Makemytrip (MMYT) AI Stock Analysis

• Market Cap: $4.32B
• Dividend Yield: N/A
• Average Volume (3M): 2.08M
• Price to Earnings (P/E): 276.8
• Beta (1Y): 1.59
• Revenue Growth: 14.55%
• EPS Growth: -68.46%
• Country: US
• Employees: 4,576
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Travel Services
• EPS (TTM): 0.07
• Shares Outstanding: 89,571,500
• 10 Day Avg. Volume: 1,452,318
• 30 Day Avg. Volume: 2,082,979
• PEG Ratio: -2.04
• Price to Book (P/B): 9.17
• Price to Sales (P/S): 11.28
• P/FCF Ratio: 63.58
• Enterprise Value/Market Cap: 1.29
• Enterprise Value/Revenue: 5.37
• Enterprise Value/Gross Profit: 7.31
• Enterprise Value/Ebitda: 29.70
• 1Y Price Target: $105.00
• Price Target Upside: 130.77% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.73
• Revenue Forecast (FY): $1.13B

• Rating: 53 Neutral
• Price Target: $46.00 ▲(1.10% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is held down primarily by balance-sheet deterioration (negative equity and high debt) and weak technicals (price far below major moving averages with bearish MACD). Offsetting factors include improved profitability/cash flow and a constructive earnings call highlighting strong operating momentum, AI/product progress, and ongoing buybacks, but valuation remains stretched with a very high P/E.

Positive Factors

High gross margins & improved profitability

High gross margin (~74%) and positive operating/net margins reflect MakeMyTrip's asset-light marketplace economics and improved unit economics. Sustained margins support durable cash generation, funding AI/product investment, buybacks and potential debt reduction over time.

Diversified product mix and sustained volume growth

Strong hotel, bus and ancillary growth demonstrates a diversified revenue base that reduces reliance on volatile air ticketing. A larger share of higher-margin lodging and ancillaries smooths cyclicality, improves margin sustainability and strengthens long-term revenue resilience.

Scalable AI/product capability (Myra)

Myra's scale and quality indicate durable operational benefits: lower service costs, higher conversion and earlier trip planning engagement in tier‑2+ cities. Persistent AI adoption can reduce CAC, raise lifetime value and reinforce product differentiation over multiple quarters.

Negative Factors

Deteriorated balance sheet and high leverage

Negative equity and elevated debt materially weaken financial flexibility. Higher leverage increases refinancing and covenant risks, may limit the firm's ability to invest or respond to shocks, and could force prioritization of debt service over strategic growth or buybacks in coming quarters.

Translation & non‑cash financing charges

Large non‑cash convertible bond accretion and FX translation losses create volatility between adjusted and reported earnings. Persisting accounting/translation charges can obscure cash profitability, complicate debt metrics and constrain long-term capital allocation decisions.

GST rationalization dragging reported GBV

The GST rate change depresses reported GBV despite strong underlying volume growth, compressing top-line growth metrics. This policy-driven distortion will hinder revenue comparability, investor visibility and may affect incentive/take-rate economics over the next several quarters.

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

MMYT primarily generates revenue by acting as an intermediary/marketplace for travel suppliers and earning consideration when customers book travel through its platforms. Key revenue streams typically include: (1) Commissions and/or merchant margins from hotel and accommodation bookings, where the company earns a take-rate based on the booking value (in agency models via supplier commissions and in merchant models via the spread between the rate paid to the supplier and the price charged to the customer). (2) Air ticketing revenues, which can include supplier incentives/commissions (where applicable), service or convenience fees charged to travelers, and other booking-related fees; airline ticketing often operates at lower margin than lodging but drives high transaction volume and cross-sell. (3) Package holidays and ancillary travel products (such as ground transport bookings and add-ons), where revenue can come from packaged pricing margins, commissions, and service fees. (4) Advertising and promotional income from travel suppliers and related partners who pay for visibility, placements, or performance marketing on MMYT’s properties. (5) Corporate/enterprise travel management services (where offered), which generally earn management fees, transaction fees, and supplier incentives tied to business travel bookings. Significant factors influencing earnings include booking volumes (gross bookings), the mix shift toward higher-margin lodging and holidays, supplier relationships with airlines/hotels/aggregators, marketing efficiency (customer acquisition costs), and the ability to cross-sell ancillaries (insurance, seat selection, transfers, etc.).

Makemytrip Financial Statement Overview

Summary

Operating performance and cash generation have improved (positive TTM operating and free cash flow, healthy gross margin ~74% and positive operating/net margins). However, the latest balance sheet is a major risk: TTM stockholders’ equity is negative and total debt is very high, reducing financial flexibility and raising downside risk despite better profitability.

Income Statement

MMYT shows a strong multi-year revenue rebound (annual growth accelerated sharply in 2022–2024 and remains positive in 2025), with profitability turning meaningfully higher versus the losses seen in 2021–2023. Margins are healthy in the latest period, with TTM (Trailing-Twelve-Months) gross margin ~74% and positive operating and net margins (~15% and ~8%). The main weakness is earnings volatility: net margin and net income swung materially year-to-year (notably very high net margin in 2024 followed by lower profitability in TTM), indicating less stable bottom-line performance.

Balance Sheet

The balance sheet profile deteriorates in the latest period: TTM (Trailing-Twelve-Months) stockholders’ equity is negative while total debt is very high, which is a clear financial risk signal and reduces balance sheet flexibility. This contrasts with prior annual reports (2021–2025 annual) where equity was solidly positive and debt levels were modest relative to equity. Overall, the sharp shift to negative equity and elevated debt in TTM is the key weakness despite improving operating performance.

Cash Flow

Cash generation is a bright spot: TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are positive and growing strongly (free cash flow growth is ~33% in TTM), and free cash flow roughly matches reported net income in TTM. However, cash flow coverage of debt is not particularly strong in the periods shown, and earlier years included weaker/negative free cash flow (notably 2022), highlighting some cyclicality and financing risk given the current leverage.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.04B	978.34M	782.52M	593.04M	303.92M	163.44M
Gross Profit	762.96M	703.99M	567.43M	415.47M	245.17M	141.13M
EBITDA	187.83M	159.95M	137.93M	31.72M	-2.00M	-23.64M
Net Income	56.75M	95.10M	216.80M	-11.32M	-45.41M	-55.64M
Balance Sheet
Total Assets	1.86B	1.83B	1.66B	1.36B	1.32B	1.31B
Cash, Cash Equivalents and Short-Term Investments	814.11M	761.18M	606.79M	481.07M	477.46M	424.89M
Total Debt	1.68B	236.57M	221.62M	235.16M	216.58M	203.96M
Total Liabilities	2.14B	620.31M	543.66M	483.77M	426.27M	417.82M
Stockholders Equity	-283.63M	1.20B	1.11B	869.57M	894.13M	887.52M
Cash Flow
Free Cash Flow	223.94M	173.52M	112.92M	15.31M	-6.91M	67.29M
Operating Cash Flow	223.94M	185.29M	125.74M	32.21M	6.00M	67.93M
Investing Cash Flow	-86.10M	26.44M	-75.59M	46.63M	-77.60M	-124.83M
Financing Cash Flow	-78.20M	-22.89M	-6.24M	-6.21M	-9.57M	221.96M

Makemytrip Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 45.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 45.5 is below the 20-day moving average (MA) of 53.17, below the 50-day MA of 62.58, and below the 200-day MA of 83.92, indicating a bearish trend. The MACD of -4.28 indicates Positive momentum. The RSI at 27.44 is Positive, neither overbought nor oversold. The STOCH value of 4.08 is Positive, 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
TCOM	71 Outperform	$33.81B	4.41	20.98%	0.39%	17.34%	91.51%
BKNG	69 Neutral	$134.33B	30.43	-93.64%	0.71%	12.96%	3.66%
EXPE	62 Neutral	$27.98B	27.45	114.29%	0.56%	7.29%	36.51%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
YTRA	58 Neutral	$63.43M	-15.80	0.68%	―	75.67%	―
MMYT	53 Neutral	$4.32B	276.78	31.18%	―	14.55%	-68.46%
TRIP	51 Neutral	$1.06B	45.50	6.10%	―	4.24%	159.81%

Makemytrip Corporate Events

MakeMyTrip to Acquire Majority Stake in Flamingo Transworld to Bolster Holiday Packages

On March 5, 2026, MakeMyTrip announced it has agreed to acquire a majority stake in Flamingo Transworld, a prominent regional tour operator with a 30-year presence in Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. Flamingo specializes in curated group tours featuring Indian vegetarian and Jain cuisine, regional-language tour managers and wide coverage of domestic and international attractions, sold largely through 51 regional offices.

The deal, subject to closing conditions, is aimed at strengthening MakeMyTrip’s Holiday Packages business by combining Flamingo’s offline regional strength with the company’s national online reach. Management framed the acquisition as part of a broader, calibrated inorganic expansion that has already brought in capabilities in corporate travel, hotel technology, forex, intercity mobility and spend management, reinforcing MakeMyTrip’s push to be a full-stack travel services platform and deepening its penetration into underserved regional markets across India.

The most recent analyst rating on (MMYT) stock is a Buy with a $106.00 price target. To see the full list of analyst forecasts on Makemytrip stock, see the MMYT Stock Forecast page.

MakeMyTrip Posts Strong Q3 FY26 Growth on Diversified Travel Demand and Ancillary Expansion

On January 21, 2026, MakeMyTrip reported unaudited results for its fiscal third quarter ended December 31, 2025, highlighting continued profitable growth despite slower domestic air travel. Gross bookings rose to $2.78 billion, revenue increased to $295.7 million, and the company posted strong constant-currency adjusted margin growth across all segments, with particularly robust year-on-year gains in bus ticketing and “Others,” and a 20.3% rise in hotel-room night volumes. Results from operating activities grew 17.9% year-on-year to $40.9 million, while adjusted operating profit and adjusted net profit also improved, underscoring the benefits of MakeMyTrip’s diversified product mix, the rapid expansion of ancillary services, and marketing initiatives such as its new “Travel Ka Mahurat Sale” campaign, as management emphasized ongoing investment in AI to enhance customer experience and operational efficiency.

The most recent analyst rating on (MMYT) stock is a Hold with a $79.00 price target. To see the full list of analyst forecasts on Makemytrip stock, see the MMYT Stock Forecast page.

MakeMyTrip Posts Double-Digit Revenue Growth but Sharp Drop in Q3 FY26 Profit

On January 21, 2026, MakeMyTrip reported its unaudited results for the fiscal third quarter ended December 31, 2025, showing revenue of $295.7 million, up 10.6% year-on-year (15.4% in constant currency), driven mainly by continued expansion in hotels and packages, bus ticketing and other services, while air ticketing revenue remained broadly flat. Gross bookings for the quarter rose 6.6% to $2.78 billion, and adjusted operating profit and adjusted net profit increased to $50.7 million and $51.4 million respectively, but reported profit for the period fell sharply to $7.3 million, down 73.1% year-on-year, highlighting a widening gap between IFRS and non-IFRS performance measures that investors will scrutinize as the company balances growth across travel verticals with profitability.

The most recent analyst rating on (MMYT) stock is a Hold with a $79.00 price target. To see the full list of analyst forecasts on Makemytrip stock, see the MMYT Stock Forecast page.