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. In the quarter to June 2026, revenue grew 6.22%, EPS fell 60.9%, free cash flow fell 36.2% and total debt rose 5.59%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
Follow MMYT
MakeMyTrip Limited (MMYT) Piotroski F-score
MakeMyTrip Limited's Piotroski F-score for fiscal 2026 is 7 out of 9: 7 of nine tests of profitability, leverage and efficiency passed, up from 6 in fiscal 2025.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 7 | 1.00 |
| FY2025 | 6 | 0.00 |
| FY2024 | 6 | 1.00 |
| FY2023 | 5 | (1.00) |
| FY2022 | 6 | 1.00 |
| FY2021 | 5 | 2.00 |
| FY2020 | 3 | 1.00 |
| FY2019 | 2 | (2.00) |
| FY2018 | 4 | 0.00 |
| FY2017 | 4 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 2.89% | 5.45% | Pass | 1 |
| Positive operating cash flow | 182.54m | 185.29m | Pass | 1 |
| Rising return on assets | 2.89% | 5.45% | Fail | 0 |
| Cash flow above net income | 130.73m | 90.19m | Pass | 1 |
| Falling long-term leverage | 0.78 | 0.01 | Fail | 0 |
| Rising current ratio | 3.05 | 1.85 | Pass | 1 |
| No new shares issued | 101,966,000 | 112,593,000 | Pass | 1 |
| Rising gross margin | 76.93% | 74.80% | Pass | 1 |
| Rising asset turnover | 0.58 | 0.56 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 7 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| CCL Carnival Corporation compare | 8 |
| EXPE Expedia Group, Inc. compare | 8 |
| MMYT MakeMyTrip Limited | 7 |
| LIND Lindblad Expeditions compare | 7 |
| TRIP TripAdvisor, Inc. compare | 7 |
| TNL Travel + Leisure Co. compare | 6 |
| TCOM Trip.com Group Limited Sponsored ADR compare | 6 |
| NCLH Norwegian Cruise Line Holdings Ltd. compare | 5 |
| PRSU Pursuit Attractions and Hospitality, Inc. compare | 5 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover