Update shared on 13 Nov 2025
Fair value Decreased 3.94%Analysts have slightly lowered their price target for MakeMyTrip from $118.44 to $113.78, citing temporary headwinds in the domestic air travel segment. However, they maintain a positive long-term outlook due to expected recovery.
Analyst Commentary
Recent analysis on MakeMyTrip highlights both optimism and caution regarding the company’s outlook and valuation. While there are signs of near-term turbulence, analysts point to several factors shaping their perspectives.
Bullish Takeaways- Bullish analysts view the current weakness in domestic air travel as temporary and suggest it provides an attractive entry point for investors.
- The company has been added to a major conviction list in Asia-Pacific markets, which reflects increased institutional confidence in its recovery prospects.
- Long-term growth projections remain healthy, supported by expected improvement in travel demand and execution on technology initiatives.
- Valuation remains compelling relative to peers, especially if post-pandemic normalization in travel accelerates as forecasted.
- Bearish analysts remain cautious about ongoing headwinds in the domestic segment, which may weigh on revenue growth in the near term.
- Sustained volatility in the travel industry could challenge management's ability to deliver consistent execution.
- Competitive pressures and market share shifts may impact profitability, especially if demand recovery lags expectations.
What's in the News
- MakeMyTrip Limited announced leadership changes, appointing Dipak Bohra as Group Chief Financial Officer and elevating Mohit Kabra, former CFO, to Group Chief Operating Officer with oversight of all business units (Key Developments).
- Dipak Bohra, who brings three decades of finance experience including a long tenure at Wipro, will take charge of finance, legal, compliance, and investor relations functions (Key Developments).
- The company emphasized a focus on scalable growth and operational alignment as it strengthens leadership for the next phase of expansion (Key Developments).
Valuation Changes
- Consensus Analyst Price Target has decreased moderately, dropping from $118.44 to $113.78.
- Discount Rate has edged down from 12.11% to 11.99%.
- Revenue Growth expectations have risen slightly, moving from 21.12% to 21.36%.
- Net Profit Margin forecast has fallen significantly, from 15.12% to 9.86%.
- Future P/E ratio estimate has decreased, going from 77.6x to 70.0x.
Disclaimer
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