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what it is
MakeMyTrip sells flights, hotels, buses, and holiday packages online across India through MakeMyTrip, Goibibo, and redBus.
how it gets paid
Last year MakeMyTrip made $978M in revenue. Hotels were the main engine at $391.2M, or ~40% of sales.
why it's growing
Revenue grew 25.0% last year. Looking ahead, the story is about whether two tailwinds show up in real bookings, with more domestic flight capacity and slightly cheaper travel for many.
what just happened
The latest quarter reset the story, with EPS at $0.39 versus the $0.20 consensus.
At a glance
B+ balance sheet — decent shape, but not bulletproof
30/100 earnings predictability — expect surprises
60.7x trailing p/e — you're paying up for this one
13.0% return on capital — OK for an OTA reinvesting for share
xvary composite: 55/100 — below average
What they do
MakeMyTrip sells flights, hotels, buses, and holiday packages online across India through MakeMyTrip, Goibibo, and redBus.
MakeMyTrip sits on roughly 55% to 60% of India's online travel agency market, according to a March 4, 2026 Seeking Alpha industry note. You go where the inventory is, and suppliers go where the customers are. That loop matters more when about 96% of 2024 revenue came from India, where local scale beats generic global reach.
How they make money
$978M
annual revenue · their business grew +25.0% last year
hotels
$391.2M
air ticketing
$283.6M
bus ticketing
$146.7M
holiday packages
$97.8M
ancillary services
$58.7M
The products that matter
sells bus tickets
Bus Ticketing
$146.7M bus · ~15% of revenue
Segment table below: bus ticketing printed $146.7M—real scale, not “no breakout.”
segment disclosed
books hotel stays
Hotel Bookings
$391.2M hotels · ~40%
Hotels are $391.2M on the bridge below—better economics narrative than “no number.” Overall operating margin ~25% per KPI strip.
margin watch
packages leisure travel
Holiday Packages
$97.8M packages · ~10%
Holiday packages are $97.8M in the segment bridge—real line item, not “no number.”
segment disclosed
Key numbers
96%
india revenue
About 96% of 2024 revenue came from India. Plain English: you are not buying global travel, you are buying one country's travel cycle.
$9.8B
gross bookings
Gross bookings → total travel sold before fees → so what: MMYT touches a lot more customer spending than its $978 million revenue line suggests.
25.0%
operating margin
Operating margin → profit after running the business → so what: one quarter of revenue is left after core costs, which is strong for an online travel platform.
60.7x
trailing p/e
P/E → price versus past earnings → so what: you are paying 60.7 years of trailing profit for this stock, which leaves little room for sloppy quarters.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $1.2B (12% of capital)
- net profit margin ~13.5% — keeps ~13½ cents per sales dollar (arithmetic check: ~$8B cap ÷ 60.7x P/E vs $978M revenue)
- return on equity ~17% — ROE at the same implied net income as that P/E check (confirm equity on the 20-F)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in MMYT 3 years ago → it's now worth $26,620.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
The latest quarter reset the story, with EPS at $0.39 versus the $0.20 consensus.
That is a 95.0% surprise, according to Yahoo Finance consensus data. It also matters because management had just come off a weaker September quarter that missed by about $20 million on revenue and roughly $0.25 on EPS versus prior expectations.
$978M
annual revenue
$0.39
eps (Q)
25.0%
operating margin
the number that mattered
The number that mattered was the 95.0% EPS surprise because a stock at 60.7x trailing earnings needs proof that the September miss was a wobble, not a trend.
-
makemytrip reported a weaker-than-expected performance in the september period.
-
the top line missed our forecast by about $20 million, and earnings fell roughly $0.25 per share short, while flipping negative, which forced a cut to our full-year bottom-line target.in practice, that means the company’s headline results were being pulled by a mix of capacitydriven softness in domestic air travel, currency effects, and financing-related accounting charges. but the implication is that even if demand is stable, reported earnings can lag operating progress, or exhibit volatility, with results being fairly unpredictable at times.
-
we expect near-term results to rebound to a more-normal range.looking ahead, the story is about whether two tailwinds show up in real bookings, with more domestic flight capacity and slightly cheaper travel for many customers. management expects domestic departures to climb back toward roughly 3,200 or more in the second half of fiscal 2025 (year ends march 31st.), which would remove a meaningful drag. but india’s aviation system has also shown it can be disrupted quickly, so a recovery is not guaranteed, and may not be smooth.
-
on the demand side, lower goods and services tax on many hotel stays should help, particularly as hotels and related services tend to be a better business for the platform than flight tickets.
-
over the next few years, the biggest factor will be the mix.if the company keeps growing outbound travel, hotels, ground transport, and ancillary services faster than domestic air, it should be able to grow with fewer single-point risks, and improve profitability and predictability.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is premium valuation meeting uneven execution. MMYT is priced like a clean compounding story, but the page data also shows low predictability, weak price stability, and an external regulatory overhang tied to Trip.com.
med
trip.com antitrust spillover
15 Jan 2026 — page data says China's State Administration for Market Regulation launched an antitrust investigation into Trip.com. The exact read-through to MMYT is thin here, but the page flags it as a material external risk.
Modeled revenue exposure on this page: $147M–$244M. Thin sourcing means you should treat the signal seriously, not blindly.
med
60.7x earnings leaves no room for a stumble
MMYT trades at 60.7x trailing earnings. That's a premium multiple for any travel stock, especially one with 30 / 100 earnings predictability.
If growth slows or margins slip, the multiple can compress even if the business is still growing.
med
this stock has already told you it can move violently
Price stability is 20 / 100, and the shares traded between $43 and $122 over the last 52 weeks. That's not background noise. That's the story.
Volatility changes the path even if the long-term thesis survives. You can be right on the business and still hate the ride.
One flagged external risk carries $147M–$244M of modeled revenue exposure. The larger issue is valuation risk: 60.7x earnings on a stock with 20 / 100 price stability and 30 / 100 predictability.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
No date is provided on this page. The number that matters is whether revenue growth stays close to the recent 25.0% pace.
valuation
60.7x trailing p/e
If the earnings multiple stays this high, the market is still underwriting a premium travel platform. If it cracks, sentiment is changing faster than fundamentals.
flow
institutional selling streak
Two straight quarters of net selling is not fatal. A third would make the "smart money is just rotating" excuse harder to tell yourself.
regulatory
trip.com antitrust overhang
The page does not give a clean causal map, which is exactly why this deserves watching. External regulatory noise can become internal valuation pressure fast.
Analyst rankings
earnings predictability
30 / 100
Low predictability means earnings are harder to model. In human-speak, analysts do not view this as a clean, boring compounding story yet.
risk rank
3
That puts MMYT around the middle of the pack on risk. Not a bunker stock. Not a falling knife by default either.
xvary composite
55 / 100
Below average overall. You have growth, but you are paying for it and accepting real volatility.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 142 buyers vs. 157 sellers in 3q2025. total institutional holdings: 70.7M shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$61
$152
$46
current price
$107
target midpoint · +135% from current · 3-5yr high: $150 (+105% · 19% ann'l return)
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