MakeMyTrip Management
Management criteria checks 1/4
MakeMyTrip's CEO is Rajesh Magow, appointed in Jan 2000, has a tenure of 26.5 years. directly owns 1.59% of the company’s shares, worth $85.37M. The average tenure of the management team and the board of directors is 0.8 years and 6.9 years respectively.
Key information
Rajesh Magow
Chief executive officer
n/a
Total compensation
| CEO salary percentage | n/a |
| CEO tenure | 26.5yrs |
| CEO ownership | 1.6% |
| Management average tenure | less than a year |
| Board average tenure | 6.9yrs |
Recent management updates
Recent updates
Narrative Update • Jul 24
MMYT: Subsidiary IPO And Buy Rating Will Support Bullish Repricing
Analysts have trimmed their fair value estimate for MakeMyTrip to $58.00 from $64.90 as updated assumptions for revenue growth, profit margins, discount rate and future P/E are incorporated into their price targets and broader research views. Analyst Commentary Recent analyst commentary on MakeMyTrip reflects a mix of supportive views on the business and greater caution around valuation and external risks.
Narrative Update • Jul 10
MMYT: Recent Capital Raises Will Support Future Expansion Plans
Analysts have lowered the fair value estimate for MakeMyTrip from $117.00 to $84.00. This reflects revised P/E assumptions and updated expectations around growth, profitability and geopolitical risks highlighted in recent research, including new and reduced price targets around $70.00.
Narrative Update • Jun 25
MMYT: India Listing Plan And Cost Discipline Will Drive Future Repricing
The analyst price target for MakeMyTrip has moved slightly higher to about $70.73 from $70.40, as analysts factor in recent Street price target revisions, modest tweaks to long term fair value drivers, and ongoing geopolitical risks. Analyst Commentary Recent research on MakeMyTrip reflects a mix of optimism around execution and growth drivers, and caution around valuation sensitivity to geopolitical risks and revised expectations.Seeking Alpha • Jun 23
MakeMyTrip: Temporary Travel Pressure Does Not Break The Buy Case
Summary MakeMyTrip remains a buy as recent growth slowdown is attributed to temporary travel disruptions, not structural demand issues. MMYT's platform resilience is evident, with strong growth in hotels, packages, and bus segments offsetting air travel weakness. Valuation has become more attractive at 27x NTM PE, reflecting conflict-driven de-rating rather than fundamental deterioration. As conflict headwinds ease and non-air segments remain robust, MMYT is well-positioned for profit and booking growth recovery. Read the full article on Seeking AlphaAnalysis Article • Jun 20
MakeMyTrip (MMYT) Stock Could Be 33.6% Undervalued As AI Growth Narrative Builds
MakeMyTrip (MMYT) has drawn fresh attention after recent share price moves, with the stock up around 8% over the past week and roughly 17% in the past 3 months. See our latest analysis for MakeMyTrip. At a share price of US$46.72, MakeMyTrip’s recent momentum, including a 2.79% 1 day share price return and 8.65% 30 day share price return, contrasts with a year to date share price decline of 42.95% and a 1 year total shareholder return decline of 49.02%. However, the 3 year and 5 year total...Narrative Update • Jun 09
MMYT: India Listing Path And Cost Discipline Will Support Future Repricing
Analysts have adjusted MakeMyTrip's implied fair value from $71.90 to $70.40, reflecting lower price targets that consider slightly softer growth assumptions and potential ongoing impacts from geopolitical conditions, even though recent results were modestly ahead of some estimates. Analyst Commentary Bullish Takeaways Bullish analysts point to adjusted EBIT of $46M coming in 2% ahead of their estimates as evidence of tighter cost control and operational execution supporting current valuations.Narrative Update • May 26
MMYT: India Listing Plans And Margin Focus Will Support Future Repricing
Analysts have trimmed their fair value estimate for MakeMyTrip to $71.90 from $88.10, reflecting lower price targets across the Street as they factor in slightly softer revenue growth assumptions, a higher profit margin outlook, and the impact of ongoing geopolitical risks on future P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts point to adjusted EBIT of US$46 million, which they highlight as modestly ahead of their internal forecasts, as a sign of disciplined execution on profitability.Narrative Update • Apr 27
MMYT: AI Trip Planning And India Listing Plans Will Support Future Repricing Potential
Analysts have trimmed their MakeMyTrip price target by $5.70 to $88.10, citing updated assumptions on revenue growth, profit margins and future P/E multiples following recent Street research that included target cuts at Citi and BofA as well as the stock’s removal from Goldman Sachs’ APAC Conviction List. Analyst Commentary Bullish Takeaways Bullish analysts still see room for execution upside if MakeMyTrip converts existing traffic and user engagement into higher quality revenue, which could support the revised P/E assumptions over time.New Narrative • Apr 16
Long Term Leisure Travel And AI Adoption Will Transform This Online Travel Platform
Catalysts About MakeMyTrip MakeMyTrip operates a leading online travel platform offering air tickets, hotels, holiday packages, bus and rail tickets, and other travel services. What are the underlying business or industry changes driving this perspective?Narrative Update • Apr 12
MMYT: AI Trip Planning And Buybacks Will Support Future Repricing Potential
Analysts have trimmed their average price target on MakeMyTrip by about $8, reflecting slightly more cautious assumptions on fair value and profitability after recent target cuts and list removals across several research houses. Analyst Commentary Bullish Takeaways Bullish analysts keep MakeMyTrip in their coverage even after target cuts, which suggests they still see a case for long term execution on its core travel platform.New Narrative • Apr 02
AI Spending And Budget Hotel Mix Will Pressure Margins Yet Support Resilient Travel Demand
Catalysts About MakeMyTrip MakeMyTrip operates an online travel platform that offers flights, hotels, buses and related travel services for consumers and corporates. What are the underlying business or industry changes driving this perspective?Narrative Update • Mar 26
MMYT: AI Trip Planning And Buybacks Will Support Future Upside Potential
Analysts have trimmed their price targets on MakeMyTrip, with reductions such as $7 and $12 in recent research, reflecting updated views on risk, growth assumptions, and valuation multiples. Analyst Commentary Recent research points to a more cautious tone around MakeMyTrip, even as analysts highlight factors that could still support the long term story.Narrative Update • Mar 11
MMYT: AI Trip Planning Will Anchor Future Upside Potential
Analysts have trimmed their price targets on MakeMyTrip by $12 and $7 respectively and cite updated assumptions for discount rates and forward P/E multiples as key drivers of the change. Analyst Commentary Recent research points to updated discount rates and revised forward P/E assumptions as the main reasons behind the new price targets, rather than a single company specific event.Narrative Update • Feb 25
MMYT: AI Trip Planning And Buybacks Will Support Future Upside Potential
Analysts have trimmed their MakeMyTrip fair value estimate by about $1 per share to roughly $102, reflecting slightly updated assumptions on discount rate, revenue growth, profit margins, and future P/E after recent price target reductions from the Street. Analyst Commentary Street research has recently focused on recalibrating price targets for MakeMyTrip, which feeds directly into how analysts think about upside, execution risk, and the right P/E to apply.Narrative Update • Feb 09
MMYT: Share Repurchases And Outperform Initiation Will Support Future Upside Potential
Narrative update: MakeMyTrip analyst price target shift The updated analyst price target for MakeMyTrip now aligns at about US$103, reflecting minor tweaks to discount rate and P/E assumptions, as analysts incorporate recent target cuts from Morgan Stanley and Citi, along with new coverage from CICC. Analyst Commentary Recent research on MakeMyTrip has focused on recalibrating price targets and ratings rather than changing the core thesis.Narrative Update • Jan 25
MMYT: Recent Buybacks And Outperform Initiation Will Support Long Term Upside
Analysts have trimmed their fair value estimate for MakeMyTrip from $110.70 to $102.90. This reflects slightly adjusted expectations around growth, margins and future P/E multiples based on recent research updates.Analysis Article • Jan 24
MakeMyTrip Limited's (NASDAQ:MMYT) 26% Cheaper Price Remains In Tune With Revenues
MakeMyTrip Limited ( NASDAQ:MMYT ) shareholders that were waiting for something to happen have been dealt a blow with a...Narrative Update • Jan 09
MMYT: New Outperform Rating Will Support Long Term Upside Potential
Analysts have trimmed their fair value estimate for MakeMyTrip from US$111.40 to US$110.70, reflecting slightly updated assumptions on discount rate, revenue growth and profit margins, as well as fresh Street research such as CICC's new Outperform rating with a US$95 price target. Analyst Commentary Bullish Takeaways Bullish analysts see the updated fair value estimate of US$110.70 as broadly consistent with the new US$95 price target.Narrative Update • Dec 14
MMYT: Conviction List Inclusion Will Drive Long-Term Upside Despite Air Travel Weakness
Analysts have trimmed their fair value estimate for MakeMyTrip by about $0.50 to roughly $111.40 per share, citing slightly higher discount rates, modestly softer growth and margin assumptions, yet maintaining a constructive view supported by recent positive coverage and conviction-list inclusion. Analyst Commentary Recent Street research reflects a broadly constructive stance on MakeMyTrip, with valuation frameworks balancing strong growth optionality against execution and macro risks in the travel cycle.Narrative Update • Nov 28
MMYT: Addition To APAC Conviction List Will Drive Long-Term Upside
Analysts have modestly lowered their price target for MakeMyTrip from $113.78 to $111.90. They cite temporary softness in domestic air travel but maintain a positive longer-term outlook, supported by recent research coverage and favorable profit margin trends.Narrative Update • Nov 13
MMYT: Addition To APAC Conviction List Will Drive Long-Term Upside
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.Narrative Update • Oct 29
Addition To Conviction List Will Drive Renewed Confidence In Travel Recovery
Analysts have reduced their fair value estimate for MakeMyTrip from $121 to $118.44 per share, citing slightly lower expectations for revenue growth and profit margins. This comes despite continued optimism about the company's long-term positioning.Analysis Article • Sep 21
Is MakeMyTrip (NASDAQ:MMYT) A Risky Investment?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Seeking Alpha • Mar 12
MakeMyTrip: Stretched Valuations Point To Further Correction
Summary MakeMyTrip has shown significant growth but currently faces stretched valuations and macroeconomic headwinds, suggesting a bearish short-term outlook. Despite India's promising long-term travel market, near-term economic challenges and high valuations make MMYT stock unattractive at current levels. Valuations are significantly higher than sector medians, indicating potential further downside despite robust revenue growth and strong financial performance. Future expansionary policies and GST rate cuts could positively impact MMYT, but the immediate outlook remains cautious due to economic deceleration and high valuations. Read the full article on Seeking AlphaSeeking Alpha • Jan 25
MakeMyTrip Ltd: Still Well Positioned To Grow
Summary I reiterate my buy rating for MakeMyTrip Ltd. due to its strong market leadership, scale, and product innovation driving growth and profitability. MMYT's 3Q25 results showed a 25% y/y revenue increase and a 38% y/y rise in adj EBIT, reinforcing its favorable growth outlook. MMYT's strategic investments in tier 2 and 3 cities and product innovations like GenAI and part-payment options enhance its competitive position and customer retention. Read the full article on Seeking AlphaSeeking Alpha • Oct 25
MakeMyTrip: Overvalued With High Customer Acquisition Costs And Intense Competition
Summary MakeMyTrip has shown strong financial performance, with a 46.3% increase in operating profit and a 24.3% rise in gross bookings year-on-year. The company benefits from macroeconomic tailwinds in India, including a growing middle class, increased travel spending, and government investments in travel infrastructure. Despite its strong market position, MMYT faces intense competition and high customer acquisition costs, which could limit its ability to achieve super normal profits. Valuation concerns are significant; the stock trades at a high EV/Sales multiple, suggesting limited future growth potential and a 50% downside risk. Read the full article on Seeking AlphaSeeking Alpha • Oct 17
MakeMyTrip: Lofty Valuation Leaves Little Room For Errors
Summary MakeMyTrip shows strong growth with significant revenue increases. However, expect volatility in margins to persist as the company is still in its growth phase. MMYT is well-positioned to enjoy enduring macroeconomic and fiscal-related tailwinds. In addition, the company has multiple growth drivers to leverage on to maintain its lead in the industry. Despite outperforming peers in profitability and liquidity, MMYT's valuation metrics suggest that the current share price is overvalued. Valuation analysis suggests that markets are pricing in generous and overly optimistic assumptions, leaving little room for errors. Any slight deterioration in growth is likely to cause a huge sell-off. Read the full article on Seeking Alpha
New Narrative • Aug 23
Expanding Into High-Cost Ventures And Market Fluctuations Threaten Profit Margins And Growth
Reliance on high-margin international bookings may face challenges from geopolitical tensions and economic downturns, affecting revenue growth.CEO
Rajesh Magow (57 yo)
26.5yrs
Tenure
Mr. Rajesh Magow is Group Chief Executive Officer at MakeMyTrip Limited since February 11, 2020. Mr. Magow is a Co-Founder of MakeMyTrip (India) Private Limited and serves as its Chief Executive Officer. M...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Co-Founder | 26.5yrs | no data | 1.59% $ 85.4m | |
| Founder | 24.8yrs | no data | 0.32% $ 17.0m | |
| Group Chief Financial Officer | less than a year | no data | no data | |
| Group COO & Director | less than a year | no data | no data | |
| Group Chief Technology Officer | no data | no data | no data | |
| Vice President of Administration | no data | no data | no data | |
| Senior Vice President of Investor Relations | 4.5yrs | no data | no data | |
| Group Chief Human Resource Officer | no data | no data | no data | |
| Chief Business Officer of B2B & Customer Contact Group | no data | no data | no data | |
| Chief Business Officer of Hotels | no data | no data | no data | |
| Chief Product Officer of Hotel | no data | no data | no data | |
| Chief Operating Officer of Flights | less than a year | no data | no data |
0.8yrs
Average Tenure
56yo
Average Age
Experienced Management: MMYT's management team is not considered experienced ( 0.8 years average tenure), which suggests a new team.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Co-Founder | 13.7yrs | no data | 1.59% $ 85.4m | |
| Founder | 24.8yrs | no data | 0.32% $ 17.0m | |
| Group COO & Director | 1yr | no data | no data | |
| Independent Director | 19.3yrs | no data | no data | |
| Director | 6.9yrs | no data | no data | |
| Independent Director | 16.2yrs | no data | no data | |
| Independent Director | 2.2yrs | no data | no data | |
| Director | 6.9yrs | no data | no data | |
| Independent Director | 1.2yrs | no data | no data | |
| Director | 1yr | no data | no data |
6.9yrs
Average Tenure
57yo
Average Age
Experienced Board: MMYT's board of directors are considered experienced (6.9 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/31 06:39 |
| End of Day Share Price | 2026/07/31 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2026/03/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
MakeMyTrip Limited is covered by 24 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Ashwin Mehta | Ambit Capital |
| null null | Antique Stockbroking Ltd. |
| Manik Taneja | Axis Capital Limited |