MakeMyTrip Limited $MMYT Deep Dive

Executive Summary:

MakeMyTrip Limited is a leading Indian online travel company founded in 2000. They offer a variety of travel services including flights, hotels, holiday packages, bus and rail tickets. The company is headquartered in Gurugram, Haryana, India and has a presence in over 100 cities. MakeMyTrip is a subsidiary of $TCOM, the leading Chinese Online travel agent.

MakeMyTrip Limited Analyst consensus placed EPS around $0.19, which would be a growth over the $0.14 reported for the same quarter last year.

Stock Overview: 

Ticker$MMYTPrice$86.19Market Cap$9.4B
52 Week High$86.3652 Week Low$25.74Shares outstanding69.39M

Company background:

MakeMyTrip Limited is a pioneer in online travel bookings in India. Deep Kalra, with a vision to empower travelers with convenient booking options, founded the company alongside Ajay Khanna and Dhruv Shringi.

The company offers a comprehensive suite of travel products and services. MakeMyTrip Limited also curates holiday packages for those seeking a hassle-free travel experience. Going beyond air travel, the company allows booking bus and train tickets, catering to travelers with diverse needs. Their recent expansion into the corporate travel segment and a suite for travel agents further strengthens their position in the Indian travel market.

Recent Earnings:

MakeMyTrip Limited’s analysts expected earnings per share (EPS) to be around $0.19, which would be a year-over-year increase compared to $0.14. MakeMyTrip Limited reported total revenue of $782.52 million, a significant jump from $593.04 million the year before. This translates to a year-over-year growth of 32%.

MakeMyTrip past statements and industry trends, we can expect them to focus on continued growth in the online travel market, potentially through further expansion of their product offerings or penetration into new markets.

The Market, Industry, and Competitors:

MakeMyTrip Limited surge is attributed to factors like rising disposable incomes, increasing internet penetration, and a growing appetite for travel among the Indian population. Fueled by these trends, the market is expected to continue on this positive trajectory, with reports suggesting it could reach a value of USD 88.8 billion by 2030. This translates to a Compound Annual Growth Rate (CAGR) of around 11% for the period 2023-2030.

The market’s future performance will depend on various factors, including economic conditions, government regulations, and the emergence of new technologies. MakeMyTrip Limited’s own growth strategy and its ability to adapt to these changing dynamics will also play a significant role in its success.

Unique differentiation:

Established online travel agencies (OTAs): Cleartrip and Yatra are major contenders, offering similar booking services for flights, hotels, and holiday packages. Cleartrip, especially, stands out for its broad range of travel products. Yatra boasts a strong presence in hotel bookings.

Goibibo: This online travel portal is actually a subsidiary of MakeMyTrip Limited itself, catering primarily to the domestic Indian travel market.

Emerging players: New-age travel companies like ixigo and OYO are making their mark by leveraging technology and focusing on specific niches. Ixigo is known for its user-friendly interface and travel planning tools, while OYO has disrupted the budget hotel space.

Market Leadership & Brand Recognition: MakeMyTrip Limited is a pioneer in the Indian online travel space, established in 2000. This gives them a head start in terms of brand recognition and customer loyalty.

Comprehensive Product Portfolio: They offer a wide range of travel products and services, including flights, hotels, homestays, holiday packages, bus tickets, and train tickets. This one-stop-shop approach caters to diverse travel needs.

Corporate Travel & Travel Agent Suite: Their recent expansion into corporate travel and the launch of a suite for travel agents showcase their focus on capturing a larger market share and potentially offering unique value propositions to these segments.

Goibibo Synergy: Having Goibibo, a subsidiary focused on the domestic Indian market, allows MakeMyTrip Limited to cater to a broader audience while potentially offering a more specialized experience on the Goibibo platform.

Management & Employees:

Deep Kalra: Founder & Chairman – Deep Kalra is the visionary leader who co-founded MakeMyTrip in 2000. He currently chairs the company.

Rajesh Magow: Co-Founder & Group CEO – Alongside Deep Kalra, Rajesh Magow co-founded MakeMyTrip and serves as the Group CEO, heading the overall operations.


MakeMyTrip Limited revenue has been steadily increasing, with a Compound Annual Growth Rate (CAGR) likely exceeding industry expectations. Reaching $782.52 million compared to $593.04 million the prior year. This translates to a potential year-over-year growth of over 30%.

Earnings growth has also been positive. EPS (earnings per share) to be around $0.19, reflecting growth compared to $0.14.

MakeMyTrip Limited seems to be in a healthy financial position. Cash and short-term investments have likely grown as evidenced by their most recent quarterly report, showcasing increased financial stability. This allows them to invest in future endeavors and potentially weather economic fluctuations.

Technical Analysis:

On the monthly and weekly chart, the stock is in a stage 2 markup, and near all-time-highs on the daily chart. This usually indicates more highs, but a pull back to the $73 – $79 zone is very likely which will be a good entry for the medium to long term. Given the growth of India and the GDP movement higher, travel is well poised (as is MMYT) to benefit.

Bull Case:

Market Boom: The Indian online travel market is expected to reach a value of USD 88.8 billion by 2030, fueled by rising disposable incomes, internet penetration, and a growing travel culture. MMYT is well-positioned to capitalize on this surge.

Financials & Growth: MMYT has shown consistent revenue growth, with a projected CAGR exceeding industry expectations. Positive earnings growth further strengthens their financial health.

Bear Case:

Economic Downturn: An economic slowdown in India could lead to decreased disposable income and reduced travel spending, negatively affecting MMYT’s revenue and profitability.

Regulation & Disruption: Government regulations in the travel sector or the emergence of disruptive technologies could alter the online travel landscape, forcing MMYT to adapt and potentially impacting their business model.

Reliance on Reliance: A significant portion of MMYT’s bookings come through its partnership with Reliance Jio. Overdependence on a single partner could be risky if the partnership weakens.

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