Company Background

MakeMyTrip Limited, incorporated in 2000 and based in Gurugram, India, is a leading online travel service provider. The company offers a comprehensive range of services including airline tickets, domestic and international holiday packages, hotel reservations, and rail and bus tickets. MakeMyTrip has expanded its reach with international offices located in New York, Singapore, Kuala Lumpur, Phuket, Bangkok, Dubai, and Istanbul.

MakeMyTrip Limited, along with its subsidiaries, operates as a significant travel service provider across India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, Cambodia, and Indonesia. It stands as one of the largest online travel agencies in India, serving a total of 75 million lifetime users across its three core brands.

Business Segments

The company's operations are structured into three primary segments: Air Ticketing, Hotels & Packages, and Bus Ticketing. Its extensive product and service offerings encompass air ticketing, curated hotel and package deals, bus tickets, rail tickets, and car hire services. Additionally, MakeMyTrip facilitates access to third-party travel insurance products, foreign currency exchange services, and visa-related products and services under its prominent brands: MakeMyTrip, Goibibo, and redBus.

Financial Performance and Market Position

Key Financial Metrics

- Market Capitalization: $9.201B (as of September 2025)

- Stock Price: $96.7 (as of September 24, 2025)

- 52-Week Range: $81.84 - $123.00

- P/E Ratio (TTM): 112.44

Recent Financial Performance

FY 2025 Results:

MakeMyTrip achieved a record gross booking value of $8 billion in FY24. Its adjusted operating profit saw a significant surge to $124 million, up from $70 million in the previous year. For the fiscal year 2025, MakeMyTrip reported an annual revenue of $0.978 billion, representing a 25.02% increase compared to 2024.

Q1 FY 2026 Performance:

- Revenue Growth: For the quarter ending June 30, 2025, MakeMyTrip's revenue was $0.269 billion, a 5.63% increase year-over-year.

- Annual Revenue Growth: Over the twelve months ending June 30, 2025, MakeMyTrip's revenue reached $0.993 billion, an 18.13% increase year-over-year.

- Gross Profit Margins: The company consistently maintains impressive gross profit margins of 57%.

Strategic Developments and Market Position

MakeMyTrip's strategic evolution includes a significant investment from Ctrip/Trip.com Group, which completed a share exchange in September 2019, becoming the single largest shareholder. In 2016, the company expanded its portfolio by acquiring the Ibibo group, which operated popular platforms such as Goibibo and Redbus.in.

To enhance customer loyalty, the company relaunched its flagship MMT Black loyalty program in late July. This revamped program features simplified tiers and introduces new benefits, including guaranteed upgrades, meal credits, instant myCash rewards, and unlimited discounts on flight add-ons.

Technology and Innovation

MakeMyTrip is recognized as an early adopter of Agentic AI, notably launching the beta version of its chatbot, Myra, designed to enhance consumer experience. The company continues to prioritize investments in technology-driven solutions aimed at improving customer engagement and operational efficiency across its platforms.

Market Outlook and Growth Drivers

The projected growth for MakeMyTrip aligns with broader industry trends, driven by increasing disposable incomes and a growing preference for experiential travel. The Online Travel Market is anticipated to expand significantly, from $12 billion in 2022 to an estimated $60 billion by 2030, positioning MakeMyTrip favorably for sustained long-term growth.

Recent Challenges

While domestic air passenger numbers indicate a gradual easing of short-term headwinds, MakeMyTrip's business growth in May and June 2025 (for the quarter ended June 30, 2025) was impacted. This was primarily due to travel and infrastructure disruptions in Jammu and Kashmir following a terrorist attack on April 22, 2025, near Pahalgam.

Investment Considerations

MakeMyTrip possesses a strong financial foundation, holding more cash than debt on its balance sheet, which provides robust flexibility for future investments and operations. The company benefited from strong domestic travel demand in India, coupled with a relatively fixed cost structure and an improved competitive landscape that has facilitated accelerated profitability.

MakeMyTrip is targeting full-year revenue growth in the high teens to 20% range. The company plans to maintain its adjusted operating margin between 1.8% and 2%. Its diversified business model, strong market position, and ongoing investments in technology and customer experience are key factors positioning it for continued success in India's expanding online travel market.