Makemytrip (MMYT) AI Stock Analysis

• Market Cap: $9.25B
• Dividend Yield: N/A
• Average Volume (3M): 811.05K
• Price to Earnings (P/E): 110.3
• Beta (1Y): 1.66
• Revenue Growth: 18.13%
• EPS Growth: -55.21%
• Country: US
• Employees: 4,576
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Travel Services
• EPS (TTM): 0.22
• Shares Outstanding: 89,851,700
• 10 Day Avg. Volume: 1,075,559
• 30 Day Avg. Volume: 811,053
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.33
• Enterprise Value/Revenue: 12.43
• Enterprise Value/Gross Profit: 19.42
• Enterprise Value/Ebitda: 71.43
• 1Y Price Target: $118.40
• Price Target Upside: 23.68% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5

• Rating: 66 Neutral
• Price Target: $104.00 ▲(8.64% Upside)

Makemytrip's overall stock score is driven by strong financial performance and positive earnings call highlights, particularly in international growth. However, high valuation and technical indicators suggest caution. The absence of a dividend yield and macroeconomic challenges impacting domestic segments also weigh on the score.

Positive Factors

International Growth

Strong international growth diversifies revenue streams and reduces reliance on domestic markets, enhancing long-term stability.

Leadership Changes

Strategic leadership changes aim to bolster operational excellence and financial leadership, supporting sustainable growth.

Balance Sheet Health

A strong balance sheet with low leverage enhances financial flexibility and resilience against economic downturns.

Negative Factors

Domestic Leisure Travel Challenges

Weak domestic leisure travel demand due to macro challenges could hinder revenue growth in core markets.

Revenue Growth Impacted by Macro Challenges

External macro challenges impacting revenue growth could persist, affecting overall financial performance.

Flat Growth in Holiday Packages

Flat growth in holiday packages indicates potential saturation or competitive pressures in this segment.

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 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.

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	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

• Technical Analysis Sentiment: Negative
• Last Price: 95.73
• 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 95.73 is below the 20-day moving average (MA) of 98.59, below the 50-day MA of 98.19, and below the 200-day MA of 101.75, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 44.18 is Neutral, neither overbought nor oversold. The STOCH value of 17.51 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	51.24B	21.18	11.97%	0.37%	17.73%	27.95%
EXPE	72 Outperform	26.95B	26.65	133.13%	0.56%	5.69%	47.33%
BKNG	67 Neutral	179.08B	38.43	-72.30%	0.67%	11.72%	0.51%
MMYT	66 Neutral	$9.25B	110.32	22.38%	―	18.13%	-55.21%
TRIP	63 Neutral	1.97B	35.81	10.37%	―	3.03%	187.03%
YTRA	60 Neutral	93.90M	-274.04	-1.98%	―	110.35%	91.38%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%

Makemytrip Corporate Events

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.

MakeMyTrip Announces Annual Shareholder Meeting Details

On July 24, 2025, MakeMyTrip Limited announced the details of its upcoming annual shareholder meeting scheduled for September 11, 2025, in Gurugram, India. The company has released its notice of the meeting, form of proxy, and consolidated and separate financial statements for the fiscal year ended March 31, 2025, audited by KPMG Mauritius. These documents are available on the company’s investor relations website, reflecting MakeMyTrip’s commitment to transparency and compliance with statutory requirements.

MakeMyTrip Reports Strong Q1 2026 Results Amid Challenges

On July 22, 2025, MakeMyTrip announced its unaudited financial results for the first quarter of fiscal 2026, showing a 12.4% year-over-year increase in gross bookings to $2.6 billion. Despite challenges such as geopolitical tensions and a passenger airplane crash in India, the company reported growth in adjusted margins across its service categories, with significant improvements in bus ticketing and other services. The results underscore MakeMyTrip’s resilience and operational agility in navigating short-term adversities, while maintaining a positive outlook on the long-term growth prospects of the Indian travel sector.

MakeMyTrip Completes Major Share Repurchase and Restructures Board

On July 2, 2025, MakeMyTrip completed the repurchase of 34,372,221 Class B shares from Trip.com Group Limited, leading to a reduction in Trip.com’s voting power and a change in board composition. The repurchase resulted in a total of 95,383,399 shares outstanding, with Trip.com holding approximately 16.90% of the voting power. Following the repurchase, MakeMyTrip’s board saw the resignation of three Trip.com-nominated directors and the appointment of three new directors, including Mr. Vivek N. Gour and Mrs. Savinilorna Payandi Pillay Ramen, indicating a strategic shift in governance.

MakeMyTrip Amends Share Repurchase Agreement with Trip.com

On June 23, 2025, MakeMyTrip Limited and Trip.com Group Limited amended and restated their original share repurchase agreement from June 16, 2025. This agreement aims to reduce Trip.com’s ownership in MakeMyTrip to below 19.99% through a repurchase funded by a convertible senior notes offering and a primary share offering. This strategic move is expected to impact MakeMyTrip’s shareholder structure and market positioning.

MakeMyTrip Announces Share and Notes Offering to Repurchase Shares

On June 17, 2025, MakeMyTrip Limited entered into an underwriting agreement with Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC to issue and sell 16,000,000 ordinary shares, with an option for an additional 2,400,000 shares. Additionally, on June 23, 2025, MakeMyTrip executed an indenture with The Bank of New York Mellon for the issuance of 0.00% Convertible Senior Notes due 2030, amounting to up to $1,437,500,000. The proceeds from these offerings are intended for repurchasing a portion of its Class B Shares from Trip.com Group Limited, indicating a strategic move to consolidate ownership and potentially enhance shareholder value.

MakeMyTrip Completes Major Equity and Notes Offerings

On June 23, 2025, MakeMyTrip Limited announced the successful closing of its upsized primary offering of 16 million ordinary shares and an additional 2.4 million shares at $90 each, raising approximately $1.62 billion. Additionally, the company closed its offering of 0.00% convertible senior notes worth $1.25 billion due in 2030, with an extra $187.5 million from initial purchasers. The proceeds will be used to repurchase Class B ordinary shares from Trip.com Group Limited, potentially strengthening MakeMyTrip’s market position and shareholder value.

MakeMyTrip Upsizes Equity Offering and Prices Convertible Notes

On June 17, 2025, MakeMyTrip Limited announced an increase in its primary equity offering from 14 million to 16 million ordinary shares, priced at $90 per share, and the pricing of $1.25 billion in convertible senior notes due 2030. The proceeds from these offerings, expected to close on June 23, 2025, will be used to repurchase a portion of Class B shares from Trip.com, reflecting strategic financial maneuvers aimed at strengthening the company’s market position and shareholder value.

MakeMyTrip Announces Equity and Notes Offering to Repurchase Shares

On June 16, 2025, MakeMyTrip Limited announced the commencement of a proposed primary offering of 14,000,000 ordinary shares and a proposed offering of convertible senior notes worth US$1.25 billion due 2030. The proceeds from these offerings will be used to repurchase a portion of the company’s Class B shares from Trip.com Group Limited. The success of each offering is contingent upon the completion of the other, and the offerings are subject to market conditions.