MakeMyTrip (MMYT US) Initiate at Buy: This time for India

Research evidence excerpt

MakeMyTrip (MMYT US) Initiate at Buy: This time for India

2 July 2026

Equities

Internet & Catalog Retail MakeMyTrip (MMYT US)

Initiate at Buy: This time for India India

◆ MMYT is India’s largest OTA, offering a low beta play to India’s

growing travel theme (OTA GBV FY26-36e CAGR at 13%) INITIATE AT BUY

◆ We are bullish on AI-led adoption, conversion uplifts, and TARGET PRICE (USD) PREVIOUS TARGET (USD)

efficiency gains, putting us 8-12% ahead of consensus adj. OP 70.00

◆ Initiate at Buy with DCF-based TP of USD70; valuation looks

SHARE PRICE (USD) UPSIDE/DOWNSIDE

attractive after 55% pullback ahead of potential India listing 53.89 +29.9%

(as of 29 Jun 2026)

MMYT offers a low-beta way to play India’s structurally rising travel demand,

with multiple potential catalysts ahead. MMYT is India’s largest online travel agency (OTA) MARKET DATA

with 54% gross booking value (GBV) share, yet the stock is down 55% from its 2024 peak Market cap (USDm) 4,842 Free float 83%

Market cap (USDm) 4,842 BBG MMYT US

(vs -16% for the USD-based Sensex Index), largely due to cyclical (airlines capacity 3m ADTV (USDm) 57 RIC MMYT.OQ

challenges) and narrative (AI/ corporate governance) headwinds. We think the AI risk is

overstated, making current levels an attractive entry point. FINANCIALS AND RATIOS (USD)

Year to 03/2026a 03/2027e 03/2028e 03/2029e

MMYT could narrow efficiency gaps vs Booking. HSBC EPS 1.56 2.00 2.61 3.31

MMYT is only 6-7% of Trip.com and Booking in terms of GBV, but has stronger growth HSBC EPS (prev) na na na na

Change (%) na na na na

potential in our view given India’s underpenetrated online travel market and its higher take Consensus EPS 1.63 1.84 2.07 2.55

rate (11% vs Trip.com’s 6%) due to a more fragmented supply chain. While MMYT already PE (x) 34.5 26.9 20.7 16.3