MakeMyTrip Ltd (NASDAQ: MMYT)

Sector: Consumer Cyclical Industry: Travel Services CIK: 0001495153
Market Cap 6.57 Bn
P/B -565.57
P/E 115.80
P/S 6.32
ROIC (Qtr) 5.77
Div Yield % 0.00
Rev 1y % (Qtr) 10.59
Total Debt (Qtr) 1.41 Bn
Debt/Equity (Qtr) -121.44
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About

MakeMyTrip Ltd, known by its ticker symbol MMYT, is a prominent player in India's travel service industry, operating under the brands MakeMyTrip, Goibibo, and redBus. Established in 2000, the company's headquarters are located in Gurugram, India. Its primary business activities encompass air ticketing, hotels and packages, bus ticketing, rail tickets, car hire, activities and experiences, and ancillary travel requirements. MakeMyTrip's main business activities revolve around providing a comprehensive range of travel services. These include air...

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Investment thesis

Bull case

  • Robust free cash flow of 225.45M exceeds capital expenditure of 4.04M by 55.86x, indicating strong organic growth funding capability.
  • Short-term investments of 380.22M provide solid 1.85x coverage of other current liabilities 205.60M, indicating strong liquidity.
  • Operating cash flow of 229.49M provides strong 334.05x coverage of inventory 687000, indicating efficient inventory management.
  • Operating cash flow of 229.49M fully covers other non-current liabilities 72.63M by 3.16x, showing strong long-term stability.
  • Retained earnings of (2.82B) represent substantial 242.51x of equity (11.62M), indicating strong internal capital generation.

Bear case

  • Operating cash flow of 229.49M barely covers its investment activities of (86.10M), with a coverage ratio of -2.67, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • High receivables of 170.11M relative to inventory of 687000 (247.62 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • Long-term investments of 20.05M represent a high 0.88x of fixed assets 22.73M, indicating potential overexposure to financial assets versus operational capabilities.
  • Operating cash flow of 229.49M shows concerning coverage of minority interest expenses of (183000), which is -1254.04x, suggesting complex corporate structure risks.
  • Operating cash flow of 229.49M barely covers operating expenses of 276.20M with a 0.83 ratio, suggesting thin operational efficiency margins and limited flexibility.

Geographical areas [axis] Breakdown of Revenue (2025)

Products and services [axis] Breakdown of Revenue (2025)

Peer comparison

Companies in the Travel Services
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 BKNG Booking Holdings Inc. 176.65 Bn 51.94 12.17 17.53 Bn
2 RCL Royal Caribbean Cruises Ltd 87.73 Bn 20.55 4.89 22.04 Bn
3 ABNB Airbnb, Inc. 76.08 Bn 30.30 6.22 2.00 Bn
4 CCL Carnival Corp 42.95 Bn 15.56 1.61 27.99 Bn
5 TCOM Trip.com Group Ltd 36.86 Bn 8.42 4.39 4.49 Bn
6 VIK Viking Holdings Ltd 34.07 Bn 35.81 5.56 5.65 Bn
7 EXPE Expedia Group, Inc. 25.13 Bn 19.42 1.71 6.42 Bn
8 NCLH Norwegian Cruise Line Holdings Ltd. 10.73 Bn 16.17 1.11 14.52 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 4.00 1.63
EV to Cash from Ops. EV/CFO 32.41 25.22
EV to Debt EV to Debt 5.27 0.32
EV to EBIT EV/EBIT 42.47 8.12
EV to EBITDA EV/EBITDA 50.59 8.69
EV to Free Cash Flow [EV/FCF] EV/FCF 32.99 16.59
EV to Market Cap EV to Market Cap 1.13 0.91
EV to Revenue EV/Rev 7.16 3.15
Price to Book Value [P/B] P/B -565.57 -22.19
Price to Earnings [P/E] P/E 115.80 47.79
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -2.21
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 29.35
Dividend per Basic Share Div per Share (Qtr) 0.00 2.51
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 7.02
Interest Coverage Int. cover (Qtr) 1.83 2.13
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 26.82 -26.27
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 10.89 879.96
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 17.96
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -47.36 221.93
EBITDA Growth (1y) % EBITDA Growth (1y) % 0.00 -4.91
EBIT Growth (1y) % EBIT 1y % (Qtr) 31.59 195.76
EBT Growth (1y) % EBT 1y % (Qtr) -40.37 69.12
EPS Growth (1y) % EPS 1y % (Qtr) -77.10 153.49
FCF Growth (1y) % FCF 1y % (Qtr) 124.62 40.03
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 13.76 101.51
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.56 0.39
Cash Payout Ratio Cash Payout Ratio 0.00 0.03
Cash Ratio Cash Ratio (Qtr) 0.70 0.43
Current Ratio Curr Ratio (Qtr) 1.86 1.11
Debt to Equity Ratio Debt/Equity (Qtr) -121.44 -5.94
Interest Cover Ratio Int Coverage (Qtr) 1.83 2.13
Times Interest Earned Times Interest Earned (Qtr) 1.83 2.13
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % 0.00 -25.59
EBIT Margin % EBIT Margin % (Qtr) 16.85 -3.90
EBT Margin % EBT Margin % (Qtr) 7.62 -33.52
Gross Margin % Gross Margin % (Qtr) 73.40 52.98
Net Profit Margin % Net Margin % (Qtr) 5.50 -35.95