Makemytrip (MMYT) AI Stock Analysis

• Market Cap: $10.21B
• Dividend Yield: N/A
• Average Volume (3M): 1.22M
• Price to Earnings (P/E): 120.2
• Beta (1Y): 1.66
• Revenue Growth: 14.55%
• EPS Growth: -68.46%
• Country: US
• Employees: 4,576
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Travel Services
• EPS (TTM): -0.06
• Shares Outstanding: 89,851,700
• 10 Day Avg. Volume: 1,927,156
• 30 Day Avg. Volume: 1,215,356
• 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: 0.98
• Enterprise Value/Revenue: 9.90
• Enterprise Value/Gross Profit: 15.39
• Enterprise Value/Ebitda: 55.21
• 1Y Price Target: $118.67
• Price Target Upside: 51.06% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: $87.00 ▲(10.74% Upside)

Makemytrip's strong financial performance and positive earnings call sentiment are significant strengths, contributing to a solid overall score. However, technical indicators suggest bearish momentum, and the high P/E ratio indicates potential overvaluation, which tempers the overall score.

Positive Factors

International Revenue Growth

Strong international revenue growth indicates successful market expansion and diversification, enhancing long-term business resilience.

AI-Powered Innovations

AI innovations like Myra improve customer engagement and operational efficiency, providing a competitive edge in the travel industry.

Leadership Changes

Strategic leadership changes aim to enhance operational and financial management, supporting long-term growth and market position.

Negative Factors

Domestic Air Market Challenges

Decline in domestic air market growth due to supply constraints could hinder revenue from a key segment, affecting overall growth.

Increased Finance Costs

Higher finance costs from convertible notes impact profitability, potentially limiting cash available for reinvestment and growth.

Impact of External Events

External events like excessive rainfall can disrupt operations and revenue, highlighting vulnerability to environmental factors.

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

MakeMyTrip 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 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.

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.

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.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.01B	978.34M	782.52M	593.04M	303.92M	163.44M
Gross Profit	650.33M	703.99M	419.85M	415.47M	245.17M	141.13M
EBITDA	181.24M	159.95M	138.77M	32.50M	-1.19M	-23.64M
Net Income	76.53M	95.10M	216.80M	-11.17M	-45.57M	-56.04M
Balance Sheet
Total Assets	1.86B	1.83B	1.66B	1.36B	1.32B	1.31B
Cash, Cash Equivalents and Short-Term Investments	829.82M	761.18M	606.79M	481.07M	477.46M	424.89M
Total Debt	1.66B	236.57M	221.62M	235.16M	216.58M	203.96M
Total Liabilities	2.10B	620.31M	543.66M	483.77M	426.27M	417.82M
Stockholders Equity	-247.34M	1.20B	1.11B	869.57M	894.13M	887.52M
Cash Flow
Free Cash Flow	77.32M	173.52M	112.92M	15.16M	-6.91M	55.76M
Operating Cash Flow	166.95M	185.29M	125.74M	32.06M	6.00M	64.53M
Investing Cash Flow	-1.27M	26.44M	-75.59M	46.78M	-77.60M	-118.86M
Financing Cash Flow	-22.91M	-22.89M	-6.24M	-6.21M	-9.57M	219.40M

Makemytrip Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 78.56
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• 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 78.56 is below the 20-day moving average (MA) of 85.87, below the 50-day MA of 92.57, and below the 200-day MA of 98.17, indicating a bearish trend. The MACD of -4.13 indicates Positive momentum. The RSI at 31.20 is Neutral, neither overbought nor oversold. The STOCH value of 17.05 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	73 Outperform	$46.51B	19.37	12.94%	0.40%	17.73%	27.95%
EXPE	72 Outperform	$26.24B	25.96	129.04%	0.56%	5.69%	47.33%
MMYT	65 Neutral	$10.21B	120.24	16.66%	―	14.55%	-68.46%
BKNG	63 Neutral	$160.90B	32.44	―	0.74%	12.96%	3.66%
TRIP	63 Neutral	$1.72B	32.43	8.76%	―	3.03%	187.03%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
YTRA	60 Neutral	$92.03M	-284.62	-0.52%	―	110.35%	91.38%

Makemytrip Corporate Events

MakeMyTrip Reports Strong Q2 Growth in Bookings and Margins

On October 28, 2025, MakeMyTrip announced its unaudited financial results for the second quarter of fiscal 2026, ending September 30, 2025. The company reported a 13.1% year-over-year increase in gross bookings, reaching $2,447.3 million. Despite a decline in net profit, the company saw significant growth in adjusted margins across its service segments, with bus ticketing experiencing a 44.1% increase. These results reflect MakeMyTrip’s strong market position and operational improvements, although the decline in net profit may concern stakeholders.

MakeMyTrip Announces Strategic Leadership Changes

On September 23, 2025, MakeMyTrip announced significant leadership changes to bolster its market position and growth. Mohit Kabra has been promoted to Group Chief Operating Officer, overseeing operations and strategy implementation, while Dipak Bohra has been appointed as Group Chief Financial Officer, bringing extensive finance experience to the role. These appointments aim to drive operational excellence and financial leadership as the company continues to explore growth avenues.

MakeMyTrip Approves All Resolutions at Annual Shareholders’ Meeting

On September 11, 2025, MakeMyTrip Limited held its annual shareholders’ meeting for the fiscal year 2025, where all proposed resolutions were approved. This successful meeting underscores the company’s stable governance and could positively impact its operational strategies and stakeholder confidence.