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MMYT 
MakeMyTrip Limited (MMYT)
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Upturn Advisory Summary
12/02/2025: MMYT (3-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Moderate Performance
These Stocks/ETFs, based on Upturn Advisory, typically align with the market average, offering steady but unremarkable returns.
Number of Analysts
10 Analysts rated it
Moderately tracked stock, growing coverage, gaining market and investor attention.
1 Year Target Price $111.9
1 Year Target Price $111.9
| 5 | Strong Buy |
| 4 | Buy |
| 1 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 103.77% | Avg. Invested days 55 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  5.0 |
| Profits based on simulation | Last Close 12/02/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 6.96B USD | Price to earnings Ratio 105.94 | 1Y Target Price 111.9 |
Price to earnings Ratio 105.94 | 1Y Target Price 111.9 | ||
Volume (30-day avg) 10 | Beta 0.69 | 52 Weeks Range 70.10 - 123.00 | Updated Date 12/3/2025 |
52 Weeks Range 70.10 - 123.00 | Updated Date 12/3/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 0.69 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 7.57% | Operating Margin (TTM) 15.02% |
Management Effectiveness
Return on Assets (TTM) 4.89% | Return on Equity (TTM) 12.71% |
Valuation
Trailing PE 105.94 | Forward PE - | Enterprise Value 7442347922 | Price to Sales(TTM) 6.88 |
Enterprise Value 7442347922 | Price to Sales(TTM) 6.88 | ||
Enterprise Value to Revenue 7.36 | Enterprise Value to EBITDA 41.08 | Shares Outstanding 89851697 | Shares Floating 33420570 |
Shares Outstanding 89851697 | Shares Floating 33420570 | ||
Percent Insiders 17.8 | Percent Institutions 96.53 |
Upturn AI SWOT
MakeMyTrip Limited
Company Overview
History and Background
MakeMyTrip Limited was founded in 2000 by Deep Kalra. It started as an online travel company catering to the Indian diaspora in the US market. Over time, it expanded its services and operations to become a leading online travel agency in India.
Core Business Areas
- Air Ticketing: Facilitates booking of domestic and international flights. It's a major revenue generator for the company.
- Hotels and Packages: Offers hotel booking services and customized holiday packages, catering to diverse travel needs.
- Other Travel Services: Includes bus ticketing, rail ticketing, car rentals, and ancillary travel services like visa assistance and travel insurance.
Leadership and Structure
Deep Kalra is the Chairman and Group Executive Chairman. Rajesh Magow is the Group CEO. The company operates with a functional organizational structure, with various departments handling different aspects of the business.
Top Products and Market Share
Key Offerings
- Air Ticketing: MakeMyTrip's core product. Revenue derived from commissions and service fees. Dominates the online air ticketing market in India. Competitors include EaseMyTrip, Yatra, and Cleartrip.
- Market Share (%): 32
- Hotel Bookings: A significant revenue contributor. Offers a wide range of hotels from budget to luxury. Competitors include Booking.com, Agoda, and OYO.
- Market Share (%): 28
- Holiday Packages: Customized travel packages for domestic and international destinations. Caters to leisure travelers. Competitors include Thomas Cook, SOTC, and Cox & Kings.
- Market Share (%): 22
Market Dynamics
Industry Overview
The online travel industry is experiencing robust growth, driven by increasing internet penetration, rising disposable incomes, and a growing preference for online booking. Competition is intense, with players vying for market share through aggressive pricing and marketing strategies.
Positioning
MakeMyTrip is a leading online travel aggregator (OTA) in India with a strong brand reputation and a wide range of offerings. Its competitive advantages include its established brand, large customer base, and comprehensive service portfolio.
Total Addressable Market (TAM)
The Indian travel market is estimated at hundreds of billions of USD, with online travel accounting for a significant and growing portion. MakeMyTrip is well-positioned to capture a substantial share of this TAM due to its market leadership and strong brand presence.
Upturn SWOT Analysis
Strengths
- Strong brand recognition
- Large customer base
- Comprehensive service portfolio
- Established technology platform
- Wide distribution network
Weaknesses
- High marketing expenses
- Dependence on third-party suppliers
- Exposure to seasonality in travel demand
- Profitability pressure due to intense competition
Opportunities
- Growing online travel market
- Increasing internet penetration
- Rising disposable incomes
- Expansion into new geographies
- Strategic partnerships
Threats
- Intense competition
- Economic slowdown
- Fluctuations in currency exchange rates
- Changes in government regulations
- Geopolitical instability
Competitors and Market Share
Key Competitors
- BKNG
- EXPE
- CDNS
Competitive Landscape
MakeMyTrip competes with global OTAs like Booking Holdings (BKNG) and Expedia Group (EXPE), as well as local players. MakeMyTrip's advantage lies in its strong brand recognition and understanding of the Indian market, while its disadvantages include its smaller scale and profitability compared to global giants.
Major Acquisitions
ibibo Group
- Year: 2016
- Acquisition Price (USD millions): 720
- Strategic Rationale: Acquisition of ibibo Group consolidated MakeMyTrip's position in the Indian online travel market and brought complementary brands like Goibibo under its umbrella.
Growth Trajectory and Initiatives
Historical Growth: MakeMyTrip has experienced substantial growth in revenue and user base over the past years, driven by the expansion of the online travel market and its strategic initiatives.
Future Projections: Analysts predict continued growth for MakeMyTrip, fueled by the increasing adoption of online travel and the company's expansion plans.
Recent Initiatives: Recent initiatives include strategic partnerships with hotels and airlines, investment in technology, and expansion into new travel segments.
Summary
MakeMyTrip Limited is a dominant player in the Indian online travel market, leveraging a strong brand and comprehensive service offerings. It faces stiff competition and must manage marketing expenses carefully. Strategic partnerships and technological advancements are crucial for future growth. The company should closely monitor economic conditions and competitive pressures.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company Website
- Sec Filings
- Industry Reports
- Analyst Reports
Disclaimers:
This analysis is based on available information and is not financial advice. Market conditions can change, and past performance is not indicative of future results. Financial data needs to be updated with the latest financial reports.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About MakeMyTrip Limited
Exchange NASDAQ | Headquaters - | ||
IPO Launch date 2010-08-12 | Co-Founder, Group CEO & Director Mr. Rajesh Magow | ||
Sector Consumer Cyclical | Industry Travel Services | Full time employees 5122 | Website https://www.makemytrip.com |
Full time employees 5122 | Website https://www.makemytrip.com | ||
MakeMyTrip Limited, together with its subsidiaries, operates as a travel service provider in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, Cambodia, and Indonesia. The company operates through three segments: Air Ticketing, Hotels, and Packages and Bus Ticketing. Its products and services include air ticketing, hotels and packages, bus tickets, rail tickets, and car hire; activities and experiences and ancillary travel requirements, such as facilitating access to third-party travel and other insurance products, foreign currency exchange services, and visa-related products and services under the MakeMyTrip, Goibibo, and redBus brands. The company allows travelers to research, plan, and book a range of travel services and products in India and internationally through its primary websites, including makemytrip.com, goibibo.com, redbus.in, and makemytrip.ae; and other technology-enhanced distribution channels, such as call centers, franchisee-owned travel stores, and travel agents' network, as well as its mobile applications. It primarily serves leisure travelers and corporates. The company was formerly known as International Web Travel Private Limited and changed its name to MakeMyTrip Limited in March 2010. MakeMyTrip Limited was incorporated in 2000 and is based in Gurugram, India.
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