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Makemytrip Limited (MMYT)
NASDAQ:MMYT
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Makemytrip
(NASDAQ:MMYT)
75Outperform
Positive Factors
Revenue Growth
MMYT delivered a healthy 23% year-over-year revenue growth in a seasonally slower 4Q, coming in-line with consensus estimates.
Technological Advancements
MMYT's Myra.ai chatbot has evolved into a powerful interface capable of interactions across flights, hotels, ground transport, and destination discovery.
Negative Factors
Geopolitical Tensions
The escalating conflict between India and Pakistan is causing major disruptions to travel & tourism in India, impacting key tourist destinations.
Travel Restrictions
Several countries have issued travel advisory warnings especially in border areas and Jammu and Kashmir, likely forcing consumers to cancel their bookings.
Makemytrip (MMYT) vs. S&P 500 (SPY)
Market Cap
$11.51B
Dividend YieldN/A
Average Volume (3M)886.47K
Price to Earnings (P/E)124.2
Beta (1Y)1.45
Revenue Growth28.51%
EPS Growth367.34%
CountryUS
Employees4,576
SectorConsumer Cyclical
Sector Strength75
IndustryTravel Services
Share Statistics
EPS (TTM)0.25
Shares Outstanding70,114,580
10 Day Avg. Volume1,015,289
30 Day Avg. Volume886,472
Financial Highlights & Ratios
PEG Ratio56.39
Price to Book (P/B)10.72
Price to Sales (P/S)0.00
P/FCF Ratio112.78
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$122.75Price Target Upside18.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
Makemytrip Business Overview & Revenue Model
Company DescriptionMakeMyTrip 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 MoneyMakeMyTrip generates revenue through multiple streams, primarily focusing on commissions and service fees. The company earns commissions by acting as an intermediary between travelers and travel service providers such as airlines, hotels, and car rental companies, receiving a percentage of each booking made through its platform. Additionally, MakeMyTrip offers value-added services and charges service fees for certain bookings, which contribute to its revenue. The firm also capitalizes on partnerships with various hospitality and travel brands, leveraging these relationships to offer exclusive deals and promotions to customers. Ancillary revenues are also derived from advertising and promotional services provided to travel suppliers looking to enhance their visibility on the MakeMyTrip platform.
Makemytrip Financial Statement Overview
Summary
Makemytrip shows strong financial health with robust revenue and profit growth, a solid balance sheet, and efficient cash flow management. The company is well-positioned in the Hotels, Lodging & Leisure industry, but it should continue to focus on sustainable growth and strategic investment to maintain its competitive edge.Income Statement
Makemytrip demonstrates strong revenue growth, with TTM revenue increasing significantly compared to previous years. The company has improved its profitability metrics, with a strong gross profit margin of 56.56% and a notable net profit margin of 25.42% in the TTM. The EBIT margin of 11.22% and EBITDA margin of 18.98% further indicate robust operational performance. However, the rapid growth trajectory should be monitored for sustainability.85
Very Positive
Balance Sheet
The balance sheet is solid with an equity ratio of 65.47%, indicating a strong capital base. The debt-to-equity ratio is low at 0.20, reflecting prudent leverage levels. Return on equity is commendable at 20.06% for the TTM, showcasing effective use of equity capital. Nonetheless, the company should ensure it maintains this balance as it scales.78
Positive
Cash Flow
Operating cash flow is healthy, with a positive free cash flow indicating good cash generation. The operating cash flow to net income ratio is favorable, highlighting efficient cash management. However, the free cash flow growth rate shows a slight decrease, suggesting potential challenges in managing capital expenditures.75
Positive
| Breakdown | |||||
| TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 935.76M | 782.52M | 593.04M | 303.92M | 163.44M | 511.53M | Gross Profit |
| 529.49M | 419.85M | 415.47M | 245.17M | 141.13M | 357.21M | EBIT |
| 105.00M | 65.21M | 34.59M | -20.35M | -67.68M | -157.25M | EBITDA |
| 177.61M | 138.77M | 32.50M | -1.19M | -22.93M | -407.66M | Net Income Common Stockholders |
| 237.91M | 216.80M | -11.17M | -45.57M | -56.04M | -447.52M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 703.84M | 606.79M | 481.07M | 477.46M | 424.89M | 167.70M | Total Assets |
| 1.81B | 1.66B | 1.36B | 1.32B | 1.31B | 1.08B | Total Debt |
| 232.65M | 221.62M | 235.16M | 216.58M | 203.96M | 25.58M | Net Debt |
| -158.62M | -105.44M | -48.85M | 3.30M | -91.11M | -104.30M | Total Liabilities |
| 620.27M | 543.66M | 483.77M | 426.27M | 417.82M | 220.92M | Stockholders Equity |
| 1.19B | 1.08B | 869.57M | 894.13M | 887.52M | 858.24M |
| Cash Flow | Free Cash Flow | ||||
| 109.51M | 112.92M | 15.16M | -6.91M | 55.76M | -125.49M | Operating Cash Flow |
| 116.41M | 125.74M | 32.06M | 6.00M | 64.53M | -112.73M | Investing Cash Flow |
| -37.07M | -75.59M | 46.78M | -77.60M | -118.86M | 73.83M | Financing Cash Flow |
| 9.69M | -6.24M | -6.21M | -9.57M | 219.40M | -10.99M |
Makemytrip Technical Analysis
Neutral
103.75
Price Trends
101.46
Positive
103.44
Positive
103.06
Positive
Market Momentum
0.78
Positive
49.48
Neutral
56.49
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 103.75 is below the 20-day moving average (MA) of 105.94, above the 50-day MA of 101.46, and above the 200-day MA of 103.06, indicating a neutral trend. The MACD of 0.78 indicates Positive momentum. The RSI at 49.48 is Neutral, neither overbought nor oversold. The STOCH value of 56.49 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 (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $175.00B | 33.46 | -146.32% | 0.67% | 9.47% | 20.70% | |
77 Outperform | $1.96B | 40.98 | 5.91% | ― | 1.43% | 121.44% | |
76 Outperform | $43.57B | 18.87 | 12.49% | 0.42% | 18.12% | 69.44% | |
75 Outperform | $21.04B | 19.50 | 119.16% | 0.24% | 5.57% | 61.19% | |
75 Outperform | $11.51B | 124.18 | 8.33% | ― | 28.51% | 367.34% | |
72 Outperform | $1.63B | 102,695.56 | 96.85% | ― | 9.63% | -113.00% | |
62 Neutral | $6.98B | 11.38 | 2.86% | 3.90% | 2.64% | -22.07% |
* Consumer Cyclical Sector Average
Performance Comparison
MMYT
Makemytrip
103.75
22.02
26.94%
TCOM
Trip.com Group Sponsored ADR
63.38
7.80
14.03%
EXPE
Expedia
162.52
51.04
45.78%
BKNG
Booking Holdings
5,310.68
1,520.00
40.10%
TRIP
TripAdvisor
14.61
-3.58
-19.68%
DESP
Despegar
19.50
4.73
32.02%
Makemytrip Earnings Call Summary
Earnings Call Date:May 14, 2025
(Q4-2025)
| % Change Since: -2.66%|
Next Earnings Date:Jul 29, 2025
Earnings Call Sentiment Positive
The earnings call reflects a positive sentiment overall, with MakeMyTrip showcasing strong financial performance, significant growth in international revenue, and continued investment in AI technologies. However, there was a temporary disruption in travel bookings due to geopolitical tensions, which the company is optimistic about recovering from.Q4-2025 Updates
Positive Updates
Record Gross Booking Value and Customer Growth
MakeMyTrip achieved a record gross booking value of $9.8 billion for fiscal year 2025, representing a year-on-year growth rate of 25.9% in constant currency. The company added over 9 million customers, increasing the lifetime transacted user base to 82 million.
Significant Growth in International Revenue
International air-ticketing revenue grew by over 33% year-on-year, and international hotels revenue grew by over 65% year-on-year, making it one of the fastest-growing business segments. International business now contributes 25% to the overall revenue, up from 22% in fiscal year 2024.
Strong Financial Performance
Revenue grew by 27.4% year-on-year in constant currency to $978 million for fiscal year 2025, with an adjusted operating profit growth of 34.7% year-on-year, reaching $167.3 million.
Investment in GenAI and AI-Powered Features
MakeMyTrip introduced Myra.ai, a trip planning chatbot, and rolled out several generative AI-powered features to enhance customer experience, including review summaries, GenAI search, and AI-driven support for booking changes.
Launch of Standalone Tours and Attractions
The company launched a new offering allowing travelers to book experiences across 1,100+ international cities with 215,000+ tours and attractions.
Negative Updates
Travel Disruption Due to Geopolitical Tensions
An incident at Pahalgam and subsequent escalation between India and Pakistan led to a noticeable dip in bookings, particularly in the northern region of India, affecting both leisure and corporate travel.
Company Guidance
In the fiscal year 2025, MakeMyTrip achieved record-breaking performance with a gross booking value of $9.8 billion, representing a 25.9% year-on-year growth in constant currency terms. The company reported an adjusted operating profit of $167.3 million, marking a 34.7% increase from the previous year. The fourth quarter alone saw a gross booking value growth of 30.4% and an adjusted operating profit growth of 37.9%, both in constant currency. The company expanded its user base significantly, adding over 9 million new customers, and now boasts a lifetime transacted user base of 82 million. MakeMyTrip's international business has been growing rapidly, with international air-ticketing revenue increasing by over 33% and international hotels revenue by over 65% year-on-year. The international segment now contributes 25% to the company's overall revenue. Additionally, MakeMyTrip has been leveraging generative AI to enhance user experiences, introducing AI-powered features across key business lines and integrating them through a unified interface, Myra.ai, for seamless trip planning and post-sales interactions.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.