A 55% drawdown from a $104.99 high, $10.4 billion in annual gross bookings, and three analysts still calling Strong Buy with a $106 average price target — the math on MMYT stock is striking. MakeMyTrip Limited (NASDAQ: MMYT) trades at $46.85 with a Buy consensus, an average analyst target of $106.33, and the risk/reward favours bulls if the West Asia conflict drag eases. India’s leading online travel platform delivered 10.7% constant-currency revenue growth in fiscal 2026 even as westbound international travel fell, and management’s buyback programme has accelerated through the slump. We rate MMYT stock a Buy at current levels.
Key Takeaways on MMYT Stock
- Current MMYT stock price: $46.85 with a 52-week range of $32.67 – $104.99, sitting in the lower third of its annual range.
- Verdict: Buy. Consensus 12-month target of $106.33 implies 127% upside, with Goldman Sachs at $80 and Citi at $70.
- Key stat: Fiscal 2026 gross bookings hit $10.4 billion with constant-currency growth of 5% in gross bookings and 13% in adjusted revenues, despite the West Asia conflict.
- Bull case: Adjusted EBIT of $46 million beat consensus by 2%, ongoing buybacks reduce share count, structural India travel demand, and domestic air-ticket pricing strength.
- Bear case: Westbound international travel weakness extends, domestic airfare normalisation, and price-target cuts from Goldman ($117 → $80) and Citi ($80 → $70) signal moderating expectations.
MMYT Stock Snapshot: Key Data and Confident Verdict
The MMYT stock setup heading into mid-2026 is one of the more compelling deep-value travel trades in the Asia-Pacific space. The combination of a structural growth market (Indian outbound travel), a category-leading platform position, and a meaningfully discounted valuation creates an asymmetric setup that the bullish and bearish analyst opinions on MakeMyTrip have already begun to recognise. The Key Stock Data table is the cleanest way to size up the trade.
| Metric | Value |
|---|---|
| Current Price | $46.85 |
| 52-Week Range | $32.67 – $104.99 |
| Market Cap | $4.44 billion |
| FY2026 Gross Bookings | $10.4 billion |
| Adjusted EBIT (FY2026) | $46 million |
| Analyst Consensus | Buy |
| Average Price Target | $106.33 |
| Implied Upside | +127% |
Table of Contents
- Key Takeaways on MMYT Stock
- MMYT Stock Snapshot: Key Data and Confident Verdict
- Recent MMYT Stock Performance and the 9% Pop
- What Is MakeMyTrip? Inside the MMYT Business Model
- MMYT Stock Valuation: Pricing $10.4B in Bookings
- MMYT FY2026 Earnings: The India Resilience Story
- Bullish and Bearish Analyst Opinions on MakeMyTrip
- Buybacks, West Asia, and the MMYT Stock Catalyst Stack
- Analyst Targets and Wall Street Verdict on MMYT Stock
- FAQs About MMYT Stock
Recent MMYT Stock Performance and the 9% Pop
MMYT stock spent most of 2026 in a steady downtrend from the $104.99 peak set in late 2025, bottoming around $32.67 in May before the company’s fiscal year-end print sparked a 9.3% session pop. The drawdown was driven by two compounding pressures: the West Asia conflict that depressed westbound international travel, and a broader rerating of India-exposed consumer-discretionary names following geopolitical headlines. Volume during the rebound has been heavier than the trailing three-month average, and institutional positioning in May 13F filings showed a handful of long-only managers initiating positions sub-$40.
For traders running a forward MMYT stock price analysis, the technical setup is constructive but not yet confirmed: the 50-day moving average sits in the low-$40s, the 200-day at around $65, and a breakout above $55 would target the Citi $70 print relatively quickly. The next dated catalysts are the Q1 fiscal 2027 print expected in late July, the buyback execution disclosure in the next 6-K filing, and any de-escalation in West Asia that could rapidly restore westbound demand. A potential pairing trade — long MMYT, short Airbnb stock — has been a tactical theme among Asia-focused hedge funds this quarter.
What Is MakeMyTrip? Inside the MMYT Business Model
MakeMyTrip is the dominant online travel agent in India, operating through three reporting segments: Air Ticketing, Hotels and Packages, and Bus Ticketing. The company offers booking services across domestic and international air travel, hotels, holiday packages, rail, and bus, primarily for Indian customers but with a growing international presence in the United Arab Emirates and Southeast Asia. It runs the eponymous MakeMyTrip brand alongside Goibibo and redBus — the latter the largest online bus-ticketing platform in India and an underappreciated source of high-margin recurring revenue.
The financial model is structurally light on capital intensity, with revenue mostly take-rate driven. Air Ticketing remains the largest contributor by gross bookings, while Hotels and Packages are the largest contributor by margin. For comparison, global OTA peer Booking Holdings stock trades on a roughly 20x forward earnings multiple, and U.S. competitor Expedia stock sits at a similar valuation — MMYT stock trades at less than half that, despite a much higher revenue growth trajectory. That valuation gap is the heart of the bullish case, and it requires the geopolitical drag to ease for the multiple to compress back toward peer norms.
MMYT Stock Valuation: Pricing $10.4B in Bookings
Valuing MMYT stock at $46.85 requires reconciling two competing frameworks: the trailing earnings multiple (modest) and the forward growth multiple (significant). On consensus fiscal 2027 EPS of roughly $3.30–$3.50, MMYT stock trades at 14x forward earnings — well below both Booking Holdings and global travel-tech median multiples in the high teens to low 20s. On EV/EBITDA the discount widens further, with the stock at roughly 18x trailing versus a peer median closer to 22x.
| Valuation Metric | MMYT Stock | OTA Peer Median |
|---|---|---|
| Forward P/E | ~14x | 18 – 22x |
| EV / EBITDA (TTM) | ~18x | ~22x |
| EV / Gross Bookings | ~0.4x | 0.7 – 1.0x |
| FY26 Revenue Growth (CC) | +10.7% | +8 – 12% |
| FY26 Booking Growth (CC) | +5% | +5 – 10% |
The path back to a normalised valuation runs through three numbers: a recovery in westbound international travel volumes, sustained mid-teens adjusted revenue growth, and continued EBIT margin expansion toward 10% (versus the current sub-5% reported number on a different base). If all three converge by end-fiscal-2027, MMYT stock supports a price near $80 — squarely in the Goldman Sachs and Citi target range. To reach the 3-analyst consensus average of $106.33, the multiple would need to fully re-rate to global OTA peers, which assumes the West Asia drag fully reverses and India outbound travel reaccelerates.
MMYT FY2026 Earnings: The India Resilience Story
The Q4 fiscal 2026 print released on May 19 was a clean demonstration of the platform’s resilience. Full-year gross bookings reached $10.4 billion, and IFRS revenue grew 10.7% in constant currency — the strongest growth rate in the OTA peer set this quarter. Adjusted EBIT came in at $46 million, beating consensus estimates by 2%. The company’s quarterly result was muted on absolute terms but improving sequentially, with management highlighting that the West Asia conflict pressured westbound international travel for the full quarter but pushed domestic airfares higher, partially offsetting the bookings hit.
Constant-currency gross bookings growth was 5% year-over-year, with adjusted revenue growth a much stronger 13% — a positive divergence that reflects mix shift toward higher-margin Hotels and Packages and improving take-rate economics. Cash flow remained healthy, and the company continued executing its buyback programme — reducing share count modestly through the year. Management did not provide formal fiscal 2027 guidance but framed the macroeconomic outlook as “stable to improving” assuming no further geopolitical escalation, with domestic air remaining the most resilient segment.
Bullish and Bearish Analyst Opinions on MakeMyTrip
The split on MMYT stock is bullish overall — three analysts cover the name and all carry Strong Buy ratings — but recent revisions have skewed the price targets downward as the West Asia drag pushed bullish models to be reset. The table below summarises the central debate.
| Bullish View | Bearish View |
|---|---|
| FY2026 IFRS revenue +10.7% CC | Westbound international travel weakness persists |
| $10.4B in annual gross bookings | Goldman target cut from $117 to $80 |
| Buyback continues through downturn | Citi target cut from $80 to $70 |
| India outbound travel structurally compounding | Domestic airfare normalisation as supply restores |
| 14x forward P/E vs 18 – 22x peer median | Hotels and Packages margin still expanding from low base |
On the bull side, analysts continue to highlight the structural strength of the Indian travel market, the platform’s dominant share in a fragmented competitive landscape, and the buyback’s signal of management confidence. The bullish thesis treats the West Asia drag as transient and assumes a recovery of westbound volumes through the back half of fiscal 2027. Citi’s Vijit Jain reaffirmed a Buy with the price target trim to $70 from $80; Goldman Sachs’ Manish Adukia did the same with a more meaningful cut from $117 to $80, citing geopolitical near-term overhangs while leaving the long-term India travel-spend trajectory intact.
On the bearish read, the principal concern is timing rather than thesis. Bears note that domestic airfare strength — which buoyed Q4 fiscal 2026 results — may normalise as Indian carriers restore capacity, and that westbound recovery may take multiple quarters even if conflict de-escalation occurs immediately. They also point out that the implied 127% upside in the consensus average target is generous given the recent revision pattern; a more realistic 12-month total return likely sits in the 40–70% range tied to the Citi/Goldman price points. Importantly, no analyst has moved to Hold or Sell — the disagreement is on size of move, not direction.
Buybacks, West Asia, and the MMYT Stock Catalyst Stack
Three catalysts shape the MMYT stock trajectory for the next two quarters. First, the buyback. Management has continued to execute share repurchases through the drawdown, providing a non-trivial floor under the share price and demonstrating capital-allocation discipline. Buyback intensity has accelerated as the stock has weakened — exactly the pro-cyclical behaviour value-oriented investors look for. The reduced share count creates a mechanical EPS tailwind that compounds across multiple quarters.
Second, West Asia. The single largest variable in the bear case is the duration of the conflict and its drag on westbound international travel. Each quarter that the disruption persists removes a tranche of high-margin international gross bookings from the model; conversely, a relatively rapid de-escalation could trigger an immediate sequential acceleration. Investors should track airline capacity announcements for routes to West Asian hubs — including filings from major carriers such as Delta Air Lines stock-comparable Indian carriers — as a leading indicator.
Third, India outbound travel. The structural growth story underpinning MMYT stock — a rising Indian middle-class with more disposable income for travel — remains intact regardless of the geopolitical noise. Penetration of online travel booking in India remains well below developed-market norms, providing a multi-year tailwind that no single quarter’s data can derail. For comparison, U.S. online travel penetration runs well above 50% of total bookings; India is still scaling toward that threshold.
Analyst Targets and Wall Street Verdict on MMYT Stock
The Wall Street view on MMYT stock is a Strong Buy with an average 12-month target of $106.33 — implying 127% upside from $46.85. The dispersion remains wide because the bullish quants assume a full multiple re-rating while the more recent revision targets ($70–$80) assume only partial recovery.
| Firm | Rating | Price Target | Implied Upside |
|---|---|---|---|
| Consensus average (3 analysts) | Strong Buy | $106.33 | +127% |
| Goldman Sachs (Adukia, May 8) | Buy | $80.00 | +71% |
| Citi (Jain, May 20) | Buy | $70.00 | +49% |
| Prior cycle peak target | Strong Buy | $117.00 | +150% |
| Average post-revision (active calls) | Buy | ~$75 | +60% |
Verdict: Buy. MMYT stock offers an asymmetric long opportunity at $46.85. The risk/reward favours bulls — even the bearish-revised Citi and Goldman targets imply 49–71% upside, and the prior-cycle peak of $117 remains supported by the structural India travel thesis. Position sizing should reflect the geopolitical sensitivity: this is a higher-beta name within emerging-markets travel and a single-news headline can move it 5%+ in either direction. Scale entries between $42 and $50, and consider taking partial profits at the Citi $70 target if reached.
FAQs About MMYT Stock
Is MMYT stock a good buy in 2026?
It depends on your time horizon. At $46.85, MMYT stock trades at 14x forward earnings against a Strong Buy consensus and a $106 average price target. For investors with a 12–24 month horizon, the risk/reward favours bulls — even the most conservative recent target ($70 from Citi) implies 49% upside. Short-term traders should expect geopolitical volatility.
What are the bullish and bearish analyst opinions on MakeMyTrip?
Bulls (all 3 covering analysts) point to FY26 gross bookings of $10.4B, +10.7% constant-currency revenue growth, ongoing buybacks, and a 14x forward P/E discount to global OTA peers. Bears highlight West Asia-driven westbound travel weakness, the Goldman Sachs target cut from $117 to $80, and Citi’s reduction from $80 to $70 — all keeping Buy ratings, just trimming targets.
What is the MMYT stock price target for 2026?
The 3-analyst consensus 12-month price target on MMYT stock is $106.33, implying 127% upside. After recent revisions, Goldman Sachs is at $80 and Citi at $70. The dispersion reflects different views on how rapidly the West Asia drag resolves and how much multiple re-rating follows.
Why did MMYT stock drop in 2026?
Here’s the nuance: the 55% peak-to-trough decline reflects two compounding pressures rather than a fundamental break. First, the West Asia conflict reduced westbound international travel demand. Second, the broader India-exposed consumer-discretionary group derated as risk premiums rose. Q4 fiscal 2026 results still beat EBIT estimates by 2%, so the operating story remains intact even as the stock corrected.
Does MMYT stock pay a dividend?
MakeMyTrip does not currently pay a regular cash dividend. The company instead returns capital to shareholders through share repurchases, which have accelerated through the recent share price weakness. Income-focused investors should look elsewhere; the MMYT stock story is a total-return capital-appreciation thesis.
Disclaimer
This article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell securities. Past performance does not guarantee future results. Investors should conduct thorough due diligence and consult qualified financial advisors before making investment decisions.
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