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Makemytrip Limited (MMYT)
NASDAQ:MMYT
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Makemytrip
(NASDAQ:MMYT)
Rating:69Neutral
Price Target:
$110.00
▲(9.56%Upside)
Positive Factors
Corporate Strategy
MMYT plans to reduce Trip.com Group's voting power significantly by buying back a large portion of its stake.
Market Position
Analyst sees MMYT as a beneficiary of travel momentum and continued market leadership.
Negative Factors
Geopolitical Concerns
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.
Market Reaction
The MMYT stock price has negatively reacted to the rising concerns on travel, with the stock down 13% compared to Nasdaq up 9%.
Makemytrip (MMYT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.14B
Dividend YieldN/A
Average Volume (3M)1.81M
Price to Earnings (P/E)115.8
Beta (1Y)1.47
Revenue Growth18.13%
EPS Growth-55.21%
CountryUS
Employees4,576
SectorConsumer Cyclical
Sector Strength68
IndustryTravel Services
Share Statistics
EPS (TTM)0.23
Shares Outstanding89,851,700
10 Day Avg. Volume1,146,048
30 Day Avg. Volume1,813,223
Financial Highlights & Ratios
PEG Ratio-1.84
Price to Book (P/B)8.75
Price to Sales (P/S)0.00
P/FCF Ratio65.49
Enterprise Value/Market Cap1.29
Enterprise Value/Revenue3.24
Enterprise Value/Gross Profit19.24
Enterprise Value/Ebitda17.84
Forecast
1Y Price Target
$119.50Price Target Upside19.02% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
Makemytrip Business Overview & Revenue Model
Company DescriptionMakeMyTrip Limited (MMYT) is a leading online travel company that operates in the travel and tourism sector. Founded in 2000, the company provides a comprehensive range of travel services, including airline tickets, hotel reservations, holiday packages, rail and bus tickets, and car rentals. It primarily serves the Indian market but also caters to international travelers. MakeMyTrip is known for its user-friendly online platform and mobile app, which offer seamless travel planning and booking experiences.
How the Company Makes MoneyMakeMyTrip 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 Earnings Call Summary
Earnings Call Date:Jul 22, 2025
(Q1-2026)
| % Change Since: 2.76%|
Next Earnings Date:Nov 04, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a balanced sentiment with strong international growth, increased market share in the domestic air segment, and significant growth in the bus ticketing business. However, macro challenges adversely affected domestic leisure travel and holiday packages growth. Despite these challenges, the company exhibited operational agility and maintained growth in other segments.Q1-2026 Updates
Positive Updates
Strong International Growth
International air ticketing revenue grew by over 27% year-on-year, and international hotels revenue grew by over 45% year-on-year. The international business now contributes about 27% to the overall revenue, up from 24% during the same period last year.
Market Share Increase in Domestic Air Segment
The company managed to grow market share in the domestic air segment marginally from 30.6% to 30.8%.
Adjusted Operating Profit Growth
Adjusted operating profit for the quarter was $47.3 million, witnessing a growth of 21% year-on-year.
Corporate Travel Expansion
Active corporate customer count on myBiz is now over 66,500, up from 59,700 in the same quarter last year. Quest2Travel's active customer count has reached 515 large corporates compared to 458 customers in the same quarter last year.
Bus Ticketing Business Growth
Adjusted margin for the bus ticketing business stood at $42.6 million, registering strong year-on-year growth of over 34.1% in constant currency terms.
Negative Updates
Impact of Macro Challenges on Domestic Leisure Travel
Domestic demand was impacted due to geopolitical escalations and the tragic crash of a passenger airplane, leading to weak demand for leisure travel destinations for air travel and holiday packages.
Lower Than Expected Holiday Packages Growth
The holiday packages business was largely flat year-on-year due to domestic leisure travel being impacted despite the seasonality.
Gross Booking Growth Impacted
Gross booking growth of 25.3% during April tapered out during May and June due to multiple macro challenges.
Company Guidance
During the fiscal 2026 first-quarter earnings call, MakeMyTrip Limited provided extensive guidance, emphasizing strong top-line growth despite macroeconomic challenges. The company reported an adjusted operating profit of $47.3 million, reflecting a 21% year-on-year increase. Notably, market share in the domestic air segment rose marginally from 30.6% to 30.8%. International air ticketing revenue grew over 27% year-on-year, while international hotels revenue increased by over 45%, with international business comprising 27% of overall revenue. Gross bookings for the hotel and packages segment grew by 15.3% year-on-year in constant currency. The bus ticketing segment saw a 34.1% growth in adjusted margins, while the ground transport business witnessed a 31.6% growth in gross bookings. The call highlighted the continued expansion in Tier 3 cities and the addition of 2,000 directly contracted hotels internationally. Additionally, the company maintained a strategic focus on leveraging generative AI for enhancing customer experience and operational efficiency.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.80
Positive
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.75
Positive
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.70
Positive
| 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
Positive
100.40
Price Trends
98.46
Positive
98.92
Positive
103.15
Negative
Market Momentum
-0.38
Negative
60.04
Neutral
88.95
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MMYT, the sentiment is Positive. The current price of 100.4 is above the 20-day moving average (MA) of 95.30, above the 50-day MA of 98.46, and below the 200-day MA of 103.15, indicating a neutral trend. The MACD of -0.38 indicates Negative momentum. The RSI at 60.04 is Neutral, neither overbought nor oversold. The STOCH value of 88.95 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MMYT.
Makemytrip Risk Analysis
Makemytrip disclosed 51 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 0 New Risks
Makemytrip Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $185.57B | 35.48 | -146.32% | 0.80% | 9.47% | 20.70% | |
74 Outperform | $23.51B | 21.79 | 119.16% | 0.43% | 5.57% | 61.19% | |
73 Outperform | $41.82B | 18.59 | 12.49% | 0.44% | 16.23% | 56.05% | |
69 Neutral | $9.14B | 115.76 | 22.38% | ― | 18.13% | -55.21% | |
68 Neutral | $2.29B | 47.53 | 5.91% | ― | 1.43% | 121.44% | |
62 Neutral | $16.95B | 11.10 | -7.23% | 3.24% | 1.71% | -24.93% |
* Consumer Cyclical Sector Average
Performance Comparison
MMYT
Makemytrip
100.40
3.49
3.60%
TCOM
Trip.com Group Sponsored ADR
63.30
17.25
37.46%
EXPE
Expedia
189.44
57.36
43.43%
BKNG
Booking Holdings
5,775.53
1,886.56
48.51%
TRIP
TripAdvisor
17.79
-0.41
-2.25%
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.