(MMYT) MakeMyTrip - Overview
Sector: Consumer Cyclical | Industry: Travel Services | Exchange: NASDAQ (USA) | Market Cap: 4.056m USD | Total Return: -57.6% in 12m
Avg Turnover: 43.6M
EPS Trend: 89.9%
Qual. Beats: -1
Rev. Trend: 97.3%
Qual. Beats: -1
Warnings
P/E ratio 118.8
Altman Z'' -3.44 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
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.
- 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
| Net Income: 51.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.05 > 0.02 and ΔFCF/TA -12.11 > 1.0 |
| NWC/Revenue: 67.36% < 20% (prev 49.95%; Δ 17.42% < -1%) |
| CFO/TA 0.10 > 3% & CFO 178.9m > Net Income 51.8m |
| Net Debt (656.7m) to EBITDA (204.5m): 3.21 < 3 |
| Current Ratio: 3.05 > 1.5 & < 3 |
| Outstanding Shares: last quarter (104.5m) vs 12m ago -8.73% < -2% |
| Gross Margin: 69.48% > 18% (prev 0.72%; Δ 6.88k% > 0.5%) |
| Asset Turnover: 58.27% > 50% (prev 53.51%; Δ 4.76% > 0%) |
| Interest Coverage Ratio: 1.68 > 6 (EBITDA TTM 204.5m / Interest Expense TTM 105.0m) |
| A: 0.40 (Total Current Assets 1.05b - Total Current Liabilities 343.2m) / Total Assets 1.75b |
| B: -1.59 (Retained Earnings -2.79b / Total Assets 1.75b) |
| C: 0.10 (EBIT TTM 176.6m / Avg Total Assets 1.79b) |
| D: -1.47 (Book Value of Equity -2.67b / Total Liabilities 1.81b) |
| Altman-Z'' = -3.44 = D |
| DSRI: 1.01 (Receivables 163.1m/150.8m, Revenue 1.04b/978.3m) |
| GMI: 1.04 (GM 69.48% / 71.96%) |
| AQI: 0.97 (AQ_t 0.39 / AQ_t-1 0.40) |
| SGI: 1.07 (Revenue 1.04b / 978.3m) |
| TATA: -0.07 (NI 51.8m - CFO 178.9m) / TA 1.75b) |
| Beneish M = -3.03 (Cap -4..+1) = AA |
As of May 25, 2026, the stock is trading at USD 42.75 with a total of 455,889 shares traded.
Over the past week, the price has changed by -1.27%,
over one month by -7.11%,
over three months by -24.09% and
over the past year by -57.64%.
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 | 71.9 | 68.2% |
P/E Trailing = 118.75
P/E Forward = 96.1538
P/S = 3.8847
P/B = 277.8397
P/EG = 5.3889
Revenue TTM = 1.04b USD
EBIT TTM = 176.6m USD
EBITDA TTM = 204.5m USD
Long Term Debt = 1.18b USD (from longTermDebt, two quarters ago)
Short Term Debt = 6.70m USD (from shortTermDebt, last quarter)
Debt = 1.42b USD (from shortLongTermDebtTotal, last quarter) + Leases 15.4m
Net Debt = 656.7m USD (calculated: Debt 1.42b - CCE 765.1m)
Enterprise Value = 4.71b USD (4.06b + Debt 1.42b - CCE 765.1m)
Interest Coverage Ratio = 1.68 (Ebit TTM 176.6m / Interest Expense TTM 105.0m)
EV/FCF = -52.53x (Enterprise Value 4.71b / FCF TTM -89.7m)
FCF Yield = -1.90% (FCF TTM -89.7m / Enterprise Value 4.71b)
FCF Margin = -8.59% (FCF TTM -89.7m / Revenue TTM 1.04b)
Net Margin = 4.96% (Net Income TTM 51.8m / Revenue TTM 1.04b)
Gross Margin = 69.48% ((Revenue TTM 1.04b - Cost of Revenue TTM 318.6m) / Revenue TTM)
Gross Margin QoQ = 58.28% (prev 70.28%)
Tobins Q-Ratio = 2.69 (Enterprise Value 4.71b / Total Assets 1.75b)
Interest Expense / Debt = 7.39% (Interest Expense 105.0m / Debt 1.42b)
Taxrate = 19.68% (5.96m / 30.3m)
NOPAT = 141.9m (EBIT 176.6m * (1 - 19.68%))
Current Ratio = 2.18 (Total Current Assets 1.05b / Total Current Liabilities 479.0m)
Debt / Equity = -20.98 (negative equity) (Debt 1.42b / totalStockholderEquity, last quarter -67.8m)
Debt / EBITDA = 3.21 (Net Debt 656.7m / EBITDA 204.5m)
Debt / FCF = -7.32 (negative FCF - burning cash) (Net Debt 656.7m / FCF TTM -89.7m)
Total Stockholder Equity = -135.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 2.89% (Net Income 51.8m / Total Assets 1.75b)
RoE = 1.95% (Net Income TTM 51.8m / Total Stockholder Equity 2.66b)
RoCE = 4.61% (EBIT 176.6m / Capital Employed (Equity 2.66b + L.T.Debt 1.18b))
RoIC = 10.46% (NOPAT 141.9m / Invested Capital 1.36b)
WACC = 8.26% (E(4.06b)/V(5.48b) * Re(9.07%) + D(1.42b)/V(5.48b) * Rd(7.39%) * (1-Tc(0.20)))
Discount Rate = 9.07% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -24.44 | Cagr: -3.28%
[DCF] Fair Price = unknown (Cash Flow -89.7m)
EPS Correlation: 89.94 | EPS CAGR: 36.39% | SUE: -1.21 | # QB: -1
Revenue Correlation: 97.26 | Revenue CAGR: 19.98% | SUE: -4.0 | # QB: -1
EPS current Quarter (2026-06-30): EPS=0.49 | Chg30d=-2.99% | Revisions=-20% | Analysts=2
EPS next Quarter (2026-09-30): EPS=0.45 | Chg30d=+1.12% | Revisions=-20% | Analysts=2
EPS current Year (2027-03-31): EPS=1.84 | Chg30d=-10.08% | Revisions=-43% | GrowthEPS=+18.0% | GrowthRev=+7.3%
EPS next Year (2028-03-31): EPS=2.27 | Chg30d=-7.04% | Revisions=-43% | GrowthEPS=+23.1% | GrowthRev=+16.9%
[Analyst] Revisions Ratio: -43%