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MakeMyTrip Limited (MMYT) 10-Year Financial Performance & Capital Metrics

MMYT • • Industrial / General
Consumer CyclicalTravel ServicesOnline Travel Agencies (OTAs)Regional OTAs
AboutMakeMyTrip 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 three segments: Air Ticketing, Hotels and Packages, and Bus Ticketing. Its services and products include air tickets; hotels; packages; rail tickets; bus tickets; and car hire, as well as ancillary travel requirements, such as visa processing and facilitating access to travel insurance. The company allows travelers to research, plan, book, and purchase travel services and products through its websites, such as makemytrip.com, goibibo.com, redbus.in, makemytrip.com.sg, and makemytrip.ae; and other technology-enhanced distribution channels, such as call centers, travel stores, and travel agents' network, as well as mobile service platform. As of March 31, 2022, it had approximately 125 franchisee-owned travel stores. The company serves leisure and corporate travelers. MakeMyTrip Limited was incorporated in 2000 and is based in Gurugram, India.Show more
  • Revenue $978M +25.0%
  • EBITDA $147M +59.0%
  • Net Income $95M -56.1%
  • EPS (Diluted) 0.83 -54.6%
  • Gross Margin 71.96% -0.8%
  • EBITDA Margin 15.03% +27.2%
  • Operating Margin 12.25% +47.0%
  • Net Margin 9.72% -64.9%
  • ROE 8.18% -62.4%
  • ROIC 9.24% +73.6%
  • Debt/Equity 0.20 -1.3%
  • Interest Coverage 6.78 +84.6%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓FCF machine: 17.7% free cash flow margin
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 13.8%
  • ✓Share count reduced 3.1% through buybacks

✗Weaknesses

  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.56%
5Y13.85%
3Y47.65%
TTM14.55%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-67.46%

EPS CAGR

10Y-
5Y-
3Y-
TTM-64.88%

ROCE

10Y Avg-10.16%
5Y Avg1.57%
3Y Avg5.75%
Latest9.17%

Peer Comparison

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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
MMYTMakeMyTrip Limited6.66B74.3289.5425.02%7.57%8.18%2.61%0.20
TCOMTrip.com Group Limited40.07B61.302.4719.73%52.16%18.34%47.51%0.28
TOURTuniu Corporation74.08M0.670.3516.4%5.56%3.11%100%0.00
JXGJX Luxventure Limited8.34M4.470.3556.53%6.17%14.71%87.47%0.08
YTRAYatra Online, Inc.101.63M1.68-1.7389.85%0.35%0.45%0.10

Profit & Loss

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales/Revenue+336.05M447.62M675.26M486.01M511.53M163.44M303.92M593.04M782.52M978.34M
Revenue Growth %0.12%0.33%0.51%-0.28%0.05%-0.68%0.86%0.95%0.32%0.25%
Cost of Goods Sold+167.03M173.92M175.88M173.41M154.32M22.31M58.75M177.57M215.09M274.35M
COGS % of Revenue0.5%0.39%0.26%0.36%0.3%0.14%0.19%0.3%0.27%0.28%
Gross Profit+169.02M273.7M499.38M312.6M357.21M141.13M245.17M415.47M567.43M703.99M
Gross Margin %0.5%0.61%0.74%0.64%0.7%0.86%0.81%0.7%0.73%0.72%
Gross Profit Growth %0.22%0.62%0.82%-0.37%0.14%-0.6%0.74%0.69%0.37%0.24%
Operating Expenses+183.51M331.03M601.54M346.67M786.62M208.81M275.54M391.87M502.22M584.1M
OpEx % of Revenue0.55%0.74%0.89%0.71%1.54%1.28%0.91%0.66%0.64%0.6%
Selling, General & Admin168.24M317.77M586.86M325.54M312.63M135.62M178.09M245.11M322.65M388.11M
SG&A % of Revenue0.5%0.71%0.87%0.67%0.61%0.83%0.59%0.41%0.41%0.4%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses71.59M102.77M141.88M147.72M473.99M73.19M97.45M146.75M179.57M195.99M
Operating Income+-66.83M-135.39M-219.44M-152.94M-429.41M-67.68M-30.37M23.6M65.21M119.89M
Operating Margin %-0.2%-0.3%-0.32%-0.31%-0.84%-0.41%-0.1%0.04%0.08%0.12%
Operating Income Growth %-3.6%-1.03%-0.62%0.3%-1.81%0.84%0.55%1.78%1.76%0.84%
EBITDA+-58.07M-120.85M-189.6M-126.12M-395.73M-34.67M-1.01M50.85M92.46M147.01M
EBITDA Margin %-0.17%-0.27%-0.28%-0.26%-0.77%-0.21%-0%0.09%0.12%0.15%
EBITDA Growth %-7.82%-1.08%-0.57%0.33%-2.14%0.91%0.97%51.45%0.82%0.59%
D&A (Non-Cash Add-back)8.76M14.54M29.84M26.82M33.68M33.01M29.36M27.25M27.25M27.12M
EBIT-78.56M-101.54M-219.73M-168.32M-444.66M-56.65M-31.36M4.48M110.69M132.83M
Net Interest Income+-4.24M-12.01M4.28M5.73M-2.8M2.74M-7.22M-6.28M6.56M10.58M
Interest Income02.84M5.19M6.46M3.33M7.18M010.97M24.31M28.26M
Interest Expense4.24M14.85M911K730K6.14M4.44M7.22M17.25M17.75M17.67M
Other Income/Expense-21.56M25.28M-710K-15.68M-18.14M7.13M-16.31M-35.75M27.72M-4M
Pretax Income+-88.39M-110.11M-220.15M-168.62M-447.55M-60.55M-46.67M-12.14M92.94M115.89M
Pretax Margin %-0.26%-0.25%-0.33%-0.35%-0.87%-0.37%-0.15%-0.02%0.12%0.12%
Income Tax+155K193K91K-740K-29K-4.51M-1.11M-976K-123.81M20.62M
Effective Tax Rate %1%1%0.99%0.99%1%0.92%0.97%0.93%2.33%0.82%
Net Income+-88.52M-110.17M-218.41M-167.76M-447.78M-55.64M-45.41M-11.32M216.8M95.1M
Net Margin %-0.26%-0.25%-0.32%-0.35%-0.88%-0.34%-0.15%-0.02%0.28%0.1%
Net Income Growth %-3.85%-0.24%-0.98%0.23%-1.67%0.88%0.18%0.75%20.15%-0.56%
Net Income (Continuing)-88.54M-110.3M-220.24M-167.88M-447.52M-56.04M-45.57M-11.17M216.74M95.27M
Discontinued Operations0000000000
Minority Interest0661K298K193K4.05M3.67M2.34M6.49M5.56M5.35M
EPS (Diluted)+-2.12-2.09-2.18-1.61-4.25-0.52-0.42-0.101.830.83
EPS Growth %-3.82%0.01%-0.04%0.26%-1.64%0.88%0.19%0.76%19.3%-0.55%
EPS (Basic)-2.12-2.09-2.18-1.61-4.26-0.52-0.42-0.101.950.84
Diluted Shares Outstanding41.72M52.61M100.39M103.99M105.19M106.8M108.47M111.1M118.24M114.54M
Basic Shares Outstanding41.72M52.61M100.19M103.99M105.11M106.8M108.11M109.66M111.09M112.59M
Dividend Payout Ratio----------

Balance Sheet

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Total Current Assets+282M263.19M540.59M440.64M279.02M501.18M591.37M671.91M857.28M1.07B
Cash & Short-Term Investments201.99M177.22M389.82M311.98M167.7M424.89M477.46M481.07M606.79M761.18M
Cash Only53.43M101.7M187.65M177.99M129.88M295.07M213.28M284.02M327.06M508.9M
Short-Term Investments148.56M75.51M202.17M133.99M37.82M129.82M264.18M197.06M279.72M252.29M
Accounts Receivable28.29M35.19M73.51M54.92M57.85M25.18M35.91M68.85M97.17M150.79M
Days Sales Outstanding30.7328.6939.7441.2541.2856.2343.1342.3745.3356.26
Inventory527K251K596K606K36K40K11K25K218K363K
Days Inventory Outstanding1.150.531.241.280.090.650.070.050.370.48
Other Current Assets3.77M737K1.57M1.35M800K551K73.75M118.44M148.49M3.1M
Total Non-Current Assets+118.99M1.28B1.22B1.13B804.19M807.83M731.38M687.91M802.8M763.02M
Property, Plant & Equipment10.29M15.33M13.69M13.5M36M22.16M19.31M25.38M25.89M26.46M
Fixed Asset Turnover32.67x29.19x49.32x36.00x14.21x7.38x15.74x23.37x30.22x36.98x
Goodwill13.34M996.81M994.73M936.7M607.25M619.87M601.15M561.5M559.88M551.9M
Intangible Assets21.55M173.92M152.79M132.18M114.74M101.03M84.51M67.47M53.5M45.89M
Long-Term Investments44.16M44.16M22.65M11.04M9.25M35.81M7.59M8.96M12.04M5.02M
Other Non-Current Assets14.89M11.41M11.38M6.82M131K88K18.81M24.61M22.16M27.32M
Total Assets+400.99M1.54B1.77B1.57B1.08B1.31B1.32B1.36B1.66B1.83B
Asset Turnover0.84x0.29x0.38x0.31x0.47x0.12x0.23x0.44x0.47x0.54x
Asset Growth %0.43%2.85%0.14%-0.11%-0.31%0.21%0.01%0.03%0.22%0.1%
Total Current Liabilities+124.08M134.4M199.97M204.57M179.87M194.19M191.22M453.66M297.57M576.61M
Accounts Payable33.16M31.16M74.81M69.2M21.02M23.81M33.52M45.75M67.05M91.24M
Days Payables Outstanding72.4765.38155.26145.6649.71389.61208.2494.04113.79121.38
Short-Term Debt9.17M226K228K233K333K309K437K216.88M1.12M218.1M
Deferred Revenue (Current)1000K265K1000K00001000K1000K1000K
Other Current Liabilities50.31M45.88M076.13M92.4M120.1M103.51M43.48M124.18M78.59M
Current Ratio2.27x1.96x2.70x2.15x1.55x2.58x3.09x1.48x2.88x1.85x
Quick Ratio2.27x1.96x2.70x2.15x1.55x2.58x3.09x1.48x2.88x1.85x
Cash Conversion Cycle-40.59-36.16-114.29-103.14-8.35-332.72-165.04-51.61-68.09-64.64
Total Non-Current Liabilities+199.3M4.92M6.55M8.35M41.05M223.63M235.05M30.11M246.09M43.7M
Long-Term Debt195.28M523K424K474K698K188M202.19M1.9M203.85M3.12M
Capital Lease Obligations000020.91M13.62M11.61M13.75M12.97M10.78M
Deferred Tax Liabilities203K159K115K601K1.78M3.86M2.6M822K4.75M2.53M
Other Non-Current Liabilities1.64M4.4M5.92M6.9M16.11M17.7M18.62M13.48M24.1M27.1M
Total Liabilities323.38M139.32M206.52M212.92M220.92M417.82M426.27M483.77M543.66M620.31M
Total Debt+204.46M749K652K707K25.58M203.96M216.58M235.16M221.62M236.57M
Net Debt151.03M-100.95M-187M-177.28M-104.3M-91.11M3.3M-48.85M-105.44M-272.32M
Debt / Equity2.63x0.00x0.00x0.00x0.03x0.23x0.24x0.27x0.20x0.20x
Debt / EBITDA-------4.62x2.40x1.61x
Net Debt / EBITDA--------0.96x-1.14x-1.85x
Interest Coverage-15.76x-9.12x-240.88x-209.51x-69.98x-15.24x-4.20x1.37x3.67x6.78x
Total Equity+77.61M1.41B1.56B1.36B862.29M891.19M896.48M876.06M1.12B1.21B
Equity Growth %-0.51%17.11%0.11%-0.13%-0.36%0.03%0.01%-0.02%0.27%0.08%
Book Value per Share1.8626.7215.5313.058.208.348.267.899.4410.55
Total Shareholders' Equity77.61M1.4B1.56B1.36B858.24M887.52M894.13M869.57M1.11B1.2B
Common Stock21K46K52K52K52K53K53K53K55K56K
Retained Earnings-188.22M-298.58M-515.85M-682.05M-1.15B-1.2B-1.21B-1.23B-1.02B-929.87M
Treasury Stock-7.58M00000000-21.72M
Accumulated OCI-20.83M95.96M113.74M61.86M20.23M0040.14M-29.9M-49.28M
Minority Interest0661K298K193K4.05M3.67M2.34M6.49M5.56M5.35M

Cash Flow

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operations+-66M-108.46M-125.48M-78.93M-112.73M67.93M6M32.21M125.74M185.29M
Operating CF Margin %-0.2%-0.24%-0.19%-0.16%-0.22%0.42%0.02%0.05%0.16%0.19%
Operating CF Growth %-7.1%-0.64%-0.16%0.37%-0.43%1.6%-0.91%4.37%2.9%0.47%
Net Income-88.54M-110.3M-220.24M-167.88M-447.52M-55.64M-45.57M-11.17M216.74M95.27M
Depreciation & Amortization8.76M14.54M29.84M26.82M33.68M33.01M29.36M27.25M27.25M27.12M
Stock-Based Compensation13.69M26.8M44.86M40.03M41.63M036.65M35.64M36.96M36.02M
Deferred Taxes155K193K91K-740K-29K0-1.11M-976K-123.81M20.62M
Other Non-Cash Items20.25M-12.24M-1.2M6.81M320.42M37.81M13.79M29.4M-26.48M-149K
Working Capital Changes-20.3M-27.44M21.17M16.04M-60.91M52.75M-27.12M-47.93M-4.92M6.41M
Change in Receivables-3.87M2.61M-23.23M1.13M-1.97M34.62M-11.01M-37.67M-25.11M-52.42M
Change in Inventory1.39M268K-317K-30K560K-2K29K-6K-195K-145K
Change in Payables-14.59M-28.1M46.32M3.45M-82.11M-18.31M26.54M0051.18M
Cash from Investing+-103.64M163.01M-115.09M70.01M73.83M-124.83M-77.6M46.63M-75.59M26.44M
Capital Expenditures-11.11M-14.98M-12.1M-9.7M-12.76M-8.77M-12.91M-7.49M-5.9M-4.47M
CapEx % of Revenue0.03%0.03%0.02%0.02%0.02%0.05%0.04%0.01%0.01%0%
Acquisitions----------
Investments----------
Other Investing3.15M2.63M8.14M22.75M4.45M-54K7.69M-966K14.51M17.4M
Cash from Financing+164.61M2.16M327.9M-335K-10.99M221.96M-9.57M-6.21M-6.24M-22.89M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing-4.42M-4.67M-2M-432K-7.89M-2.04M-7.97M-5.21M-4.24M4.05M
Net Change in Cash----------
Free Cash Flow+-77.11M-123.44M-137.57M-88.63M-125.49M67.29M-6.91M15.31M112.92M173.52M
FCF Margin %-0.23%-0.28%-0.2%-0.18%-0.25%0.41%-0.02%0.03%0.14%0.18%
FCF Growth %-20.98%-0.6%-0.11%0.36%-0.42%1.54%-1.1%3.21%6.37%0.54%
FCF per Share-1.85-2.35-1.37-0.85-1.190.63-0.060.140.961.51
FCF Conversion (FCF/Net Income)0.75x0.98x0.57x0.47x0.25x-1.22x-0.13x-2.85x0.58x1.95x
Interest Paid0000000000
Taxes Paid0000000000

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-75.19%-14.86%-14.74%-11.5%-40.35%-6.35%-5.08%-1.28%21.76%8.18%
Return on Invested Capital (ROIC)-29.73%-13.25%-12.3%-8.99%-33.23%-6.52%-2.68%2.05%5.32%9.24%
Gross Margin50.3%61.15%73.95%64.32%69.83%86.35%80.67%70.06%72.51%71.96%
Net Margin-26.34%-24.61%-32.35%-34.52%-87.54%-34.04%-14.94%-1.91%27.71%9.72%
Debt / Equity2.63x0.00x0.00x0.00x0.03x0.23x0.24x0.27x0.20x0.20x
Interest Coverage-15.76x-9.12x-240.88x-209.51x-69.98x-15.24x-4.20x1.37x3.67x6.78x
FCF Conversion0.75x0.98x0.57x0.47x0.25x-1.22x-0.13x-2.85x0.58x1.95x
Revenue Growth12.14%33.2%50.86%-28.03%5.25%-68.05%85.95%95.13%31.95%25.02%

Revenue by Segment

20182019202020212022202320242025
Hotels And Packages-237.52M235.81M67.98M157.27M337.69M435.54M520.41M
Hotels And Packages Growth---0.72%-71.17%131.36%114.72%28.98%19.49%
Air Ticketing-166.71M174.36M57.01M88.71M147.79M201.25M241.53M
Air Ticketing Growth--4.59%-67.30%55.60%66.60%36.17%20.02%
Bus Ticketing-53.74M65.01M24.89M39.9M74.87M92.69M119.36M
Bus Ticketing Growth--20.96%-61.71%60.26%87.67%23.80%28.77%

Revenue by Geography

20182019202020212022202320242025
INDIA647.08M453.91M490.86M161.31M298.25M564.28M739.65M922.62M
INDIA Growth--29.85%8.14%-67.14%84.89%89.20%31.08%24.74%
All Other Countries10.21M6.5M5.81M720K3.37M16.02M24.96M35.16M
All Other Countries Growth--36.35%-10.56%-87.61%367.92%375.48%55.84%40.86%
South East Asia10.89M20.14M10.32M1.38M2.22M11.2M14.21M16.75M
South East Asia Growth-85.02%-48.75%-86.68%61.53%404.32%26.86%17.90%
Europe16.97M4.81M4M-18K1.34M3.37M3.36M
Europe1 Growth--31.00%-16.90%--7327.78%152.36%-0.44%
UNITED STATES113K647K536K32K69K195K324K444K
UNITED STATES Growth-472.57%-17.16%-94.03%115.63%182.61%66.15%37.04%

Frequently Asked Questions

Valuation & Price

MakeMyTrip Limited (MMYT) has a price-to-earnings (P/E) ratio of 89.5x. This suggests investors expect higher future growth.

Growth & Financials

MakeMyTrip Limited (MMYT) reported $1.01B in revenue for fiscal year 2025. This represents a 414% increase from $196.6M in 2012.

MakeMyTrip Limited (MMYT) grew revenue by 25.0% over the past year. This is strong growth.

Yes, MakeMyTrip Limited (MMYT) is profitable, generating $76.5M in net income for fiscal year 2025 (9.7% net margin).

Dividend & Returns

MakeMyTrip Limited (MMYT) has a return on equity (ROE) of 8.2%. This is below average, suggesting room for improvement.

MakeMyTrip Limited (MMYT) generated $77.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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