Makemytrip Limited: In-line 4Q growth; Likely near-term moderation, but some mitigating measures

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Makemytrip Limited: In-line 4Q growth; Likely near-term moderation, but some mitigating measures

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Makemytrip Limited

In-line 4Q growth; Likely near-term

moderation, but some mitigating measures

Reiterate Rating: BUY | PO: 60.00 USD | Price: 41.12 USD

Largely in-line softer revenue growth but beat on EBITDA 19 May 2026

MMYT’s 4Q revenues grew 8% YoY, largely in-line with BofAe/consensus, but EBITDA Equity

came in 8-12% above ours/Street’s expectations. Margins expanded by 120bps QoQ to

16.6% led by superior cost control. Marketing expenses as % of gross bookings were at

Key Changes5.2% (vs 5.6% in 3Q). 4Q constant currency YoY growth: 10.7% for air, 11.5% for hotels

and 17.1% for bus. On West Asia conflict & macro related potential headwinds, mgmt in (US$) Previous Current

con-call said that they would likely see some impact on the growth trajectory in 1Q. 2027E EPS 0.71 0.58

However given this is usually a seasonally stronger quarter, MMYT is trying to dial up 2028E EPS 1.35 1.22

domestic travel offerings/provide increasing domestic travel options to customers. This 2029E EPS 2.24 2.10

would help capture travel demand or move from international to domestic to best extent

possible. Post 4Q, we tweak our FY27/28E EPS on a low base; roll-forward DCF and keep Sachin Salgaonkar >>

PO unchanged at $60. Reiterate Buy rating as we continue to see MMYT as a beneficiary Research Analyst

of travel momentum and market leadership. BofAS+91 22India6632 8667

sachin.salgaonkar@bofa.com

Signs of positive seasonality in May, but watchful on oil Pankaj Mehendiratta >>

May onwards, MMYT is seeing seasonality kicking-in and mgmt highlighted historically, ResearchBofAS IndiaAnalyst

travelers have changed plans to alternative destinations.