MakeMyTrip Limited (MMYT) fair value: what the stock is really worth
As of Oct 21, 2026: fair value (intrinsic value) of MakeMyTrip Limited stock $34.50, price $44.30, upside -22.1%, quality 67 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 12, 2026.
How to read this chart
60‑month range $20.45 – $120.46 · fair‑value band $24.16 – $44.86 · the $44.30 price screens above the $34.50 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 12, 2026.
Follow MakeMyTrip in your weekly email
Every Wednesday you see whether MakeMyTrip is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
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.
Show moreShow less
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.
Stock analysis
MakeMyTrip Limited (MMYT) currently trades at $44.30, while our model-based Fair Value estimate is $34.50, 22.1% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of $32.87 per share, and 3 of the 21 models we run sit above the $44.30 price.
Bear case: the Economic Profit group reads lowest at $10.32, and 18 of the 21 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $24.16 (bear) to $44.86 (bull), the price of $44.30 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap $4.4B Mid · P/E ratio 203.3 · P/S ratio 4.10 · EPS (TTM) $0.2300 · Net margin 3.2% · Return on equity 28.7% · Return on assets (EBIT) 3.7% · Operating margin 15.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (medium confidence).
What moves the price
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 51% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at −22%, MMYT screens richer than that median.
Fair Value models
Bear$24.16Fair Value $34.50Bull$44.86
Price $44.30 · Upside -22.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then ($0.1292 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+44.9%
Start year 2021 (pandemic). Over 10 years: +12.0% a year
Revenue growth 18 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.2%
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+0.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.5%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−41% → 15%
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+16.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+14.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +14.2% a year for the price and +12.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (86 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: Platform scale in Indian travel forms MakeMyTrip's main strength, yet negative equity and thin profitability remain its central weakness.
Main risk: Competition eroding pricing power faster than the AI push lifts margins would hit profitability at MakeMyTrip.
MakeMyTrip is expanding AI tools through an OpenAI partnership to turn conversational travel queries into direct bookings on its platform. Strong hotel volume growth contrasts with softer air travel amid regional headwinds. Our models currently see the stock as overvalued. Will the AI push lift margins faster than competition erodes pricing power, or will integration costs outweigh the gains?
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer Groupⓘ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.Travel Services · 87 stocks
Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−22.1% · Below median
Profitability
Return on equity (12 months)Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets3.0% · Above median
Net margin (12 months)3.2% · Below median
Operating margin (12 months)15.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)6.2% · Above median
Balance sheet
Debt / equityNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Valuation Multiplesvs Travel Services median · lower = cheaper
P/E (12 months)203.3× · Priciest 25%
P/BNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months)4.10× · Priciest 25%
Price / free cash flow25.9× · Pricier than median
EV/EBITDA30.3× · Priciest 25%
PEG5.39× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)4· sector 52
FUTURE (revenue growth)31· sector 18
PAST (return on equity)0· sector 36
HEALTH (low debt)0· sector 94
DIVIDEND (yield)0· sector 41
PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "MakeMyTrip Limited Fair Value". https://www.fairvalue-calculator.com/stock/MMYT
Frequently asked questions
Is MakeMyTrip Limited (MMYT) overvalued or undervalued?
As of Oct 12, 2026, our model estimates a fair value of $34.50 versus a price of $44.30, about −22% upside (overvalued).
What is the fair value of MMYT?
Our model-based fair value for MakeMyTrip Limited is $34.50 (as of Oct 12, 2026), built from audited fundamentals. The current price: $44.30.
What is the quality score of MMYT?
MakeMyTrip Limited has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for MakeMyTrip Limited (MMYT)?
Our model-based price target is the fair value of $34.50 (as of Oct 12, 2026) from 21 valuation models. Cautious scenario $24.16, optimistic scenario $44.86. It is a calculation from audited fundamentals, not an analyst target.
What is the MakeMyTrip Limited stock forecast for 2026?
Our models put fair value at $34.50, about −22% upside versus a price of $44.30 (overvalued). Cautious scenario $24.16, optimistic scenario $44.86. The calculation is refreshed regularly with new filings.
What is the revenue of MakeMyTrip Limited (MMYT)?
MakeMyTrip Limited reported trailing-twelve-month revenue of about $1.1B (latest available figure, as of Oct 12, 2026).
What growth is priced into MakeMyTrip Limited (MMYT)?
For today's price to be fair in a discounted-cash-flow model, MakeMyTrip Limited would have to grow free cash flow by +16.9 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +44.9 % per year. As of Oct 12, 2026.
What discount rate (WACC) does the fair value of MMYT use?
Our models discount MakeMyTrip Limited at 9.7 %: a base by market capitalisation (mid), damped by beta 1.00, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For MakeMyTrip Limited that is +16.9 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has MakeMyTrip Limited (MMYT) delivered so far?
Over the past 5 years revenue at MakeMyTrip Limited grew +44.9 % a year. The price currently implies +16.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of MakeMyTrip Limited (MMYT) growing?
The median revenue growth in the sector is +4.3 % a year. That is the yardstick for the growth priced into MakeMyTrip Limited (+16.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of MakeMyTrip Limited (MMYT)?
The free-cash-flow yield on the price is 3.86 %: that much free cash flow MakeMyTrip Limited produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of MakeMyTrip Limited (MMYT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MakeMyTrip Limited it is $34.50 per share (as of Oct 12, 2026), against a price of $44.30. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is MakeMyTrip Limited stock overvalued or undervalued in 2026?
As of Oct 12, 2026, MMYT trades above its calculated fair value: price $44.30, fair value $34.50, a gap of about −22% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MMYT?
No. The price is what the market pays today ($44.30); the fair value is what the company's own numbers justify ($34.50). For MakeMyTrip Limited the two are $9.80 per share apart. That gap is exactly why we show both numbers side by side.
How much is MakeMyTrip Limited worth?
The market values MakeMyTrip Limited at about $4.4B (market capitalisation, as of Oct 12, 2026). Per share that is $44.30; our models calculate a fair value of $34.50 per share.
What do the bullish and bearish scenarios say about MMYT?
Our models span a range for MakeMyTrip Limited: cautious scenario $24.16, base $34.50, optimistic $44.86 per share (as of Oct 12, 2026, price $44.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MMYT?
MakeMyTrip Limited trades at a price-to-earnings ratio of 203.3 (as of Oct 12, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $34.50 is built from several models across several years. Excluding one-off items of fiscal year 2026 it is 59.9 (reported for FY2026: 83.6). Other multiples: PEG 5.4, P/S 4.1, EV/EBITDA 30.3.
What is the PEG ratio of MMYT?
The PEG ratio of MakeMyTrip Limited is 5.39 (P/E divided by earnings growth, as of Oct 12, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of MakeMyTrip Limited (MMYT)?
Balance-sheet figures for MakeMyTrip Limited (as of Oct 12, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is MMYT from its 52-week high?
MakeMyTrip Limited trades at $44.30, about 51% below its 52-week high of $90.06 and 22% above the low of $36.30 (as of Oct 21, 2026). Distance from the high says nothing about value: that is what the fair value of $34.50 is for.
Which stocks are comparable to MakeMyTrip Limited?
From the same area (Consumer Cyclical) we also value Booking Holdings, Airbnb, Inc, Royal Caribbean Cruises Ltd, Viking Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is MakeMyTrip Limited stock attractive at the current price?
The data as of Oct 12, 2026: price $44.30, calculated fair value $34.50 (−22%), Quality Score 67/100, from 21 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MMYT calculated?
We run MakeMyTrip Limited through 21 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $34.50, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.6 % above its aggregate fair value. MakeMyTrip Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of MakeMyTrip Limited (MMYT)?
The closing price on Oct 21, 2026 was $44.30. Our model-based fair value is $34.50, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MakeMyTrip Limited right now?
Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($24.16 to $44.86) leaves room in how you read the outcome.
Key figures of MakeMyTrip Limited
How large is the market capitalisation of MakeMyTrip Limited (MMYT)?
The market capitalisation of MakeMyTrip Limited is $4.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of MakeMyTrip Limited (MMYT)?
The price-to-sales ratio of MakeMyTrip Limited is 4.10 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of MakeMyTrip Limited (MMYT)?
Earnings per share at MakeMyTrip Limited are $0.2300 (price ÷ EPS = P/E 203.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of MakeMyTrip Limited (MMYT)?
The net margin of MakeMyTrip Limited is 3.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of MakeMyTrip Limited (MMYT)?
The return on equity (ROE) of MakeMyTrip Limited is 28.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of MakeMyTrip Limited (MMYT)?
On an EBIT basis the return on assets of MakeMyTrip Limited is 3.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of MakeMyTrip Limited (MMYT)?
The operating margin of MakeMyTrip Limited is 15.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at MakeMyTrip Limited (MMYT)?
Revenue at MakeMyTrip Limited is growing +6.2% versus a year earlier (3y avg +20.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at MakeMyTrip Limited (MMYT)?
Earnings per share at MakeMyTrip Limited are growing −60.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does MakeMyTrip Limited (MMYT) carry?
The net debt of MakeMyTrip Limited is $982M (fiscal year 2026, ≈ 5.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
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 28,000+ stock screener.
Some data
Oct 12, 2026