MakeMyTrip Limited (MMYT) Financial Ratios
18 years of historical data (2009–2026) · Consumer Cyclical · Travel Services
EV/EBITDA
↓
29.78
↓-51% vs avg
5yr avg: 61.15
30Y Low27.9·High89.7
P/FCF
↓
N/A
—
5yr avg: 105.54
30Y Low50.1·High177.5
P/B Ratio
↑
N/A
—
5yr avg: 5.79
30Y Low1.3·High13.4
ROE
↑
9.0%
↓+38% vs avg
5yr avg: 6.5%
30Y Low-75%·High22%
Debt/EBITDA
↑
7.74
↑+89% vs avg
5yr avg: 4.09
30Y Low0.0·High7.7
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 99.4x earnings, 26% above its 5-year average of 78.7x, sitting at the 40th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 21.2x, the stock trades at a premium of 370%.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.4B | $4.1B | $11.2B | $8.4B | $2.7B | $2.9B | $3.4B | $1.3B | $2.9B | $3.5B | $1.8B |
| Enterprise Value | $5.4B | $5.1B | $11.0B | $8.3B | $2.7B | $2.9B | $3.3B | $1.2B | $2.7B | $3.3B | $1.7B |
| P/E Ratio → | 99.40 | 79.34 | 118.06 | 38.83 | — | — | — | — | — | — | — |
| P/S Ratio | 4.25 | 3.92 | 11.47 | 10.74 | 4.58 | 9.58 | 20.64 | 2.46 | 5.91 | 5.16 | 4.07 |
| P/B Ratio | — | — | 9.29 | 7.52 | 3.10 | 3.25 | 3.78 | 1.46 | 2.11 | 2.23 | 1.30 |
| P/FCF | — | — | 64.68 | 74.40 | 177.55 | — | 50.12 | — | — | — | — |
| P/OCF | 24.28 | 22.40 | 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 29.8x EBITDA, 51% below its 5-year average of 61.2x. The Consumer Cyclical sector median is 12.2x, placing the stock at a 144% premium on an enterprise-value basis.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.86 | 11.19 | 10.60 | 4.50 | 9.59 | 20.08 | 2.25 | 5.54 | 4.88 | 3.84 |
| EV / EBITDA | 29.78 | 27.90 | 74.49 | 89.72 | 52.50 | — | — | — | — | — | — |
| EV / EBIT | 35.17 | 32.95 | 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 14.7%, above the Consumer Cyclical sector average of 2.0%. Operating margins have expanded from 8.3% to 14.7% over the past 3 years, signaling improving operational efficiency. ROE of 9.0% is modest. ROIC of 12.4% represents solid returns on invested capital versus a sector median of 5.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.9% | 55.9% | 72.0% | 72.5% | 70.1% | 80.7% | 86.4% | 69.8% | 64.3% | 74.0% | 61.1% |
| Operating Margin | 14.7% | 14.7% | 12.3% | 8.3% | 4.0% | -10.0% | -41.4% | -83.9% | -31.5% | -32.5% | -30.2% |
| Net Profit Margin | 5.0% | 5.0% | 9.7% | 27.7% | -1.9% | -14.9% | -34.0% | -87.5% | -34.5% | -32.3% | -24.6% |
Return on Capital
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.0% | 9.0% | 8.2% | 21.8% | -1.3% | -5.1% | -6.3% | -40.3% | -11.5% | -14.7% | -14.9% |
| ROA | 2.9% | 2.9% | 5.5% | 14.4% | -0.8% | -3.5% | -4.7% | -33.8% | -10.1% | -13.2% | -11.3% |
| ROIC | 12.4% | 12.4% | 9.2% | 5.3% | 2.1% | -2.7% | -6.5% | -33.2% | -9.0% | -12.3% | -13.2% |
| ROCE | 11.6% | 11.6% | 9.2% | 5.7% | 2.3% | -2.7% | -6.7% | -37.8% | -10.4% | -14.7% | -16.0% |
MMYT Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
MakeMyTrip Limited carries a Debt/EBITDA ratio of 7.7x, which is highly leveraged (62% above the sector average of 4.8x). Net debt stands at $982M ($1.4B total debt minus $425M cash). Interest coverage of just 1.5x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.20 | 0.20 | 0.27 | 0.24 | 0.23 | 0.03 | 0.00 | 0.00 | 0.00 |
| Debt / EBITDA | 7.74 | 7.74 | 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 |
| Net Debt / EBITDA | 5.40 | 5.40 | -1.85 | -1.14 | -0.96 | — | — | — | — | — | — |
| Debt / FCF | — | — | -1.57 | -0.93 | -3.19 | — | -1.35 | — | — | — | — |
| Interest Coverage | 1.47 | 1.47 | 7.52 | 6.24 | 0.26 | -4.34 | -12.76 | -72.47 | -230.58 | -241.19 | -6.84 |
MMYT Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
MakeMyTrip Limited's current ratio of 3.05x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 2.88x to 3.05x over the past 3 years.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.05 | 3.05 | 1.85 | 2.88 | 1.48 | 3.09 | 2.58 | 1.55 | 2.15 | 2.70 | 1.96 |
| Quick Ratio | 3.05 | 3.05 | 1.85 | 2.88 | 1.48 | 3.09 | 2.58 | 1.55 | 2.15 | 2.70 | 1.96 |
| Cash Ratio | 2.23 | 2.23 | 1.32 | 2.04 | 1.06 | 2.50 | 2.19 | 0.93 | 1.53 | 1.95 | 1.32 |
| Asset Turnover | — | 0.59 | 0.54 | 0.47 | 0.44 | 0.23 | 0.12 | 0.47 | 0.31 | 0.38 | 0.29 |
| Inventory Turnover | 752.50 | 752.50 | 755.78 | 986.65 | 7102.68 | 5340.91 | 557.70 | 4286.67 | 286.16 | 295.10 | 692.90 |
| Days Sales Outstanding | — | 57.02 | 56.26 | 45.33 | 42.37 | 43.13 | 56.23 | 41.28 | 41.25 | 39.74 | 28.69 |
MMYT Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
MakeMyTrip Limited does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 1.0% (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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.3% | 0.8% | 2.6% | — | — | — | — | — | — | — |
| FCF Yield | — | — | 1.5% | 1.3% | 0.6% | — | 2.0% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Shares Outstanding | — | $110M | $115M | $118M | $111M | $108M | $107M | $105M | $104M | $100M | $53M |
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 | $4B | 99.4 | 29.8 | — | 55.9% | 14.7% | 9.0% | 12.4% | 7.7 |
 BKNG | $133B | 25.9 | 13.5 | 14.6 | 100.0% | 34.5% | — | — | 1.9 |
 EXPE | $28B | 24.6 | 9.7 | 9.1 | 84.1% | 13.4% | 48.4% | 40.2% | 2.3 |
 TCOM | $28B | 6.6 | 11.0 | 14.2 | 80.6% | 25.3% | 20.5% | 7.9% | 1.9 |
 TRIP | $2B | 41.8 | 9.9 | 9.3 | 62.0% | 4.2% | 5.0% | 7.4% | 7.2 |
 ABNB | $85B | 35.3 | 31.5 | 18.2 | 83.0% | 20.8% | 30.2% | 50.6% | 0.8 |
 TZOO | $120M | 26.7 | 16.6 | 21.4 | 80.3% | 7.5% | 486.3% | — | 1.4 |
 SABR | $743M | 1.4 | 9.6 | — | 56.4% | 12.7% | — | 9.7% | 9.8 |
 UAL | $38B | 11.6 | 8.3 | 15.0 | 64.1% | 8.0% | 24.0% | 9.1% | 4.1 |
 DAL | $55B | 11.0 | 8.7 | 14.3 | 22.8% | 9.2% | 27.8% | 12.0% | 2.6 |
 MAR | $104B | 41.7 | 27.3 | 40.1 | 21.3% | 15.8% | — | 25.0% | 3.8 |
| Consumer Cyclical Median | — | 21.2 | 12.2 | 15.6 | 36.2% | 2.0% | 5.3% | 5.2% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 18 years · Updated daily
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MMYT — 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 99.4x. The historical average is 110.5x. This places it at the 40th percentile of its historical range.
What is MakeMyTrip Limited's EV/EBITDA?
MakeMyTrip Limited's current EV/EBITDA is 29.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 61.2x.
What is MakeMyTrip Limited's ROE?
MakeMyTrip Limited's return on equity (ROE) is 9.0%. The historical average is -9.8%.
Is MMYT stock overvalued?
Based on historical data, MakeMyTrip Limited is trading at a P/E of 99.4x. This is at the 40th 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 55.9% gross margin and 14.7% 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 7.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.