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The Screen · Consumer Cyclical · Travel Services
MakeMyTrip Limited
MMYT · Nasdaq · USD · Market cap $4.8B
MakeMyTrip Limited, together with its subsidiaries, operates as a travel service provider in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, Cambodia, and Indonesia.
FAIL · Does not pass the screen
51.10 USD
Price as of 6 Nov 2026Daily close, not a live quote
Screened 2026-11-06 · the tape above runs as of 04:01 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
Key facts today
Price51.10 USD at the 6 Nov 2026 close
Our value readUndervalued vs our fair value, as of 6 Nov 2026
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 9.24, read 2026-11-01
Ethical does not pass the values gate
Price51.10 USD
Fair value61.03
Ethical score70.0/100
Value readUndervaluedas of 6 Nov 2026
Our investment reviews on this name
2026-11-06Read Markup51.28-0.4% to today Markdown gives way to Markup after a 15% slide in 9 weeks
2026-09-05Read Markdown60.43-15.4% to today ✓Markup gives way to Markdown after an 11% rise in 4 weeks
2026-08-05Read Markup54.62-6.4% to today Distribution gives way to Markup after a 27% rise in 5 weeks
2026-07-02Read Distribution43.15+18.4% to today First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
MakeMyTrip Limited holds its Markup at $51.10. The statistical read favours the buyers, held for 5 days.
As held on the ledger · 2026-11-06
Phase
Markup
Quantitative state
The statistical read favours the buyers, held for 5 days
Price at the screen
$51.10
Valuation
187.96 trailing · 21.24 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.00
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
80.14%
Below 33%
Interest-bearing debt is 80.1% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
1.70%
Below 33%
Cash held in interest-bearing accounts and securities is 1.7% of assets, under the one-third limit.
Pass
Receivables
33.50%
Below 49%
Money owed to the company is 33.5% of assets, under the 49% limit.
Pass
Revenue purity
2.60%
Below 5%
Only 2.6% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
MakeMyTrip's business is in a permissible area, but its interest-bearing debt is about 80% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
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Today MMYT does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 6 Nov 2026: it trades at roughly a 16% discount to our $61.03 fair value, 2.50% revenue growth.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. A 16.3% discount to the base estimate.
Where our models see it going: fair-value estimate $61.03, with a range of $49.50 to $70.18, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Indian travel clicks fail to drive real growth
Booking a flight from Mumbai or a hotel in Bali still routes through MakeMyTrip for many users across Asia. Yet the business shows almost no forward momentum, with revenue up just 2% and profit margins stuck at 5%. At 23.7 times forward earnings the shares sit above fair value once the thin 9% return on equity is factored in, which is why the opportunity rating stays at none despite an ethical screen that passes cleanly.
The company operates across India and a scatter of emerging markets where air tickets and hotel bookings dominate. Analyst targets cluster around 70 dollars, but those forecasts sit well ahead of the modest growth and cyclical demand the numbers actually deliver. Low returns and single-digit margins leave little room for error when travel spending tightens.
Travel demand rises and falls with local economies and currency swings, so earnings can drop sharply in any slowdown. The valuation offers no cushion against that volatility, which keeps us on the sidelines. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to India and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
MMYT trades on Nasdaq (the company is based in India). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-06Markup · changed$51.28+21.8%Entry 10
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 21.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 60%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it strong buy, with a mean price target of $72. Since the last review it its composite score eased.
2026-10-30Markdown$42.09-8.3%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 8.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 60%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it strong buy, with a mean price target of $72.
2026-10-23Markdown$45.91+2.7%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 2.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 60%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it strong buy, with a mean price target of $72.
2026-10-16Markdown$44.70-6.4%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 6.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 60%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it strong buy, with a mean price target of $72.
2026-10-02Markdown$47.75-21.0%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 21.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 60%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it strong buy, with a mean price target of $72.
2026-09-05Markdown · changed$60.43+10.6%Entry 5
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 10.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 60%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it strong buy, with a mean price target of $72.
2026-08-05Markup · changed$54.62+26.6%Entry 4
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 26.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 60%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it strong buy, with a mean price target of $72.
2026-07-18Distribution$43.15+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 60%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it strong buy, with a mean price target of $72.
2026-07-03Distribution$43.15+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Distribution$43.15Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
