MMYT Stock Analysis: MakeMyTrip | NASDAQ
Travel Services | NASDAQ, USA | Market Cap: 4.197m USD | 12M Return: -54.4% | MU0295S00016 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 45.5M
EPS Trend: 87.2%
Qual. Beats: 1
Rev. Trend: 96.0%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 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 is an India-headquartered online travel company operating across more than a dozen international markets, including the United States, Southeast Asia, the Middle East, and parts of Latin America. It reports through three segments - Air Ticketing, Hotels, and Packages and Bus Ticketing - and offers a broad range of services spanning air, hotel, bus, and rail ticketing, holiday packages, car hire, visa services, travel insurance, and ancillary travel products. The company pursues a multi-brand strategy under the MakeMyTrip, Goibibo, and redBus labels and distributes through its own websites and mobile apps, call centers, franchisee stores, and a network of travel agents, serving both leisure and corporate customers. The firm is headquartered in Gurugram, India, was incorporated in 2000, and listed on NASDAQ in 2010.
MakeMyTrip operates in the online travel agency (OTA) sector, where platforms typically earn revenue on an asset-light basis through commissions from travel suppliers (such as airlines and hotels), service fees charged to customers, and advertising or value-added services. India has been one of the fastest-growing outbound travel markets globally, supported by rising internet and smartphone penetration, which has made the country a key long-term growth geography for OTA operators like MMYT.
- India travel demand fuels Hotels and Packages segment growth
- Air Ticketing margin pressure from intense competition and discounting
- Southeast Asia expansion through Trip.com partnership drives international bookings
- Foreign exchange and cross-border remittance services diversify revenue mix
| Net Income: 34.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.05 > 0.02 and ΔFCF/TA -6.60 > 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 (213.9m): 4.41 < 3 |
| Current Ratio: 3.13 > 1.5 & < 3 |
| Outstanding Shares: last quarter (98.2m) vs 12m ago -16.27% < -2% |
| Gross Margin: 69.23% > 18% (prev 73.39%; Δ -4.16% > 0.5%) |
| Asset Turnover: 31.84% > 50% (prev 20.35%; Δ 11.50% > 0%) |
| Interest Coverage Ratio: 1.44 > 6 (EBIT TTM 186.7m / 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: 0.06 (EBIT TTM 186.7m / Avg Total Assets 3.33b) |
| D: -0.16 (Book Value of Equity -341.5m / Total Liabilities 2.11b) |
| Altman-Z'' = -2.16 = D |
| DSRI: 1.16 (Receivables 189.0m/152.7m, Revenue 1.06b/992.7m) |
| GMI: 1.06 (GM 73.39% / 69.23%) |
| 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 = -1.90 (Cap -4..+1) = B |
As of October 07, 2026, the stock is trading at USD 43.37 with a total of 2,261,415 shares traded. Over the past week, the price has changed by -7.96%, over one month by -19.54%, over three months by -24.38% and over the past year by -54.39%.
Current recommended Stop Loss: 40.70 (which is 6.2% or 1.3 ATR below the current price).
MakeMyTrip has received a consensus analysts rating of 5.00. Therefore, it is recommended to buy MMYT.
- StrongBuy: 10
- Buy: 0
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 74.3 | 71.3% |
P/E Trailing = 194.0
P/E Forward = 96.1538
P/S = 3.9566
P/B = 158.8709
P/EG = 5.3889
Revenue TTM = 1.06b USD
EBIT TTM = 186.7m USD
EBITDA TTM = 213.9m USD
Long Term Debt = 1.43b USD (from longTermDebt, last quarter)
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 = 5.14b USD (4.20b + Debt 1.72b - CCE 776.2m)
Interest Coverage Ratio = 1.44 (Ebit TTM 186.7m / Interest Expense TTM 129.2m)
EV/FCF = -58.82x (Enterprise Value 5.14b / FCF TTM -87.4m)
FCF Yield = -1.70% (FCF TTM -87.4m / Enterprise Value 5.14b)
FCF Margin = -8.24% (FCF TTM -87.4m / Revenue TTM 1.06b)
Net Margin = 3.23% (Net Income TTM 34.2m / Revenue TTM 1.06b)
Gross Margin = 69.23% ((Revenue TTM 1.06b - Cost of Revenue TTM 326.4m) / Revenue TTM)
Gross Margin QoQ = 71.05% (prev 58.28%)
Tobins Q-Ratio = 2.88 (Enterprise Value 5.14b / Total Assets 1.78b)
Interest Expense / Debt = 7.51% (Interest Expense 129.2m / Debt 1.72b)
Taxrate = 39.10% (22.5m / 57.4m)
NOPAT = 113.7m (EBIT 186.7m * (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 = 4.41 (Net Debt 943.9m / EBITDA 213.9m)
Debt / FCF = -10.80 (negative FCF - burning cash) (Net Debt 943.9m / FCF TTM -87.4m)
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 = 15.64% (EBIT 186.7m / Capital Employed (Equity -235.1m + L.T.Debt 1.43b))
RoIC = 8.18% (NOPAT 113.7m / Invested Capital 1.39b)
WACC = 7.72% (E(4.20b)/V(5.92b) * Re(9.01%) + D(1.72b)/V(5.92b) * Rd(7.51%) * (1-Tc(0.39)))
Discount Rate = 9.01% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -81.46 | Cagr: -8.07%
[DCF] Fair Price = unknown (Cash Flow -87.4m)
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=0.47 | Chg30d=+0.00% | Revisions=+0% | Analysts=2
EPS next Quarter (2026-12-31): EPS=0.55 | Chg30d=+0.00% | Revisions=+0% | Analysts=2
EPS current Year (2027-03-31): EPS=2.01 | Chg30d=+0.00% | Revisions=+17% | GrowthEPS=+28.6% | GrowthRev=+5.3%
EPS next Year (2028-03-31): EPS=2.48 | Chg30d=+0.00% | Revisions=+57% | GrowthEPS=+23.7% | GrowthRev=+17.2%
[Analyst] Revisions Ratio: +50% (up=6, down=1)