MakeMyTrip (MMYT) Stock Forecast: What Could Drive It in 2026
Short answer
What is actually driving MakeMyTrip (MMYT) right now is 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. Revenue (FY2026) is ~$1.04 billion (+~10.7% constant currency). If that keeps playing out, the setup is favourable; the risk to it is 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. No one can predict where MMYT trades, and Walnut does not publish targets, so treat this as a scenario, not a price target or prediction.
What could drive MakeMyTrip (MMYT) higher?
1. 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. Gross bookings hit a record ~$10.4 billion in FY2026. As internet penetration and aspirational consumption deepen, the addressable pool of first-time online travelers keeps widening.
2. Mix shift toward higher-margin categories
Air tickets are the biggest volume driver at ~62% of bookings but carry thin take rates, so management is steering the business toward hotels, holiday packages, and experiences that earn richer margins. Growing the hotels and packages segments faster than air is the clearest lever for margin expansion. A newly launched experiences booking platform extends this push into higher-value inventory.
3. Multi-brand market dominance
The combination of MakeMyTrip, Goibibo, and redBus lets the group cover premium, value, and bus-travel customers under one roof, with redBus alone holding roughly 70% of online intercity bus ticketing. This breadth creates scale advantages in marketing, supplier terms, and cross-selling. Second-tier rivals such as Cleartrip, EaseMyTrip, and Ixigo compete but at a fraction of the group's share.
4. Cleaner ownership after the Trip.com buyback
The FY2026 buyback cut Trip.com's stake from ~46% to ~17% and its voting power to under 20%, reducing the geopolitical concentration risk tied to a large Chinese shareholder amid India-China tensions. A more widely held share base can support governance and, over time, a broader investor pool. It signals management confidence in future cash generation, though the buyback itself was expensive.
What could weigh on MMYT?
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.
Where MMYT trades today
A forecast starts from where the stock actually is. These are MMYT's current figures, not a projection: the drivers and risks above are what would move them.
Snapshot for MMYT as of July 2026, sourced from Yahoo Finance and may be delayed. Valuation figures move with price and earnings; verify the current numbers with your broker before deciding.
How to think about a MMYT forecast
Rather than chasing a price target, it tends to help to weigh the drivers above against the risks, decide how long you are willing to hold, and size the position so a wrong call is survivable. A “forecast” is really a probability-weighted view of those drivers playing out, not a number.
For the full picture, see the MMYT guide and whether MMYT is a buy. In Walnut you can pressure-test the thesis against your real portfolio.
The bottom line on the MMYT outlook
The bottom line: what is driving MakeMyTrip (MMYT) is Riding India's travel growth, with revenue (fy2026) at ~$1.04 billion (+~10.7% constant currency). If that keeps playing out the setup is favourable; the risk is 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. No one can predict the price, so treat any MMYT forecast as a scenario, not a target or prediction, and decide from your own thesis and time horizon. Walnut is not an investment adviser.
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FAQ
What is the forecast for MakeMyTrip (MMYT)?
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No one can reliably predict where MMYT will trade, and Walnut does not publish price targets. What is more useful is the setup: the drivers that could push MakeMyTrip higher and the risks that could weigh on it. This page lays out both so you can form your own view. Not a recommendation.
What could drive MMYT higher?
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The main growth drivers are Riding India's travel growth; Mix shift toward higher-margin categories; Multi-brand market dominance. Whether they play out is the real question, not a guaranteed path.
What are the risks to MMYT?
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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.
Will MMYT stock go up in 2026?
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Nobody knows, and anyone who says they do is guessing. MakeMyTrip's direction depends on whether the drivers above outweigh the risks, plus the broader market. Focus on the thesis and your time horizon rather than a single-year call.
Is MMYT a buy?
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That depends on your thesis, time horizon, and what you already own, not on a forecast. See the MMYT "is it a buy?" page for a framework. Walnut is not an investment adviser.
Walnut is informational, not investment advice. This page describes drivers and risks; it is not a price forecast, target, or recommendation. Markets are uncertain and past performance does not predict future results.