MakeMyTrip Limited

MMYT

Travel Services · Consumer Cyclical

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Strong

Stability

Weak

Valuation

Good

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Winston Score History

The full picture

MakeMyTrip is an online travel company based in India that helps people book flights, hotels, holiday packages, and bus or train tickets. It serves everyday travelers across India and some international markets, operating through its main MakeMyTrip and Goibibo brands. It is one of the largest online travel agencies in India, competing in a fast-growing but crowded market.

The company makes money by charging fees and commissions on each booking, plus earning from advertising and ancillary services like travel insurance. It operates primarily in India, which accounts for the vast majority of its revenue, giving it strong exposure to one of the world's fastest-growing travel markets. Its dual-brand strategy and large user base create some competitive stickiness, but the company faces ongoing pressure from rivals like Yatra and global players such as Booking Holdings. The key growth driver is India's rising middle class and increasing internet penetration, which continue to push more travelers to book trips online.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-3.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

21.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$797M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

MakeMyTrip Limited is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

71.1%

Premium pricing power — 71.1% gross margin

Profit after running costs

Operating Margin

15.3%

Healthy — 15.3% operating margin

Return on the money invested

ROCE

3.2%

Weak — 3.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+6.9%

Slow sales growth (+6.9% YoY)

Profit growth

EPS YoY

-60.3%

Earnings shrinking (-60.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

478%

Turns 478% of profit into real cash

Spare cash per sale

FCF Margin

8.9%

Modest free cash flow (8.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

1.23x

Dangerous — barely covers interest (1.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

171.2x

no trend

Expensive — P/E 171.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+48.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (171.2 → 123.2)

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Dividends

Not applicable for this business.

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