Makemytrip Limited (MMYT)
NASDAQ:MMYT
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Makemytrip
(NASDAQ:MMYT)
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Rating:53Neutral
Price Target:
$46.00
▼(-9.84% Downside)
Action:ReiteratedDate:04/17/26
The score is held back primarily by balance-sheet risk (negative equity and high debt) and an expensive valuation (very high P/E). Improving profitability and free cash flow, along with a generally constructive earnings call and buyback support, partially offset these concerns, while technical signals remain mixed to weak on the longer trend.
Positive Factors
Improving free cash flow generation
TTM operating and free cash flow have turned positive and grown materially (~33% FCF growth), creating a durable internal funding source. Strong FCF supports reinvestment in product/AI, buybacks already underway and helps service debt without immediate reliance on external capital, improving operational flexibility over coming quarters.
Negative Factors
Negative equity and elevated debt
Balance sheet deterioration to negative equity with high absolute debt materially weakens financial flexibility. This increases refinancing and liquidity risk if travel demand softens, constrains ability to pursue opportunistic investments, and raises the effective cost of capital for multi‑quarter strategic initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving free cash flow generation
TTM operating and free cash flow have turned positive and grown materially (~33% FCF growth), creating a durable internal funding source. Strong FCF supports reinvestment in product/AI, buybacks already underway and helps service debt without immediate reliance on external capital, improving operational flexibility over coming quarters.
Read all positive factors
Makemytrip (MMYT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.37B
Dividend YieldN/A
Average Volume (3M)1.73M
Price to Earnings (P/E)276.8
Beta (1Y)1.77
Revenue Growth11.07%
EPS Growth-76.51%
CountryUS
Employees4,576
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)0.07
Shares Outstanding89,571,500
10 Day Avg. Volume1,752,116
30 Day Avg. Volume1,725,068
Financial Highlights & Ratios
PEG Ratio-2.04
Price to Book (P/B)9.17
Price to Sales (P/S)11.28
P/FCF Ratio63.58
Enterprise Value/Market Cap1.31
Enterprise Value/Revenue5.51
Enterprise Value/Gross Profit7.50
Enterprise Value/Ebitda30.48
Forecast
1Y Price Target
$82.00Price Target Upside60.72% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.01
Revenue Forecast (FY)$1.30B
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 segm...
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:Jan 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The call was largely positive: strong volume growth across hotels, buses and ancillaries, notable AI/product momentum (Myra scaling and GenAI features), margin and profitability milestones (first $50M+ adjusted operating profit) and active capital returns. The main negatives were a significant but transient December domestic air supply disruption (new pilot FDTL rules and capacity cuts) which impacted peak bookings and created near‑term uncertainty, plus non‑cash financing and FX headwinds and an optical GBV moderation from GST changes. Management conveyed that the disruption is temporary and that many business levers (diversified transport mix, product innovations, corporate traction and buybacks) are mitigating factors.Positive Updates
Strong Quarterly Volume and Segments Recovery
Overall strong performance in Q3 with October–November demand recovery; accommodation volume growth of 20.3% year‑on‑year and standard hotels up 20.6% YoY; hotel room nights in non‑premium segment grew over 23% YoY.
Negative Updates
December Flight Disruption from New Pilot FDTL Rules
New, stricter flight duty time limitation rules caused a December decline in daily departures of ~‑5% YoY (vs expected +5%); disruption materially impacted peak season bookings and bookings in early December; complete supply recovery likely pushed into next fiscal year.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Quarterly Volume and Segments Recovery
Overall strong performance in Q3 with October–November demand recovery; accommodation volume growth of 20.3% year‑on‑year and standard hotels up 20.6% YoY; hotel room nights in non‑premium segment grew over 23% YoY.
Read all positive updates
Company Guidance
The company guided that after a strong Q3 leisure season (domestic daily departures +25% YoY in Oct–Nov but -5% YoY in December due to new pilot FDTL rules), supply recovery is likely to be pushed into the next fiscal year with a return to flat-to +1–2% YoY daily departures expected in the JFM quarter; they also said the GST rationalization will create an optical ~5 percentage-point drag on hotel GBV growth for the next four quarters even as hotel volume growth remains robust (hotel volumes +20.3% YoY, standard hotels +20.6%, non‑premium room nights +23%+, homestays 27,600+ properties sold across 1,050+ cities). Key operating metrics and priorities include scaling AI (Myra >50,000 conversations/day, 72% “good” conversations, ~15% early‑planning interactions, 45% of users from tier‑2+ cities, voice interactions 50% higher in non‑metros, AI resolving ~50% of queries), expanding supply (97,000+ accommodations across 2,050+ cities; bus private inventory >45,000 daily schedules vs 40,000 LY), and financial targets such as air ticketing adjusted margin $207.9M (+20.4% CC), bus margin $42.4M (+26.1% CC), other margin $27.5M (+45.5% CC), adjusted operating profit $50.7M (adjusted net profit $51.4M; reported net $7.3M; adjusted diluted EPS +33% YoY), marketing at 5.6% of GBV, buyback program enlarged to $200M with $46.1M deployed this quarter, and cash equivalents >$100M while continuing to invest in AI and strategic opportunities.Makemytrip Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
38
Negative
Cash Flow
69
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.04B | 978.34M | 782.52M | 593.04M | 303.92M | 163.44M |
| Gross Profit | 762.96M | 703.99M | 567.43M | 415.47M | 245.17M | 141.13M |
| EBITDA | 187.83M | 159.95M | 137.93M | 31.72M | -2.00M | -23.64M |
| Net Income | 56.75M | 95.10M | 216.80M | -11.32M | -45.41M | -55.64M |
Balance Sheet | ||||||
| Total Assets | 1.86B | 1.83B | 1.66B | 1.36B | 1.32B | 1.31B |
| Cash, Cash Equivalents and Short-Term Investments | 814.11M | 761.18M | 606.79M | 481.07M | 477.46M | 424.89M |
| Total Debt | 1.68B | 236.57M | 221.62M | 235.16M | 216.58M | 203.96M |
| Total Liabilities | 2.14B | 620.31M | 543.66M | 483.77M | 426.27M | 417.82M |
| Stockholders Equity | -283.63M | 1.20B | 1.11B | 869.57M | 894.13M | 887.52M |
Cash Flow | ||||||
| Free Cash Flow | 223.94M | 173.52M | 112.92M | 15.31M | -6.91M | 67.29M |
| Operating Cash Flow | 223.94M | 185.29M | 125.74M | 32.21M | 6.00M | 67.93M |
| Investing Cash Flow | -86.10M | 26.44M | -75.59M | 46.63M | -77.60M | -124.83M |
| Financing Cash Flow | -78.20M | -22.89M | -6.24M | -6.21M | -9.57M | 221.96M |
Makemytrip Technical Analysis
Neutral
51.02
Price Trends
48.38
Positive
61.67
Negative
77.13
Negative
Market Momentum
-0.19
Negative
64.49
Neutral
95.06
Negative
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 51.02 is above the 20-day moving average (MA) of 41.23, above the 50-day MA of 48.38, and below the 200-day MA of 77.13, indicating a neutral trend. The MACD of -0.19 indicates Negative momentum. The RSI at 64.49 is Neutral, neither overbought nor oversold. The STOCH value of 95.06 is Negative, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $34.89B | 19.53 | 20.98% | 0.39% | 17.27% | 94.65% | |
69 Neutral | $140.27B | 32.16 | -93.64% | 0.71% | 13.39% | -4.72% | |
68 Neutral | $30.81B | 27.45 | 114.29% | 0.56% | 7.61% | 9.99% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $66.50M | -15.80 | 6.86% | ― | 45.83% | -272.13% | |
53 Neutral | $4.37B | 276.78 | 31.18% | ― | 11.07% | -76.51% | |
52 Neutral | $1.28B | 45.50 | 6.10% | ― | 3.05% | 890.32% |
* Consumer Cyclical Sector Average
MMYT
Makemytrip
47.21
-57.39
-54.87%
TCOM
Trip.com Group Sponsored ADR
53.20
-5.42
-9.25%
EXPE
Expedia
245.22
85.28
53.32%
BKNG
Booking Holdings
177.52
-16.59
-8.55%
TRIP
TripAdvisor
11.19
-1.63
-12.71%
YTRA
Yatra Online
1.03
0.35
51.47%
Makemytrip Corporate Events
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.