MakeMyTrip Limited (MMYT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+21.4%

$55.37

vs $45.60 price

Levered DCF

$46.06

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.47

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	73.12×	116.65×	36.62×	-244.7×	-63.88×	-60.73×	-2.81×	-17.12×
P/B	-56.1×	9.17×	7.14×	3.09×	3.24×	3.8×	1.46×	2.11×
P/S	3.64×	11.28×	10.14×	4.52×	9.54×	20.64×	2.46×	5.9×
EV / EBITDA	22.68×	67.28×	56.74×	83.04×	-1,449.73×	-138.83×	-2.8×	-19.01×
Gross margin	55.9%	72.0%	72.5%	70.1%	80.7%	86.4%	69.8%	64.3%
Operating margin	14.7%	12.3%	8.3%	4.0%	-10.0%	-41.4%	-83.9%	-31.5%
Net margin	5.0%	9.7%	27.7%	-1.9%	-14.9%	-34.0%	-87.5%	-34.5%
Current ratio	3.05×	1.85×	2.88×	1.48×	3.09×	2.58×	1.55×	2.15×
Debt / equity	-20.75×	0.2×	0.2×	0.27×	0.24×	0.23×	0.03×	0×
Interest coverage	1.47×	6.78×	3.67×	1.37×	-1.98×	-15.24×	-69.98×	-209.51×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-76.4%	7.9%	19.5%	-1.3%	-5.1%	-6.3%	-52.2%	-12.4%
Return on invested capital	7.2%	6.7%	4.8%	1.9%	-2.6%	-5.6%	-47.3%	-11.1%
Return on assets	3.0%	5.2%	13.1%	-0.8%	-3.4%	-4.3%	-41.3%	-10.7%
Free cash flow yield	4.4%	1.6%	1.4%	0.6%	-0.2%	2.0%	-10.0%	-3.1%
Earnings yield	1.4%	0.9%	2.7%	-0.4%	-1.6%	-1.6%	-35.6%	-5.9%
Enterprise value	$4.8B	$10.8B	$7.8B	$2.6B	$2.9B	$3.3B	$1.2B	$2.7B
Net debt / EBITDA	4.65×	-1.7×	-0.76×	-1.54×	-1.65×	3.85×	0.25×	1.25×
Cash conversion cycle (days)	-50	-65	-68	-52	-165	-333	-8	-103