Makemytrip Limited (MMYT)
NASDAQ:MMYT
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Makemytrip
(NASDAQ:MMYT)
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Rating:55Neutral
Price Target:
$42.00
▼(-17.68% Downside)
Action:Reiterated
Date:05/20/26
The score is held back primarily by balance-sheet deterioration (negative equity and higher debt) and weak price momentum (trading below key moving averages with negative MACD). Earnings-call commentary and operating performance remain supportive (solid growth outlook and strong operating cash generation), but valuation is demanding with a very high P/E and no dividend yield provided.
Positive Factors
Sustained Gross Booking Growth
Multi-year ~34% CAGR in gross bookings demonstrates durable market demand and network effects in India travel. Scale strengthens supplier access, pricing power and cross-sell opportunities, supporting structural revenue growth and higher monetization potential across segments over the next 2–6 months and beyond.
Negative Factors
Balance Sheet Deterioration
Shift to negative equity and materially higher debt weakens financial resilience and increases refinancing and covenant risk. Reduced equity cushions limit strategic flexibility for M&A or a local listing, and amplify downside in a revenue slowdown or higher interest-rate environment over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Gross Booking Growth
Multi-year ~34% CAGR in gross bookings demonstrates durable market demand and network effects in India travel. Scale strengthens supplier access, pricing power and cross-sell opportunities, supporting structural revenue growth and higher monetization potential across segments over the next 2–6 months and beyond.
Read all positive factors
Makemytrip (MMYT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.37B
Dividend YieldN/A
Average Volume (3M)1.06M
Price to Earnings (P/E)92.8
Beta (1Y)1.71
Revenue Growth6.71%
EPS Growth-41.74%
CountryUS
Employees4,576
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)0.49
Shares Outstanding89,571,500
10 Day Avg. Volume1,296,876
30 Day Avg. Volume1,055,267
Financial Highlights & Ratios
PEG Ratio-1.86
Price to Book (P/B)-56.10
Price to Sales (P/S)3.64
P/FCF Ratio0.00
Enterprise Value/Market Cap1.21
Enterprise Value/Revenue5.07
Enterprise Value/Gross Profit7.30
Enterprise Value/Ebitda25.06
Forecast
1Y Price Target
$67.50Price Target Upside32.30% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.49
Revenue Forecast (FY)$1.21B
Makemytrip Business Overview & Revenue Model
Company Description
MakeMyTrip Limited operates as a prominent online travel platform, offering a wide array of travel products and solutions across an extensive global footprint, including India, the United States, Singapore, Malaysia, Thailand, the United Arab Emir...
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 margi...
Makemytrip Earnings Call Summary
Earnings Call Date:May 19, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly constructive operating and financial picture: FY26 showed solid revenue growth, meaningful EBIT improvement (+30.1% YoY), margin expansion, strong cash generation, robust segmental gains (hotels, bus, ancillaries), accelerated AI adoption (Myra, automation) and strategic investments. At the same time, material near-term headwinds from the West Asia conflict, higher fuel costs, INR depreciation and airline capacity reductions have depressed international volumes and created demand volatility in March/April, tempering near-term guidance. Overall the positives on profitability, cash flow, product/AI momentum and diversified domestic demand outweigh the current external challenges, though management remains cautious about the near-term outlook.Positive Updates
Multi-year Gross Booking Growth
Gross bookings rose to $10.4B in FY26 from ~$3.2B in FY22 and $6.6B in FY23, compounding at ~34% over four years, reflecting strong structural demand tailwinds in India.
Negative Updates
West Asia Conflict Impacting International Travel
Geopolitical conflict in West Asia materially impacted westbound international demand in March and into the June quarter; international flown passenger traffic declined ~6% YoY in the quarter, weighing on international air ticketing and accommodations.
Read all updates
Q4-2026 Updates
Positive
Negative
Multi-year Gross Booking Growth
Gross bookings rose to $10.4B in FY26 from ~$3.2B in FY22 and $6.6B in FY23, compounding at ~34% over four years, reflecting strong structural demand tailwinds in India.
Read all positive updates
Company Guidance
Management guided that, in normal market conditions, they expect revenue growth "in the 20s" and plan to maintain adjusted operating‑profit margins around 1.8%–2% of gross bookings (FY26 adjusted operating‑profit margin 1.82% of GBV; Q4 adjusted operating profit $46.5M), noting FY26 results included $10.4B of gross bookings (≈34% CAGR over four years), IFRS revenue +10.7% YoY in constant currency and EBIT (results from operating activities) of $156M (+30.1% YoY). They emphasized cash strength and conversion—$182.5M cash from operations in FY26 and conversion of 97% of adjusted operating profit, with cash & equivalents >$782M—and pointed to segment momentum underpinning the outlook (Q4 air adjusted margin $99.3M, hotels & packages volume +15.2% YoY, standalone hotels +15.5%, bus volumes +27.6% Q4 and +32.9% FY, other segment Q4 adjusted margin $25.4M). Management also highlighted AI and product levers driving efficiency and growth (Myra 50k→80k+ conversations/day, >200k bookings assisted in the quarter, ~55% of flight/hotel queries resolved by digital voice agents) as sources of operating leverage to help navigate near‑term geopolitical headwinds.Makemytrip Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
28
Negative
Cash Flow
54
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.04B | 978.34M | 782.52M | 593.04M | 303.92M |
| Gross Profit | 583.46M | 703.99M | 567.43M | 415.47M | 245.17M |
| EBITDA | 210.97M | 159.95M | 137.93M | 31.72M | -2.00M |
| Net Income | 51.80M | 95.10M | 216.80M | -11.32M | -45.41M |
Balance Sheet | |||||
| Total Assets | 1.75B | 1.83B | 1.66B | 1.36B | 1.32B |
| Cash, Cash Equivalents and Short-Term Investments | 765.12M | 761.18M | 606.79M | 481.07M | 477.46M |
| Total Debt | 1.41B | 236.57M | 221.62M | 235.16M | 216.58M |
| Total Liabilities | 1.81B | 620.31M | 543.66M | 483.77M | 426.27M |
| Stockholders Equity | -67.77M | 1.20B | 1.11B | 869.57M | 894.13M |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 173.52M | 112.92M | 15.31M | -6.91M |
| Operating Cash Flow | 182.54M | 185.29M | 125.74M | 32.21M | 6.00M |
| Investing Cash Flow | -127.08M | 26.44M | -75.59M | 46.63M | -77.60M |
| Financing Cash Flow | -107.41M | -22.89M | -6.24M | -6.21M | -9.57M |
Makemytrip Technical Analysis
Positive
51.02
Price Trends
45.39
Positive
47.74
Negative
65.76
Negative
Market Momentum
0.09
Negative
54.48
Neutral
66.72
Neutral
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 51.02 is above the 20-day moving average (MA) of 44.40, above the 50-day MA of 45.39, and below the 200-day MA of 65.76, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 54.48 is Neutral, neither overbought nor oversold. The STOCH value of 66.72 is Neutral, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $28.57B | 19.85 | 147.58% | 0.56% | 10.01% | 33.63% | |
66 Neutral | $29.68B | 6.01 | 21.02% | 0.39% | 17.27% | 94.65% | |
66 Neutral | $130.00B | 22.00 | -95.80% | 0.71% | 14.95% | 17.45% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | $1.44B | 88.29 | 2.86% | ― | 2.03% | -64.68% | |
55 Neutral | $4.37B | 92.76 | -38.21% | ― | 6.71% | -41.74% | |
53 Neutral | $60.32M | 37.89 | 5.83% | ― | 21.63% | -86.07% |
* Consumer Cyclical Sector Average
MMYT
Makemytrip
46.09
-45.42
-49.63%
TCOM
Trip.com Group Sponsored ADR
46.42
-11.19
-19.42%
EXPE
Expedia
238.02
73.50
44.67%
BKNG
Booking Holdings
167.77
-43.78
-20.69%
TRIP
TripAdvisor
12.36
-0.70
-5.36%
YTRA
Yatra Online
0.97
-0.02
-2.02%
Makemytrip Corporate Events
MakeMyTrip Posts Record FY26 Bookings and Boosts AI-Driven Travel Assistant
May 19, 2026
MakeMyTrip reported unaudited results for its fiscal fourth quarter and full year ended March 31, 2026, highlighting record full-year gross bookings of $10.4 billion, up 10.4% year-on-year in constant currency despite a tough macro environment and...
MakeMyTrip Posts Fiscal 2026 Results With Revenue Growth but Profit Decline
May 19, 2026
MakeMyTrip reported its unaudited results for the fourth quarter and full year ended March 31, 2026, on May 19, 2026, showing modest top-line growth alongside mixed performance across segments. Revenue rose 1.9% year-on-year in the March quarter a...
MakeMyTrip Sharpens India Focus With Flamingo Acquisition, Atlys Stake and Local Listing Plan
Mar 16, 2026
MakeMyTrip, India’s leading online travel service provider, on March 16, 2026 reaffirmed its strategic priorities to deepen its category leadership in the underpenetrated Indian travel and tourism market. The company highlighted long-term st...
MakeMyTrip to Acquire Majority Stake in Flamingo Transworld to Bolster Holiday Packages
Mar 5, 2026
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 cura...
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.