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India's leading online travel agency selling flights, hotels and travel packages, part-owned by Trip.com.
India's leading online travel agency selling flights, hotels and travel packages, part-owned by Trip.com.
Airline commissions are thin, so hotels, holiday packages and bus tickets (through redBus) carry more profit per booking. The 2016 combination with Goibibo merged two large Indian brands, and Trip.com is a shareholder.
In one line: India's Expedia/Booking.com.
Moat: narrow (brand, network effects, scale). Leading domestic brand recognition and supplier relationships in a fast-growing but competitive Indian OTA market.
Headquarters: Gurugram, India · Founded: 2000 · Employees: 5,507
Size MakeMyTrip (MMYT) is a United States Consumer Discretionary company (Internet Software/Services) with a market value of $4.81B, the 1212th largest of 3,117 United States companies the cockpit tracks. Shares closed at $51.10 on 6 Nov 2026.
Performance Over six months the shares gained 6.8%, against +1.1% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 5.5% over the last twelve months (peer median +6.9%); the operating margin is 15.1% (peer median 12.1%).
Valuation It trades at 41.2× forward earnings against a peer median of 15.8× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +45%, so the hurdle is -27 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.9 points above its cost of capital (8.8% WACC).
Credit MakeMyTrip has 2 bonds outstanding ($1.66B).
Short interest Short interest is 9.3% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.07B | $1.04B | $978M | $783M | $593M |
| Revenue growth | — | +7% | +25% | +32% | — |
| Gross profit | $603M | $436M | $375M | $254M | $137M |
| EBITDA | $189M | $183M | $147M | $92.0M | $48.2M |
| Net income | $41.7M | $51.8M | $95.1M | $217M | -$11.3M |
| Free cash flow | n/a | $197M | $202M | $139M | $30.4M |
| Capital expenditure | $9.67M | $14.5M | $11.8M | $12.8M | $16.9M |
| Total debt | $1.74B | $1.68B | $268M | $253M | $266M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MakeMyTrip MMYT | $4.81B | +7% | +5% | 15% | 41.2× | 18.3% |
| Le Travenues Technology IXIGO.NS | $775M | -2% | +16% | 6% | 47.3× | 38.2% |
| Booking BKNG | $119B | -3% | +8% | 34% | 13.6× | 7.0% |
| Expedia EXPE | $29.6B | +13% | +12% | 17% | 10.6× | -0.3% |
| Airbnb ABNB | $114B | +34% | +14% | 21% | 30.7× | 26.0% |
| Thomas Cook (India) THOMASCOOK.NS | $499M | +1% | -7% | 3% | 23.1× | 13.8% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MMYT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.4% | +6.5% | 5th highest of 21 |
| 6-month return | +6.8% | +1.1% | 8th highest of 21 |
| Distance from 52-week high | -41.2% | -18.3% | 6th lowest of 21 |
| Revenue growth (TTM) | +5.5% | +6.9% | 10th lowest of 21 |
| Operating margin | 15.1% | 12.1% | 10th highest of 21 |
| Forward P/E | 41.2× | 15.8× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 18.3% | 4.8% | 2nd most demanding of 19 |
| Growth delivered (Del g) | +44.9% | +11.2% | highest of 19 |
| Hurdle (Req g minus delivered) | -26.6 pp | -3.1 pp | 2nd least demanding of 19 |
| ROIC minus cost of capital | +12.9 pp | +6.0 pp | 4th highest of 20 |
| EV / EBITDA | 30.3× | 12.4× | most expensive of 20 |
| Net debt / EBITDA | 4.9× | 1.9× | 2nd most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MakeMyTrip MMYT | United States | $4.81B | +7% | +5% | 15% | 41.2× | 18.3% | +44.9% |
| Atour Lifestyle Holdings Ltd. Sponsored ADR ATAT | United States | $4.82B | -6% | +45% | 21% | 15.8× | 1.8% | +43.1% |
| TAL Education Group Sponsored ADR TAL | United States | $4.77B | -8% | +26% | 16% | 9.8× | n/a | n/a |
| Mobileye Global MBLY | United States | $4.87B | -38% | +3% | -18% | 13.5× | 1.8% | +14.4% |
| Cavco Industries CVCO | United States | $4.87B | +32% | +12% | 10% | 24.2× | 15.2% | +15.2% |
| Acushnet GOLF | United States | $4.72B | -12% | +7% | 13% | 20.0× | 3.8% | +9.7% |
| Champion Homes SKY | United States | $4.96B | +25% | +3% | 8% | 24.2× | 10.8% | +13.4% |
| Brunswick BC | United States | $5.00B | -5% | +10% | 6% | 14.5× | 13.0% | +4.3% |
| PriceSmart PSMT | United States | $5.02B | +3% | +12% | 5% | 27.2× | 10.5% | +10.2% |
| Graham GHC | United States | $5.05B | +7% | +4% | 6% | 16.4× | 8.6% | +11.2% |
| LKQ LKQ | United States | $5.06B | -31% | -3% | 7% | 9.3× | 0.0% | +3.3% |
| Red Rock Resorts RRR | United States | $5.06B | -11% | +1% | 23% | 17.9× | 13.3% | +11.2% |
| Laureate Education LAUR | United States | $4.56B | +2% | +21% | 26% | 14.5× | -6.7% | +10.7% |
| Planet Fitness PLNT | United States | $4.56B | +31% | +13% | 31% | 17.3× | 4.8% | +26.6% |
| Travel + Leisure TNL | United States | $4.54B | +15% | +5% | 17% | 8.8× | 3.2% | +11.2% |
| Modine Manufacturing MOD | United States | $5.14B | -65% | +35% | 11% | 12.8× | n/a | n/a |
| Valvoline VVV | United States | $4.44B | -2% | +16% | 18% | 19.4× | 10.3% | -6.2% |
| Wingstop WING | United States | $4.42B | +26% | +7% | 28% | 35.3× | 21.9% | +22.9% |
| Mattel MAT | United States | $4.39B | 0% | +3% | 9% | 12.8× | 0.2% | +3.1% |
| Signet Jewelers SIG | United States | $4.37B | +34% | +1% | 7% | 9.4× | -1.3% | +5.4% |
| Choice Hotels International CHH | United States | $5.29B | +12% | +2% | 25% | 15.8× | 4.8% | +15.6% |
MakeMyTrip has 2 bonds outstanding with $1.66B face value.