Is MMYT a Buy or a Sell? The Bull and Bear Case (2026)

That depends on which case you find more convincing, and both are on this page. The bull case rests on Riding India's travel growth, with revenue (ttm) at ~$1.06 billion; Q1 FY2027 IFRS revenue ~$285.6 million (+16.1% cc). The bear case rests on the most-cited concern is valuation and earnings quality: MMYT trades near 234 times trailing reported earnings (about 19 times forward estimates) because buyback financing costs have shrunk net income to about $34 million over the trailing twelve months, so the case depends on that profit recovering as analysts expect. Analysts covering it are spread from $60.00 to $85.00, which is itself a signal that this is genuinely contested. If you believe the thesis, the real questions become sizing and overlap rather than timing. Walnut is not an investment adviser and this is not a recommendation.

Nobody can answer that for you, and the honest version of the question is narrower: has anything changed in the reason you bought it? The bear case on this page is the place to check. The most-cited concern is valuation and earnings quality: MMYT trades near 234 times trailing reported earnings (about 19 times forward estimates) because buyback financing costs have shrunk net income to about $34 million over the trailing twelve months, so the case depends on that profit recovering as analysts expect. If that risk is what you were worried about and it is now playing out, that is a real signal. If the price simply fell while the thesis held, that is a different situation entirely. The most pessimistic published target is $60.00, +28.8% from the $46.59 price, which is one analyst's downside case rather than a floor. Walnut is not an investment adviser.

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 analyst target on MMYT is $85.00, +82.4% from the $46.59 price. That figure is only reachable if this thesis works close to its best case.

The most-cited concern is valuation and earnings quality: MMYT trades near 234 times trailing reported earnings (about 19 times forward estimates) because buyback financing costs have shrunk net income to about $34 million over the trailing twelve months, so the case depends on that profit recovering as analysts expect. 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, and later as the West Asia conflict and higher oil prices hurt international travel; the stock touched a 52-week low near $32.67 and is down about 17% over the last three months. 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. The planned MMT India IPO adds execution and structural questions, such as how a separately listed Indian subsidiary would be valued relative to the US-listed parent. The most pessimistic published target is $60.00, +28.8% from the current price, which is roughly what the stock is worth if these risks bite rather than the drivers.

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

Decide that in advance, because it is far harder to think clearly once a position is moving against you. The concrete tripwires here: the driver behind the bull case (Riding India's travel growth) stalling in the reported numbers rather than in the narrative, the risk above (the most-cited concern is valuation and earnings quality: MMYT trades near 234 times trailing reported earnings (about 19 times forward estimates) because buyback financing costs have shrunk net income to about $34 million over the trailing twelve months, so the case depends on that profit recovering as analysts expect) turning from a possibility into a reported fact, or the position growing large enough that a bad outcome would matter to your whole portfolio regardless of who is right.

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 thin reported earnings (a trailing P/E above 200x, though about 19x forward), 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. Walnut is not an investment adviser.

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 runs 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.

On trailing reported earnings MMYT trades near 234 times (October 2026), because net profit has been squeezed to about $34 million over twelve months by costs tied to the Trip.com stake buyback and its financing. On forward estimates the multiple is about 19 times, since analysts expect EPS to recover to roughly $2.08 in fiscal 2027. The gap between the two figures is the heart of the valuation debate; earlier in 2026, before the share price fell, sources quoted 90-105x.