MakeMyTrip Limited (MMYT) Fair Value & Analysis
Consumer Cyclical · US · Market cap $4.4B · ISIN USV5633W1090
What is MakeMyTrip Limited really worth?
MakeMyTrip Limited
MMYT · US
A solid business, but trading 196% above our fair value of $19.30.
Strengths
Risks
Fair value as of: Aug 13, 2026
From 20 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from $19.66 to $19.30 (−1.8%) since Jul 17, 2026. Share price −9.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($20.97). The favourable scenario is already priced in.
- Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range $20.45 – $120.46 · fair‑value band $11.97 – $20.97 · the $57.13 price screens above the $19.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
MakeMyTrip Limited (MMYT) currently trades at $57.13, while our model-based Fair Value estimate is $19.30, implying the stock looks roughly 196.0% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Consumer Cyclical sector. Bull case: the DCF Models group reads highest at a median of $40.11 per share, and 0 of the 20 models we run sit above the $57.13 price. Bear case: the Earnings-Based group reads lowest at $12.56, and 20 of the 20 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, MakeMyTrip Limited generated revenue of $1.0B at a net margin of 5.0%. Revenue grew 1.9% year over year. It earns a return on equity of 9.0%. Net debt stands at $982M. Fundamentals as of Aug 13, 2026
Our scenario range runs from $11.97 (bear case) to $20.97 (bull case); at $57.13, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 46% below its 52-week high and 75% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −20% fair-value upside, at −66%, MMYT screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly $0.1558 per share, which is 0.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 20 models by family
Widest divergence: DCF Models ($40.11) versus Earnings-Based ($12.56). Highest evidence: FCF DCF (76).
Notify me when MMYT reaches fair value
Put MMYT on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.
Set up alert →Free, no payment details. Unsubscribe anytime in one click.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 55 · Market factors (momentum, volatility) 35
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
MakeMyTrip Limited reported revenue of $1.0B in FY2026 versus $304M in FY2022, a compound +36.1%/yr. Reported net income was $51.8M in FY2026.
MMYT screens 196% overvalued. Compare with Booking Holdings →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Zacks Industry Outlook GoDaddy, Vipshop, MakeMyTrip and QuinStreet
- Brokers Suggest Investing in MakeMyTrip (MMYT): Read This Before Placing a Bet
- MakeMyTrip (MMYT) Q1 2027 Earnings Call Transcript
- MakeMyTrip (MMYT) Reports Mixed Q1 Results, Is The Stock Still Undervalued?
Peer Group
Travel Services · 90 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Travel Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Travel Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Booking Holdings BKNG | $202.56 | $152.94 | −24% |
| Airbnb, Inc ABNB | $184.40 | $85.66 | −54% |
| Royal Caribbean Cruises Ltd RCL | $268.74 | $215.19 | −20% |
| Viking Holdings VIK | $85.03 | $43.68 | −49% |
| Carnival Corporation CCL | $24.76 | $31.36 | +27% |
| Expedia Group EXPE | $303.14 | $248.63 | −18% |
| Trip.com Group TCOM | $45.14 | $89.35 | +98% |
| Norwegian Cruise Line Holdings NCLH | $16.14 | $20.28 | +26% |
| Global Business Travel Group GBTG | $9.44 | $5.04 | −47% |
| Travel + Leisure Co TNL | $66.40 | $26.57 | −60% |
Compare MakeMyTrip Limited with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Consumer Cyclical stocks →
Try a ready-made strategy
Pick a strategy and jump into the live analysis with that exact screen applied.
Discover tools
Frequently asked questions
Is MakeMyTrip Limited (MMYT) overvalued or undervalued?
What is the fair value of MMYT?
What is the quality score of MMYT?
What is the revenue of MakeMyTrip Limited (MMYT)?
What is the net profit margin of MMYT?
Watch MakeMyTrip Limited in the live analysis
One click puts MakeMyTrip Limited on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Watch for free →Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.