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olivLaw · US equity research

MakeMyTrip Limited MMYT

Transportation Services · SIC 4700 · Vertical: Transportation Services (SIC 4700)

50.75USD+11.54% · 1 dayClose 04 Nov 2026

MakeMyTrip is one of the largest online travel platforms in India, covering air tickets, hotels, holiday packages, bus tickets and ground transport. In fiscal 2026, total Gross Bookings reached 10390.8 million USD, which strengthens the company's position in a market that is still digitising. The company operates an asset-light marketplace model, and its advantage lies in aggregating fragmented supply.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, MakeMyTrip Limited (MMYT) stock was 50.75 USD (+11.54% on the day), with P/E 61.1 on diluted EPS of 0.83 USD over the last 12 months, beta 1.28, 52-week range 36.30–86.39 USD. Latest reported quarter (Q4 2022): revenue of 88.6 m USD (+11.8% YoY).

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
61.1
Diluted EPS TTM 0.83 · TTM to 31 Mar 2025
E/P (TTM)
1.64%
TTM to 31 Mar 2025
Dividend yield
unavailable
Beta (2y)
1.28
Volatility (1y) 56%
52-week range
36.3086.39

Price history

Loading chart…

Technical reading

RSI (14)
64.4
strong (55–70)
Bollinger (20, 2)
40.16 – 48.74
above the upper band · %B 1.24 · band width 19.3%
SMA 50 / 200
47.94 / 50.27
mixed trend
MACD (12, 26, 9)
-0.47 / -1.32
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+12.8%−1.1%+13.9 pp—
3 months−17.1%−0.5%−16.6 pp—
6 months+2.5%+4.4%−1.8 pp—
Year to date−38.2%+12.3%−50.5 pp—
1 year−35.6%+13.5%−49.2 pp−0.4%
3 years+28.0%+76.4%−48.4 pp+18.4%
5 years+45.1%+63.7%−18.5 pp—
Max drawdown (1y)
−58.0%
19 Dec 2025 → 27 Mar 2026
Max drawdown (5y)
−69.9%
06 Dec 2024 → 27 Mar 2026
Compound annual growth (5y)
+7.7%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q4 2022 · 31 Mar 2022

Revenue
88.6 m USD
+11.8% YoY
Net income
unavailable USD
unavailable YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
unavailable / 3.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22
Revenue6.4 m21.1 m56.8 m79.2 m32.8 m67.5 m115.0 m88.6 m
Operating income-34.6 m-26.1 m-7.3 m317.0 k-19.5 m-8.0 m-6.2 m3.4 m
Depreciation & amortisation8.5 m8.9 m7.9 m7.8 m————
Pre-tax income-34.7 m-21.3 m-3.6 m-967.0 k-25.0 m-8.6 m-9.6 m-3.5 m

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 50 percentile of its own 2-quarter history (min 40.8, median 79.4, max 118.1; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue675.3 m486.0 m511.5 m163.4 m303.9 m593.0 m782.5 m978.3 m
Revenue YoY+50.9%−28.0%+5.3%−68.0%+86.0%+95.1%+32.0%+25.0%
Net income-218.4 m-167.8 m-447.8 m-55.6 m-45.4 m-11.3 m216.8 m95.1 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable−56.1%
Diluted EPS-2.18-1.61-4.26-0.52-0.42-0.101.740.83
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable−52.3%
net %-32.3%-34.5%-87.5%-34.0%-14.9%-1.9%27.7%9.7%
Free cash flow-129.7 m-82.4 m-116.3 m63.9 m3.1 m24.7 m119.8 m180.8 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Mar 2025

Cash
508.9 m USD
Financial debt
236.0 m USD
Net debt
-272.9 m USD
Equity
1.2 bn USD
Total assets
1.8 bn USD
Debt / equity
0.20x
Current ratio
1.85x
ROE
8.2%
ROA
5.5%
FCF margin
18.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
593.0 m
2024
782.5 m
2025
978.3 m

SEC (XBRL)· 16 Jun 2025verified

Cost of revenue
2023
177.6 m
2024
215.1 m
2025
274.3 m

SEC (XBRL)· 16 Jun 2025verified

Gross profit
2023
415.5 m ≈
2024
567.4 m ≈
2025
704.0 m ≈

SEC (XBRL)· 16 Jun 2025derived

Operating income
2023
23.6 m
2024
65.2 m
2025
119.9 m

SEC (XBRL)· 16 Jun 2025verified

Depreciation & amortisation
2023
—
2024
—
2025
—

SEC (XBRL)· 13 Jul 2021verified

EBITDA
2023
—
2024
—
2025
—

SEC (XBRL)· 13 Jul 2021derived

Interest expense
2023
46.7 m
2024
-3.3 m
2025
32.2 m

SEC (XBRL)· 16 Jun 2025verified

Pre-tax income
2023
-12.1 m
2024
92.9 m
2025
115.9 m

SEC (XBRL)· 16 Jun 2025verified

Income tax
2023
-976.0 k
2024
-123.8 m
2025
20.6 m

SEC (XBRL)· 16 Jun 2025verified

Net income
2023
-11.3 m
2024
216.8 m
2025
95.1 m

SEC (XBRL)· 16 Jun 2025verified

Diluted EPS
2023
-0.10
2024
1.74
2025
0.83

SEC (XBRL)· 16 Jun 2025verified

Weighted average diluted shares
2023
109.7 m
2024
118.2 m
2025
114.5 m

SEC (XBRL)· 16 Jun 2025verified

Balance sheet · USD

Cash
2023
284.0 m
2024
327.1 m
2025
508.9 m

SEC (XBRL)· 16 Jun 2025verified

Receivables
2023
68.8 m
2024
92.0 m
2025
141.1 m

SEC (XBRL)· 16 Jun 2025verified

Inventories
2023
25.0 k
2024
218.0 k
2025
363.0 k

SEC (XBRL)· 16 Jun 2025verified

Current assets
2023
671.9 m
2024
857.3 m
2025
1.1 bn

SEC (XBRL)· 16 Jun 2025verified

Property, plant & equipment, net
2023
25.4 m
2024
25.9 m
2025
26.5 m

SEC (XBRL)· 16 Jun 2025verified

Goodwill
2023
—
2024
—
2025
—

SEC (XBRL)· 12 Jul 2022verified

Total assets
2023
1.4 bn
2024
1.7 bn
2025
1.8 bn

SEC (XBRL)· 16 Jun 2025verified

Accounts payable
2023
89.8 m
2024
118.5 m
2025
147.0 m

SEC (XBRL)· 16 Jun 2025verified

Short-term debt
2023
219.5 m
2024
4.8 m
2025
222.1 m

SEC (XBRL)· 16 Jun 2025verified

Long-term debt
2023
15.7 m
2024
216.8 m
2025
13.9 m

SEC (XBRL)· 16 Jun 2025verified

Current liabilities
2023
453.7 m
2024
297.6 m
2025
576.6 m

SEC (XBRL)· 16 Jun 2025verified

Total liabilities
2023
483.8 m
2024
543.7 m
2025
620.3 m

SEC (XBRL)· 16 Jun 2025verified

Equity
2023
876.1 m
2024
1.1 bn
2025
1.2 bn

SEC (XBRL)· 16 Jun 2025verified

Cash flow · USD

Operating cash flow
2023
32.2 m
2024
125.7 m
2025
185.3 m

SEC (XBRL)· 16 Jun 2025verified

Capex
2023
7.5 m
2024
5.9 m
2025
4.5 m

SEC (XBRL)· 16 Jun 2025verified

Free cash flow
2023
24.7 m ≈
2024
119.8 m ≈
2025
180.8 m ≈

SEC (XBRL)· 16 Jun 2025derived

Investing cash flow
2023
46.6 m
2024
-75.6 m
2025
26.4 m

SEC (XBRL)· 16 Jun 2025verified

Financing cash flow
2023
-6.2 m
2024
-6.2 m
2025
-22.9 m

SEC (XBRL)· 16 Jun 2025verified

Share repurchases
2023
—
2024
—
2025
21.7 m

SEC (XBRL)· 16 Jun 2025verified

Computed indicators

Growth

Revenue growth (YoY)
25.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
47.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
13.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
83.8%
computed by olivLawFY 2025
Net income growth (YoY)
-56.1%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-52.3%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
50.9%
computed by olivLawFY 2025

Profitability

Gross margin
72.0%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
12.3%
computed by olivLawFY 2025
Net margin
9.7%
computed by olivLawFY 2025
FCF margin
18.5%
computed by olivLawFY 2025

Returns

ROE
8.2%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
ROA
5.5%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
ROIC
10.1%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
ROCE
9.6%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-272.9 m USD
computed by olivLawbalance sheet at 31 Mar 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.2x
computed by olivLawbalance sheet at 31 Mar 2025
Interest coverage
3.7x
computed by olivLawFY 2025

Liquidity

Current ratio
1.8x
computed by olivLawbalance sheet at 31 Mar 2025
Quick ratio
1.8x
computed by olivLawbalance sheet at 31 Mar 2025
Cash ratio
0.9x
computed by olivLawbalance sheet at 31 Mar 2025

Cash

Operating cash flow
185.3 m USD
computed by olivLawFY 2025
Capital expenditure
4.5 m USD
computed by olivLawFY 2025
Free cash flow
180.8 m USD
computed by olivLawFY 2025
FCF conversion
190.1%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
43 days
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Days inventory outstanding
0 days
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Days payables outstanding
177 days
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Cash conversion cycle
-133 days
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
61.1x
computed by olivLawFY 2025
Earnings yield
1.6%
computed by olivLawFY 2025
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 52.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

50.75 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
61.1x
computed by olivLawFY 2025
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
8.2%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Net margin
9.7%
computed by olivLawFY 2025
Revenue growth (YoY)
25.0%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Mar 2025
Latest balance sheet date: 31 Mar 2025
Source: SEC (XBRL)published 16 Jun 2025
verified 358

The data is older than the freshness threshold.

Score by group

52% · Insufficient data

Estimated value range

Low
7.03
USD per share
Mid
14.61
USD per share
High
26.54
USD per share
Price: 50.75 USD
The price is above the range
Potential to the central value: -71.2% (value / price − 1)
Margin of safety: -247.4% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.03 – 26.54 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E7.03 – 26.54 (Mid 14.61)
    7 companies used · median multiple 17.6x · quartiles 8.5x – 32.0x
    BKNG, EXPE, GATX, GXO, HAFN, VRRM, XPO
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Transportation Services (SIC 4700)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 52.1% of at least 60%

FactorValueScoreWeight used
ROIC · Quality10.1%67 (vs peers)20%
Net margin · Quality9.7%67 (vs peers)12%
FCF conversion · Quality190.1%100 (on a fixed band)12%
Revenue CAGR 3Y · Growth47.7%100 (on a fixed band)16%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet3.7x34 (on a fixed band)12%
Current ratio · Balance sheet1.8x87 (on a fixed band)8%
P/E (TTM) · Valuation61.1x22 (vs peers)20%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet55/100 · 2/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality76/100 · 3/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial22/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

MakeMyTrip Ltd (MMYT). Latest full fiscal year: 2025; data up to 2025-03-31.

Figures computed from the financial statements: revenue 978.3 m USD in 2025; YoY growth 25.0%; net margin 9.7%; ROE 8.2%.

The estimated value range is 7.03–26.54 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 14.61 USD, the price of 50.75 USD leaves a potential of -71.2% (value / price − 1) and a margin of safety of -247.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 190.1%
  • Revenue CAGR 3Y: 47.7%
  • Current ratio: 1.8x

What contradicts it

  • P/E (TTM): 61.1x
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Transportation Services (SIC 4700) · same industry (4-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
61.1x
vertical median 19.7x
above median (+210.5%)
EV/EBITDA
—
vertical median 13.4x
P/S
—
vertical median 2.8x
P/B
—
vertical median 2.4x
ROE
8.2%
vertical median 3.8%
above median (+116.7%)
Net margin
9.7%
vertical median 3.2%
above median (+205.2%)
EBIT margin
12.3%
vertical median 4.9%
above median (+151.3%)
Revenue YoY
25.0%
vertical median 13.4%
above median (+86.9%)
Net debt/EBITDA
—
vertical median 0.3x
Dividend yield
—
vertical median 1.4%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
BKNGBooking Holdings Inc.127.2 bn1.0——+13.4%−13% / +37%
EXPEExpedia Group, Inc.36.2 bn19.7199.1%13.0%+7.6%+24% / +132%
XPOXPO, Inc.21.9 bn44.326.5%5.7%+1.1%+32% / +118%
GATXGATX Corporation6.7 bn17.614.2%17.7%+9.8%+19% / +75%
GXOGXO Logistics, Inc.6.4 bn48.44.6%1.0%+12.5%+12% / +1%
HAFNHafnia Limited4.9 bn6.534.5%27.0%+7.4%+64% / unavailable
RXORxo, Inc.4.7 bn—-5.7%-1.3%+26.2%+115% / +35%
LINDLindblad Expeditions Holdings, Inc.2.2 bn8,279.1—0.7%+19.6%+179% / +327%
TOURTuniu Corp1.5 bn473.03.0%5.4%+17.5%−35% / −47%
SPCEVirgin Galactic Holdings, Inc.380.5 m—-75.1%-23,867.4%−78.1%−35% / −94%
VRRMVerra Mobility Corporation377.0 m10.411.3%33.2%+14.6%−89% / −88%
PALProficient Auto Logistics, Inc.82.5 m—-13.0%—unavailable−64% / unavailable
NTRPNextTrip, Inc.18.1 m—-296.7%-319.8%+641.0%−68% / −68%
YTRAMagna Holdings Ltd.——-2.0%-1.3%+85.2%−50% / −43%
MMYTMakeMyTrip Ltd—61.18.2%9.7%+25.0%−36% / +28%

1- and 3-year price returns: for MMYT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 27 Jul 2026; since then the company filed 6-K (26 Oct 2026), 6-K (28 Sept 2026), 6-K (07 Aug 2026), 6-K (03 Aug 2026).

In brief

MakeMyTrip is one of the largest online travel platforms in India, covering air tickets, hotels, holiday packages, bus tickets and ground transport. In fiscal 2026, total Gross Bookings reached 10390.8 million USD, which strengthens the company's position in a market that is still digitising. The company operates an asset-light marketplace model, and its advantage lies in aggregating fragmented supply.

SWOT

Strengths

  • The company has a large customer base and a recognised brand in India, with an integrated presence across several travel categories 1.
  • The asset-light marketplace model and modular technology platform allow scaling without large additional investment 1.
  • A high repeat transaction rate suggests a durable customer relationship and room for cross-selling 1.

Weaknesses

  • Reliance on a small number of air ticket suppliers exposes the company to changes in commercial terms or supply disruptions 1.
  • Air ticketing margins remain relatively low compared with the hotels segment, which limits earnings on volume 1.
  • The company recorded an impairment for advances given to an airline that entered liquidation 1.

Opportunities

  • Expansion into financial services, visa processing and regional packages could add new revenue on the existing customer base 1.
  • Growing digitisation in smaller Indian cities could bring new customers, especially through the Myra assistant 1.
  • Southeast Asian and Middle Eastern markets, where the company already has local platforms, could support international growth 1.

Threats

  • Geopolitical conflicts and flight restrictions could quickly reduce booking volumes, particularly on international routes 1.
  • Competition from new companies and disruptive business models could pressure margins 1.
  • Regulatory changes on data privacy and taxation could raise compliance costs 1.

Risks

  • Supplier dependencehigh

    The company relies on a limited group of airlines and GDS providers without exclusive contracts, and some suppliers can terminate agreements without prior notice 1.

  • Geopolitical disruptionhigh

    Terrorist attacks, regional conflicts and airspace closures could sharply reduce travel demand and booking volumes 1.

  • Debt and financingmedium

    The company depends on its ability to obtain additional financing to meet its payment obligations under certain notes 1.

  • Technology and AI dependencemedium

    The platform relies on information technology and artificial intelligence, and any failure or error could affect operations and competitiveness 1.

  • Economic slowdownmedium

    Recession or inflation could reduce discretionary travel spending, and rupee depreciation makes international travel more expensive for Indian consumers 1.

Investment thesis

What would need to be true (bull case)

  • If travel digitisation continues in India, the platform could expand its share in the fragmented hotel and bus segments 1.
  • A high repeat transaction rate and the Myra assistant could support cross-selling and long-term margins 1.
  • Diversification into financial services, visas and regional packages could add revenue sources without large asset investment 1.

What would break the thesis

  • Dependence on an airline duopoly and on GDS providers could limit the company's ability to negotiate favourable terms 1.
  • Geopolitical conflicts and aviation disruptions could reduce booking volumes, especially on international routes 1.
  • Low air ticketing margins and competition from new business models could pressure medium-term profitability 1.

What to watch

  • Development of air ticketing Gross Bookings after the flight disruptionsQ1 2027
  • Growth rate of annual unique transacting customers and the repeat transaction rate2027
  • Effect of recent acquisitions and partnerships, including Flamingo Transworld and Atlysnext 10-K
  • Trend in Adjusted Margin for the hotels and bus ticketing segments2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 27 Jul 2026; since then the company filed 6-K (26 Oct 2026), 6-K (28 Sept 2026), 6-K (07 Aug 2026), 6-K (03 Aug 2026).

The business

MakeMyTrip Limited is a travel service company in India, incorporated in Mauritius with its principal executive office in Gurugram, India, according to its annual report on Form 20-F for the fiscal year ended March 31, 2026 1. Its platform covers air tickets, hotels and alternative accommodations, holiday packages, bus and rail tickets, car hire, tours and attractions, and ancillary products. The company operates as an asset-light marketplace, connecting travelers with suppliers such as airlines, hotels and ground transport operators 1. As of March 31, 2026, 88.9 million lifetime unique transacting customers had transacted on its platform, and in fiscal 2026 there were 35.7 million annual unique transacting customers, with a repeat transaction rate of 78.4% 1.

Segments

Air ticketing

The air ticketing segment generated 5830.8 million USD of Gross Bookings in fiscal 2026, with an Adjusted Margin of 7.0% 1. The company states that nearly 3 out of 10 domestic air passengers in India booked their tickets through its platform in fiscal 2026, based on DGCA data 1.

Hotels and packages

Hotels and packages generated 2661.1 million USD of Gross Bookings in fiscal 2026, with an Adjusted Margin of 17.9%, the highest among the reported segments 1. Room nights booked rose to 43.5 million in the same year 1.

Bus ticketing

The bus ticketing segment recorded 1602.4 million USD of Gross Bookings in fiscal 2026, with an Adjusted Margin of 10.2% 1. Bus tickets issued reached 141.5 million, a sustained increase over earlier years 1.

Trends

  • Digitisation of travel in Indiatailwind

    The shift of bookings from offline channels to digital ones is a structural factor the company cites as a source of growth over two decades 1. If this transition continues, the platform could capture a larger share of the fragmented hotel and bus markets.

  • Concentration of Indian airlinesheadwind

    The company notes that the domestic Indian aviation market has become a duopoly, with two carriers holding most of the market share, which can influence pricing and inventory management 1. This concentration could affect commercial terms for air tickets.

  • Geopolitical tensions and conflictsmixed

    Regional conflicts, including a terrorist attack in April 2025 and the West Asia conflict from February 2026, disrupted travel and reduced bookings, particularly on international routes 1. The effect is mixed: disruptions can lower volumes in the short term, but they may also increase demand for flexible digital solutions.

  • Artificial intelligence in servicestailwind

    The company launched its trip-planning assistant Myra in August 2025 and reports that it resolved over 55% of post-booking queries on flights and hotels in the quarter ended March 31, 2026 1. If these tools raise repeat usage, they could support cross-selling and reduce servicing costs.

Competitive position

The report does not explicitly list direct competitors, but it notes that the market is exposed to new companies, business models and technologies that could emerge in travel in India and worldwide 1. The company differentiates itself through its multi-brand architecture, MakeMyTrip, Goibibo and redBus, which target distinct customer groups 1.

  • Indian airlines

    Direct air ticket suppliers whose duopoly concentration shapes the platform's commercial terms 1.

  • Global distribution system providers

    Distribution service providers on which the company depends for air ticket inventory 1.

  • Other online travel platforms

    Online agencies that may compete for the same customers, particularly in hotels and packages 1.

  • New travel business models

    New companies or technologies that the report identifies as a potential source of disruptive competition 1.

News & filings

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.