(MMYT) MakeMyTrip - NASDAQ
Sector: Consumer Cyclical | Industry: Travel Services | Exchange: NASDAQ (USA) | Market Cap: 4.903m USD | Total Return: -45.5% in 12m
Avg Turnover: 45.4M
EPS Trend: 84.5%
Qual. Beats: 0
Rev. Trend: 97.3%
Qual. Beats: -1
Warnings
Tailwinds
No distinct edge detected
Seasonality
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: 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 (211.2m): 3.11 < 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 71.96%; Δ -2.48% > 0.5%) |
| Asset Turnover: 58.27% > 50% (prev 53.51%; Δ 4.76% > 0%) |
| Interest Coverage Ratio: 1.75 > 6 (EBIT TTM 183.4m / 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 183.4m / Avg Total Assets 1.79b) |
| D: -0.04 (Book Value of Equity -67.8m / Total Liabilities 1.81b) |
| Altman-Z'' = -1.91 = D |
| DSRI: 1.01 (Receivables 163.1m/150.8m, Revenue 1.04b/978.3m) |
| GMI: 1.04 (GM 71.96% / 69.48%) |
| 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 = -2.96 (Cap -4..+1) = A |
As of June 29, 2026, the stock is trading at USD 53.38 with a total of 1,350,890 shares traded. Over the past week, the price has changed by +14.26%, over one month by +26.13%, over three months by +33.45% and over the past year by -45.53%.
Current recommended Stop Loss: 49.80 (which is 6.7% 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 | 70.7 | 32.5% |
P/E Trailing = 143.5556
P/E Forward = 96.1538
P/S = 4.6961
P/B = 277.8397
P/EG = 5.3889
Revenue TTM = 1.04b USD
EBIT TTM = 183.4m USD
EBITDA TTM = 211.2m 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 = 5.56b USD (4.90b + Debt 1.42b - CCE 765.1m)
Interest Coverage Ratio = 1.75 (Ebit TTM 183.4m / Interest Expense TTM 105.0m)
EV/FCF = -61.97x (Enterprise Value 5.56b / FCF TTM -89.7m)
FCF Yield = -1.61% (FCF TTM -89.7m / Enterprise Value 5.56b)
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 = 3.17 (Enterprise Value 5.56b / Total Assets 1.75b)
Interest Expense / Debt = 7.39% (Interest Expense 105.0m / Debt 1.42b)
Taxrate = 34.07% (26.7m / 78.4m)
NOPAT = 120.9m (EBIT 183.4m * (1 - 34.07%))
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 = 3.11 (Net Debt 656.7m / EBITDA 211.2m)
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 = -38.21% (negative equity) (Net Income TTM 51.8m / Total Stockholder Equity -135.6m)
RoCE = 17.62% (EBIT 183.4m / Capital Employed (Equity -135.6m + L.T.Debt 1.18b))
RoIC = 8.85% (NOPAT 120.9m / Invested Capital 1.37b)
WACC = 8.35% (E(4.90b)/V(6.32b) * Re(9.36%) + D(1.42b)/V(6.32b) * Rd(7.39%) * (1-Tc(0.34)))
Discount Rate = 9.36% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -24.44 | Cagr: -3.28%
[DCF] Fair Price = unknown (Cash Flow -89.7m)
EPS Correlation: 84.48 | EPS CAGR: 32.18% | SUE: -0.27 | # QB: 0
Revenue Correlation: 97.26 | Revenue CAGR: 19.98% | SUE: -4.0 | # QB: -1
EPS current Quarter (2026-06-30): EPS=0.45 | Chg30d=-9.72% | Revisions=N/A | Analysts=2
EPS next Quarter (2026-09-30): EPS=0.43 | Chg30d=-3.69% | Revisions=N/A | Analysts=2
EPS current Year (2027-03-31): EPS=1.80 | Chg30d=-12.11% | Revisions=-33% | GrowthEPS=+15.3% | GrowthRev=+5.8%
EPS next Year (2028-03-31): EPS=2.19 | Chg30d=-10.16% | Revisions=-50% | GrowthEPS=+21.7% | GrowthRev=+16.6%
[Analyst] Revisions Ratio: -50%