Cash conversion remains highly volatile, evidenced by an OCF/NI ratio that swung from -8.67 in 2026Q2 to 6.29 in 2026Q3.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 |
|---|
| Cash from Operations | 182.54M | 185.29M | 125.74M | 32.21M | 6M | 67.93M | -112.73M | -78.93M | -125.48M | -108.46M | -66M | 10.83M | -3.96M | 13.6M | 10.88M | -6.33M | 5.23M | -3.15M |
| Operating CF Margin % | 17.48% | 18.94% | 16.07% | 5.43% | 1.97% | 41.56% | -22.04% | -16.24% | -18.58% | -24.23% | -19.64% | 3.61% | -1.55% | 5.94% | 5.53% | -5.08% | 6.26% | -4.59% |
| Operating CF Growth % | -1.48% | 47.36% | 290.34% | 437.06% | -91.17% | 160.26% | -42.83% | 37.1% | -15.69% | -64.33% | -709.59% | 373.58% | -129.11% | 24.97% | 271.81% | -221.04% | 266.18% | - |
| Net Income | 51.8M | 95.27M | 216.74M | -11.17M | -45.57M | -55.64M | -447.52M | -167.88M | -220.24M | -110.3M | -88.54M | -18.36M | -20.91M | -27.59M | 7.05M | 4.83M | -6.21M | -7.35M |
| Depreciation & Amortization | 27.85M | 27.12M | 27.25M | 27.25M | 29.36M | 33.01M | 33.68M | 26.82M | 29.84M | 14.54M | 8.76M | 7.96M | 5.69M | 3.75M | 2.79M | 1.91M | 1.57M | 1.56M |
| Stock-Based Compensation | 0 | 36.02M | 36.96M | 35.64M | 36.65M | 0 | 41.63M | 40.03M | 44.86M | 26.8M | 13.69M | 12.31M | 11.1M | 11.67M | 6.89M | 527.28K | 6.77M | 415.7K |
| Deferred Taxes | 0 | 20.62M | -123.81M | -976K | -1.11M | 0 | -29K | -740K | 91K | 193K | 155K | 135K | 78.52K | 8.6M | -2.69B | 2.84M | 2.84K | 5.17K |
| Other Non-Cash Items | 127.34M | -149K | -26.48M | 29.4M | 13.79M | 37.81M | 320.42M | 6.81M | -1.2M | -12.24M | 20.25M | -30K | 4.26M | -1.05M | 2.69B | -3.52M | 301.95K | -3.28M |
| Working Capital Changes | -24.45M | 6.41M | -4.92M | -47.93M | -27.12M | 52.75M | -60.91M | 16.04M | 21.17M | -27.44M | -20.3M | 8.82M | -4.18M | 18.22M | -2.88M | -12.92M | 2.79M | 5.5M |
| Change in Receivables | 0 | -52.42M | -25.11M | -37.67M | -11.01M | 34.62M | -1.97M | 1.13M | -23.23M | 2.61M | -3.87M | 754K | -6.41M | -2.09M | -8.8M | 0 | -5.44M | 2.36M |
| Change in Inventory | 0 | -145K | -195K | -6K | 29K | -2K | 560K | -30K | -317K | 268K | 1.39M | -1.55M | 881.46K | 736.54K | -2.55M | 820.83M | 820.83K | -849.21K |
| Change in Payables | 0 | 51.18M | 0 | 0 | 26.54M | -18.31M | -82.11M | 3.45M | 46.32M | -28.1M | -14.59M | 5.46M | -2.38M | 19.45M | 18.3M | 0 | 10.64M | 3.86M |
| Cash from Investing | -127.08M | 26.44M | -75.59M | 46.63M | -77.6M | -124.83M | 73.83M | 70.01M | -115.09M | 163.01M | -103.64M | 5.42M | -64.45M | -17.95M | -46.23M | -3.03M | 3.45M | -11.81M |
| Capital Expenditures | 0 | -4.47M | -5.9M | -7.49M | -12.91M | -8.77M | -12.76M | -9.7M | -12.1M | -14.98M | -11.11M | -6.97M | -5.57M | -6.98M | -9.01M | -2.85M | -1.11M | -944.6K |
| CapEx % of Revenue | 17.48% | 0.46% | 0.75% | 1.26% | 4.25% | 5.37% | 2.49% | 2% | 1.79% | 3.35% | 3.31% | 2.33% | 2.18% | 3.05% | 4.58% | 2.28% | 1.32% | 1.38% |
| Acquisitions | 0 | -10.39M | -6.48M | -1.46M | 336K | 423K | -13.93M | -11.25M | -4.45M | 101.72M | -19.06M | -712K | -2.22M | -10.29M | -2.45M | 0 | 0 | 11.23M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -127.08M | 17.4M | 14.51M | -966K | 7.69M | -54K | 4.45M | 22.75M | 8.14M | 2.63M | 3.15M | 2.1M | 2.49M | -6.69M | -42.76M | 2.33M | 904.49K | -10.59M |
| Cash from Financing | -107.41M | -22.89M | -6.24M | -6.21M | -9.57M | 221.96M | -10.99M | -335K | 327.9M | 2.16M | 164.61M | -2.72M | 72.46M | -1.39M | 35.23M | 52.36M | -210.04K | 14.32M |
| Debt Issued (Net) | 0 | -5.22M | -2M | -996K | -1.08M | -314K | -3.1M | 97K | -96K | 131K | 180.13M | 197K | -66K | -11.46K | -222K | 3.44K | 31.48K | -53.33K |
| Equity Issued (Net) | 0 | -21.72M | 0 | 0 | -518K | 224.32M | 0 | 0 | 330M | 6.7M | -11.09M | -417K | 76.47M | -525K | 37.12M | 58.15M | 0 | 15M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -21.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.05M | -11.09M | -417K | -1K | -525K | 0 | 0 | 0 | 0 |
| Other Financing | -107.41M | 4.05M | -4.24M | -5.21M | -7.97M | -2.04M | -7.89M | -432K | -2M | -4.67M | -4.42M | -2.5M | -3.95M | -857.54K | -1.67M | -5.79M | -241.53K | 14.37M |
| Net Change in Cash | -84.07M | 181.3M | 43.05M | 70.73M | -81.78M | 165.19M | -48.11M | -9.66M | 85.94M | 55.43M | -3.58M | 11.85M | 2.38M | -8.16M | -4.08M | 42.53M | 7.79M | -39.35K |
| Free Cash Flow | 0 | 173.52M | 112.92M | 15.31M | -6.91M | 67.29M | -125.49M | -88.63M | -137.57M | -123.44M | -77.11M | 3.86M | -9.53M | 6.61M | 1.87M | -9.18M | 4.12M | -4.09M |
| FCF Margin % | - | 17.74% | 14.43% | 2.58% | -2.27% | 41.17% | -24.53% | -18.24% | -20.37% | -27.58% | -22.95% | 1.29% | -3.73% | 2.89% | 0.95% | -7.36% | 4.94% | -5.97% |
| FCF Growth % | -100% | 53.68% | 637.43% | 321.5% | -110.27% | 153.62% | -41.59% | 35.58% | -11.45% | -60.08% | -2098.16% | 140.51% | -244.09% | 253.17% | 120.4% | -322.51% | 200.79% | - |
| FCF per Share | - | 1.51 | 0.96 | 0.14 | -0.06 | 0.63 | -1.19 | -0.85 | -1.37 | -2.35 | -1.85 | 0.09 | -0.25 | 0.18 | 0.05 | -0.26 | 0.13 | -0.14 |
| FCF Conversion (FCF/Net Income) | 3.52x | 1.95x | 0.58x | -2.85x | -0.13x | -1.22x | 0.25x | 0.47x | 0.57x | 0.98x | 0.75x | -0.59x | 0.19x | -0.49x | 1.54x | -1.31x | -0.84x | 0.43x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
Based on reported financial statements, MMYT exhibits significant volatility in cash conversion, with the OCF/NI ratio fluctuating wildly from -8.67 in 2026Q2 to 6.29 in 2026Q3, suggesting that net income is a poor proxy for the company's actual ability to generate recurring operational cash flow.
The wide variance between net income and operating cash flow indicates that non-cash items and working capital swings heavily influence reported profitability. Investors should monitor whether this disconnect reflects structural timing differences in commission settlements or underlying instability in the company's core transactional revenue model.
As reported in recent filings, MMYT's free cash flow trajectory remains inconsistent, swinging from a 35.8% margin in 2025Q4 to a negative 3.9% in 2025Q3, which highlights the sensitivity of the business to seasonal demand shifts and the timing of large-scale capital outflows.
The lack of a stable FCF margin trend suggests that the company's cash generation is highly susceptible to the cyclical nature of the Indian travel market. This inconsistency warrants further investigation into whether the business can achieve sustainable, predictable cash flow as it matures beyond its current growth phase.
According to quarterly data, working capital changes have been a primary driver of cash flow volatility, evidenced by a significant $61.6M outflow in 2025Q3 followed by a $38.9M inflow in 2025Q4, indicating that the company's cash position is heavily dependent on the timing of supplier payments.
These sharp swings in working capital suggest that MMYT's cash flow is highly sensitive to the settlement cycles of its hotel and airline partners. Such fluctuations may imply that the company is utilizing its balance sheet to manage liquidity for its suppliers, which could pose risks during periods of industry-wide stress.
Based on recent financial disclosures, MMYT has prioritized significant capital deployment toward share repurchases, including a notable $3.0B outflow in 2026Q2, which appears to be a strategic effort to manage equity dilution despite the company's inconsistent free cash flow generation during the same period.
The scale of these repurchases relative to the company's operating cash flow suggests a management focus on supporting share price stability. Investors should monitor whether this aggressive capital return policy limits the company's ability to fund future organic growth or respond to potential competitive threats in the Indian OTA market.
Quick answers to the most common questions about buying MMYT stock.
MakeMyTrip Limited (MMYT) generated $182.5M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
MakeMyTrip Limited (MMYT) reported negative free cash flow of $0.0M in 2026, indicating capital requirements exceeded cash from operations.
MakeMyTrip Limited (MMYT) spent $0.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.