Positive Outlook for Makemytrip: Strong Growth Trajectory and Profitability Prospects

Analyst Vijit Jain of Citi maintained a Buy rating on Makemytrip (MMYT – Research Report), boosting the price target to $125.00.

Vijit Jain’s rating is based on several positive indicators for Makemytrip’s future performance. The company has shown confidence in maintaining a robust growth trajectory, with projected year-over-year growth rates of 23% and 21% for fiscal years 2025 and 2024, respectively. Despite recent geopolitical challenges, consumer activity is rebounding, suggesting that any negative impacts will be temporary. Jain anticipates a growth in Gross Booking Value (GBV) of 14% and 20% year-over-year for the first quarter of fiscal year 2026 and the entire fiscal year 2026, respectively.
Moreover, Makemytrip’s growth is supported by a strong travel demand, product and channel expansion, and consistent investment in growth marketing. The company’s operating leverage is evident, with adjusted EBIT margins expected to achieve both the bottom and top ends of guidance in fiscal year 2026. Jain’s estimates indicate significant year-over-year growth in adjusted EBIT for fiscal years 2026 and 2027. Additionally, the stock’s premium valuation compared to major global online travel agency peers is justified by its medium-term growth and profitability prospects.

In another report released yesterday, Goldman Sachs also maintained a Buy rating on the stock with a $126.00 price target.