MMYT
MakeMyTrip Limited

MakeMyTrip LimitedMMYT

Consumer Cyclical · Travel Services
51.10USD
-0.35%
Nov 09, 2026
MMYT overview ready
India-Focused Online Travel Platform Aggregating Multi-Category Bookings
Direct consumer-facing, asset-light online-travel marketplace and travel-services platform.
Theme not measured
Online Travel has no leadership state this session.
Price trend is broken
Longer-term context reads early recovery, with a near-term setup of daily reclaim.
Demanding valuation
The price embeds expectations that run ahead of what comparable businesses command.
Fundamentals under pressure
Free cash flow yield is weak.
Primary risk
Economic downturns reducing discretionary travel spending.
Market Nov 6Price action Nov 8Research Nov 4

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction8.6BusinessPerformance—BusinessQuality—Valuation0.3ThemeMomentum—Business Performance not yet available.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
Online Travel — Online Travel has only one or two priced members — no leadership state
Its economic family, Consumer & Internet, reads Improving (+6.0pp vs SPY) — the family’s reading, not this theme’s.
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads early recovery, with a near-term setup of daily reclaim.
EntryReset + recovery

The stock is still rebuilding below its long-term weekly base, and the recent reset toward the daily SMA200 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap
$4.8B
Avg Volume (60D)
1.1M
60 sessions
Revenue Growth YoY
+5.5%
Trailing twelve months
Gross Margin
+59.2%
Operating Margin
+15.1%
Trailing twelve months
Free Cash Flow Yield
+0.7%
Distance from 200DMA
+1.9%
Next Earnings
2027-01-20
P/E
124.6x
EV / EBITDA
30.5x
EV / Sales
5.1x
Market metrics as of Nov 8, 2026

Business Performance

Business Quality

Not assessed

Not assessed — the company files under a regime the financial record does not cover yet.

Fundamentals & Valuation

Both valuation perspectives agree this company is expensive.
MakeMyTrip Limited has an Expensive valuation stance because the price embeds expectations that run ahead of what comparable businesses command. It trades at a 0.7% free-cash-flow yield and 30.5x EBITDA, which require sustained delivery to be justified.

Company Research

Thesis
Direct consumer-facing, asset-light online-travel marketplace and travel-services platform. MMYT is a direct beneficiary of a real, multi-company demand system: expanding Indian travel spending and the continued digitization and aggregation of travel booking.
Opportunity
Moderate opportunity
Rising Indian domestic and outbound travel consumption, combined with the migration of fragmented travel supply and historically offline booking activity onto multi-vertical digital platforms for air, lodging, rail, buses, packages and ancillary services.
Key risk
Economic downturns reducing discretionary travel spending.

Economic classification

Loading the economic classification…

Business & Markets

Consumer Cyclical · Travel Services
What they do

MakeMyTrip Limited operates an online travel platform primarily focused on India, providing travel services across multiple countries through air ticketing, hotel bookings, holiday packages, and bus ticketing segments.

How it earns

The company generates revenue primarily through transactional commissions and fees on travel bookings made via its digital platform.

Products & services
Air tickets
Hotel and alternative accommodations
Holiday packages
Bus tickets
Rail tickets
Car hire
Tours and attractions
Travel assurance products
Customers & end markets
Individual consumers in India and select international markets
Travelers seeking domestic and outbound travel bookings
Market position

MakeMyTrip is a leading India-focused online travel platform with a multi-category presence.

Demand drivers
High cyclicality

Travel demand is sensitive to economic cycles, discretionary spending, and external factors like pandemics or geopolitical events.