MakeMyTrip (MMYT)
Market Price (11/18/2025): $74.32 | Market Cap: $7.3 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines
MakeMyTrip (MMYT)
Market Price (11/18/2025): $74.32Market Cap: $7.3 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15% | Expensive valuation multiplesP/SPrice/Sales ratio is 7.2x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 47x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 43x, P/EPrice/Earnings or Price/(Net Income) is 95x | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% | |
| Low stock price volatilityVol 12M is 46% | ||
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Online Marketplaces, and Travel & Leisure Tech. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Online Marketplaces, and Travel & Leisure Tech. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 7.2x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 47x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 43x, P/EPrice/Earnings or Price/(Net Income) is 95x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% |
Market Valuation & Key Metrics
MMYT Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are five key points highlighting why MakeMyTrip's (MMYT) stock moved by -20.9% during the approximate time period from July 31, 2025, to November 18, 2025:
1. MakeMyTrip reported a net loss of USD 5.7 million for its second quarter of fiscal year 2026 (the September quarter), a significant downturn compared to a net profit of USD 17.9 million in the same period a year prior. This financial reversal likely weighed heavily on investor sentiment.
2. The company's stock repeatedly hit new 52-week lows during this period, trading as low as $76.36 on November 11, 2025, and $81.79 on October 28, 2025. This indicates a strong negative trend and declining market confidence in the stock's performance.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MMYT Return | 29% | -6% | -1% | 70% | 139% | -34% | 223% |
| Peers Return | -3% | 7% | -18% | 61% | 16% | -16% | 34% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| MMYT Win Rate | 75% | 50% | 42% | 67% | 75% | 30% | |
| Peers Win Rate | 48% | 50% | 43% | 62% | 55% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| MMYT Max Drawdown | -52% | -20% | -26% | -18% | -5% | -32% | |
| Peers Max Drawdown | -54% | -20% | -34% | -6% | -25% | -32% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: H, WH, UOKA, BKNG, RCL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/17/2025 (YTD)
How Low Can It Go
| Event | MMYT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -46.7% | -25.4% |
| % Gain to Breakeven | 87.8% | 34.1% |
| Time to Breakeven | 539 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -63.6% | -33.9% |
| % Gain to Breakeven | 174.8% | 51.3% |
| Time to Breakeven | 300 days | 148 days |
| 2018 Correction | ||
| % Loss | -50.1% | -19.8% |
| % Gain to Breakeven | 100.2% | 24.7% |
| Time to Breakeven | 1754 days | 120 days |
Compare to H, WH, UOKA, BKNG, RCL
In The Past
MakeMyTrip's stock fell -46.7% during the 2022 Inflation Shock from a high on 3/17/2021. A -46.7% loss requires a 87.8% gain to breakeven.
Preserve Wealth
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Asset Allocation
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Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select past ideas related to MMYT. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | LRN | Stride | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -5.8% | -5.8% | -5.8% |
| 10312025 | DECK | Deckers Outdoor | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 1.6% | 1.6% | -2.4% |
| 10312025 | ATGE | Adtalem Global Education | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -1.6% | -1.6% | -5.9% |
| 10242025 | GNTX | Gentex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -3.2% | -3.2% | -3.2% |
| 10172025 | LNW | Light & Wonder | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.4% | 12.4% | -6.2% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | LRN | Stride | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -5.8% | -5.8% | -5.8% |
| 10312025 | DECK | Deckers Outdoor | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 1.6% | 1.6% | -2.4% |
| 10312025 | ATGE | Adtalem Global Education | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -1.6% | -1.6% | -5.9% |
| 10242025 | GNTX | Gentex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -3.2% | -3.2% | -3.2% |
| 10172025 | LNW | Light & Wonder | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.4% | 12.4% | -6.2% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for MakeMyTrip
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 111.48 |
| Mkt Cap | 14.2 |
| Rev LTM | 6,914 |
| Op Inc LTM | 593 |
| FCF LTM | 294 |
| FCF 3Y Avg | 397 |
| CFO LTM | 349 |
| CFO 3Y Avg | 590 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.6% |
| Rev Chg 3Y Avg | 17.8% |
| Rev Chg Q | 8.7% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Mgn LTM | 26.4% |
| Op Mgn 3Y Avg | 23.1% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 24.3% |
| CFO/Rev 3Y Avg | 22.0% |
| FCF/Rev LTM | 16.6% |
| FCF/Rev 3Y Avg | 16.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 14.2 |
| P/S | 3.8 |
| P/EBIT | 18.5 |
| P/E | 16.5 |
| P/CFO | 18.0 |
| Total Yield | 4.0% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 4.0% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -13.7% |
| 3M Rtn | -16.4% |
| 6M Rtn | -6.3% |
| 12M Rtn | -13.4% |
| 3Y Rtn | 104.2% |
| 1M Excs Rtn | -13.8% |
| 3M Excs Rtn | -21.0% |
| 6M Excs Rtn | -18.2% |
| 12M Excs Rtn | -27.9% |
| 3Y Excs Rtn | 36.5% |
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10282025 | 6-K 9/30/2025 |
| 6302025 | 7222025 | 6-K 6/30/2025 |
| 3312025 | 6162025 | 20-F 3/31/2025 |
| 12312024 | 1232025 | 6-K 12/31/2024 |
| 9302024 | 10232024 | 6-K 9/30/2024 |
| 6302024 | 7232024 | 6-K 6/30/2024 |
| 3312024 | 7022024 | 20-F 3/31/2024 |
| 12312023 | 1232024 | 6-K 12/31/2023 |
| 9302023 | 10312023 | 6-K 9/30/2023 |
| 6302023 | 8012023 | 6-K 6/30/2023 |
| 3312023 | 7252023 | 20-F 3/31/2023 |
| 12312022 | 1312023 | 6-K 12/31/2022 |
| 9302022 | 11012022 | 6-K 9/30/2022 |
| 6302022 | 7272022 | 6-K 6/30/2022 |
| 3312022 | 7122022 | 20-F 3/31/2022 |
| 12312021 | 1252022 | 6-K 12/31/2021 |
External Quote Links
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| CNBC | Etrade |
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| YCharts | Perplexity Finance |
| FinViz |