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MAKEMYTRIP LTD (MMYT) Stock Fundamental Analysis

USA - Nasdaq - NASDAQ:MMYT - MU0295S00016 - Common Stock

78.645 USD
-0.01 (-0.01%)
Last: 1/12/2026, 3:40:39 PM
Fundamental Rating

4

Taking everything into account, MMYT scores 4 out of 10 in our fundamental rating. MMYT was compared to 133 industry peers in the Hotels, Restaurants & Leisure industry. MMYT has only an average score on both its financial health and profitability. MMYT is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

MMYT had positive earnings in the past year.
In the past year MMYT had a positive cash flow from operations.
The reported net income has been mixed in the past 5 years: MMYT reported negative net income in multiple 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

The Return On Assets of MMYT (4.12%) is better than 62.41% of its industry peers.
MMYT's Return On Equity of 300.04% is amongst the best of the industry. MMYT outperforms 100.00% of its industry peers.
With a decent Return On Invested Capital value of 9.25%, MMYT is doing good in the industry, outperforming 71.43% of the companies in the same industry.
MMYT had an Average Return On Invested Capital over the past 3 years of 4.91%. This is significantly below the industry average of 10.34%.
The last Return On Invested Capital (9.25%) for MMYT is above the 3 year average (4.91%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 4.12%
ROE 300.04%
ROIC 9.25%
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

The Profit Margin of MMYT (7.57%) is better than 66.17% of its industry peers.
With a decent Operating Margin value of 14.06%, MMYT is doing good in the industry, outperforming 66.92% of the companies in the same industry.
MMYT's Gross Margin of 73.70% is amongst the best of the industry. MMYT outperforms 90.23% 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 14.06%
PM (TTM) 7.57%
GM 73.7%
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

4

2. Health

2.1 Basic Checks

MMYT has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
MMYT has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, MMYT has more shares outstanding
The debt/assets ratio for MMYT has been reduced compared to a year ago.
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

Based on the Altman-Z score of 1.47, we must say that MMYT is in the distress zone and has some risk of bankruptcy.
MMYT has a Altman-Z score (1.47) which is comparable to the rest of the industry.
The Debt to FCF ratio of MMYT is 8.27, which is on the high side as it means it would take MMYT, 8.27 years of fcf income to pay off all of its debts.
MMYT has a better Debt to FCF ratio (8.27) than 67.67% of its industry peers.
MMYT has a Debt/Equity ratio of 45.37. This is a high value indicating a heavy dependency on external financing.
MMYT's Debt to Equity ratio of 45.37 is on the low side compared to the rest of the industry. MMYT is outperformed by 71.43% of its industry peers.
Industry RankSector Rank
Debt/Equity 45.37
Debt/FCF 8.27
Altman-Z 1.47
ROIC/WACC0.97
WACC9.53%
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

A Current Ratio of 1.91 indicates that MMYT should not have too much problems paying its short term obligations.
Looking at the Current ratio, with a value of 1.91, MMYT belongs to the top of the industry, outperforming 83.46% of the companies in the same industry.
A Quick Ratio of 1.91 indicates that MMYT should not have too much problems paying its short term obligations.
MMYT has a better Quick ratio (1.91) than 84.21% of its industry peers.
Industry RankSector Rank
Current Ratio 1.91
Quick Ratio 1.91
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

5

3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 5.41% over the past year.
Looking at the last year, MMYT shows a quite strong growth in Revenue. The Revenue has grown by 14.55% in the last year.
MMYT shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 13.85% yearly.
EPS 1Y (TTM)5.41%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%2.78%
Revenue 1Y (TTM)14.55%
Revenue growth 3Y47.65%
Revenue growth 5Y13.85%
Sales Q2Q%8.7%

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 15.53% yearly.
The Revenue is expected to grow by 18.28% on average over the next years. This is quite good.
EPS Next Y0.19%
EPS Next 2Y13.5%
EPS Next 3Y15.53%
EPS Next 5YN/A
Revenue Next Year14.89%
Revenue Next 2Y17.12%
Revenue Next 3Y18.28%
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

2

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 50.41, the valuation of MMYT can be described as expensive.
MMYT's Price/Earnings ratio is in line with the industry average.
The average S&P500 Price/Earnings ratio is at 27.19. MMYT is valued rather expensively when compared to this.
MMYT is valuated quite expensively with a Price/Forward Earnings ratio of 40.16.
The rest of the industry has a similar Price/Forward Earnings ratio as MMYT.
The average S&P500 Price/Forward Earnings ratio is at 23.92. MMYT is valued rather expensively when compared to this.
Industry RankSector Rank
PE 50.41
Fwd PE 40.16
MMYT Price Earnings VS Forward Price EarningsMMYT Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

MMYT's Enterprise Value to EBITDA ratio is rather expensive when compared to the industry. MMYT is more expensive than 80.45% of the companies in the same industry.
MMYT's Price/Free Cash Flow ratio is in line with the industry average.
Industry RankSector Rank
P/FCF 44.58
EV/EBITDA 45.67
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.
The decent profitability rating of MMYT may justify a higher PE ratio.
A more expensive valuation may be justified as MMYT's earnings are expected to grow with 15.53% in the coming years.
PEG (NY)267.93
PEG (5Y)N/A
EPS Next 2Y13.5%
EPS Next 3Y15.53%

0

5. Dividend

5.1 Amount

No dividends for MMYT!.
Industry RankSector Rank
Dividend Yield 0%

MAKEMYTRIP LTD

NASDAQ:MMYT (1/12/2026, 3:40:39 PM)

78.645

-0.01 (-0.01%)

Chartmill FA Rating
GICS IndustryGroupConsumer Services
GICS IndustryHotels, Restaurants & Leisure
Earnings (Last)10-28 2025-10-28/bmo
Earnings (Next)01-22 2026-01-22/bmo
Inst Owners100.04%
Inst Owner Change0.01%
Ins Owners1.48%
Ins Owner ChangeN/A
Market Cap7.48B
Revenue(TTM)1.01B
Net Income(TTM)76.53M
Analysts85.88
Price Target113.84 (44.75%)
Short Float %7.64%
Short Ratio4.65
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)2
Avg EPS beat(2)13.56%
Min EPS beat(2)11.59%
Max EPS beat(2)15.52%
EPS beat(4)4
Avg EPS beat(4)17.62%
Min EPS beat(4)6.56%
Max EPS beat(4)36.8%
EPS beat(8)8
Avg EPS beat(8)34.85%
EPS beat(12)11
Avg EPS beat(12)36.83%
EPS beat(16)13
Avg EPS beat(16)-4.57%
Revenue beat(2)0
Avg Revenue beat(2)-12.16%
Min Revenue beat(2)-15.21%
Max Revenue beat(2)-9.11%
Revenue beat(4)0
Avg Revenue beat(4)-7.86%
Min Revenue beat(4)-15.21%
Max Revenue beat(4)-1.15%
Revenue beat(8)3
Avg Revenue beat(8)-3.85%
Revenue beat(12)5
Avg Revenue beat(12)-1.42%
Revenue beat(16)8
Avg Revenue beat(16)-0.28%
PT rev (1m)-0.45%
PT rev (3m)-7.26%
EPS NQ rev (1m)0%
EPS NQ rev (3m)13.7%
EPS NY rev (1m)9.48%
EPS NY rev (3m)-9.13%
Revenue NQ rev (1m)-0.48%
Revenue NQ rev (3m)-3.58%
Revenue NY rev (1m)-0.68%
Revenue NY rev (3m)-3.48%
Valuation
Industry RankSector Rank
PE 50.41
Fwd PE 40.16
P/S 7.4
P/FCF 44.58
P/OCF 44.58
P/B 293.38
P/tB N/A
EV/EBITDA 45.67
EPS(TTM)1.56
EY1.98%
EPS(NY)1.96
Fwd EY2.49%
FCF(TTM)1.76
FCFY2.24%
OCF(TTM)1.76
OCFY2.24%
SpS10.63
BVpS0.27
TBVpS-5.73
PEG (NY)267.93
PEG (5Y)N/A
Graham Number3.07
Profitability
Industry RankSector Rank
ROA 4.12%
ROE 300.04%
ROCE 11.25%
ROIC 9.25%
ROICexc 26.9%
ROICexgc N/A
OM 14.06%
PM (TTM) 7.57%
GM 73.7%
FCFM 16.6%
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 Turnover0.54
Health
Industry RankSector Rank
Debt/Equity 45.37
Debt/FCF 8.27
Debt/EBITDA 6.83
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 250
Cash Conversion 99.13%
Profit Quality 219.32%
Current Ratio 1.91
Quick Ratio 1.91
Altman-Z 1.47
F-Score5
WACC9.53%
ROIC/WACC0.97
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)5.41%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%2.78%
EPS Next Y0.19%
EPS Next 2Y13.5%
EPS Next 3Y15.53%
EPS Next 5YN/A
Revenue 1Y (TTM)14.55%
Revenue growth 3Y47.65%
Revenue growth 5Y13.85%
Sales Q2Q%8.7%
Revenue Next Year14.89%
Revenue Next 2Y17.12%
Revenue Next 3Y18.28%
Revenue Next 5YN/A
EBIT growth 1Y36.22%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year36.62%
EBIT Next 3Y33.12%
EBIT Next 5YN/A
FCF growth 1Y84.96%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y84.96%
OCF growth 3Y210.31%
OCF growth 5YN/A

MAKEMYTRIP LTD / MMYT 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 2 / 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 6 / 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 0.19% in the next year.