MMYT Stock Analysis: MakeMyTrip | NASDAQ
Travel Services | NASDAQ, USA | Market Cap: 5.946m USD | 12M Return: -35.6% | MU0295S00016 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 47.0M
EPS Trend: 87.2%
Qual. Beats: 1
Rev. Trend: 96.0%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
MakeMyTrip Limited (NASDAQ: MMYT) is an India-based online travel service provider operating across more than 10 countries, including the US, Singapore, UAE, and several Southeast Asian and Latin American markets. The company runs three business segments-Air Ticketing, Hotels, and Packages and Bus Ticketing-offering a range of services from flight and rail bookings to hotels, bus tickets, car hire, and ancillary products like insurance, foreign currency exchange, and visa services. It serves both leisure and corporate travelers through a multi-brand portfolio (MakeMyTrip, Goibibo, and redBus) and a diversified distribution model spanning its own websites, mobile apps, call centers, franchisee travel stores, and a network of third-party travel agents. The company was incorporated in 2000, is headquartered in Gurugram, India, and has been listed on NASDAQ since August 2010.
Sector context: Online travel agencies (OTAs) like MakeMyTrip operate within the broader Consumer Discretionary travel ecosystem, aggregating inventory from airlines, hotels, and ground transport providers to earn revenue primarily through commissions, booking fees, and advertising. MakeMyTrips multi-brand strategy-combining a flagship brand with category-specific platforms such as redBus (bus ticketing) and Goibibo-reflects a common approach among large Indian OTAs to capture distinct customer segments and use cases within a fragmented, mobile-first travel market.
- India air ticketing volumes drive revenue growth
- Hotels and Packages margin expansion boosts profitability
- International expansion into Southeast Asia adds growth runway
- Competition from Yatra and Oyo pressures market share
| Net Income: 34.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.05 > 0.02 and ΔFCF/TA -6.90 > 1.0 |
| NWC/Revenue: 69.92% < 20% (prev 52.86%; Δ 17.05% < -1%) |
| CFO/TA 0.09 > 3% & CFO 163.7m > Net Income 34.2m |
| Net Debt (943.9m) to EBITDA (206.9m): 4.56 < 3 |
| Current Ratio: 3.13 > 1.5 & < 3 |
| Outstanding Shares: last quarter (98.2m) vs 12m ago -16.27% < -2% |
| Gross Margin: 64.95% > 18% (prev 73.39%; Δ -8.44% > 0.5%) |
| Asset Turnover: 31.84% > 50% (prev 20.35%; Δ 11.50% > 0%) |
| Interest Coverage Ratio: 1.39 > 6 (EBIT TTM 179.7m / Interest Expense TTM 129.2m) |
| A: 0.42 (Total Current Assets 1.09b - Total Current Liabilities 348.5m) / Total Assets 1.78b |
| B: -1.56 (Retained Earnings -2.79b / Total Assets 1.78b) |
| C: 0.05 (EBIT TTM 179.7m / Avg Total Assets 3.33b) |
| D: -0.16 (Book Value of Equity -341.5m / Total Liabilities 2.11b) |
| Altman-Z'' = -2.17 = D |
| DSRI: 1.16 (Receivables 189.0m/152.7m, Revenue 1.06b/992.7m) |
| GMI: 1.13 (GM 73.39% / 64.95%) |
| AQI: 2.52 (AQ_t 0.38 / AQ_t-1 0.15) |
| SGI: 1.07 (Revenue 1.06b / 992.7m) |
| TATA: -0.07 (NI 34.2m - CFO 163.7m) / TA 1.78b) |
| Beneish M = -1.83 (Cap -4..+1) = B |
As of August 11, 2026, the stock is trading at USD 60.91 with a total of 367,757 shares traded. Over the past week, the price has changed by -1.41%, over one month by +3.91%, over three months by +31.58% and over the past year by -35.57%.
Current recommended Stop Loss: 57.00 (which is 6.4% or 1.3 ATR below the current price).
MakeMyTrip has received a consensus analysts rating of 4.80. Therefore, it is recommended to buy MMYT.
- StrongBuy: 8
- Buy: 2
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 74.5 | 22.3% |
P/E Trailing = 175.6111
P/E Forward = 96.1538
P/S = 5.606
P/B = 158.8709
P/EG = 5.3889
Revenue TTM = 1.06b USD
EBIT TTM = 179.7m USD
EBITDA TTM = 206.9m USD
Long Term Debt = 1.39b USD (from longTermDebt, last fiscal year)
Short Term Debt = 7.22m USD (from shortTermDebt, last quarter)
Debt = 1.72b USD (from shortLongTermDebtTotal, last quarter) + Leases 11.8m
Net Debt = 943.9m USD (calculated: Debt 1.72b - CCE 776.2m)
Enterprise Value = 6.89b USD (5.95b + Debt 1.72b - CCE 776.2m)
Interest Coverage Ratio = 1.39 (Ebit TTM 179.7m / Interest Expense TTM 129.2m)
EV/FCF = -74.35x (Enterprise Value 6.89b / FCF TTM -92.7m)
FCF Yield = -1.34% (FCF TTM -92.7m / Enterprise Value 6.89b)
FCF Margin = -8.74% (FCF TTM -92.7m / Revenue TTM 1.06b)
Net Margin = 3.23% (Net Income TTM 34.2m / Revenue TTM 1.06b)
Gross Margin = 64.95% ((Revenue TTM 1.06b - Cost of Revenue TTM 371.8m) / Revenue TTM)
Gross Margin QoQ = 55.16% (prev 58.28%)
Tobins Q-Ratio = 3.86 (Enterprise Value 6.89b / Total Assets 1.78b)
Interest Expense / Debt = 7.51% (Interest Expense 129.2m / Debt 1.72b)
Taxrate = 39.10% (22.5m / 57.4m)
NOPAT = 109.4m (EBIT 179.7m * (1 - 39.10%))
Current Ratio = 2.15 (Total Current Assets 1.09b / Total Current Liabilities 506.9m)
Debt / Equity = -5.04 (negative equity) (Debt 1.72b / totalStockholderEquity, last quarter -341.5m)
Debt / EBITDA = 4.56 (Net Debt 943.9m / EBITDA 206.9m)
Debt / FCF = -10.19 (negative FCF - burning cash) (Net Debt 943.9m / FCF TTM -92.7m)
Total Stockholder Equity = -235.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 1.03% (Net Income 34.2m / Total Assets 1.78b)
RoE = -14.56% (negative equity) (Net Income TTM 34.2m / Total Stockholder Equity -235.1m)
RoCE = 15.53% (EBIT 179.7m / Capital Employed (Equity -235.1m + L.T.Debt 1.39b))
RoIC = 7.88% (NOPAT 109.4m / Invested Capital 1.39b)
WACC = 8.46% (E(5.95b)/V(7.67b) * Re(9.58%) + D(1.72b)/V(7.67b) * Rd(7.51%) * (1-Tc(0.39)))
Discount Rate = 9.58% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -81.46 | Cagr: -8.07%
[DCF] Fair Price = unknown (Cash Flow -92.7m)
EPS Correlation: 87.23 | EPS CAGR: 31.28% | SUE: 4.0 | # QB: 1
Revenue Correlation: 95.98 | Revenue CAGR: 17.24% | SUE: -0.24 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.36 | Chg30d=-18.03% | Revisions=+0% | Analysts=1
EPS next Quarter (2026-12-31): EPS=0.49 | Chg30d=+7.59% | Revisions=+0% | Analysts=1
EPS current Year (2027-03-31): EPS=1.92 | Chg30d=+5.17% | Revisions=-25% | GrowthEPS=+23.2% | GrowthRev=+5.5%
EPS next Year (2028-03-31): EPS=2.37 | Chg30d=+5.84% | Revisions=-25% | GrowthEPS=+23.4% | GrowthRev=+17.7%
[Analyst] Revisions Ratio: -40% (up=0, down=2)