MakeMyTrip Ltd (MMYT)

Price$55.62Cached quoteAs of 2026-09-06 02:13 UTC

AI: Fair-priced

Price checkThe shares look roughly fair if cash keeps compounding at a mid-teens pace.

At the observed market value, the shares trade near 29 times FY2025 free cash flow and about 68 times diluted earnings. Free cash flow means cash left after running and investing in the business; FY2025 produced roughly $181 million. A simple model adding about $258 million of net cash, using a 10% required return and 4% long-term growth, needs roughly 15% annual cash growth for five years to match today's valuation. That is demanding, but recent operating growth makes it plausible.

Big pictureProfitability and cash generation improved sharply, but travel demand can still swing with external shocks.

FY2025 revenue rose about 25% to $978 million, operating income climbed roughly 84% to $120 million, and operating cash flow increased about 47% to $185 million. That improvement looks more durable than FY2024 net income, which was boosted by a large deferred-tax benefit and a convertible-note accounting gain. The longer history also shows the downside: pandemic-era revenue collapsed and losses became severe. Investors therefore need continued structural travel growth, not just a rebound from unusually weak years.

Business strengthA net-cash balance sheet and asset-light model give MakeMyTrip useful financial flexibility.

At FY2025 year-end, MakeMyTrip held about $509 million of cash against $251 million of debt, leaving roughly $258 million of net cash. Capital spending was only about $4 million, helping accounting profits convert into cash. Capital allocation is less clean: stock compensation was about $36 million, around one-fifth of free cash flow, while buybacks were roughly $22 million, so repurchases did not fully match the accounting value of employee equity awards. Higher-margin hotels and packages remain an important source of potential operating leverage.

What could change the storyFaster hotel-led growth would justify the price, while weaker cash conversion would quickly challenge it.

The bull case strengthens if MakeMyTrip can sustain roughly 15% or better annual cash growth while hotels, packages and ground transport keep expanding faster than air ticketing. Fiscal 2027's first quarter supported that possibility: constant-currency gross bookings rose 19.9% and hotels-and-packages adjusted margin rose 21.3%. The bear case is that growth does not convert into cash. Quarterly free cash flow fell 47.5% year over year, while reported profit dropped 64.7% partly because financing costs on convertible notes increased sharply.

AI: News

First-quarter profit beatAugust results beat profit expectations despite softer revenue, reinforcing confidence in the company's operating resilience.

On August 3, MakeMyTrip reported adjusted diluted earnings of $0.53 per share, while one market source cited a $0.22 forecast. Revenue was $285.6 million, modestly below that source's estimate, but constant-currency gross bookings grew 19.9%. Hotels, packages and bus ticketing were especially strong. One contemporaneous report said shares rose about 5.9% in premarket trading. That timing suggests investors welcomed the profit and booking growth, although it does not prove the earnings release alone caused the move.

Mixed full-year finishMay results showed record bookings but a revenue miss, and shares weakened before the open.

On May 19, MakeMyTrip said fiscal 2026 gross bookings reached a record $10.4 billion, up 10.4% in constant currency. For the March quarter, adjusted earnings of $0.32 per share exceeded the cited analyst estimate, while revenue of about $250 million fell well short of the cited consensus. A contemporaneous market report recorded a roughly 6.2% premarket decline. The reaction was consistent with concern about slower reported revenue, but price timing alone cannot establish a single cause.

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Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$1.04B	$978.3M	$782.5M	$593.0M	$303.9M	$163.4M	$511.5M	$486.0M	$675.3M	$447.6M	$336.1M
Gross profit	$770.1M	$704.0M	$567.4M	$415.5M	$245.2M	$141.2M	$362.3M	$315.1M	$499.4M	$273.7M	$169.0M
Gross margin	73.77%	71.96%	72.51%	70.06%	80.67%	86.41%	70.82%	64.83%	73.95%	61.15%	50.30%
Operating expenses	$614.3M	$584.1M	$502.2M	$391.9M	$275.5M	$208.9M	$791.7M	$468.0M	$718.8M	$409.1M	$235.8M
Operating income	$155.8M	$119.9M	$65.2M	$23.6M	−$30.4M	−$67.7M	−$429.4M	−$152.9M	−$219.4M	−$135.4M	−$66.8M
Operating margin	14.93%	12.25%	8.33%	3.98%	−9.99%	−41.41%	−83.95%	−31.47%	−32.50%	−30.25%	−19.89%
EBITDA	$198.1M	$129.0M	$72.7M	$29.7M	−$24.3M	−$34.7M	−$395.7M	−$126.1M	−$215.1M	−$130.2M	−$64.1M
EBITDA margin	18.97%	13.19%	9.28%	5.01%	−8.01%	−21.21%	−77.36%	−25.95%	−31.85%	−29.10%	−19.08%
Net income	$51.8M	$95.3M	$216.7M	−$11.2M	−$45.6M	−$56.0M	−$447.5M	−$167.9M	−$220.2M	−$110.3M	−$88.5M
Net profit margin	4.96%	9.74%	27.70%	−1.88%	−14.99%	−34.29%	−87.49%	−34.54%	−32.62%	−24.64%	−26.35%
Basic EPSper basic share	$0.51	$0.84	$1.95	-$0.10	-$0.42	-$0.52	-$4.26	-$1.61	-$2.18	-$2.09	-$2.12
Diluted EPSper diluted share	$0.36	$0.83	$1.74	-$0.10	-$0.42	-$0.52	-$4.26	-$1.61	-$2.18	-$2.09	-$2.12

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of MMYT
Holder	Shares held
BAILLIE GIFFORD & CO	14.67M
SCHRODER INVESTMENT MANAGEMENT GROUP	7.71M
ROYAL BANK OF CANADA	6.11M
FMR LLC	4.82M
MORGAN STANLEY	3.76M
Artisan Partners Limited Partnership	3.1M
WELLINGTON MANAGEMENT GROUP LLP	2.81M
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	2.79M
WASATCH ADVISORS LP	2.47M
AMANSA CAPITAL PTE. LTD.	2.23M
Man Group plc	1.99M
GOLDMAN SACHS GROUP INC	1.93M
PRICE T ROWE ASSOCIATES INC /MD/	1.77M
Temasek Holdings (Private) Ltd	1.7M
FRANKLIN RESOURCES INC	1.69M
Coronation Fund Managers Ltd.	1.55M
Allspring Global Investments Holdings, LLC	1.38M
UBS Group AG	1.21M
Capital International Investors	1.18M
OAKTREE CAPITAL MANAGEMENT LP	983.07K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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