MMYT

MKT CAP:$4B

MakeMyTrip Limited

Market Cap

$4B

Consumer Cyclical·Travel Services·🇮🇳 India·NASDAQ

Consumer Cyc.·Travel Services·🇮🇳·NASDAQ

Stock Price

$46.02-$35.87 (-43.80%)

Apr 24, 2026

Company Details

MakeMyTrip Limited, an online travel company, sells travel products and solutions in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, and Indonesia. The company operates through thr...

CEO

Rajesh Magow

IPO Date

Aug 12, 2010

Website

www.makemytrip.com

Key Metrics TTM

Revenue

$1.1B

+22.1% YoY

Net Income

$89M

EPS (Diluted)

$0.77

Free Cash Flow

$165M

Revenue / Share

$10.85

Gross Margin

71.9%

Operating Margin

13.7%

Net Margin

8.3%

FCF Margin

15.3%

P/S

4.1x

P/E

49.0x

Earnings Reports

Q4 2026

May 13, 2026

PENDING

Q3 2026

Jan 21, 2026

$296M+10.6%EPS $0.07

Q1 2026

Jul 22, 2025

$269M+5.6%EPS $0.22

FY 2025

Jun 16, 2025

$978M+25.0%EPS $0.83

Q4 2025

May 14, 2025

$245M+21.0%EPS $0.25

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$21M	$20M	-$26M
Q4 21	$79M	$65M	$317.0K
Q1 22	$33M	$30M	-$20M
Q2 22	$67M	$59M	-$8M
Q3 22	$115M	$85M	-$6M
Q4 22	$89M	$71M	$3M
Q1 23	$143M	$99M	$4M
Q4 23	$149M	$106M	$8M
Q3 24	$214M	$152M	$23M
Q4 24	$203M	$150M	$17M
Q1 25	$255M	$169M	$28M
Q2 25	$211M	$161M	$26M
Q3 25	$267M	$190M	$35M
Q4 25	$245M	$183M	$31M
Q1 26	$269M	$194M	$40M
Q3 26	$296M	$208M	$41M

Valuation

Quarter	P/S	P/E
Q2 21	15.7x	—
Q4 21	20.7x	—
Q1 22	31.4x	—
Q2 22	21.8x	—
Q3 22	14.9x	—
Q4 22	14.4x	—
Q1 23	10.6x	—
Q4 23	8.8x	—
Q3 24	7.4x	277.7x
Q4 24	6.2x	22.8x
Q1 25	5.3x	19.6x
Q2 25	5.0x	18.6x
Q3 25	4.7x	18.4x
Q4 25	4.5x	46.0x
Q1 26	4.4x	43.8x
Q3 26	4.1x	49.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$25M	$25M
Q4 21	$864.0K	$222.0K
Q1 22	-$32M	-$32M
Q2 22	$34M	$34M
Q3 22	$5M	$5M
Q4 22	-$2M	-$5M
Q1 23	-$8M	-$8M
Q4 23	$44M	$37M
Q3 24	$72M	$72M
Q4 24	-$638.0K	-$7M
Q1 25	$72M	$72M
Q2 25	$36M	$36M
Q3 25	-$11M	-$11M
Q4 25	$88M	$88M
Q1 26	$42M	$42M
Q3 26	$46M	$46M

Capital Expenditures

Quarter	CapEx
Q2 21	$0
Q4 21	$642.0K
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$3M
Q1 23	$0
Q4 23	$7M
Q3 24	$0
Q4 24	$6M
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0
Q1 26	$0
Q3 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	-82.2%	-68.6%
Q4 21	-46.1%	-53.9%
Q1 22	-68.7%	-88.0%
Q2 22	+960.8%	+84.3%
Q3 22	+446.4%	+157.3%
Q4 22	+11.8%	+8.0%
Q1 23	+334.7%	+164.5%
Q4 23	+120.1%	+86.2%
Q3 24	+86.2%	+58.0%
Q4 24	+129.0%	+118.4%
Q1 25	+78.3%	+63.7%
Q2 25	+42.1%	+31.5%
Q3 25	+24.8%	+21.5%
Q4 25	+21.0%	+15.1%
Q1 26	+5.6%	+0.8%
Q3 26	+40.1%	+37.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$10M	45.7%
Q4 21	$7M	9.1%
Q1 22	$7M	22.7%
Q2 22	$10M	15.5%
Q3 22	$10M	8.6%
Q4 22	$9M	10.1%
Q1 23	$9M	6.2%
Q4 23	$8M	5.2%
Q3 24	$8M	3.7%
Q4 24	$13M	6.3%
Q1 25	$8M	3.3%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$11M	4.3%
Q1 26	$0	0.0%
Q3 26	$7M	2.4%

OpEx Breakdown

Quarter	G&A	S&M
Q2 21	$25M	$2M
Q4 21	$36M	$12M
Q1 22	$26M	$5M
Q2 22	$30M	$12M
Q3 22	$30M	$22M
Q4 22	$40M	$12M
Q1 23	$32M	$25M
Q4 23	$45M	$23M
Q3 24	$36M	$36M
Q4 24	$55M	$72M
Q1 25	$38M	$40M
Q2 25	$39M	$36M
Q3 25	$40M	$47M
Q4 25	$54M	$94M
Q1 26	$40M	$44M
Q3 26	$40M	$52M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$213M	$264M	$477M
Q1 23	$254M	$209M	$463M
Q2 23	$275M	$186M	$461M
Q3 23	$227M	$217M	$444M
Q4 23	$284M	$197M	$481M
Q1 24	$334M	$182M	$516M
Q2 24	$304M	$220M	$524M
Q3 24	$310M	$297M	$607M
Q4 24	$327M	$280M	$607M
Q1 25	$349M	$326M	$675M
Q2 25	$402M	$314M	$716M
Q3 25	$391M	$313M	$704M
Q4 25	$509M	$252M	$761M
Q1 26	$487M	$314M	$800M
Q2 26	$522M	$308M	$830M
Q3 26	$434M	$380M	$814M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	107M	+0.6%	+1.5%
Q4 21	110M	+2.9%	+4.3%
Q1 22	108M	-1.6%	+2.1%
Q2 22	109M	+0.4%	+2.3%
Q3 22	109M	+0.1%	+1.8%
Q4 22	109M	+0.0%	-1.0%
Q1 23	109M	+0.4%	+1.0%
Q4 23	111M	+1.8%	+2.4%
Q3 24	113M	+1.4%	+3.7%
Q4 24	119M	+5.3%	+9.2%
Q1 25	113M	-4.4%	+4.0%
Q2 25	115M	+1.1%	+3.3%
Q3 25	115M	+0.6%	+2.5%
Q4 25	115M	-0.8%	-3.5%
Q1 26	117M	+2.4%	+3.4%
Q3 26	99M	-15.3%	-13.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$5.3K	4K
Q4 21	$24.3K	3K
Q1 22	$10.1K	3K
Q2 22	$20.7K	3K
Q3 22	$35.3K	3K
Q4 22	$26.5K	3K
Q1 23	$42.8K	3K
Q4 23	$36.3K	4K
Q3 24	$52.4K	4K
Q4 24	$44.3K	5K
Q1 25	$55.6K	5K
Q2 25	$46.1K	5K
Q3 25	$58.4K	5K
Q4 25	$47.9K	5K
Q1 26	$52.5K	5K
Q3 26	$57.7K	5K

Revenue / Employee