MakeMyTrip Limited logo MMYT - MakeMyTrip Limited

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 8
HOLD 3
SELL 0
STRONG
SELL
0
| PRICE TARGET: $77.00 DETAILS
HIGH: $84.00
LOW: $70.00
MEDIAN: $77.00
CONSENSUS: $77.00
UPSIDE: 38.44%
Metric 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Revenue
Revenue 1,044.0 978.3 782.5 593.0 303.9 163.4 511.5 486.0 675.3 447.6 336.1 299.7 255.4 228.8 196.6 124.7 83.6 68.6 38.3
Cost of Revenue 460.5 274.3 215.1 177.6 58.8 22.3 154.3 173.4 175.9 173.9 167.0 160.7 149.0 140.7 108.4 63.7 43.3 43.6 21.8
Gross Profit 583.5 704.0 567.4 415.5 245.2 141.1 357.2 312.6 499.4 273.7 169.0 138.9 106.4 88.2 88.2 61.1 40.3 25.0 16.5
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 429.5 388.1 322.7 245.1 178.1 135.6 312.6 325.5 586.9 317.8 168.2 96.5 73.7 62.7 26.5 14.4 31.0 13.6 24.0
Other Expenses 0 196.0 179.6 146.8 97.5 73.2 474.0 147.7 141.9 102.8 71.6 56.9 48.0 43.5 34.1 25.4 15.3 13.7 8.8
Operating Expenses 429.5 584.1 502.2 391.9 275.5 208.8 786.6 346.7 601.5 331.0 183.5 106.8 82.7 106.2 84.2 57.0 46.3 35.4 32.8
Operating Income
Operating Income 153.9 119.9 65.2 23.6 (30.4) (67.7) (429.4) (152.9) (219.4) (135.4) (66.8) (14.5) (15.3) (18.1) 4.0 4.1 (6.0) (10.6) (16.3)
Interest Expense 104.8 17.7 17.7 17.3 15.3 4.4 6.1 0.7 0.9 14.8 4.2 0 0.4 0.1 0.5 0.7 2.1 1.6 1.1
Interest Income 27.1 28.3 24.3 11.0 10.0 7.2 3.3 6.5 5.2 2.8 0 1.9 0 3.8 2.0 1.3 1.9 1.3 0.9
Profitability
EBITDA 211.0 159.9 137.9 31.7 (2.0) (23.6) (411.0) (141.5) (189.4) (87.0) (69.8) (6.5) (15.0) (14.9) 4.2 4.8 (2.6) (4.3) (16.7)
EBIT 183.1 132.8 110.7 4.5 (31.4) (56.6) (444.7) (168.3) (219.7) (101.5) (78.6) (18.0) (20.7) (18.9) 1.4 2.8 (4.1) (5.8) (17.8)
Income Before Tax 78.4 115.9 92.9 (12.1) (46.7) (60.5) (447.5) (168.6) (220.1) (110.1) (88.4) (18.2) (20.8) (19.0) 1.0 2.1 (6.2) (7.4) (18.9)
Income Tax Expense 26.7 20.6 (123.8) (1.0) (1.1) (4.5) (0.0) (0.7) 0.1 0.2 0.2 0.1 0.1 8.6 (6.1) (2.7) 0.0 (0.0) (0.0)
Net Income 51.8 95.1 216.8 (11.3) (45.4) (55.6) (447.8) (167.8) (218.4) (110.2) (88.5) (18.3) (20.9) (27.6) 7.0 4.8 (6.2) (7.3) (18.9)
Per Share Data
EPS (Basic) 0.51 0.84 1.95 -0.10 -0.42 -0.52 -4.26 -1.61 -2.18 -2.09 -2.12 -0.44 -0.55 -0.74 0.20 0.17 -0.35 -0.38 -0.59
EPS (Diluted) 0.47 0.83 1.83 -0.10 -0.42 -0.52 -4.25 -1.61 -2.18 -2.09 -2.12 -0.44 -0.55 -0.74 0.19 0.15 -0.20 -0.38 -0.59
Shares Outstanding 102.0 112.6 111.1 109.7 108.1 106.8 105.1 104.0 100.2 52.6 41.7 41.5 37.8 37.3 36.7 28.3 17.5 29.8 27.0
Metric 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Current Assets
Cash & Cash Equivalents 424.8 508.9 327.1 284.0 213.3 295.1 129.9 178.0 187.6 101.7 53.4 49.9 38.0 36.5 43.8 68.0 9.3 5.5
Short-Term Investments 340.3 252.3 279.7 197.1 264.2 129.8 37.8 134.0 202.2 75.5 148.6 92.6 29.5 47.2 0 0 13.2 8.3
Net Receivables 163.1 150.8 97.2 68.9 35.9 25.2 57.9 54.9 73.5 35.2 28.3 29.0 30.6 25.5 807.2 12.3 11.1 4.2
Inventory 0.6 0.4 0.2 0.0 0.0 0.0 0.0 0.6 0.6 0.3 0.5 2.0 0.5 1.5 2,367.5 0 0 0.8
Other Current Assets 117.7 3.1 148.5 2.2 73.8 0.6 0.8 1.4 1.6 0.7 3.8 1.3 1.1 31.4 0 21.7 0.9 5.3
Total Current Assets 1,046.5 1,065.3 857.3 671.9 591.4 501.2 279.0 440.6 540.6 263.2 282.0 213.9 133.3 141.9 138.5 101.9 43.0 24.2
Non-Current Assets
Property, Plant & Equipment 21.7 26.5 25.9 25.4 19.3 22.2 36.0 13.5 13.7 15.3 10.3 8.9 8.5 9.2 7.1 3.8 3.7 3.5
Goodwill 515.4 551.9 559.9 561.5 601.2 619.9 607.2 936.7 994.7 996.8 13.3 13.3 13.5 13.5 2.6 (2,794.0) 0 0
Intangible Assets 36.9 45.9 53.5 67.5 84.5 101.0 114.7 132.2 152.8 173.9 21.5 22.7 25.7 21.5 5.8 2,796.8 2.0 2.0
Long-Term Investments 32.0 5.0 12.0 9.0 7.6 35.8 9.3 11.0 22.7 44.2 44.2 8.5 80.8 7.2 5.3 0.6 1.3 7.8
Other Non-Current Assets 31.9 27.3 22.2 24.6 18.8 0.1 0.1 6.8 11.4 11.4 14.9 13.1 0.5 1.4 2.1 0.9 1.3 7.9
Total Non-Current Assets 708.4 763.0 802.8 687.9 731.4 807.8 804.2 1,129.6 1,224.9 1,281.6 119.0 66.5 136.5 52.7 31.7 11.0 7.6 13.7
Total Assets 1,754.9 1,828.3 1,660.1 1,359.8 1,322.7 1,309.0 1,083.2 1,570.3 1,765.5 1,544.8 401.0 280.4 269.8 194.6 170.2 112.9 50.6 37.9
Current Liabilities
Account Payables 135.8 91.2 67.1 45.7 33.5 23.8 21.0 69.2 74.8 31.2 33.2 42.2 36.1 47.1 25.4 13.2 14.0 7.5
Short-Term Debt 6.7 218.1 1.1 216.9 0.4 0.3 0.3 0.2 0.2 0.2 9.2 0.1 0.1 1.0 0.0 3.9 44.8 47.6
Deferred Revenue 113.0 120.1 93.1 75.2 53.6 34.3 0 0 64.9 0.3 2.1 48.6 1.3 21.9 11.0 9.7 6.9 3.3
Other Current Liabilities 87.7 78.6 124.2 43.5 66.0 97.1 92.4 76.1 0 45.9 50.3 8.5 37.1 2.5 2.3 1.7 0.5 0.3
Total Current Liabilities 343.2 576.6 297.6 453.7 191.2 194.2 179.9 204.6 200.0 134.4 124.1 116.5 96.1 84.1 49.1 35.3 72.7 61.9
Non-Current Liabilities
Long-Term Debt 1,399.7 3.1 203.8 1.9 202.2 188 0.7 0.5 0.4 0.5 195.3 0.4 0.2 0.2 0.1 0.1 0.1 0.0
Deferred Tax Liabilities 47.1 2.5 4.8 0.8 2.6 3.9 1.8 0.6 0.1 0.2 0.2 0.2 2.7 1.2 0 0 (0.0) 0.6
Other Non-Current Liabilities 23.1 27.1 24.1 13.5 18.6 17.7 16.1 6.9 5.9 4.4 1.6 5.7 0 0 2.2 1.2 0.9 0.3
Total Non-Current Liabilities 1,470.1 43.7 246.1 30.1 235.1 223.6 41.0 8.3 6.6 4.9 199.3 6.1 11.5 8.5 2.3 1.3 2.9 3.2
Total Liabilities 1,813.3 620.3 543.7 483.8 426.3 417.8 220.9 212.9 206.5 139.3 323.4 122.6 107.5 92.6 51.4 36.7 75.6 65.1
Stockholders' Equity
Common Stock 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Retained Earnings (2,792.7) (929.9) (1,020.5) (1,228.0) (1,214.2) (1,203.3) (1,147.6) (682.1) (515.9) (298.6) (188.2) (100.2) (81.8) (61.0) (31.8) (38.0) (42.5) (36.3)
Accumulated Other Comprehensive Income 124.2 (49.3) (29.9) 40.1 0 0 20.2 61.9 113.7 96.0 (20.8) (13.9) (15.1) (11.4) (8.6) 2.7 (0.9) (2.5)
Total Stockholders' Equity (67.8) 1,202.6 1,110.9 869.6 894.1 887.5 858.2 1,357.2 1,558.6 1,404.8 77.6 157.3 161.6 101.3 118.7 76.3 (25.0) (27.2)
Total Liabilities & Equity 1,754.9 1,828.3 1,660.1 1,359.8 1,322.7 1,309.0 1,083.2 1,570.3 1,765.5 1,544.8 401.0 280.4 269.8 194.6 170.2 112.9 50.6 37.9
Debt Metrics
Total Debt 1,406.4 236.6 221.6 235.2 216.6 204.0 25.6 0.7 0.7 0.7 204.5 0.5 0.3 1.3 0.3 4.1 45.0 47.6
Net Debt 981.6 (272.3) (105.4) (48.9) 3.3 (91.1) (104.3) (177.3) (187.0) (101.0) 151.0 (49.4) (37.7) (35.2) (43.5) (63.9) 35.6 42.2
Metric 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Operating Activities
Net Income 51.8 95.3 216.7 (11.2) (45.6) (55.6) (447.5) (167.9) (220.2) (110.3) (88.5) (18.4) (20.9) (27.6) 7.0 4.8 (6.2) (7.3) (18.9)
Depreciation & Amortization 27.8 27.1 27.2 27.2 29.4 33.0 33.7 26.8 29.8 14.5 8.8 8.0 5.7 3.8 2.8 1.9 1.6 1.6 1.1
Stock-Based Compensation 23.0 36.0 37.0 35.6 36.6 0 41.6 40.0 44.9 26.8 13.7 12.3 11.1 11.7 6.9 0.5 6.8 0.4 0.3
Change in Working Capital (24.4) 6.4 (4.9) (47.9) (27.1) 52.8 (60.9) 16.0 21.2 (27.4) (20.3) 8.8 (4.2) 18.2 (2.9) (12.9) 2.8 5.5 (1.2)
Other Non-Cash Items 104.4 (0.1) (26.5) 29.4 13.8 37.8 320.4 6.8 (1.2) (12.2) 20.2 (0.0) 4.3 (1.1) 2,688.7 (3.5) 0.3 (3.3) 2.3
Operating Cash Flow 182.5 185.3 125.7 32.2 6.0 67.9 (112.7) (78.9) (125.5) (108.5) (66) 10.8 (4.0) 13.6 10.9 (6.3) 5.2 (3.1) (16.4)
Investing Activities
Capital Expenditure (14.5) (11.8) (12.8) (16.9) (12.9) (0.6) (12.8) (9.7) (12.1) (15.0) (11.1) (7.0) (5.6) (7.0) (9.0) (2.8) (1.1) (0.9) (5.3)
Acquisitions (12.5) (10.4) (6.5) (1.5) 0.3 0.4 (13.9) (11.3) (4.5) 101.7 (19.1) (0.7) (2.2) (10.3) (2.4) 0 0 11.2 1.4
Purchases of Investments (471.2) (379.3) (423.6) (251.8) (360.5) (155.5) (28.0) (137.2) (221.7) (10) (140.0) (6.2) (59.4) (4.3) (5.9) (2.5) 0 (19.3) (0.7)
Sales/Maturities of Investments 347.9 403.2 345.9 308.3 287.8 39.1 124.1 205.4 115.1 83.6 63.4 17.2 0.2 10.3 13.9 0 3.7 7.8 0.8
Other Investing Activities 13.3 17.4 14.5 (1.0) 7.7 (0.1) 4.4 22.8 8.1 2.6 3.1 2.1 2.5 (6.7) (42.8) 2.3 0.9 (10.6) (0.6)
Investing Cash Flow (127.1) 26.4 (75.6) 46.6 (77.6) (124.8) 73.8 70.0 (115.1) 163.0 (103.6) 5.4 (64.5) (17.9) (46.2) (3.0) 3.5 (11.8) (4.4)
Financing Activities
Net Debt Issuance 0 (5.2) (2) (1.0) (1.1) (0.3) (3.1) 0.1 (0.1) 0.1 180.1 0.2 (0.1) (0.0) (0.2) 0.0 0.0 (0.1) (0.1)
Stock Repurchased 0 (21.7) 0 0 0 0 0 0 0 (2.0) (11.1) (0.4) (0.0) (0.5) 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (107.4) 4.0 (4.2) (5.2) (8.0) (2.0) (7.9) (0.4) (2.0) (4.7) (4.4) (2.5) (3.9) (0.9) (1.7) (5.8) (0.2) 14.4 (0.3)
Financing Cash Flow (107.4) (22.9) (6.2) (6.2) (9.6) 222.0 (11.0) (0.3) 327.9 2.2 164.6 (2.7) 72.5 (1.4) 35.2 52.4 (0.2) 14.3 14.6
Cash Position
Net Change in Cash (84.1) 181.3 43.0 70.7 (81.8) 165.2 (48.1) (9.7) 85.9 55.4 (3.6) 11.8 2.4 (8.2) (4.1) 42.5 7.8 (0.0) (6.2)
Cash at Beginning 508.9 327.1 284.0 213.3 295.1 129.9 178.0 187.6 101.7 46.3 49.9 38.0 35.6 43.8 47.9 5.3 (2.4) (2.4) 3.8
Cash at End 424.8 508.4 327.1 284.0 213.3 295.1 129.9 178.0 187.6 101.7 46.3 49.9 38.0 35.6 43.8 47.9 5.3 (2.4) (2.4)
Free Cash Flow 168.0 173.5 112.9 15.3 (6.9) 67.3 (125.5) (88.6) (137.6) (123.4) (77.1) 3.9 (9.5) 6.6 1.9 (9.2) 4.1 (4.1) (21.7)
Key Metrics 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Income Statement
Revenue 1,044.0 978.3 782.5 593.0 303.9 163.4 511.5 486.0 675.3 447.6 336.1 299.7 255.4 228.8 196.6 124.7 83.6 68.6 38.3
Gross Profit 583.5 704.0 567.4 415.5 245.2 141.1 357.2 312.6 499.4 273.7 169.0 138.9 106.4 88.2 88.2 61.1 40.3 25.0 16.5
Operating Income 153.9 119.9 65.2 23.6 (30.4) (67.7) (429.4) (152.9) (219.4) (135.4) (66.8) (14.5) (15.3) (18.1) 4.0 4.1 (6.0) (10.6) (16.3)
Net Income 51.8 95.1 216.8 (11.3) (45.4) (55.6) (447.8) (167.8) (218.4) (110.2) (88.5) (18.3) (20.9) (27.6) 7.0 4.8 (6.2) (7.3) (18.9)
EPS (Diluted) 0.47 0.83 1.83 -0.10 -0.42 -0.52 -4.25 -1.61 -2.18 -2.09 -2.12 -0.44 -0.55 -0.74 0.19 0.15 -0.20 -0.38 -0.59
Balance Sheet
Cash & Equivalents 424.8 508.9 327.1 284.0 213.3 295.1 129.9 178.0 187.6 101.7 53.4 49.9 38.0 36.5 43.8 68.0 9.3 5.5
Total Assets 1,754.9 1,828.3 1,660.1 1,359.8 1,322.7 1,309.0 1,083.2 1,570.3 1,765.5 1,544.8 401.0 280.4 269.8 194.6 170.2 112.9 50.6 37.9
Total Debt 1,406.4 236.6 221.6 235.2 216.6 204.0 25.6 0.7 0.7 0.7 204.5 0.5 0.3 1.3 0.3 4.1 45.0 47.6
Stockholders' Equity (67.8) 1,202.6 1,110.9 869.6 894.1 887.5 858.2 1,357.2 1,558.6 1,404.8 77.6 157.3 161.6 101.3 118.7 76.3 (25.0) (27.2)
Cash Flow
Operating Cash Flow 182.5 185.3 125.7 32.2 6.0 67.9 (112.7) (78.9) (125.5) (108.5) (66) 10.8 (4.0) 13.6 10.9 (6.3) 5.2 (3.1) (16.4)
Capital Expenditure (14.5) (11.8) (12.8) (16.9) (12.9) (0.6) (12.8) (9.7) (12.1) (15.0) (11.1) (7.0) (5.6) (7.0) (9.0) (2.8) (1.1) (0.9) (5.3)
Free Cash Flow 168.0 173.5 112.9 15.3 (6.9) 67.3 (125.5) (88.6) (137.6) (123.4) (77.1) 3.9 (9.5) 6.6 1.9 (9.2) 4.1 (4.1) (21.7)