(MMYT) MakeMyTrip - Overview

Sector: Consumer Cyclical | Industry: Travel Services | Exchange: NASDAQ (USA) | Market Cap: 4.391m USD | Total Return: -58.7% in 12m

Flight Tickets, Hotel Bookings, Bus Tickets, Holiday Packages
Total Rating 30
Safety 32
Buy Signal -0.54
Travel Services
Industry Rotation: -10.2
Market Cap: 4.39B
Avg Turnover: 43.0M
Risk 3d forecast
Volatility57.7%
VaR 5th Pctl9.46%
VaR vs Median-0.39%
Reward TTM
Sharpe Ratio-1.72
Rel. Str. IBD1.7
Rel. Str. Peer Group1.9
Character TTM
Beta0.879
Beta Downside0.845
Hurst Exponent0.559
Drawdowns 3y
Max DD69.87%
CAGR/Max DD0.27
CAGR/Mean DD1.16
EPS (Earnings per Share) EPS (Earnings per Share) of MMYT over the last years for every Quarter: "2021-03": -0.03, "2021-06": -0.22, "2021-09": -0.07, "2021-12": -0.08, "2022-03": -0.04, "2022-06": -0.09, "2022-09": -0.06, "2022-12": 0.0008, "2023-03": 0.08, "2023-06": 0.17, "2023-09": 0.25, "2023-12": 0.35, "2024-03": 0.38, "2024-06": 0.39, "2024-09": 0.36, "2024-12": 0.23, "2025-03": 0.2539, "2025-06": 0.22, "2025-09": 0.37, "2025-12": 0.52,
EPS CAGR: 77.32%
EPS Trend: 83.8%
Last SUE: 2.24
Qual. Beats: 2
Revenue Revenue of MMYT over the last years for every Quarter: 2021-03: 32.833, 2021-06: 32.833, 2021-09: 67.479, 2021-12: 115.023, 2022-03: 142.733, 2022-06: 142.733, 2022-09: 131.254, 2022-12: 170.526, 2023-03: 148.523, 2023-06: 196.731, 2023-09: 168.69, 2023-12: 214.216, 2024-03: 202.887, 2024-06: 254.519, 2024-09: 210.993, 2024-12: 267.362, 2025-03: 245.462, 2025-06: 268.846, 2025-09: 229.341, 2025-12: 295.688,
Rev. CAGR: 21.44%
Rev. Trend: 91.9%
Last SUE: -0.65
Qual. Beats: 0

Warnings

P/E ratio 89.0

High Debt/EBITDA (6.7) with thin interest coverage (1.7)

Altman Z'' -3.93 < 1.0 - financial distress zone

Tailwinds

No distinct edge detected

Description: MMYT MakeMyTrip

MakeMyTrip Limited (MMYT) is an online travel company headquartered in Gurugram, India, providing a comprehensive suite of travel services including air ticketing, hotel bookings, holiday packages, and bus transport. Operating under the MakeMyTrip, Goibibo, and redBus brands, the company utilizes a multi-channel distribution strategy encompassing mobile applications, websites, and a network of physical franchises.

The business model functions as a digital intermediary, connecting leisure and corporate travelers with third-party service providers across India and international markets such as Southeast Asia and the Middle East. In the Indian online travel agency (OTA) sector, companies typically generate revenue through a mix of transaction commissions and service fees from travel suppliers. Diversification into ancillary services, such as travel insurance and visa processing, allows these platforms to capture additional margin beyond basic inventory sales.

Investors can evaluate the underlying valuation metrics of MMYT by reviewing the detailed financial data available on ValueRay.

Headlines to Watch Out For
  • Rising middle class disposable income drives Indian domestic travel demand volume
  • Expansion of high-margin hotel and holiday package bookings boosts bottom-line profitability
  • Increased penetration in Tier 2 and Tier 3 cities accelerates user acquisition
  • Strategic integration of redBus and Goibibo platforms enhances cross-selling operational efficiency
  • Volatility in crude oil prices directly impacts airline ticket pricing and commissions
Piotroski VR‑10 (Strict) 6.0
Net Income: 56.8m TTM > 0 and > 6% of Revenue
FCF/TA: 0.12 > 0.02 and ΔFCF/TA 7.03 > 1.0
NWC/Revenue: 50.82% < 20% (prev 73.15%; Δ -22.34% < -1%)
CFO/TA 0.12 > 3% & CFO 223.9m > Net Income 56.8m
Net Debt (1.25b) to EBITDA (187.8m): 6.65 < 3
Current Ratio: 1.85 > 1.5 & < 3
Outstanding Shares: last quarter (99.3m) vs 12m ago -13.97% < -2%
Gross Margin: 73.41% > 18% (prev 0.72%; Δ 7.27k% > 0.5%)
Asset Turnover: 56.61% > 50% (prev 51.64%; Δ 4.98% > 0%)
Interest Coverage Ratio: 1.67 > 6 (EBITDA TTM 187.8m / Interest Expense TTM 95.9m)
Altman Z'' -3.93
A: 0.28 (Total Current Assets 1.15b - Total Current Liabilities 617.9m) / Total Assets 1.86b
B: -1.52 (Retained Earnings -2.82b / Total Assets 1.86b)
C: 0.09 (EBIT TTM 159.7m / Avg Total Assets 1.84b)
D: -1.37 (Book Value of Equity -2.93b / Total Liabilities 2.14b)
Altman-Z'' Score: -3.93 = D
Beneish M -3.11
DSRI: 1.00 (Receivables 169.9m/152.8m, Revenue 1.04b/935.8m)
GMI: 0.98 (GM 73.41% / 71.67%)
AQI: 0.91 (AQ_t 0.37 / AQ_t-1 0.41)
SGI: 1.11 (Revenue 1.04b / 935.8m)
TATA: -0.09 (NI 56.8m - CFO 223.9m) / TA 1.86b)
Beneish M-Score: -3.11 (Cap -4..+1) = AA
What is the price of MMYT shares? As of May 18, 2026, the stock is trading at USD 43.30 with a total of 1,308,458 shares traded.
Over the past week, the price has changed by -9.49%, over one month by -15.13%, over three months by -23.69% and over the past year by -58.69%.
Is MMYT a buy, sell or hold? MakeMyTrip has received a consensus analysts rating of 4.40. Therefore, it is recommended to buy MMYT.
  • StrongBuy: 5
  • Buy: 4
  • Hold: 1
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the MMYT price?
Analysts Target Price 84.4 94.9%
MakeMyTrip (MMYT) - Fundamental Data Overview as of 13 May 2026
P/E Trailing = 89.0192
P/E Forward = 96.1538
P/S = 4.2252
P/B = 277.8397
P/EG = 5.3889
Revenue TTM = 1.04b USD
EBIT TTM = 159.7m USD
EBITDA TTM = 187.8m USD
Long Term Debt = 1.18b USD (from longTermDebt, last quarter)
Short Term Debt = 234.8m USD (from shortTermDebt, last quarter)
Debt = 1.68b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.25b USD (from netDebt column, last quarter)
Enterprise Value = 5.26b USD (4.39b + Debt 1.68b - CCE 814.1m)
Interest Coverage Ratio = 1.67 (Ebit TTM 159.7m / Interest Expense TTM 95.9m)
EV/FCF = 23.49x (Enterprise Value 5.26b / FCF TTM 223.9m)
FCF Yield = 4.26% (FCF TTM 223.9m / Enterprise Value 5.26b)
FCF Margin = 21.55% (FCF TTM 223.9m / Revenue TTM 1.04b)
Net Margin = 5.46% (Net Income TTM 56.8m / Revenue TTM 1.04b)
Gross Margin = 73.41% ((Revenue TTM 1.04b - Cost of Revenue TTM 276.4m) / Revenue TTM)
Gross Margin QoQ = 70.28% (prev 77.54%)
Tobins Q-Ratio = 2.83 (Enterprise Value 5.26b / Total Assets 1.86b)
Interest Expense / Debt = 2.05% (Interest Expense 34.5m / Debt 1.68b)
Taxrate = 44.63% (5.87m / 13.2m)
NOPAT = 88.4m (EBIT 159.7m * (1 - 44.63%))
Current Ratio = 1.85 (Total Current Assets 1.15b / Total Current Liabilities 617.9m)
 Debt / Equity = -5.93 (negative equity) (Debt 1.68b / totalStockholderEquity, last quarter -283.6m)
 Debt / EBITDA = 6.65 (Net Debt 1.25b / EBITDA 187.8m)
Debt / FCF = 5.58 (Net Debt 1.25b / FCF TTM 223.9m)
Total Stockholder Equity = 182.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.09% (Net Income 56.8m / Total Assets 1.86b)
RoE = 31.18% (Net Income TTM 56.8m / Total Stockholder Equity 182.0m)
RoCE = 11.76% (EBIT 159.7m / Capital Employed (Equity 182.0m + L.T.Debt 1.18b))
RoIC = 6.26% (NOPAT 88.4m / Invested Capital 1.41b)
WACC = 6.87% (E(4.39b)/V(6.07b) * Re(9.07%) + D(1.68b)/V(6.07b) * Rd(2.05%) * (1-Tc(0.45)))
Discount Rate = 9.07% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -2.22 | Cagr: -5.38%
[DCF] Terminal Value 85.37% ; FCFF base≈170.7m ; Y1≈210.6m ; Y5≈359.3m
[DCF] Fair Price = 75.72 (EV 8.03b - Net Debt 1.25b = Equity 6.78b / Shares 89.6m; r=6.87% [WACC]; 5y FCF grow 25.0% → 3.0% )
EPS Correlation: 83.81 | EPS CAGR: 77.32% | SUE: 2.24 | # QB: 2
Revenue Correlation: 91.88 | Revenue CAGR: 21.44% | SUE: -0.65 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.50 | Chg30d=+1.01% | Revisions=-20% | Analysts=2
[Analyst] Revisions Ratio: -20%