MMYT · MakeMyTrip

The thesis

MakeMyTrip's shares have rebounded to $51.60 (close, 10 November 2026) on no new company results, while the September-quarter report still shows fast bookings growth and a revenue miss; the December-quarter report in late January 2027 settles which reading is right. Gross bookings grew 20.9% in constant currency, yet revenue rose only 2.5% and Indian air demand is shrinking.

The September-quarter report of 26 October 2026 showed gross bookings of about $2.72 billion, up 11.3% in US dollars and 20.9% in constant currency (Mitrade summary of the earnings call). Reported revenue was $235.2 million, up 2.5%, against analyst estimates of roughly $267.4 million to $269.1 million (Grafa, 26 October 2026). Net profit was $1.8 million versus a $5.7 million loss a year earlier (Inc42).

The story is well known: the results are two weeks old, the latest analyst action is a target cut, and the 12.2% jump on 4 November 2026 carried no company announcement (MarketBeat price alert, 4 November 2026). The adjusted close was $42.41 on 28 October 2026 and $51.60 on 10 November 2026. The 14-day relative strength index (a 0–100 momentum gauge) is 71.1, and the shares sit 40.3% below their 52-week high of $86.39.

Bullish and bearish views on MakeMyTrip Limited

The bull case on MakeMyTrip Limited (MMYT), in brief: constant-currency bookings growth accelerated. The bear case: revenue missed while bookings grew.

Bull case

• Constant-currency bookings growth accelerated. Gross bookings rose 20.9% in constant currency in the quarter ended 30 September 2026, up from 19.9% in the quarter ended 30 June 2026 (Mitrade, 27 October 2026). The rupee fell roughly 10% against the dollar year over year, which explains the lower 11.3% growth in dollars.
• Hotels and buses carried the quarter. Hotel and package adjusted margin was $116.8 million, up 20.2% in constant currency, on 18.5% more room nights. Bus gross bookings rose 20% to $435.3 million (company release via Mitrade and Inc42, 26 October 2026).
• Air-ticketing margin grew despite fewer passengers. Domestic departures fell 7% and international departures fell 4%, yet air-ticketing adjusted margin rose 14.3% in constant currency to $108.6 million (MarketBeat call highlights, 26 October 2026).
• Profit returned and costs fell. Net profit was $1.8 million, and service cost fell 4.6% to $49.2 million (Inc42, 26 October 2026).
• Buyback and analyst support continue. The company spent $17.2 million on repurchases in the quarter (MarketBeat, 26 October 2026). MarketBeat's consensus target is $72.25, with five Buy and two Hold ratings (4 November 2026). TipRanks cited enthusiasm for a planned initial public offering of MakeMyTrip's Indian subsidiary on 15 October 2026; no date or terms were given.

Bear case

• Revenue missed while bookings grew. Revenue of $235.2 million, up 2.5%, fell short of estimates near $267 million to $269 million (Grafa, 26 October 2026). Customer inducement costs, deducted from revenue, rose to $108.9 million from $89.1 million (Inc42).
• Operating margin slipped. Adjusted operating profit was $46.2 million, or 1.7% of gross bookings, against 1.8% a year earlier (MarketBeat, 26 October 2026).
• Air demand is shrinking. The CFO said air fares rose roughly 25–30% year over year, and domestic departures fell 7% (MarketBeat, 26 October 2026). India's civil aviation regulator, the DGCA, reported August domestic passengers down 6% (Free Press Journal, 19 September 2026).
• Targets are being cut. B of A Securities lowered its target to $55 from $60 on 27 October 2026 and kept a Buy rating (MarketBeat, 4 November 2026). The shares closed $51.60 on 10 November 2026, so the cut target sits below the last close.
• The rebound has no stated cause. The 12.2% rise from $45.50 on 4 November 2026 came on volume about 76% below average at mid-session (MarketBeat, 4 November 2026). The balance sheet carries negative equity of $58.5 million at 31 March 2026.

Price setup

The shares closed at $51.60 on 10 November 2026, up from $42.41 on 28 October 2026. MarketBeat put the 200-day moving average at $50.66 and the 50-day at $48.13 on 4 November 2026, so the shares now trade above both. The 52-week range runs from a low of $32.67 to a high of $86.39. The three-month price change is −15.0%.

A relative strength reading of 71.1 places the shares in overbought territory after a rise of roughly a fifth in under two weeks. Reclaiming the 200-day average is a price fact; the next report decides whether business results support it.

Catalysts ahead

• ~15 November 2026 (est.): DGCA October domestic air traffic data. Another year-over-year decline would extend the weakness behind the 7% drop in domestic departures; a rise would ease it.
• ~28 January 2027 (est.): December-quarter results; Yahoo Finance lists ~20 January 2027, company has not announced a date. Settles whether constant-currency bookings growth near 20.9% holds and whether revenue growth catches up with bookings.

What would change the view

A daily close above $63.22, the highest close of the last 126 sessions (4 August 2026), would show the shares leading the S&P 500 and prove this call wrong.

What it trades with

MakeMyTrip trades with Indian consumer travel demand and the rupee, which moves reported dollar results. TipRanks tied an October 2026 rally in travel shares to hopes of lower oil prices if tensions around Iran eased (15 October 2026). Higher jet fuel and fares hit Indian air volumes, the segment where departures are falling.