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MMYT

MakeMyTrip Limited

MMYT

MakeMyTrip Limited • NASDAQ
$71.39 ▲ 1.54% (+1.08)
Market Cap $6.79 B
52w High $123.00
52w Low $70.10
Dividend Yield 0%
P/E 104.99
Volume 449.87K
Outstanding Shares 95.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $229.341M ▼ $96.231M ▼ $-5.615M ▼ -2.448% ▼ $-0.057 ▼ $48.634M ▼
Q1-2026 $268.846M ▲ $153.598M ▲ $25.924M ▼ 9.643% ▼ $0.23 ▼ $54.316M ▲
Q4-2025 $245.462M ▼ $152.122M ▼ $29.198M ▲ 11.895% ▲ $0.26 ▲ $30.187M ▼
Q3-2025 $267.362M ▲ $155.297M ▲ $27.02M ▲ 10.106% ▲ $0.24 ▲ $48.072M ▲
Q2-2025 $210.993M $135.112M $17.853M 8.461% $0.16 $40.025M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $829.817M ▲ $1.857B ▼ $2.1B ▼ $-247.344M ▼
Q1-2026 $800.299M ▲ $4.879B ▲ $5.09B ▲ $-216.35M ▼
Q4-2025 $761.184M ▲ $1.828B ▲ $620.311M ▲ $1.203B ▲
Q3-2025 $703.842M ▼ $1.812B ▲ $620.268M ▲ $1.186B ▲
Q2-2025 $715.932M $1.779B $607.532M $1.166B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $-5.615M ▼ $47.787M ▲ $4.201M ▲ $-1.645M ▲ $35.111M ▲ $0
Q1-2026 $25.924M ▼ $41.843M ▼ $-60.691M ▼ $-2.251M ▲ $-22.302M ▼ $0 ▼
Q4-2025 $29.198M ▲ $87.845M ▲ $53.66M ▲ $-23.834M ▼ $117.669M ▲ $87.845M ▲
Q3-2025 $27.069M ▲ $-10.521M ▼ $1.562M ▼ $4.822M ▲ $-11.18M ▼ $-10.521M ▼
Q2-2025 $17.939M $35.639M $17.657M $547K $53.302M $35.639M

Revenue by Products

Product Q4-2019Q4-2020Q4-2021Q4-2022
Air Ticketing
Air Ticketing
 $40.00M ▲$40.00M ▲$20.00M ▼$30.00M ▲
Bus Ticketing
Bus Ticketing
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Hotels And Packages
Hotels And Packages
 $60.00M ▲$50.00M ▼$40.00M ▼$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement The business has moved from a period of losses to consistent profitability, helped by a strong rebound in travel demand. Revenue has grown steadily over the last several years, more than recovering from pandemic lows. Profitability has improved step by step: gross profit has expanded, operating profits have turned clearly positive, and cash-based earnings (like EBITDA) are now solidly in the black. One point to note is that profit peaked a year ago and then eased back a bit, even as revenue kept rising, which suggests there may have been some one‑off boosts or higher costs in the latest year. Overall, though, the income statement now reflects a mature, scalable online platform rather than a turnaround story.

Balance Sheet

Balance Sheet The balance sheet looks stronger than a few years ago. Total assets have gradually increased, and cash holdings have risen meaningfully, giving the company more financial flexibility and a decent liquidity cushion. Debt levels appear modest and fairly stable, especially relative to the growing equity base, which indicates a conservative use of borrowing. Shareholders’ equity has climbed over time, reflecting accumulated profits and a healthier capital position. In simple terms, the company appears better capitalized, less fragile, and more able to absorb shocks than it was earlier in the decade.

Cash Flow

Cash Flow Cash generation has become a real strength. Operating cash flow has been positive throughout the past five years and has grown as the business scaled, which means reported profits are backed by real cash coming in. Free cash flow has also generally been positive, with only a brief dip, and capital spending needs are relatively low and steady. This is consistent with an asset‑light digital platform: it does not require heavy ongoing investment to grow. The improving and stable cash flow profile gives the company room to invest in technology, marketing, and selective acquisitions without stretching its finances.

Competitive Edge

Competitive Edge MakeMyTrip holds a leading position in India’s online travel market, backed by early‑mover advantage, strong brand recognition, and deep relationships with airlines, hotels, and transportation providers. Its broad offering—covering flights, hotels, buses, trains, packages, cabs, and ancillary services—makes it a true one‑stop shop, which is hard for smaller rivals to match. Scale also gives it a data advantage, helping refine personalization and pricing. However, competition remains intense, customer acquisition costs can be high, and travel demand is cyclical and sensitive to economic conditions and external shocks. The moat is meaningful but must be actively defended through marketing, product quality, and technology.

Innovation and R&D

Innovation and R&D Innovation is a central part of the company’s strategy. MakeMyTrip is leaning heavily into artificial intelligence and machine learning: semantic search, curated AI‑driven hotel collections, and its GenAI assistant “Myra” all aim to simplify trip discovery and booking. The long‑running mobile‑first approach and the ambition to be a “travel super app” show a focus on keeping users inside one ecosystem for all travel needs. Strategic acquisitions in buses, forex, car rentals, and corporate travel extend this ecosystem. Future growth initiatives include deeper AI integration, expansion into experiences, cruises, and international markets, and further build‑out of the myBiz corporate platform. The key question is how quickly these innovations translate into higher‑margin revenue and better customer loyalty versus just higher tech spending.

Summary

MakeMyTrip today looks like a scaled, cash‑generative online travel platform rather than an early‑stage, loss‑making tech company. Revenue and margins have recovered strongly from pandemic disruptions, profitability is now established, and the balance sheet and cash flows are in much better shape. The business benefits from a strong brand, broad product coverage, and a technology‑driven approach that could deepen its moat if executed well. At the same time, it operates in a highly competitive and cyclical industry, where marketing intensity, pricing pressure, and macro shocks can quickly affect growth and margins. Key things to watch going forward are: the sustainability of recent profit levels, the company’s ability to grow higher‑margin segments like hotels and packages, progress on the super‑app and AI initiatives, and how effectively it deploys its growing cash resources while maintaining financial discipline.

NEWS

October 16, 2025 · 5:30 AM UTC

MakeMyTrip Limited to Report Fiscal 2026 Second Quarter Financial & Operating Results on October 28, 2025

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