MAKEMYTRIP LTD (MMYT) Fundamental Analysis & Valuation

NASDAQ:MMYT • MU0295S00016

Current stock price

41.955 USD
+2.17 (+5.47%)
Last:

This MMYT fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

5

1. MMYT Profitability Analysis

1.1 Basic Checks

  • MMYT had positive earnings in the past year.
  • MMYT had a positive operating cash flow in the past year.
  • In multiple years MMYT reported negative net income over the last 5 years.
  • MMYT had a positive operating cash flow in each of the past 5 years.
MMYT Yearly Net Income VS EBIT VS OCF VS FCFMMYT Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M -400M

1.2 Ratios

  • MMYT has a Return On Assets (3.05%) which is in line with its industry peers.
  • MMYT has a better Return On Invested Capital (9.83%) than 71.43% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for MMYT is significantly below the industry average of 10.56%.
  • The 3 year average ROIC (4.91%) for MMYT is below the current ROIC(9.83%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 3.05%
ROE N/A
ROIC 9.83%
ROA(3y)5.81%
ROA(5y)1.95%
ROE(3y)8.71%
ROE(5y)2.96%
ROIC(3y)4.91%
ROIC(5y)N/A
MMYT Yearly ROA, ROE, ROICMMYT Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -20 -40 -60 -80 -100

1.3 Margins

  • Looking at the Profit Margin, with a value of 5.46%, MMYT is in the better half of the industry, outperforming 62.70% of the companies in the same industry.
  • The Operating Margin of MMYT (14.28%) is better than 62.70% of its industry peers.
  • MMYT has a better Gross Margin (73.41%) than 89.68% of its industry peers.
  • In the last couple of years the Gross Margin of MMYT has remained more or less at the same level.
Industry RankSector Rank
OM 14.28%
PM (TTM) 5.46%
GM 73.41%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-3.74%
GM growth 5Y0.6%
MMYT Yearly Profit, Operating, Gross MarginsMMYT Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 50 -50

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4

2. MMYT Health Analysis

2.1 Basic Checks

  • MMYT has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • MMYT has more shares outstanding than it did 1 year ago.
  • MMYT has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, MMYT has an improved debt to assets ratio.
MMYT Yearly Shares OutstandingMMYT Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M
MMYT Yearly Total Debt VS Total AssetsMMYT Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B

2.2 Solvency

  • MMYT has an Altman-Z score of 0.25. This is a bad value and indicates that MMYT is not financially healthy and even has some risk of bankruptcy.
  • MMYT has a worse Altman-Z score (0.25) than 85.71% of its industry peers.
  • The Debt to FCF ratio of MMYT is 6.30, which is on the high side as it means it would take MMYT, 6.30 years of fcf income to pay off all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 6.30, MMYT is in the better half of the industry, outperforming 71.43% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF 6.3
Altman-Z 0.25
ROIC/WACC1.06
WACC9.29%
MMYT Yearly LT Debt VS Equity VS FCFMMYT Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M 1B 1.5B

2.3 Liquidity

  • MMYT has a Current Ratio of 1.85. This is a normal value and indicates that MMYT is financially healthy and should not expect problems in meeting its short term obligations.
  • MMYT has a Current ratio of 1.85. This is amongst the best in the industry. MMYT outperforms 80.16% of its industry peers.
  • MMYT has a Quick Ratio of 1.85. This is a normal value and indicates that MMYT is financially healthy and should not expect problems in meeting its short term obligations.
  • MMYT's Quick ratio of 1.85 is amongst the best of the industry. MMYT outperforms 80.95% of its industry peers.
Industry RankSector Rank
Current Ratio 1.85
Quick Ratio 1.85
MMYT Yearly Current Assets VS Current LiabilitesMMYT Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M 1B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. MMYT Growth Analysis

3.1 Past

  • MMYT shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 8.11%, which is quite good.
  • Looking at the last year, MMYT shows a quite strong growth in Revenue. The Revenue has grown by 11.07% in the last year.
  • The Revenue has been growing by 13.85% on average over the past years. This is quite good.
EPS 1Y (TTM)8.11%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%11.43%
Revenue 1Y (TTM)11.07%
Revenue growth 3Y47.65%
Revenue growth 5Y13.85%
Sales Q2Q%10.59%

3.2 Future

  • MMYT is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 18.91% yearly.
  • MMYT is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 17.36% yearly.
EPS Next Y7.46%
EPS Next 2Y19.83%
EPS Next 3Y18.91%
EPS Next 5YN/A
Revenue Next Year13.51%
Revenue Next 2Y15.64%
Revenue Next 3Y17.36%
Revenue Next 5YN/A

3.3 Evolution

  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
MMYT Yearly Revenue VS EstimatesMMYT Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 500M 1B 1.5B
MMYT Yearly EPS VS EstimatesMMYT Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0 1 -1 2 -2

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3

4. MMYT Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 26.22 indicates a quite expensive valuation of MMYT.
  • MMYT's Price/Earnings ratio is in line with the industry average.
  • Compared to an average S&P500 Price/Earnings ratio of 25.23, MMYT is valued at the same level.
  • The Price/Forward Earnings ratio is 19.22, which indicates a rather expensive current valuation of MMYT.
  • Based on the Price/Forward Earnings ratio, MMYT is valued a bit cheaper than the industry average as 61.11% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 22.42, MMYT is valued at the same level.
Industry RankSector Rank
PE 26.22
Fwd PE 19.22
MMYT Price Earnings VS Forward Price EarningsMMYT Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, MMYT is valued a bit more expensive than the industry average as 76.19% of the companies are valued more cheaply.
  • Based on the Price/Free Cash Flow ratio, MMYT is valued a bit cheaper than the industry average as 78.57% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 17.83
EV/EBITDA 29.6
MMYT Per share dataMMYT EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 -5 10

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • MMYT's earnings are expected to grow with 18.91% in the coming years. This may justify a more expensive valuation.
PEG (NY)3.51
PEG (5Y)N/A
EPS Next 2Y19.83%
EPS Next 3Y18.91%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. MMYT Dividend Analysis

5.1 Amount

  • MMYT does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

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MMYT Fundamentals: All Metrics, Ratios and Statistics

MAKEMYTRIP LTD

NASDAQ:MMYT (3/23/2026, 11:56:51 AM)

41.955

+2.17 (+5.47%)

Chartmill FA Rating
GICS IndustryGroupConsumer Services
GICS IndustryHotels, Restaurants & Leisure
Earnings (Last)01-21
Earnings (Next)05-04
Inst Owners98.27%
Inst Owner Change0.96%
Ins Owners0.34%
Ins Owner Change0%
Market Cap3.99B
Revenue(TTM)1.04B
Net Income(TTM)56.75M
Analysts85.88
Price Target105.17 (150.67%)
Short Float %10.18%
Short Ratio4.1
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)6.78%
Min EPS beat(2)-1.96%
Max EPS beat(2)15.52%
EPS beat(4)3
Avg EPS beat(4)15.49%
Min EPS beat(4)-1.96%
Max EPS beat(4)36.8%
EPS beat(8)7
Avg EPS beat(8)28.95%
EPS beat(12)11
Avg EPS beat(12)44.69%
EPS beat(16)13
Avg EPS beat(16)21.73%
Revenue beat(2)0
Avg Revenue beat(2)-9.95%
Min Revenue beat(2)-15.21%
Max Revenue beat(2)-4.68%
Revenue beat(4)0
Avg Revenue beat(4)-8.74%
Min Revenue beat(4)-15.21%
Max Revenue beat(4)-4.68%
Revenue beat(8)2
Avg Revenue beat(8)-4.52%
Revenue beat(12)5
Avg Revenue beat(12)-1.67%
Revenue beat(16)7
Avg Revenue beat(16)-0.6%
PT rev (1m)-0.96%
PT rev (3m)-7.62%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-7.19%
EPS NY rev (1m)0%
EPS NY rev (3m)7.26%
Revenue NQ rev (1m)-0.91%
Revenue NQ rev (3m)-2.73%
Revenue NY rev (1m)-0.69%
Revenue NY rev (3m)-1.2%
Valuation
Industry RankSector Rank
PE 26.22
Fwd PE 19.22
P/S 3.84
P/FCF 17.83
P/OCF 17.83
P/B N/A
P/tB N/A
EV/EBITDA 29.6
EPS(TTM)1.6
EY3.81%
EPS(NY)2.18
Fwd EY5.2%
FCF(TTM)2.35
FCFY5.61%
OCF(TTM)2.35
OCFY5.61%
SpS10.92
BVpS-0.13
TBVpS-6.02
PEG (NY)3.51
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA 3.05%
ROE N/A
ROCE 11.96%
ROIC 9.83%
ROICexc 9.83%
ROICexgc 17.92%
OM 14.28%
PM (TTM) 5.46%
GM 73.41%
FCFM 21.55%
ROA(3y)5.81%
ROA(5y)1.95%
ROE(3y)8.71%
ROE(5y)2.96%
ROIC(3y)4.91%
ROIC(5y)N/A
ROICexc(3y)11.07%
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)5.97%
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-3.74%
GM growth 5Y0.6%
F-Score5
Asset Turnover0.56
Health
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF 6.3
Debt/EBITDA 6.7
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 250
Cash Conversion 127.59%
Profit Quality 394.58%
Current Ratio 1.85
Quick Ratio 1.85
Altman-Z 0.25
F-Score5
WACC9.29%
ROIC/WACC1.06
Cap/Depr(3y)50.82%
Cap/Depr(5y)44.6%
Cap/Sales(3y)1.9%
Cap/Sales(5y)3.06%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)8.11%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%11.43%
EPS Next Y7.46%
EPS Next 2Y19.83%
EPS Next 3Y18.91%
EPS Next 5YN/A
Revenue 1Y (TTM)11.07%
Revenue growth 3Y47.65%
Revenue growth 5Y13.85%
Sales Q2Q%10.59%
Revenue Next Year13.51%
Revenue Next 2Y15.64%
Revenue Next 3Y17.36%
Revenue Next 5YN/A
EBIT growth 1Y27.46%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year29.66%
EBIT Next 3Y28.61%
EBIT Next 5YN/A
FCF growth 1Y30.73%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y30.73%
OCF growth 3Y210.31%
OCF growth 5YN/A

MAKEMYTRIP LTD / MMYT Fundamental Analysis FAQ

What is the ChartMill fundamental rating of MAKEMYTRIP LTD (MMYT) stock?

ChartMill assigns a fundamental rating of 4 / 10 to MMYT.


What is the valuation status of MAKEMYTRIP LTD (MMYT) stock?

ChartMill assigns a valuation rating of 3 / 10 to MAKEMYTRIP LTD (MMYT). This can be considered as Overvalued.


How profitable is MAKEMYTRIP LTD (MMYT) stock?

MAKEMYTRIP LTD (MMYT) has a profitability rating of 5 / 10.


How financially healthy is MAKEMYTRIP LTD?

The financial health rating of MAKEMYTRIP LTD (MMYT) is 4 / 10.


What is the earnings growth outlook for MAKEMYTRIP LTD?

The Earnings per Share (EPS) of MAKEMYTRIP LTD (MMYT) is expected to grow by 7.46% in the next year.