MakeMyTrip
Connects Indian leisure and corporate travelers with multi-brand transport, lodging and activity bookings.
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Profile
Organizes flight, lodging, rail, bus, car hire, activities and package bookings through MakeMyTrip, Goibibo and redBus. The multi-brand platform serves Indian leisure and corporate travelers and depends on travel demand and sector partners.
Brings air, accommodation and packages, rail, bus, car hire, activities and ancillary travel bookings into a travel-technology platform for Indian leisure and corporate travelers. Its main consumer sites are MakeMyTrip, Goibibo and redBus, combining a familiar set of specialist brands under one marketplace.
Operations are centered on India, although the company began by serving US-India travel demand and is incorporated in Mauritius. The platform's usefulness depends on travel demand and relationships with travel-sector partners; COVID-19 disrupted both domestic and international travel and affected partners. Rajesh Magow serves as Group CEO, while founder Deep Kalra is Group Chairman and Chief Mentor.
Company facts
Categories
Key statistics
Year to date −27.9% · Average volume (30d) 644.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 2, 2026 | HSBC | Initiate | Buy | $70 | ||
| Jun 27, 2026 | Goldman Sachs | Target | $112 | $84 | ||
| Jun 24, 2025 | Macquarie | Upgrade | Neutral | Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q1 FY27 | $0.15 | $0.09 | −40.5% | $292.1M | $297.9M | +2.0% | +8.48% |
| May 19, 2026Q4 FY26 | $0.22 | $0.23 | +4.5% | $275.5M | $281.7M | +2.3% | +3.55% |
| Jan 21, 2026Q3 FY26 | $0.39 | $0.45 | +15.4% | $306.3M | $311.0M | +1.5% | +1.24% |
| Oct 28, 2025Q2 FY26 | $0.19 | $0.37 | +96.2% | $262.2M | $229.3M | −12.5% | −4.27% |
Financial highlights
| 12 quarters | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|
| Revenue | $245.5M | $268.8M | $229.3M | $295.7M | $250.1M | $285.6M | |
| Gross profit | $183.4M | $194.0M | $177.8M | $207.8M | $145.8M | $202.9M | |
| Operating income | $31.2M | $40.4M | $34.4M | $40.9M | $40.1M | $43.7M | |
| Net income | $29.2M | $25.9M | −$5.6M | $7.2M | $24.2M | $8.4M | |
| Diluted EPS | $0.25 | $0.22 | −$0.06 | $0.07 | $0.23 | $0.09 | |
| Gross margin | 74.7% | 72.1% | 77.5% | 70.3% | 58.3% | 71.1% | |
| Operating margin | 12.7% | 15.0% | 15.0% | 13.8% | 16.0% | 15.3% |
Fiscal years (4-quarter sums)FY22 $303.9M · FY23 $593.0M · FY24 $782.5M · FY25 $978.3M · FY26 $1.04B
Revenue by product · FY26
Revenue by geography · FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $776.2M · Total debt $1.71B · Total assets $1.78B · Shareholders' equity −$341.5M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 94.06M · Float 73.68M · 78.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Verition Fund Management LLC | 32.50M | 34.55% | 13F | Aug 14, 2026 |
| Trip.com Group Limited | 16.07M | 16.90% | 13D | Jun 24, 2025 |
| Baillie Gifford & Co | 14.67M | 15.60% | 13F | Aug 6, 2026 |
| Schroder Investment Management Group | 7.71M | 8.20% | 13F | Aug 13, 2026 |
| Schroders Investment Management Group | 7.45M | 8.30% | 13G | Feb 13, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Yatra Online
India OTA with consumer, corporate, air, hotel, and package overlap.
- Booking
Global online travel group behind Booking.com and Agoda.
- Expedia Group
Global OTA with lodging, air, and package booking overlap.
- Airbnb
Global alternative-accommodation marketplace for stays and services.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| MakeMyTrip | $59.02 | +0.02% | $5.55B | 178.5 | 44.9 | 5.2 | +10.8% |
| Yatra Online | $1.00 | −2.91% | $62.1M | — | — | 1.8 | −19.0% |
| Booking | $205.82 | +0.10% | $159.34B | 22.8 | 18.5 | 5.6 | +8.2% |
| Expedia Group | $328.50 | −0.28% | $37.72B | 20.5 | 14.7 | 2.4 | +14.0% |
| Airbnb | $189.63 | +0.10% | $112.43B | 43.2 | 33.6 | 8.5 | +16.5% |
| Median | 22.8 | 18.5 | 4.0 | +11.1% |






