Fair value published on 21 Oct 2026, 12:04 CEST; previously $14.54 since 16 Oct 2026, 00:00 CEST.
ACCE price target published on 11 Oct 2026, 00:00 CEST.
Rating published on 21 Oct 2026, 12:04 CEST.
Price used: $42.09 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
221.0% above
-68.8% to fair value
ACCE score
36
out of 100
Analysts
100% buy
10 covering
P/E
210.4x
forward 16.8x
1-year return
-52.7%
Dividend yield
0.00%
MakeMyTrip Limited Ordinary Shares in four questions
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Overview
ACCE thesis
MakeMyTrip runs India's largest online travel platform, selling flights, hotels, holiday packages and bus and rail bookings, alongside the Redbus ticketing business and a growing ad and fintech layer built on its traveller base. Its structural edge is scale in a market where most travel still gets booked offline, so the company sits at the front of a shift toward digital booking that has years left to run. Revenue growth of 6.2% is modest for a business in a fast-growing market, and the forward P/E of 96.2 against a trailing 222.8 shows the market is pricing a sharp earnings recovery rather than the current run rate. Operating margin of 15.3% and ROE of 28.7% suggest the model can earn well once volumes and take rates stabilise, which is the main thing a deeper look would need to test. The stock scores 38/100 on our screen and is in no index, so it is a judgment call on margin normalisation rather than a flow-driven story.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Earnings collapsing despite revenue growth
Earnings fell 60.8% year over year while revenue grew only 6.2%. Net margin is 3.2%, so little of the top line reaches shareholders, and the 233.0 trailing P/E reflects that thin earnings base.
high
Valuation far above model fair value
The stock trades 221.0% above the model fair value of $13.11, and 5.2% above the ACCE price target of $40.00. Price rests on growth expectations the current earnings do not yet support.
moderate
Elevated short interest
Short interest stands at 14.2% of shares. That is a meaningful bearish position, and it can amplify volatility in either direction.
AI research notes
AI-assisted·How I use AIWritten Oct 19, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Earnings beat expectations by 140.0%, with earnings per share of 0.48 against 0.20 expected.
The company generated $168M of free cash flow over the last 12 months and reduced its diluted share count by 4.2%.
Why it could disappoint
The stock trades at a trailing P/E of 233.0x, far above a sector median forward P/E of 17.8x.
Net margin is only 3.2%, and revenue grew just 6.2% year over year against a 44.9% five-year average.
The price implies cash flow growth of 10.3% a year forever, and only 2 of 3 valuation models feed the consensus.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 26, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where MMYT's valuation models land
Price
$42.09
Model fair value
$13.11
Model range
$11.82 to $14.66
Fair value $13.11
Price $42.09
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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Quality
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