Is MMYT a Buy? What to Consider in 2026
Short answer
The bull case for MakeMyTrip (MMYT) rests on 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 you believe that thesis holds, the real questions become position sizing and overlap, not timing. The main risk to that view: 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. Whether MMYT is a buy comes down to whether you believe the thesis. This is informational, not a recommendation, and Walnut is not an investment adviser.
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.
What's the case for buying MMYT?
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 are the risks to 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.
How is MMYT valued? (as of July 2026)
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.
- 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.
How do you decide if MMYT is a buy?
Rather than asking whether MMYT is a buy in the abstract, it tends to help to answer four questions:
- Thesis: do you believe the case above, and is it still true today?
- Time horizon: a single stock can be volatile, so a longer horizon absorbs more of the swings.
- Position sizing: a thesis can be right and the sizing still wrong; decide how much of your portfolio one name should be.
- Overlap: check whether you already hold MMYT indirectly through an index or sector ETF before adding more.
For the full picture, see the MMYT stock guide (what the company does, the ETFs that hold it, similar stocks, and the themes it fits). In Walnut you can ask its AI about MMYT against your real portfolio and see your actual exposure before deciding.
The bottom line on MMYT
The bottom line: MakeMyTrip's story right now is Riding India's travel growth, with revenue (fy2026) at ~$1.04 billion (+~10.7% constant currency). If you believe that narrative continues, the call is about sizing MMYT sensibly and checking overlap with what you own; if you doubt it (the risk: 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.), it is not for you. Decide from the thesis, not the ticker. Walnut is not an investment adviser.
Build a basket around MMYT with Walnut
Use MakeMyTrip as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
Is MMYT a good stock to buy right now?
+
The case for MakeMyTrip right now is Riding India's travel growth, with revenue (fy2026) at ~$1.04 billion (+~10.7% constant currency). If you believe that thesis holds, MMYT is a way to own it and the real questions are sizing and overlap, not timing; the main risk to that view 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. So it comes down to whether you believe the thesis. Walnut is not an investment adviser and this is not a recommendation.
What does MakeMyTrip do?
+
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
What are the main risks of 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.
Is MMYT a good stock to buy right now?
+
That depends on your goals, time horizon, and risk tolerance, and this is not investment advice. The bull case is dominance of a fast-growing Indian travel market, record gross bookings, and a mix shift toward higher-margin hotels and packages. The bear case is a very high valuation multiple, sensitivity to geopolitical travel shocks, and AI disintermediation risk. Weigh both against your own portfolio and any India or emerging-market exposure you already hold.
What does MakeMyTrip do?
+
MakeMyTrip is India's largest online travel company, booking flights, hotels, holiday packages, bus tickets, and experiences through three brands: MakeMyTrip, Goibibo, and redBus. It acts as a marketplace, earning margins and fees on travel it sells rather than owning planes or hotels. The group holds more than half of India's online flight and hotel booking markets.
Why is MMYT's P/E ratio so high?
+
MMYT trades at a rich earnings multiple, roughly 90-105x depending on the source and date, because investors are pricing in years of continued growth from India's expanding travel market. Reported net profit also dipped in fiscal 2026 partly due to costs tied to the Trip.com stake buyback, which mathematically inflates the P/E. The high multiple means the stock already embeds a lot of optimism and leaves little room for disappointment.
Does MMYT pay a dividend?
+
MakeMyTrip does not pay a regular dividend. Like most growth-focused companies, it reinvests cash into marketing, technology, expansion, and, in fiscal 2026, a large buyback of Trip.com's stake rather than returning income to shareholders. Any return from MMYT would come from share-price appreciation rather than dividend income, which matters if you are building a portfolio for current yield.
Walnut is informational and is not an investment adviser. This page is educational and not a recommendation to buy or sell MMYT; figures are approximate and dated, and your own situation, time horizon, and risk tolerance should drive any decision. Verify current data before investing.