Makemytrip (MMYT) AI Stock Analysis

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Makemytrip

(NASDAQ:MMYT)

Rating:65Neutral

Price Target:

$100.00

▲(4.52% Upside)

The overall score reflects strong financial performance and positive earnings call insights, highlighting international growth and market share expansion. However, technical indicators and valuation metrics suggest caution due to bearish trends and overvaluation concerns.

Positive Factors

Financial Performance

Adjusted EBIT margins reached the lower end of medium-term guidance despite challenging conditions, considered a significant positive.

Market Position

Steady market share gains in a competitive environment indicate MakeMyTrip's strong position in the domestic air ticketing segment.

Technological Advancements

MMYT announced an upgraded version of its GenAI trip planning assistant with multi-modal/multi-lingual capabilities around the full travel lifecycle.

Negative Factors

Domestic Performance

Domestic air and holiday packages saw a significant impact from macro-developments, with expectations of gradual recovery.

Macroeconomic Impact

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 (MMYT) vs. SPDR S&P 500 ETF (SPY)

Market Cap

$9.00B

Dividend YieldN/A

Average Volume (3M)1.22M

Price to Earnings (P/E)107.2

Beta (1Y)1.64

Revenue Growth18.13%

EPS Growth-55.21%

CountryUS

Employees4,576

SectorConsumer Cyclical

Sector Strength71

IndustryTravel Services

Share Statistics

EPS (TTM)0.22

Shares Outstanding89,851,700

10 Day Avg. Volume1,075,342

30 Day Avg. Volume1,216,729

Financial Highlights & Ratios

PEG RatioN/A

Price to Book (P/B)0.00

Price to Sales (P/S)0.00

P/FCF Ratio0.00

Enterprise Value/Market Cap1.37

Enterprise Value/Revenue12.43

Enterprise Value/Gross Profit19.42

Enterprise Value/Ebitda71.43

Forecast

1Y Price Target

$117.71

Price Target Upside23.02% Upside

Rating ConsensusStrong Buy

Number of Analyst Covering7

Makemytrip Business Overview & Revenue Model

Company DescriptionMakeMyTrip Limited (MMYT) is a leading online travel company based in India, providing a comprehensive range of travel services. Founded in 2000, it operates primarily in the travel and tourism sector, offering services such as flight bookings, hotel reservations, holiday packages, and travel-related activities. MakeMyTrip caters to both leisure and business travelers and has expanded its presence to include international travel, making it a one-stop platform for all travel needs.

How the Company Makes MoneyMakeMyTrip generates revenue through various streams, primarily by charging commissions on bookings made through its platform. Its key revenue sources include online and offline travel services such as flight ticket sales, hotel bookings, and holiday packages. The company earns a commission from airlines and hotels for each booking made through its website and app. Additionally, MakeMyTrip offers ancillary services like travel insurance and car rentals, further contributing to its income. Significant partnerships with airlines, hotel chains, and travel service providers enhance its offerings and profitability. The company's loyalty programs and promotions also help in driving repeat business, which is crucial for sustaining its revenue growth.

Makemytrip Earnings Call Summary

Earnings Call Date:Jul 24, 2025

(Q1-2026)

% Change Since: -6.10%|

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 solid revenue growth and improved profitability. The balance sheet is robust with low leverage and a strong equity position, and cash flow generation is stable despite some fluctuations in Free Cash Flow growth.

Income Statement

Positive

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

Positive

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

Positive

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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

Neutral

Last Price95.68

Price Trends

50DMA

96.49

Negative

100DMA

99.47

Negative

200DMA

102.89

Negative

Market Momentum

MACD

-0.65

Positive

RSI

49.77

Neutral

STOCH

50.57

Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MMYT, the sentiment is Neutral. The current price of 95.68 is below the 20-day moving average (MA) of 96.42, below the 50-day MA of 96.49, and below the 200-day MA of 102.89, indicating a bearish trend. The MACD of -0.65 indicates Positive momentum. The RSI at 49.77 is Neutral, neither overbought nor oversold. The STOCH value of 50.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 (63)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EXPE	78 Outperform	$23.83B	23.57	129.04%	0.39%	5.69%	47.33%
TRIP	74 Outperform	$2.09B	37.79	8.76%	―	3.03%	187.03%
TCOM	67 Neutral	$39.56B	17.39	12.49%	0.47%	16.23%	56.05%
MMYT	65 Neutral	$9.00B	107.25	22.38%	―	18.13%	-55.21%
BKNG	64 Neutral	$175.20B	37.60	-146.32%	0.67%	11.72%	0.51%
Sector *	63 Neutral	£1.73B	10.31	4.37%	3.48%	0.66%	-38.91%

* Consumer Cyclical Sector Average

Performance Comparison

MMYT

Makemytrip

95.68

0.65

0.68%

TCOM

Trip.com Group Sponsored ADR

59.34

17.38

41.42%

EXPE

Expedia

203.19

73.19

56.30%

BKNG

Booking Holdings

5,461.54

1,921.30

54.27%

TRIP

TripAdvisor

17.98

4.15

30.01%

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.Date of analysis: Jul 31, 2025