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Makemytrip Limited (MMYT)
NASDAQ:MMYT
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Makemytrip
(NASDAQ:MMYT)
Rating:66Neutral
Price Target:
$108.00
▲(7.90% Upside)
Positive Factors
Diversification Strategy
MMYT's dependence on air segment revenue has come down as it has been able to grow other segments much faster.
Market Leadership
MMYT has been able to maintain its dominance in most of the segments in terms of value/volume market share.
Technological Advancements
MMYT announced an upgraded version of its GenAI trip planning assistant with multi-modal/multi-lingual capabilities around the full travel lifecycle.
Negative Factors
Geopolitical Risks
In the near-term, travel sentiment is negatively impacted by external factors such as the India-Pakistan conflict, Air India plane crash, and ongoing Iran-Israel conflict.
Industry Challenges
Despite weaker growth in the industry, MakeMyTrip managed to drive growth in the hotels business, showcasing operational strength.
Macroeconomic Impact
Domestic air and holiday packages saw a significant impact from macro-developments, with expectations of gradual recovery.
Makemytrip (MMYT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.10B
Dividend YieldN/A
Average Volume (3M)926.28K
Price to Earnings (P/E)113.5
Beta (1Y)1.66
Revenue Growth18.13%
EPS Growth-55.21%
CountryUS
Employees4,576
SectorConsumer Cyclical
Sector Strength80
IndustryTravel Services
Share Statistics
EPS (TTM)0.22
Shares Outstanding89,851,700
10 Day Avg. Volume630,126
30 Day Avg. Volume926,282
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap1.36
Enterprise Value/Revenue12.43
Enterprise Value/Gross Profit19.42
Enterprise Value/Ebitda71.43
Forecast
1Y Price Target
$117.67Price Target Upside17.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
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 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 Earnings Call Summary
Earnings Call Date:Jul 24, 2025
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture. While the company achieved strong growth in international segments and increased its market share in the domestic air segment, it faced significant challenges in domestic leisure travel due to macro disruptions. The growth in adjusted operating profit and bus ticketing business was notable, yet the overall revenue growth was impacted by external events.Q1-2026 Updates
Positive Updates
Strong International Growth
International air ticketing revenue grew by over 27% year-on-year, and international hotels revenue grew by over 45% year-on-year. The international business now contributes about 27% to overall revenue, up from 24% last year.
Increased Market Share in Domestic Air Segment
Domestic air segment market share increased marginally from 30.6% to 30.8%.
Adjusted Operating Profit Growth
Adjusted operating profit for the quarter was $47.3 million, witnessing a growth of 21% year-on-year.
Strong Performance in Bus Ticketing Business
Adjusted margin in the bus ticketing business stood at $42.6 million, registering a strong year-on-year growth of over 34.1% in constant currency terms.
Robust Corporate Travel Growth
Corporate travel platforms, myBiz and Quest2Travel, showed strong growth with increased active corporate customer counts.
Negative Updates
Impact on Domestic Leisure Travel
Domestic demand for leisure travel was weak due to macro disruptions, including a tragic airplane crash and geographical escalations.
Macro Challenges Impacting Revenue Growth
Revenue growth was impacted by external events, resulting in a growth of only 7.8% year-on-year in constant currency.
Flat Growth in Holiday Packages Business
Holiday packages business was largely flat year-on-year due to domestic leisure travel being impacted.
Challenges in Domestic Air and Holiday Packages
Domestic air ticketing and holiday packages demand was muted due to multiple macro challenges.
Company Guidance
During the fiscal 2026 first quarter earnings call, MakeMyTrip reported strong financial performance despite facing several macro challenges. The company achieved a 21% year-on-year growth in adjusted operating profit, reaching $47.3 million, while revenue grew by 7.8% year-on-year in constant currency to $268.8 million. The international air ticketing segment saw a notable revenue growth of over 27% year-on-year, with international hotels revenue increasing by over 45% year-on-year. The company's international business now contributes 27% to the overall revenue, up from 24% the previous year. Additionally, MakeMyTrip managed to grow its market share in the domestic air segment from 30.6% to 30.8%. Despite the macroeconomic headwinds, the company remains optimistic about the long-term growth prospects of the Indian travel sector, driven by rising disposable income, infrastructure upgrades, and a shift in consumer behavior favoring travel experiences.Makemytrip Financial Statement Overview
Summary
Makemytrip demonstrates strong financial health with solid revenue growth and improved profitability. The balance sheet is robust with low leverage and a strong equity position, and cash flow generation is stable despite some fluctuations in Free Cash Flow growth.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.80
Positive
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.75
Positive
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.70
Positive
| 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 | 419.85M | 415.47M | 245.17M | 141.13M |
| EBITDA | 159.95M | 138.77M | 32.50M | -1.19M | -23.64M |
| Net Income | 95.10M | 216.80M | -11.17M | -45.57M | -56.04M |
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 | 15.16M | -6.91M | 55.76M |
| Operating Cash Flow | 185.29M | 125.74M | 32.06M | 6.00M | 64.53M |
| Investing Cash Flow | 26.44M | -75.59M | 46.78M | -77.60M | -118.86M |
| Financing Cash Flow | -22.89M | -6.24M | -6.21M | -9.57M | 219.40M |
Makemytrip Technical Analysis
Positive
100.09
Price Trends
97.07
Positive
99.61
Positive
102.60
Negative
Market Momentum
0.87
Positive
53.05
Neutral
36.62
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 100.09 is above the 20-day moving average (MA) of 98.96, above the 50-day MA of 97.07, and below the 200-day MA of 102.60, indicating a neutral trend. The MACD of 0.87 indicates Positive momentum. The RSI at 53.05 is Neutral, neither overbought nor oversold. The STOCH value of 36.62 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
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $48.61B | 19.80 | 12.94% | 0.38% | 17.73% | 27.95% | |
72 Outperform | $26.24B | 25.96 | 129.04% | 0.55% | 5.69% | 47.33% | |
69 Neutral | $178.43B | 38.29 | -146.32% | 0.67% | 11.72% | 0.51% | |
66 Neutral | $9.10B | 113.48 | 22.38% | ― | 18.13% | -55.21% | |
66 Neutral | $1.94B | 36.11 | 8.76% | ― | 3.03% | 187.03% | |
61 Neutral | $17.96B | 13.14 | -5.29% | 3.00% | 1.25% | -13.95% | |
55 Neutral | $90.17M | ― | -0.52% | ― | 110.35% | 91.38% |
* Consumer Cyclical Sector Average
Performance Comparison
MMYT
Makemytrip
100.09
6.33
6.75%
TCOM
Trip.com Group Sponsored ADR
72.99
25.49
53.66%
EXPE
Expedia
216.52
82.19
61.19%
BKNG
Booking Holdings
5,585.86
1,833.15
48.85%
TRIP
TripAdvisor
17.96
4.03
28.93%
YTRA
Yatra Online
1.45
-0.13
-8.23%
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.