MakeMyTrip Limited
- Open
- 60.42
- Day high
- 61.56
- Day low
- 60.13
- Prev close
- 60.33
- Volume
- 343K
- Mkt cap
- $5.7B
- P/E (TTM)
- 171.1
- EPS (TTM)
- $0.35
- P/B
- -16.6
- P/S
- 5.4
- Yield
- —
- Per share
- —
MakeMyTrip Limited (MMYT) is a Consumer Cyclical company listed on NASDAQ. The stock is down 40% over the past year. Drillr has 1 published research article covering MMYT.
MakeMyTrip Limited (MMYT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MMYT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 3, 2026 | $0.15 | $0.09 | -40.5% | $298M | +2.0% |
| May 19, 2026 | $0.22 | $0.23 | +4.5% | $282M | +2.3% |
| Jan 21, 2026 | $0.39 | $0.52 | +33.3% | $296M | -3.5% |
| Jul 22, 2025 | $0.45 | $0.42 | -6.7% | $269M | +2.2% |
| Jan 23, 2025 | $0.43 | $0.39 | -9.9% | $267M | +4.1% |
| Oct 23, 2024 | $0.17 | $0.36 | +109.3% | $211M | -4.4% |
| Jul 23, 2024 | $0.20 | $0.39 | +95.0% | $255M | +16.1% |
| May 15, 2024 | $0.15 | $0.38 | +157.1% | $203M | +1.9% |
| Jan 23, 2024 | $0.30 | $0.35 | +16.7% | $214M | -0.6% |
| Oct 31, 2023 | $0.27 | $0.25 | -7.4% | $169M | -11.9% |
| Aug 1, 2023 | $0.12 | $0.30 | +150.0% | $197M | +4.9% |
| May 16, 2023 | $0.10 | $0.21 | +110.0% | $149M | -9.2% |
MMYT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Bohra Dipak Kumarofficer: Group Chief Financial Officer | Grant | 3,906 | $0.00 |
| Jul 2, 2026 | Kabra Mohitdirector, officer: Group Chief Operating Officer | Grant | 26,358 | $0.00 |
| Jul 2, 2026 | Kabra Mohitdirector, officer: Group Chief Operating Officer | Grant | 788 | $0.00 |
| Jul 2, 2026 | Magow Rajeshdirector, officer: Group Chief Executive Officer | Grant | 29,478 | $0.00 |
| Jul 2, 2026 | Magow Rajeshdirector, officer: Group Chief Executive Officer | Grant | 27,098 | $0.00 |
| Jul 2, 2026 | Deep Kalradirector | Grant | 12,406 | $0.00 |
| Jul 2, 2026 | Deep Kalradirector | Grant | 470 | $0.00 |
Source: MMYT SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full MMYT insider & 13F page →MakeMyTrip Limited company profile
Overview
MakeMyTrip Limited (NASDAQ:MMYT) is India's leading online travel company, founded in 2000 and headquartered in Gurugram, India. The company went public on NASDAQ in 2010 and has since established itself as the dominant player in India's rapidly growing digital travel market. MakeMyTrip operates as a comprehensive travel platform serving both leisure and corporate travelers across India and expanding internationally, with operations spanning the United States, Singapore, Malaysia, Thailand, UAE, and several other countries. The company has built a diversified portfolio of travel brands including its flagship MakeMyTrip platform, budget-focused Goibibo, and bus ticketing specialist RedBus.
Business
MakeMyTrip operates in the online travel agency (OTA) industry, which serves as an intermediary between travelers and travel service providers. The company functions as a digital marketplace where customers can research, compare, and book various travel products and services through multiple channels including websites, mobile apps, call centers, and physical travel stores. The company operates through three primary business segments. Air Ticketing represents the largest segment, generating approximately 45-50% of total revenue, where MakeMyTrip facilitates booking of domestic and international flights while earning commissions and service fees from airlines and customers. The company maintains roughly 30% market share in India's domestic air travel market and has been rapidly expanding its international air ticketing business, which now accounts for over 35% of air ticketing margins. Hotels and Packages constitutes the second-largest segment at around 40-45% of revenue, offering hotel bookings across 1,800 cities in India and internationally, vacation packages, and alternative accommodations including homestays. This segment has shown particularly strong growth with expanded international hotel inventory and direct contracting relationships. The company has built a network of over 84,000 sellable hotel properties and 16,500 homestay properties. Bus Ticketing represents approximately 10-15% of revenue through the RedBus platform, which dominates India's online bus booking market and has expanded into international markets including Malaysia, Singapore, and Southeast Asia. The platform connects travelers with thousands of bus operators across multiple countries. The company also operates ancillary services including rail ticket booking, car rentals, visa processing, travel insurance, and corporate travel solutions through its MyBiz platform serving over 64,000 active corporate customers.
Revenue model
MakeMyTrip generates revenue through multiple monetization models across its travel ecosystem. The company primarily operates on a commission-based model, earning fees from airlines, hotels, bus operators, and other travel service providers for each booking facilitated through its platform. Additionally, the company charges convenience fees and service charges directly to customers for booking transactions. In the air ticketing segment, MakeMyTrip earns commissions from airlines typically ranging 2-4% of ticket value, plus convenience fees charged to customers. The company has been focusing on higher-margin international air travel, which generates better commission rates and service fees. For hotels and packages, the company earns commissions from hotel partners (usually 8-15% of room rates) and markup on vacation packages. The bus ticketing business operates on lower commission rates but benefits from high transaction volumes and market leadership. The company also generates revenue through advertising and promotional fees from travel partners seeking prominent placement on its platforms, B2B services through its MyPartner agent network, and corporate travel management services. Several factors influence MakeMyTrip's profitability margins. Positive margin drivers include India's growing middle class with increasing disposable income, rising digital adoption expanding the addressable market, the shift from offline to online travel booking, international travel recovery post-pandemic, and the company's ability to cross-sell multiple services to existing customers. The company benefits from network effects as more suppliers and customers join its platform. Margin pressures come from intense competition with other OTAs and direct booking pushes by airlines and hotels, customer acquisition costs through digital marketing, the need for continuous technology investment, seasonal travel demand fluctuations, and potential economic slowdowns affecting discretionary travel spending. Regulatory changes in the travel industry and currency fluctuations for international business also impact margins.
Competitive moat
MakeMyTrip possesses a moderate to strong competitive moat built primarily on network effects, scale advantages, and brand recognition in the Indian travel market. The company's dominant market position creates a virtuous cycle where more suppliers join the platform to access its large customer base, while more customers are attracted by comprehensive inventory and competitive pricing. The company's scale advantages are significant, with over 75 million lifetime users and processing billions in gross bookings annually. This scale enables better negotiating power with suppliers, higher marketing efficiency, and the ability to invest heavily in technology and product development. MakeMyTrip's multi-brand strategy with specialized platforms (Goibibo for budget travelers, RedBus for bus travel) allows it to capture different customer segments effectively. Brand recognition and trust represent another moat element, as travel booking involves significant customer trust given the high-value, infrequent nature of travel purchases. MakeMyTrip has built strong brand equity over two decades, supported by customer service capabilities and travel guarantees. However, the moat faces several competitive threats. Airlines and hotels increasingly push direct bookings to avoid commission payments, potentially disintermediating OTAs. Global travel giants like Booking.com and Expedia continue expanding in India with significant resources. Technology disruption through AI and voice assistants could change how customers discover and book travel. New fintech and super-app players entering travel could leverage their existing customer relationships. The company's moat is strongest in complex, multi-service travel bookings where its platform integration adds significant value, but weaker in simple, commoditized transactions where price comparison is the primary factor. The international expansion represents both an opportunity to strengthen the moat and a risk if execution falters against established global competitors.
Risks & safety
MakeMyTrip demonstrates a strong financial safety profile with solid cash position and improving profitability metrics. • Liquidity and Solvency: The company maintains $391 million in cash and short-term investments with current ratio of 2.88, indicating strong ability to meet short-term obligations. Total debt-to-equity ratio of 0.20 represents minimal leverage risk. • Cash Flow: Recent quarters show mixed operating cash flow performance, with Q3 FY2025 showing negative $10.5 million due to working capital changes, but historically positive free cash flow generation of $113 million in FY2024. • Valuation Metrics: Current valuation appears stretched with EV/EBITDA of 65.2x and P/B ratio of 10.7x, suggesting limited margin of safety from a valuation perspective. Graham number of 7.51 indicates significant premium to conservative valuation metrics. • Profitability Trends: Company has achieved consistent EBITDA profitability with margins improving to 18% in Q3 FY2025, and net income turning positive at $27 million quarterly. • Other Considerations: Strong market position in growing Indian travel market provides revenue stability, but high valuation multiples leave little room for execution disappointments or market slowdowns.
Recent development
Over the past few years, MakeMyTrip has executed several strategic initiatives to strengthen its market position and expand growth opportunities. The company has significantly expanded its international travel offerings, with international air ticketing now representing over 35% of air segment margins and international hotels growing 63% year-over-year in the most recent quarter. This international focus addresses the growing outbound travel demand from India's affluent population. Technology and AI integration has been a major focus, with the launch of the GenAI-powered chatbot "Myra" for flight and hotel bookings, implementation of AI for hotel review summaries, and exploration of Agentic AI for more intuitive booking experiences. The company has also enhanced its mobile platform capabilities and introduced features like 360-degree hotel imagery and connected trip experiences. The company has strengthened its corporate travel segment, reaching over 64,000 active corporate customers and crossing $200 million in quarterly gross bookings. It has also expanded its B2B2C platform MyPartner to over 44,000 travel agents, creating additional distribution channels. Product diversification efforts include expanding rail ticket booking, introducing part payment options for international travel, launching a co-branded credit card with ICICI Bank, and developing the homestay business to over 16,500 properties. The company has also ventured into new segments like pilgrimage tourism and event-based travel. International expansion through RedBus has extended into Vietnam, Cambodia, and other Southeast Asian markets, while the GCC platform continues growing steadily. Strategic partnerships with state governments in India for tourism promotion and MOUs with Goa and Madhya Pradesh demonstrate efforts to strengthen supply-side relationships.
MMYT company profile · for informational purposes only — not investment advice.
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