MakeMyTrip Limited (MMYT) AI Stock Analysis

MakeMyTrip Limited is an online travel company that offers travel products and solutions across India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, and Indonesia. It operates through three segments: Air Ticketing, Hotels and Packages, and Bus Ticketing. The company provides air tickets, hotel accommodations, vacation packages, rail tickets, bus tickets, car rentals, visa processing, and travel insurance. Services are distributed through websites such as makemytrip.com, goibibo.com, and redbus.in, as well as call centers, travel stores, travel agents, and mobile service platforms.

Annual revenue expanded from $303.9M in FY2022 to $593.0M in FY2023, $782.5M in FY2024, $978.3M in FY2025, and $1.04B in FY2026, achieving a 5-year revenue CAGR of 44.9%. Net income shifted from -$45.4M in FY2022 to $216.8M in FY2024, before declining to $95.1M in FY2025 and $51.8M in FY2026. Operating margin expanded from -10.0% in FY2022 to 14.7% in FY2026, while gross margin compressed from 80.7% to 55.9%. In the trailing twelve months, revenue reached $1.06B with an operating margin of 15.3% and a net profit margin of 3.2%. For the latest quarter ended June 30, 2026, quarterly revenue increased 6.2% year-over-year, while quarterly earnings declined 60.8%.

As of June 30, 2026, MakeMyTrip held $776.2M in cash and short-term investments against total debt of $1.71B, resulting in net debt of $932.1M. Shareholders' equity was -$341.5M, reflecting negative equity, while total assets stood at $1.78B and the current ratio was 3.13. In FY2026, operating cash flow reached $182.5M and free cash flow was $168.0M, with capital expenditures of $14.5M. Share buybacks totaled $3.13B in FY2026, contributing to a 5-year share count change of -9.6%.

MakeMyTrip trades at a market capitalization of $4.38B and an enterprise value of $5.06B. Its trailing P/E of 233.0x and forward P/E of 96.2x stand well above the median of its US-listed Consumer Cyclical peers, which record a trailing P/E of 18.0x and forward P/E of 14.1x. The company's price-to-sales ratio is 4.1x compared to the peer median of 0.7x, and its EV-to-EBITDA is 25.2x versus 11.1x. Over the past year, MMYT shares declined 47.2%, underperforming the S&P 500 (SPY) gain of 16.8%, while its 5-year return of 51.3% trails the SPY return of 83.0%.

All 10 analyst ratings are Strong Buy, with 0 Buy, 0 Hold, 0 Sell, and 0 Strong Sell recommendations. The mean price target is $73.40, which implies an upside of 57.5% from the last close of $46.60. For the fiscal year ending March 31, 2027, consensus estimates forecast revenue of $1.20B and EPS of $2.07, representing 32.8% EPS growth. MMYT beat EPS estimates in 2 of the last 4 quarters. The next earnings date is October 27, 2026.

This page is an AI-written research summary of MakeMyTrip Limited (MMYT). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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