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MakeMyTrip Limited

MMYT Consumer Cyclical Travel Services

MakeMyTrip Limited’s revenue for fiscal 2026 (year ended March 2026) was $1.0 billion, up 6.71% from fiscal 2025.

Revenue
+2.54%
EPS
+130.5%
Free cash flow
+3.81%
Total debt
+5.58%

Quarter to September 2026, against a year earlier

51.29 0.54 +1.06%
Market cap
$4.8B
P/E
120×
Fwd P/E
123×
Dividend yield
—
F-score
7/9
Altman Z
0.40
Beneish M
−3.40
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 1.41
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — 1
Insider Ownership 23.91%

Capital & Financial Ratios $m

Size
Market Cap 4,820.00
Revenue ttm 1,066.54
Net income ttm 42.48
Free cash flow ttm 169.26
Net debt Q 655.34
Valuation
P/E 119.75 (above 35: high)
Forward P/E 123.00 (above 35: high)
Price / sales 4.66
Forward P/S Powerpack
Price / FCF 42.90
Price / book 0.00
Financial health
Current ratio Q 2.94 (at or above 1.5: strong)
Debt / equity Q (18.05) (negative: negative equity)
Interest coverage Q 1.00
Growth
Revenue growth Q +2.54% (above 0%: growing)
Operating income growth Q +6.46% (above 0%: growing)
EPS, this year −23.81% (below 0%: weak)
EPS, next year A +149.03% (at or above 15%: strong)
Revenue, next year A +13.70% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +48.16% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.3×, against a ten-year median of 5.2×; over the ten years it ranged from 1.7× in 2016 to 19.3× in 2021.
P/E against its own 10 years 62.47%
10-year low 10-year high
P/S against its own 10 years 27.76%
10-year low 10-year high
EV/Sales against its own 10 years 50.39%
10-year low 10-year high
EV/FCF against its own 10 years 19.14%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 607 761 765 809
Receivables 92 141 163 218
Inventory 0 0 1 0
Other 158 163 118 151
857 1,065 1,046 1,178
2024 2025 2026 Q'26
Payables 119 147 136 161
ST’ Debt 5 222 6 7
Other 174 207 201 233
298 577 343 401

Compound Annual Growth %

10y 5y 3y
Sales 12.00% 44.90% 20.75%
Cash Flow 0.00% 23.12% 78.28%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.44 Actual 0.47

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.39 0.52 Beat by 0.13
Mar 2026 0.31 0.32 Beat by 0.01
Jun 2026 0.27 0.53 Beat by 0.26
Sep 2026 0.44 0.47 Beat by 0.03
Dec 2026 0.59 — Reports 20 January 2027

EPS $

Jun Sep Dec Mar Year
’26 0.09 0.02 — — —
’26 0.22 (0.06) 0.07 0.24 0.36
’25 0.19 0.16 0.23 0.25 0.83
’24 0.17 0.02 0.22 1.26 1.74
’23 (0.09) (0.06) 0.00 0.05 (0.10)
’22 (0.22) (0.07) (0.08) (0.04) (0.42)
’21 (0.32) (0.20) (0.03) 0.03 (0.52)
Fiscal quarters ending in the months shown.

Revenue $m

Jun Sep Dec Mar Year
’26 286 235 — — —
’26 269 229 296 250 1,044
’25 255 211 267 245 978
’24 197 169 214 203 783
’23 143 131 171 149 593
’22 33 67 115 89 304
’21 6 21 57 79 163
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jun Sep Dec Mar Year
’26 27 51 — — —
’26 42 49 46 46 183
’25 72 36 (11) 88 185
’24 37 18 72 (1) 126
’23 (8) 5 (8) 44 32
’22 (32) 34 5 (2) 6
’21 7 25 31 1 65
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jun Sep Dec Mar Year
’26 27 51 — — —
’26 42 49 46 33 169
’25 72 36 (11) 77 174
’24 37 18 72 (14) 113
’23 (8) 5 (8) 28 16
’22 (32) 34 5 (14) (7)
’21 7 25 25 (7) 56
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to March

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Sep ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 448 675 486 512 163 304 593 783 978 1,044 1,067 +9.9% 1,187 1,383 1,660 +16.7%
Gross margin, % 61.15 73.95 64.32 69.83 86.35 80.67 70.06 73.12 74.80 76.93 77.26 +15.8 pt
EBT (110) (220) (169) (448) (61) (47) (12) 93 116 78 66 n/m
EBT margin, % (24.60) (32.60) (34.70) (87.49) (37.05) (15.36) (2.05) 11.88 11.85 7.51 6.16 +32.1 pt
Net income (110) (220) (168) (448) (56) (46) (11) 217 95 52 42 n/m
Per share, $
Per share, $ Revenue 8.51 6.73 4.67 4.86 1.53 2.80 5.41 7.04 8.69 10.24 11.01 +2.1%
Earnings (2.09) (2.18) (1.61) (4.26) (0.52) (0.42) (0.10) 1.95 0.84 0.51 0.43 n/m
Cash flow (2.06) (1.25) (0.76) (1.07) 0.60 0.06 0.29 1.13 1.65 1.79 1.75 n/m
Capex (0.28) (0.12) (0.09) (0.12) (0.08) (0.12) (0.15) (0.11) (0.10) (0.13) 0.00 (8.3%)
Free cash flow (2.34) (1.37) (0.85) (1.19) 0.53 (0.06) 0.14 1.02 1.55 1.66 1.75 n/m
Book value 26.72 15.53 13.05 8.20 8.34 8.26 7.99 10.05 10.73 (0.57) (0.84) n/m
Shares, m 53 100 104 105 107 108 110 111 113 102 98 +7.6%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 36.62 115.28 76.10 119.75 22.8
P/S 4.07 4.82 5.90 2.46 20.64 9.58 4.52 10.14 11.28 3.64 4.66 7.7
P/B 1.30 2.09 2.11 1.46 3.78 3.25 3.06 7.11 9.13 0.00 0.00 3.3
EV/Sales 3.67 4.24 5.26 2.18 19.28 8.72 4.11 9.64 10.74 4.26 5.27 7.2
EV/FCF (12.99) (19.10) (20.28) (7.61) 84.56 (110.48) (212.00) 99.49 79.35 34.43 48.56 (8.5)
Cash, $m
Cash, $m Operating cash flow (108) (125) (79) (113) 65 6 32 126 185 183 169 n/m
Capex (15) (12) (10) (13) (8) (13) (16) (12) (11) (13) (53) (1.3%)
Free cash flow (123) (137) (88) (125) 56 (7) 16 113 174 169 169 n/m
Balance, $m
Balance, $m Working capital 129 341 236 99 307 400 218 560 489 703 778 +20.8%
Net debt (176) (389) (311) (142) (221) (261) (246) (385) (525) 640 655 n/m
Shareholders’ equity 1,405 1,559 1,357 862 891 896 876 1,116 1,208 (58) (81) n/m
Returns, %
Returns, % ROA (11.32) (13.20) (10.06) (33.75) (4.65) (3.45) (0.84) 14.36 5.45 2.89 2.26 +14.2 pt
ROIC (6.89) (11.72) (9.14) (37.27) (6.31) (2.99) 2.34 5.57 10.97 16.75 17.58 +23.6 pt
ROE (14.86) (14.74) (11.50) (40.35) (6.35) (5.08) (1.28) 21.76 8.18 9.01 (162.39) +23.9 pt
People
People Employees 4,000 3,051 3,450 3,960 3,256 3,338 4,090 4,576 5,122 5,507 — +3.6%
Revenue/emp, $m 0.11 0.22 0.14 0.13 0.05 0.09 0.14 0.17 0.19 0.19 — +6.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Mar 2026 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

MakeMyTrip Limited vs peers in Travel Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VIK Viking Holdings Ltd. $38.5B 28.6× 27.2× +16.49% (above 0%: growing) +33.33% (above 0%: growing) −75.64% (below 0%: shrinking) 45.50% 29.40% Compare
EXPE Expedia Group, Inc. $32.7B 15.6× 15.2× +11.92% (above 0%: growing) +10.70% (above 0%: growing) −103.94% (below 0%: shrinking) 91.51% 26.85% Compare
TCOM Trip.com Group Limited Sponsored ADR $28.5B 8.2× 24.4× +11.39% (above 0%: growing) n/m +531.82% (above 0%: growing) 79.81% (9.36%) Compare
NCLH Norwegian Cruise Line Holdings Ltd. $8.2B 9.8× 11.1× +0.29% (above 0%: growing) +15.05% (above 0%: growing) +85.50% (above 0%: growing) 43.41% 21.19% Compare
MMYT MakeMyTrip Limited $4.8B 120× 123× +2.54% (above 0%: growing) n/m +3.81% (above 0%: growing) 82.57% 15.59%
TNL Travel + Leisure Co. $4.5B 19.7× 10.4× +5.46% (above 0%: growing) +4.12% (above 0%: growing) −18.38% (below 0%: shrinking) 50.32% 17.71% Compare
LIND Lindblad Expeditions $2.1B 728× 172× +12.07% (above 0%: growing) n/m −109.52% (below 0%: shrinking) 49.50% 15.88% Compare
PRSU Pursuit Attractions and Hospitality, Inc. $1.5B 39.9× 29.9× +14.35% (above 0%: growing) +175.00% (above 0%: growing) −139.39% (below 0%: shrinking) 92.82% 18.59% Compare
TRIP TripAdvisor, Inc. $864.9M — (loss-making) 40.7× −21.08% (below 0%: shrinking) n/m −158.86% (below 0%: shrinking) 0.00% 0.00% Compare
Median of peers $6.3B 19.7× 25.8× +11.66% +15.05% −89.79% 49.91% 18.15%

All 17 Travel Services stocks →

MakeMyTrip Limited (MMYT) Latest News

28 Oct

Impact 3 · · Simply Wall St.

26 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript
Impact 4 · · MarketBeat
Impact 3 · · InvestorsHub
Impact 3 · · Investing.com earnings
Impact 3 · · Associated Press

17 Oct

Impact 3 · · Simply Wall St.

8 Oct

Impact 3 · · Insider Monkey

10 Aug

Impact 3 · · The Motley Fool transcript

6 Aug

Impact 3 ·

4 Aug

Impact 3 · · Moby transcript

3 Aug

Impact 4 · · The Motley Fool
Impact 3 · · MarketBeat transcript

13 Jun

Impact 4 ·

20 May

Impact 4 · · GuruFocus.com transcript
Impact 4 · · Moby transcript
Impact 3 · · Simply Wall St.

19 May

Impact 3 · · Zacks
Impact 3 · · MarketBeat

24 Apr

Impact 4 · · Insider Monkey

16 Apr

Impact 3 · · Zacks

18 Mar

Impact 3 · · Zacks

16 Mar

Impact 4 · · Zacks

25 Feb

Impact 4 · · Simply Wall St.

18 Feb

Impact 4 · · Business Wire

10 Feb

Impact 4 · · hotelmanagement-network.com

26 Jan

Impact 4 · · GuruFocus.com transcript

22 Jan

Impact 3 · · Simply Wall St.

MMYT metrics, ten years each

stockrow.com/MMYT · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com