Makemytrip (MMYT) AI Stock Analysis

• Market Cap: $5.26B
• Dividend Yield: N/A
• Average Volume (3M): 1.21M
• Price to Earnings (P/E): 110.9
• Beta (1Y): 1.55
• 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: 2,273,237
• 30 Day Avg. Volume: 1,209,531
• 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: 1.27
• Enterprise Value/Revenue: 6.43
• Enterprise Value/Gross Profit: 8.76
• Enterprise Value/Ebitda: 35.57
• 1Y Price Target: $105.00
• Price Target Upside: 89.33% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: $57.00 ▲(2.78% Upside)

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

Diversified revenue mix & strong hotel/bus volume growth

MakeMyTrip’s recovery is driven by a broader mix beyond air travel: hotel room nights +20% and rapid bus/ancillary growth. Diversification lowers reliance on a single vertical, smoothing revenues across cycles and supporting steadier top-line and margin resilience over the medium term.

AI/product scale (Myra & GenAI) driving automation

Scaled AI reduces operating costs, improves conversion and retention, and expands reach into tier‑2+ markets. Sustained automation can lower support cost per booking, increase repeat use and enable higher margins as user volumes grow, creating durable operational leverage.

Stronger cash generation and active buybacks

Solid and growing free cash flow combined with a sizable buyback program and cash buffer improves capital allocation flexibility. Sustainable cash generation supports reinvestment in product, deleveraging or shareholder returns, strengthening long‑term financial optionality.

Negative Factors

Deteriorated balance sheet: negative equity & high debt

Negative trailing equity and elevated leverage materially reduce financial flexibility and increase refinancing risk. This structural balance‑sheet weakness limits ability to absorb shocks, constrains strategic investments, and heightens downside risk despite operational improvements.

Regulatory-driven air supply disruptions (pilot FDTL rules)

Permanent regulatory adjustments to pilot duty rules can structurally reduce airline capacity or recovery timing, compressing air-ticket volumes and revenues. For a player with significant air exposure, constrained supply can slow GBV growth and limit scaling of higher‑margin air segments.

Reported vs adjusted profit volatility and non‑cash financing costs

Significant noncash bond accounting and translation losses create persistent GAAP vs adjusted profit divergence, complicating earnings quality assessment. Such structural noncash charges can reduce reported earnings, affect covenants and investor confidence even if operational cash flow is healthy.

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 multiple key streams. Primarily, the company earns income from transaction fees on flight and hotel bookings made through its platform, where it charges a commission from airlines and hoteliers for each booking. Additionally, MMYT offers holiday packages and travel-related services, which contribute further to its earnings. The company also generates revenue from advertising on its platform and affiliate partnerships. Significant partnerships with airlines and hotels enhance its offerings and allow for competitive pricing, driving increased customer traffic and bookings. Seasonal promotions and loyalty programs also encourage repeat business, bolstering overall revenue.

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	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	567.43M	415.47M	245.17M	141.13M
EBITDA	159.95M	137.93M	31.72M	-2.00M	-23.64M
Net Income	95.10M	216.80M	-11.32M	-45.41M	-55.64M
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	15.31M	-6.91M	67.29M
Operating Cash Flow	185.29M	125.74M	32.21M	6.00M	67.93M
Investing Cash Flow	26.44M	-75.59M	46.63M	-77.60M	-124.83M
Financing Cash Flow	-22.89M	-6.24M	-6.21M	-9.57M	221.96M

Makemytrip Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 55.46
• 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 55.46 is below the 20-day moving average (MA) of 69.11, below the 50-day MA of 74.96, and below the 200-day MA of 90.48, indicating a bearish trend. The MACD of -5.74 indicates Positive momentum. The RSI at 23.12 is Positive, neither overbought nor oversold. The STOCH value of 16.96 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
EXPE	80 Outperform	$28.98B	22.43	104.40%	0.56%	7.29%	36.51%
TCOM	71 Outperform	$38.41B	9.21	19.95%	0.39%	17.34%	91.51%
YTRA	69 Neutral	$96.39M	234.85	0.68%	―	75.67%	―
TRIP	67 Neutral	$1.47B	19.88	9.57%	―	4.24%	159.81%
BKNG	63 Neutral	$148.51B	30.19	―	0.71%	12.96%	3.66%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MMYT	53 Neutral	$5.26B	110.90	13.02%	―	14.55%	-68.46%

Makemytrip Corporate Events

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.