 2026
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 ...
MakeMyTrip Shareholders Approve All Resolutions at 2026 Annual Meeting
Sep 28, 2026
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...
MakeMyTrip Sets September 28, 2026 Shareholder Meeting and Publishes FY 2026 Audited Results
Aug 7, 2026
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 ...
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 ...
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.