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MakeMyTrip: Rising Competition, Demanding Valuation
2026-04-25 · via All Articles on Seeking Alpha

Summary

  • MakeMyTrip has corrected over 50%, but remains a cautious Hold or Sell due to a demanding valuation amid intensifying competition.
  • Recent revenue growth has normalized to 8% YoY, with net profit down over 50% due to non-cash finance costs from convertible debt.
  • Domestic travel offers a long growth runway, but international OTAs and vendor disintermediation threaten MMYT’s market share and margin expansion.
  • At a 2% FCF yield versus a 10% cost of equity, MMYT’s valuation demands aggressive growth and margin improvement that appears challenging.
Get some summer in your life

gradyreese/iStock via Getty Images

MakeMyTrip’s (MMYT) share price has dropped by over 50% over the past year due to a number of negative factors, including a short seller report alleging anti-competitive practices as well as macro headwinds

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Not investment advice.

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