Is MMYT a Buy or a Sell? The Bull and Bear Case (2026)
Last updated July 2026
Short answer
Both cases are real, which is why the question is contested. 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. The bear case rests on 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. Analysts covering it publish targets from $58.00 to $84.00 against a $56.00 price, so even the professionals disagree by 36% of their own average. We do not give a verdict. What follows is each case at full strength, so you can decide which set of assumptions you actually believe. 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.
The bull case: what would have to be true for $84.00
The most optimistic published target on MMYT is $84.00, +50.0% from the $56.00 price as of July 2026. Getting there needs the following to work close to its best case, not merely to avoid going wrong.
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.
The bear case: what would have to be true for $58.00
The most pessimistic published target is $58.00, +3.6% from the current price. That is not a floor and not a forecast; it is roughly what one analyst thinks MakeMyTrip is worth if the risks below bite instead of the drivers above.
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.
The bear case deserves the same attention as the bull case, and usually gets less. If you are holding MMYT already, the question is not whether these risks exist but whether any of them has moved from possible to actually happening in the reported numbers.
Where analysts land on MMYT
10 analysts cover MMYT, with an average target of $71.90 (+28.4% against $56.00) and a split of 10 buy, 0 hold, 0 sell. Bear in mind sell-side ratings skew positive across the whole market, so that split is not a balanced vote. The full target table, the recent rating actions by firm, and how the consensus has shifted are on the MMYT forecast and price target page.
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 bull 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.
What would change your mind on MMYT
Write the tripwires down before you need them. Deciding what would falsify your view is far harder once a position is moving against you.
- Bull case breaks if: Riding India's travel growth stalls in the reported numbers rather than in the narrative around them.
- Bear case breaks if: 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 fails to materialise over several reporting periods while the drivers keep compounding.
- Neither matters if: the position has grown large enough that being wrong would damage the whole portfolio. Sizing overrides the argument.
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.
Investing in MakeMyTrip with AI
Connect the broker you already use and ask Walnut's AI how MMYT fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
Is MMYT a good stock to buy right now?
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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 (fy2026) at ~$1.04 billion (+~10.7% constant currency). The bear case rests on 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. Analysts covering it are spread from $58.00 to $84.00, 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.
Should I sell MMYT?
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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: 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. 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 $58.00, +3.6% from the $56.00 price, which is one analyst's downside case rather than a floor. Walnut is not an investment adviser.
What is the bull case for MMYT?
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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 $84.00, +50.0% from the $56.00 price. That figure is only reachable if this thesis works close to its best case.
What is the bear case for 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. The most pessimistic published target is $58.00, +3.6% from the current price, which is roughly what the stock is worth if these risks bite rather than the drivers.
What does MakeMyTrip do?
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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 would have to change for MMYT to stop being worth holding?
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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: 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) 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.
Is MMYT a good stock to buy right now?
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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?
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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?
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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.
Walnut is informational, not investment advice, and gives no verdict on MMYT. Analyst targets referenced here come from a July 2026 pull of published third-party research and change constantly. Verify current figures with your broker before acting on them.