Makemytrip (MMYT) AI Stock Analysis

• Market Cap: $12.29B
• Dividend Yield: N/A
• Average Volume (3M): 1.46M
• Price to Earnings (P/E): 112.2
• Beta (1Y): 1.48
• Revenue Growth: 25.02%
• EPS Growth: -56.66%
• Country: US
• Employees: 4,576
• Sector: Consumer Cyclical
• Sector Strength: 57
• Industry: Travel Services
• EPS (TTM): 0.25
• Shares Outstanding: 90,086,530
• 10 Day Avg. Volume: 3,511,587
• 30 Day Avg. Volume: 1,461,940
• PEG Ratio: -1.97
• Price to Book (P/B): 9.35
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 69.90
• Enterprise Value/Market Cap: 1.03
• Enterprise Value/Revenue: 3.49
• Enterprise Value/Gross Profit: 20.68
• Enterprise Value/Ebitda: 19.18
• 1Y Price Target: $121.40
• Price Target Upside: 28.15% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5

• Rating: 68 Neutral
• Price Target: $105.00 ▲(10.84%Upside)

Makemytrip's strong financial performance and positive earnings call sentiment are significant positives, reflecting robust revenue growth and strategic investments in AI. However, the high P/E ratio suggests overvaluation risks, and the bearish technical indicators indicate potential price weakness. The overall score is impacted by these mixed factors.

Positive Factors

Market Leadership

Analyst sees MMYT as a beneficiary of travel momentum and continued market leadership.

Revenue Growth

MMYT delivered a healthy 23% yoy revenue growth in a seasonally slower 4Q, coming in-line with consensus estimates.

Stock Rating

Analyst maintains a BUY rating for MMYT with a price objective of 126.00 USD.

Negative Factors

Booking Disruptions

The 2-3 weeks of travel disruption led to a noticeable dip in bookings, particularly in North India.

Stock Performance

The MMYT stock price has negatively reacted to the rising concerns on travel, with the stock down 13% compared to Nasdaq up 9%.

Travel Sentiment

In the near-term, travel sentiment is negatively impacted by external factors such as the India-Pakistan conflict, Air India plane crash, and ongoing Iran-Israel conflict.

Makemytrip Business Overview & Revenue Model

Company Description

MakeMyTrip Limited, an online travel company, sells travel products and solutions in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, and Indonesia. The company operates through three segments: Air Ticketing, Hotels and Packages, and Bus Ticketing. Its services and products include air tickets; hotels; packages; rail tickets; bus tickets; and car hire, as well as ancillary travel requirements, such as visa processing and facilitating access to travel insurance. The company allows travelers to research, plan, book, and purchase travel services and products through its websites, such as makemytrip.com, goibibo.com, redbus.in, makemytrip.com.sg, and makemytrip.ae; and other technology-enhanced distribution channels, such as call centers, travel stores, and travel agents' network, as well as mobile service platform. As of March 31, 2022, it had approximately 125 franchisee-owned travel stores. The company serves leisure and corporate travelers. MakeMyTrip Limited was incorporated in 2000 and is based in Gurugram, India.

How the Company Makes Money

MakeMyTrip generates revenue primarily through commissions and service fees from its extensive range of travel services. The company's key revenue streams include airline ticketing, where it earns commissions from airlines on the tickets sold through its platform. Similarly, for hotel reservations and holiday packages, MakeMyTrip partners with hotels and travel service providers to earn a commission for each booking made. Additionally, the company makes money through the sale of bus and rail tickets, car rentals, and travel insurance. Significant partnerships with airlines, hotels, and other travel service providers bolster its revenue by enabling competitive pricing and exclusive deals that attract more customers. Ancillary services, such as advertising on its platform, also contribute to its earnings.

Makemytrip Financial Statement Overview

Summary

Makemytrip demonstrates strong financial health with robust growth in revenue and profitability. The balance sheet is solid with low leverage and a strong equity position. Cash flow generation is stable, though there are some fluctuations in Free Cash Flow growth. Overall, the company is well-positioned financially, with improved profitability and efficient cash management.

Income Statement

Makemytrip has shown strong revenue growth, with a significant increase from previous years. The Gross Profit Margin is healthy, indicating effective cost management. The Net Profit Margin has improved markedly, turning positive in the TTM after previous losses, reflecting enhanced profitability. The EBIT and EBITDA margins have also improved, indicating better operational efficiency.

Balance Sheet

The company's Debt-to-Equity Ratio is low, suggesting conservative leverage and a strong equity base. The Return on Equity (ROE) has improved significantly, indicating better utilization of equity to generate profits. The Equity Ratio is stable, highlighting a strong equity position relative to total assets.

Cash Flow

Operating Cash Flow has improved, and Free Cash Flow is positive, indicating that the company is generating sufficient cash to cover its capital expenditures. The Operating Cash Flow to Net Income Ratio is strong, suggesting efficient cash generation relative to reported earnings. However, the Free Cash Flow Growth Rate shows some variability, which may pose challenges.

Breakdown	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	978.34M	782.52M	593.04M	303.92M	163.44M
Gross Profit	703.99M	419.85M	415.47M	245.17M	141.13M
EBITDA	159.95M	138.77M	32.50M	-1.19M	-23.64M
Net Income	95.10M	216.80M	-11.17M	-45.57M	-56.04M
Balance Sheet
Total Assets	1.83B	1.66B	1.36B	1.32B	1.31B
Cash, Cash Equivalents and Short-Term Investments	761.18M	606.79M	481.07M	477.46M	424.89M
Total Debt	236.57M	221.62M	235.16M	216.58M	203.96M
Total Liabilities	620.31M	543.66M	483.77M	426.27M	417.82M
Stockholders Equity	1.20B	1.11B	869.57M	894.13M	887.52M
Cash Flow
Free Cash Flow	173.52M	112.92M	15.16M	-6.91M	55.76M
Operating Cash Flow	185.29M	125.74M	32.06M	6.00M	64.53M
Investing Cash Flow	26.44M	-75.59M	46.78M	-77.60M	-118.86M
Financing Cash Flow	-22.89M	-6.24M	-6.21M	-9.57M	219.40M

Makemytrip Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 94.73
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 94.73 is below the 20-day moving average (MA) of 97.63, below the 50-day MA of 101.79, and below the 200-day MA of 103.69, indicating a bearish trend. The MACD of -1.49 indicates Negative momentum. The RSI at 43.78 is Neutral, neither overbought nor oversold. The STOCH value of 73.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MMYT.

Makemytrip Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BKNG	76 Outperform	$185.26B	35.42	-146.32%	0.66%	9.47%	20.70%
EXPE	75 Outperform	$21.71B	20.12	119.16%	0.95%	5.57%	61.19%
DESP	72 Outperform	$1.63B	102,695.56	96.85%	―	9.63%	-113.00%
TCOM	71 Outperform	$38.56B	17.15	12.49%	0.48%	16.23%	56.05%
MMYT	68 Neutral	$12.29B	112.24	8.45%	―	25.02%	-56.66%
TRIP	67 Neutral	$1.82B	38.04	5.91%	―	1.43%	121.44%
Sector *	56 Neutral	HK$23.68B	3.88	-1.57%	6.91%	0.06%	-64.88%