MakeMyTrip Limited (MMYT) Financial Ratios
17 years of historical data (2009–2025) · Consumer Cyclical · Travel Services
EV/EBITDA
↑
28.92
↓-60% vs avg
5yr avg: 72.24
30Y Low52.5·High89.7
P/FCF
↑
26.07
↓-72% vs avg
5yr avg: 91.69
30Y Low50.1·High177.5
P/B Ratio
↑
4.79
↓-11% vs avg
5yr avg: 5.39
30Y Low1.3·High13.4
ROE
↑
8.2%
↓+137% vs avg
5yr avg: 3.4%
30Y Low-75%·High22%
Debt/EBITDA
↓
1.61
↓-44% vs avg
5yr avg: 2.88
30Y Low0.0·High4.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MMYT Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
MakeMyTrip Limited trades at 60.9x earnings, 22% below its 5-year average of 78.4x, sitting at the 25th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 19.4x, the stock trades at a premium of 213%. On a free-cash-flow basis, the stock trades at 26.1x P/FCF, 72% below the 5-year average of 91.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.5B | $11.2B | $8.4B | $2.7B | $2.9B | $3.4B | $1.3B | $2.9B | $3.5B | $1.8B | $755M |
| Enterprise Value | $4.3B | $11.0B | $8.3B | $2.7B | $2.9B | $3.3B | $1.2B | $2.7B | $3.3B | $1.7B | $906M |
| P/E Ratio → | 60.86 | 118.06 | 38.83 | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.62 | 11.47 | 10.74 | 4.58 | 9.58 | 20.64 | 2.46 | 5.91 | 5.16 | 4.07 | 2.25 |
| P/B Ratio | 4.79 | 9.29 | 7.52 | 3.10 | 3.25 | 3.78 | 1.46 | 2.11 | 2.23 | 1.30 | 9.72 |
| P/FCF | 26.07 | 64.68 | 74.40 | 177.55 | — | 50.12 | — | — | — | — | — |
| P/OCF | 24.42 | 60.57 | 66.81 | 84.40 | 485.21 | 49.65 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
MMYT EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
MakeMyTrip Limited's enterprise value stands at 28.9x EBITDA, 60% below its 5-year average of 72.2x. The Consumer Cyclical sector median is 11.4x, placing the stock at a 154% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.19 | 10.60 | 4.50 | 9.59 | 20.08 | 2.25 | 5.54 | 4.88 | 3.84 | 2.69 |
| EV / EBITDA | 28.92 | 74.49 | 89.72 | 52.50 | — | — | — | — | — | — | — |
| EV / EBIT | 35.47 | 82.45 | 74.94 | 596.33 | — | — | — | — | — | — | — |
| EV / FCF | — | 63.11 | 73.46 | 174.36 | — | 48.77 | — | — | — | — | — |
MMYT Profitability
Margins and return-on-capital ratios measuring operating efficiency
MakeMyTrip Limited earns an operating margin of 12.3%, above the Consumer Cyclical sector average of 2.9%. Operating margins have expanded from 4.0% to 12.3% over the past 3 years, signaling improving operational efficiency. ROE of 8.2% is modest. ROIC of 9.2% represents adequate returns on invested capital versus a sector median of 5.8%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.0% | 72.0% | 72.5% | 70.1% | 80.7% | 86.4% | 69.8% | 64.3% | 74.0% | 61.1% | 50.3% |
| Operating Margin | 12.3% | 12.3% | 8.3% | 4.0% | -10.0% | -41.4% | -83.9% | -31.5% | -32.5% | -30.2% | -19.9% |
| Net Profit Margin | 9.7% | 9.7% | 27.7% | -1.9% | -14.9% | -34.0% | -87.5% | -34.5% | -32.3% | -24.6% | -26.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.2% | 8.2% | 21.8% | -1.3% | -5.1% | -6.3% | -40.3% | -11.5% | -14.7% | -14.9% | -75.2% |
| ROA | 5.5% | 5.5% | 14.4% | -0.8% | -3.5% | -4.7% | -33.8% | -10.1% | -13.2% | -11.3% | -26.0% |
| ROIC | 9.2% | 9.2% | 5.3% | 2.1% | -2.7% | -6.5% | -33.2% | -9.0% | -12.3% | -13.2% | -29.7% |
| ROCE | 9.2% | 9.2% | 5.7% | 2.3% | -2.7% | -6.7% | -37.8% | -10.4% | -14.7% | -16.0% | -30.3% |
MMYT Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
MakeMyTrip Limited carries a Debt/EBITDA ratio of 1.6x, which is manageable (63% below the sector average of 4.4x). The company holds a net cash position — cash of $509M exceeds total debt of $237M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 6.8x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.20 | 0.20 | 0.20 | 0.27 | 0.24 | 0.23 | 0.03 | 0.00 | 0.00 | 0.00 | 2.63 |
| Debt / EBITDA | 1.61 | 1.61 | 2.40 | 4.62 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.23 | -0.09 | -0.06 | 0.00 | -0.10 | -0.12 | -0.13 | -0.12 | -0.07 | 1.95 |
| Net Debt / EBITDA | -1.85 | -1.85 | -1.14 | -0.96 | — | — | — | — | — | — | — |
| Debt / FCF | — | -1.57 | -0.93 | -3.19 | — | -1.35 | — | — | — | — | — |
| Interest Coverage | 6.78 | 6.78 | 3.67 | 1.37 | -4.20 | -15.24 | -69.98 | -209.51 | -240.88 | -9.12 | -15.76 |
Net cash position: cash ($509M) exceeds total debt ($237M)
MMYT Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.85x means MakeMyTrip Limited can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.48x to 1.85x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.85 | 1.85 | 2.88 | 1.48 | 3.09 | 2.58 | 1.55 | 2.15 | 2.70 | 1.96 | 2.27 |
| Quick Ratio | 1.85 | 1.85 | 2.88 | 1.48 | 3.09 | 2.58 | 1.55 | 2.15 | 2.70 | 1.96 | 2.27 |
| Cash Ratio | 1.32 | 1.32 | 2.04 | 1.06 | 2.50 | 2.19 | 0.93 | 1.53 | 1.95 | 1.32 | 1.63 |
| Asset Turnover | — | 0.54 | 0.47 | 0.44 | 0.23 | 0.12 | 0.47 | 0.31 | 0.38 | 0.29 | 0.84 |
| Inventory Turnover | 755.78 | 755.78 | 986.65 | 7102.68 | 5340.91 | 557.70 | 4286.67 | 286.16 | 295.10 | 692.90 | 316.95 |
| Days Sales Outstanding | — | 56.26 | 45.33 | 42.37 | 43.13 | 56.23 | 41.28 | 41.25 | 39.74 | 28.69 | 30.73 |
MMYT Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
MakeMyTrip Limited returns 0.5% to shareholders annually primarily through share buybacks. The earnings yield of 1.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 0.8% | 2.6% | — | — | — | — | — | — | — | — |
| FCF Yield | 3.8% | 1.5% | 1.3% | 0.6% | — | 2.0% | — | — | — | — | — |
| Buyback Yield | 0.5% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 1.5% |
| Total Shareholder Yield | 0.5% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 1.5% |
| Shares Outstanding | — | $115M | $118M | $111M | $108M | $107M | $105M | $104M | $100M | $53M | $42M |
Peer Comparison
Compare MMYT with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MMYTYou | $5B | 60.9 | 28.9 | 26.1 | 72.0% | 12.3% | 8.2% | 9.2% | 1.6 |
 BKNG | $133B | 25.9 | 13.4 | 14.6 | 100.0% | 34.5% | — | — | 1.9 |
 EXPE | $30B | 25.8 | 10.2 | 9.5 | 84.1% | 13.4% | 48.4% | 40.2% | 2.3 |
 TCOM | $35B | 14.7 | 15.2 | 12.5 | 81.3% | 26.6% | 12.8% | 8.1% | 2.7 |
 TRIP | $1B | 36.2 | 8.8 | 8.0 | 62.0% | 4.2% | 5.0% | 7.4% | 7.2 |
 ABNB | $84B | 34.9 | 31.3 | 18.1 | 83.0% | 20.8% | 30.2% | 50.6% | 0.8 |
 TZOO | $102M | 22.8 | 14.2 | 18.2 | 80.3% | 7.5% | 486.3% | — | 1.4 |
 SABR | $818M | 1.5 | 9.8 | — | 56.4% | 12.7% | — | 9.7% | 9.8 |
 UAL | $32B | 9.8 | 7.5 | 12.7 | 64.1% | 8.0% | 24.0% | 9.1% | 4.1 |
 DAL | $48B | 9.5 | 7.8 | 12.4 | 22.8% | 9.2% | 27.8% | 12.0% | 2.6 |
 MAR | $93B | 37.1 | 24.8 | 35.7 | 21.3% | 15.8% | — | 25.0% | 3.8 |
| Consumer Cyclical Median | — | 19.4 | 11.4 | 15.3 | 36.8% | 2.9% | 5.7% | 5.8% | 4.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 17 years · Updated daily
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Start ComparisonMMYT — Frequently Asked Questions
Quick answers to the most common questions about buying MMYT stock.
What is MakeMyTrip Limited's P/E ratio?
MakeMyTrip Limited's current P/E ratio is 60.9x. The historical average is 118.3x. This places it at the 25th percentile of its historical range.
What is MakeMyTrip Limited's EV/EBITDA?
MakeMyTrip Limited's current EV/EBITDA is 28.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 72.2x.
What is MakeMyTrip Limited's ROE?
MakeMyTrip Limited's return on equity (ROE) is 8.2%. The historical average is -11.0%.
Is MMYT stock overvalued?
Based on historical data, MakeMyTrip Limited is trading at a P/E of 60.9x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are MakeMyTrip Limited's profit margins?
MakeMyTrip Limited has 72.0% gross margin and 12.3% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does MakeMyTrip Limited have?
MakeMyTrip Limited's Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.