# MakeMyTrip (MMYT.US)

Canonical: https://gigainvestors.com/s/MMYT

Analysis as of: 2026-10-16T07:30:18.246Z. Financial observations: FY2008–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $46.78 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 7

- Operating margin variation: 1.55×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.30×

- FY2018: -0.32×

- FY2019: -0.31×

- FY2020: -0.84×

- FY2021: -0.41×

- FY2022: -0.10×

- FY2023: 0.04×

- FY2024: 0.08×

- FY2025: 0.12×

- FY2026: 0.15×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 15.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: -60.5%

- ROIC, second-lowest year: -114.5%

- Typical minus recent gross margin: 15.1 pp

- Typical gross margin (annual median): 71.0%

- Recent gross margin (lower of latest and 3-year median): 55.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: -4.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -46.2%

- FY2018: -99.2%

- FY2019: -110.6%

- FY2020: -311.6%

- FY2021: -114.5%

- FY2022: -74.7%

- FY2023: 30.0%

- FY2024: 39.3%

- FY2025: 78.2%

- FY2026: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.23×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $377M

- Net income, five-year total: $307M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 4.9 pp

- Working capital / revenue, final three-year average: 4.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.64×

- FY2023: 0.09×

- FY2024: 1.07×

- FY2025: 1.16×

- FY2026: 1.26×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -99.2% vs 78.2%

- Per-share earnings: -2.12 to 0.83 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 8.9%

- Ordinary dilution, 5-year annual growth: -1.7%

- Market cap gain: $1.8B

- Cumulative retained earnings: -$2.5B

- Diluted shares, 10-year annual growth: 8.9%

- Diluted shares, 5-year annual growth: -1.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: $2.95

- Per-share value, starting three-year median: -$2.12

- Per-share value, ending three-year median: $0.83

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 28.6%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.1B

- Cumulative net income, 10 years: -$693M

- ROIC, first three-year median: -99.2%

- ROIC, last three-year median: 78.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$2.09

- FY2018: -$2.18

- FY2019: -$1.61

- FY2020: -$4.26

- FY2021: -$0.52

- FY2022: -$0.42

- FY2023: -$0.10

- FY2024: $1.83

- FY2025: $0.83

- FY2026: $0.53

### accounting: pass

- Sloan accruals: -7.4%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 12.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.52×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.1%

- FY2018: -5.3%

- FY2019: -5.7%

- FY2020: -30.9%

- FY2021: -9.4%

- FY2022: -3.9%

- FY2023: -3.2%

- FY2024: 5.5%

- FY2025: -4.9%

- FY2026: -7.4%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Howard Marks](https://gigainvestors.com/oc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 59% since Nov 2024 · "MakeMyTrip shares slide after revenue misses expectations despite earnings beat (MMYT)" (finance.yahoo.com, May 2026) · sales +6.7%

Story as of 2026-10-16T09:59:11.003Z; price observation 2026-10-15.

- 2026-01-22: MakeMyTrip (MMYT) Is Down 14.5% After Earnings Miss And Buyback Completion - What's Changed ([finance.yahoo.com](https://finance.yahoo.com/news/makemytrip-mmyt-down-14-5-100848844.html))

- 2026-05-19: MakeMyTrip shares slide after revenue misses expectations despite earnings beat (MMYT) ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/makemytrip-shares-slide-revenue-misses-133547451.html))

### Sales · FY2025–2026

sales +6.7%; source https://www.sec.gov/Archives/edgar/data/1495153/000119312526318134/mmyt-20260331.htm; observed 2026-07-27.

- FY2017: $448M 

- FY2018: $675M 

- FY2019: $486M 

- FY2020: $512M 

- FY2021: $163M 

- FY2022: $304M 

- FY2023: $593M 

- FY2024: $783M 

- FY2025: $978M 

- FY2026: $1.0B 

### Gross margin · FY2026

gross margin 55.9%; source https://www.sec.gov/Archives/edgar/data/1495153/000119312526318134/mmyt-20260331.htm; observed 2026-07-27.

- FY2017: 61.1% 

- FY2018: 74.0% 

- FY2019: 64.3% 

- FY2020: 69.8% 

- FY2021: 86.4% 

- FY2022: 80.7% 

- FY2023: 70.1% 

- FY2024: 72.5% 

- FY2025: 72.0% 

- FY2026: 55.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in travel services; annual sales are USD 1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1495153/000119312526318134/mmyt-20260331.htm (filed 2026-07-27); FY2026: revenue 1043991000; grossProfit 583460000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 55.9% to 72.5% during 2024–26; it lost 60.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-27); FY2024: grossProfit / revenue = 72.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-27); FY2025: grossProfit / revenue = 72%.

- Source: https://www.sec.gov/Archives/edgar/data/1495153/000119312526318134/mmyt-20260331.htm (filed 2026-07-27); FY2026: grossProfit / revenue = 55.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-27); 10-year return on capital observations [[2017,-0.46196190476190474],[2018,-0.9920842966693373],[2019,-1.106434065934066],[2020,-3.1159825110913117],[2021,-1.144713551701991],[2022,-0.7472088459741474],[2023,0.30002027255321545],[2024,0.39331270694240894],[2025,0.7815278761691853],[2026,1.7455600273028449]]; median -0.604585375368026. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 10 years; bought back USD 3.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-27); FY2024: growth capex 0; upkeep 12824000; owner earnings 231222000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-27); FY2025: growth capex 0; upkeep 11762000; owner earnings 110461000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1495153/000119312526318134/mmyt-20260331.htm (filed 2026-07-27); FY2026: growth capex 0; upkeep 14526000; owner earnings 65124000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-27); Dividend observations: [[2017,4136000],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1495153/000119312526318134/mmyt-20260331.htm (filed 2026-07-27); FY2026: cash repurchases 3130546000 USD.

### Are managers owners

Insiders own 20.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MMYT.US SharesStats.PercentInsiders = 20.755000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-27); Closing price 46.78 USD; reporting-to-trading FX 1; FY2026 annual sales per share 10.63142448059341; price multiple 4.400162940101974. FY2026 cash earnings/share 0.6631866442087769. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $28.40 per share

- 2016-11: $24.15 per share

- 2016-12: $22.20 per share

- 2017-01: $33.40 per share

- 2017-02: $32.60 per share

- 2017-03: $34.60 per share

- 2017-04: $38.40 per share

- 2017-05: $32.00 per share

- 2017-06: $33.55 per share

- 2017-07: $32.55 per share

- 2017-08: $34.10 per share

- 2017-09: $28.75 per share

- 2017-10: $27.30 per share

- 2017-11: $30.40 per share

- 2017-12: $29.85 per share

- 2018-01: $30.60 per share

- 2018-02: $31.25 per share

- 2018-03: $34.70 per share

- 2018-04: $36.90 per share

- 2018-05: $35.00 per share

- 2018-06: $36.15 per share

- 2018-07: $32.75 per share

- 2018-08: $31.65 per share

- 2018-09: $27.45 per share

- 2018-10: $24.79 per share

- 2018-11: $24.99 per share

- 2018-12: $24.33 per share

- 2019-01: $26.62 per share

- 2019-02: $28.23 per share

- 2019-03: $27.60 per share

- 2019-04: $25.21 per share

- 2019-05: $23.50 per share

- 2019-06: $24.80 per share

- 2019-07: $25.59 per share

- 2019-08: $22.97 per share

- 2019-09: $22.69 per share

- 2019-10: $23.02 per share

- 2019-11: $26.03 per share

- 2019-12: $22.90 per share

- 2020-01: $23.00 per share

- 2020-02: $23.01 per share

- 2020-03: $11.96 per share

- 2020-04: $14.76 per share

- 2020-05: $15.49 per share

- 2020-06: $15.32 per share

- 2020-07: $15.57 per share

- 2020-08: $16.88 per share

- 2020-09: $15.36 per share

- 2020-10: $18.77 per share

- 2020-11: $24.81 per share

- 2020-12: $29.53 per share

- 2021-01: $28.53 per share

- 2021-02: $33.55 per share

- 2021-03: $31.58 per share

- 2021-04: $27.42 per share

- 2021-05: $27.50 per share

- 2021-06: $30.05 per share

- 2021-07: $28.46 per share

- 2021-08: $25.82 per share

- 2021-09: $27.19 per share

- 2021-10: $31.67 per share

- 2021-11: $24.35 per share

- 2021-12: $27.71 per share

- 2022-01: $26.69 per share

- 2022-02: $28.08 per share

- 2022-03: $26.83 per share

- 2022-04: $25.47 per share

- 2022-05: $27.66 per share

- 2022-06: $25.68 per share

- 2022-07: $32.00 per share

- 2022-08: $33.35 per share

- 2022-09: $30.70 per share

- 2022-10: $27.83 per share

- 2022-11: $29.69 per share

- 2022-12: $27.57 per share

- 2023-01: $28.98 per share

- 2023-02: $25.92 per share

- 2023-03: $24.47 per share

- 2023-04: $23.44 per share

- 2023-05: $26.07 per share

- 2023-06: $26.98 per share

- 2023-07: $28.77 per share

- 2023-08: $39.66 per share

- 2023-09: $40.52 per share

- 2023-10: $38.73 per share

- 2023-11: $42.23 per share

- 2023-12: $46.98 per share

- 2024-01: $55.39 per share

- 2024-02: $61.69 per share

- 2024-03: $71.05 per share

- 2024-04: $66.21 per share

- 2024-05: $75.59 per share

- 2024-06: $84.10 per share

- 2024-07: $93.59 per share

- 2024-08: $96.17 per share

- 2024-09: $92.95 per share

- 2024-10: $101.49 per share

- 2024-11: $114.74 per share

- 2024-12: $112.28 per share

- 2025-01: $109.27 per share

- 2025-02: $96.26 per share

- 2025-03: $97.99 per share

- 2025-04: $104.82 per share

- 2025-05: $101.63 per share

- 2025-06: $98.02 per share

- 2025-07: $93.59 per share

- 2025-08: $98.75 per share

- 2025-09: $93.60 per share

- 2025-10: $80.00 per share

- 2025-11: $71.39 per share

- 2025-12: $82.12 per share

- 2026-01: $62.38 per share

- 2026-02: $56.47 per share

- 2026-03: $37.29 per share

- 2026-04: $47.21 per share

- 2026-05: $46.74 per share

- 2026-06: $53.29 per share

- 2026-07: $56.95 per share

- 2026-08: $58.26 per share

- 2026-09: $47.20 per share

- 2026-10: $46.78 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1495153/000119312526318134/mmyt-20260331.htm); period 2026-03-31, filed 2026-07-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.