MakeMyTrip (MMYT) Could Be 37% Below Fair Value After Returning To Profit
MakeMyTrip (MMYT) just put fresh numbers on the table for the quarter to September 30, 2026, reporting a quarterly profit as sales edged slightly lower and six month results remained more mixed.
Despite the earnings swing back to profit, MakeMyTrip’s share price has retreated sharply, with a 90 day share price return down 30.9% and a year to date share price return down 47.9%. However, the 5 year total shareholder return of 22.1% points to much steadier long run momentum.
Scan how MakeMyTrip fits within the wider travel and consumer services space by comparing it against a curated 19 high quality undiscovered gems that may be flying under most investors’ radar.
MakeMyTrip just swung back to quarterly profit even as the share price has dropped hard over the past year. Is it a strong operator, or simply a stock that got ahead of itself and is now resetting to a fairer valuation?
Most Popular Narrative: 37% Undervalued
MakeMyTrip’s most followed narrative pegs fair value at $67.70, comfortably above the last close of $42.68. This puts the recent share price slide against a still-upbeat long term story built on execution and margin expansion.
MakeMyTrip’s AI first transformation, including the launch of Myra 2.0 for end to end conversational booking and wider use of AI in customer support, engineering and operations, is intended to lift conversion, reduce support and development costs and, over time, support higher net margins and earnings.
See why 10 investors see MakeMyTrip as 37% undervalued.
Result: Fair Value of $67.70 (UNDERVALUED)
Still, the MakeMyTrip narrative can be knocked off course if air travel remains under pressure, or if the planned India listing and sizeable convertibles add dilution risk.
Find out about the key risks to this MakeMyTrip narrative.
Another View: MakeMyTrip Through The P/E Lens
There is a very different picture when you look at MakeMyTrip through its P/E ratio instead of that $67.70 fair value narrative. The stock trades on about 96x earnings, compared with roughly 20x for the wider US Hospitality sector and about 14x for close peers.
The fair ratio for MakeMyTrip is estimated at 55.8x. That is still rich, but well below the current multiple. This difference points to meaningful valuation risk if sentiment or forecasts cool. With such a wide gap between price and this fair ratio, how comfortable are you paying up for the story today?
See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
Sentiment around MakeMyTrip might feel split, with both pressure points and bright spots in the story. Move quickly, review the underlying data, and shape your own conviction using our breakdown of 2 key rewards and 3 important warning signs
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