MakeMyTrip Limited (MMYT) Stock Price & How to Invest

MakeMyTrip is India's leading online travel agency, operating a multi-brand marketplace: the flagship MakeMyTrip brand (premium leisure and business travel), Goibibo (value-focused leisure and hotels, acquired in 2017), and redBus (intercity bus ticketing, which holds roughly 70% of that online segment). The company earns money from margins and fees on the travel it books rather than by owning planes or hotels. Air tickets are still the largest slice of gross bookings, at around 62%, but management is deliberately shifting the mix toward higher-margin hotels, holiday packages, and newer categories like experiences. Across flights and hotels the group commands well over half of India's online travel market, giving it scale and negotiating leverage that second-tier rivals lack.

For fiscal 2026 (year ended March 31, 2026), gross bookings reached an all-time high of ~$10.4 billion, up about 10% in constant currency, and revenue rose to ~$1,044 million with adjusted operating profit (adjusted EBIT) climbing to ~$188.8 million. The most significant corporate event of the year was a ~$3.1 billion capital raise used largely to buy back shares from Chinese shareholder Trip.com, cutting its ownership from roughly 46% to about 17% and its voting power to under 20%, which reduced geopolitical overhang and moved MMYT closer to a widely held public-market structure. That buyback carried costs that weighed on reported net profit for the year even as operating results grew. The company is listed on the Nasdaq and headquartered in Gurugram, India, led by co-founder and executive chairman Deep Kalra and group CEO Rajesh Magow.

The most-cited concern is valuation: MMYT trades at a very high P/E (roughly 90-105x depending on the source and date), so the price already embeds years of strong growth and leaves little cushion for disappointment. Travel is highly sensitive to shocks, and geopolitical events hit demand directly, as when India-Pakistan airspace tensions in May 2026 knocked about 10% off the stock in a session. AI-driven booking tools and direct supplier channels raise the risk of disintermediation, where travelers bypass online travel agencies. Trip.com still holds a residual stake and is entering India directly, which could pressure competition and create an overhang if it sells more. The company was also the subject of a short-seller report (Morpheus Research) alleging regulatory and accounting issues, which management disputes but which adds headline risk, and results reported in US dollars are exposed to Indian rupee swings.

10 analysts publish price targets on MMYT, averaging $71.90 against a $56.95 price as of August 2026, or +26.3%. The published targets run from $58.00 to $84.00, a moderate spread, and the ratings split 10 buy, 0 hold, 0 sell. Over the last six months there have been 0 raises and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full MMYT forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on MakeMyTrip Limited. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Riding India's travel growth. India's expanding middle class and rising discretionary spend are pushing more travel online, and MakeMyTrip is the default gateway with over half of the online flight and hotel markets. The most optimistic published target, $84.00, assumes this works close to its best case.

The case against. The most-cited concern is valuation: MMYT trades at a very high P/E (roughly 90-105x depending on the source and date), so the price already embeds years of strong growth and leaves little cushion for disappointment. The most pessimistic target, $58.00, is roughly what MMYT is worth if this bites instead.

Read the full bull and bear case on MMYT, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see MakeMyTrip Limited's investor relations page or your broker.

• Gross bookings (FY2026): ~$10.4 billion, an all-time high (+~10% constant currency)
• Revenue (FY2026): ~$1.04 billion (+~10.7% constant currency)
• Adjusted operating profit (FY2026): ~$188.8 million (up from ~$167.3 million)
• Cash and equivalents: ~$782 million
• P/E ratio: ~90-105x (varies by source)
• Market cap: ~$5 billion (stock ~$53 per share)

Figures are approximate and tied to the asOf date; verify live numbers before acting. MMYT trades at a steep earnings multiple that reflects its dominant share of a fast-growing Indian travel market rather than typical value-stock metrics. Reported net profit fell in FY2026 partly because of costs tied to the Trip.com stake buyback, so operating profit and gross bookings are the cleaner gauges of the underlying business, while the multiple mainly shows how much optimism is priced in.

Other names that sit close to MMYT: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get MMYT exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so MMYT sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where MMYT fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

MakeMyTrip is India's largest online travel company, with FY2026 gross bookings at a record ~$10.4 billion and revenue of ~$1.04 billion, but it trades at a rich P/E near 90-105x that leaves little room for disappointment. The core driver is India's structural shift toward online, aspirational travel funneling through its three brands, while the reported profit dipped in FY2026 partly due to the cost of buying back Trip.com's large stake. If you believe Indian travel demand keeps compounding and margins mix-shift toward higher-value hotels and packages, the question becomes valuation and position sizing; the risks are the stretched multiple, geopolitical travel shocks, and AI-driven booking disintermediation.

Whether MMYT is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is MMYT a buy or a sell?, and where the stock could go from here in the MMYT stock forecast.

For income investors, whether MMYT pays a dividend and how the payout looks is covered in does MMYT pay a dividend? And to weigh MMYT against a peer, read the full side-by-side comparisons: MMYT vs BKNG and MMYT vs EXPE.