MMYT
MakeMyTrip Limited
NASDAQ: MMYT · CONSUMER CYCLICAL · TRAVEL SERVICES
$46.29
-2.39% today
Updated 2026-06-05
Market cap
$4.09B
P/E ratio
119.86
P/S ratio
3.92x
EPS (TTM)
$0.36
Dividend yield
—
52W range
$33 – $105
Volume
1.3M
MakeMyTrip Limited (MMYT) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed MMYT price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$46.29
Today
Analyst consensus
$74.60
+61.16% · 12M
2030 Base
$51.04
+10.26% future
NPV today
$32.62
@ 10% WACC
13 analysts:
5 Buy1 Hold0 Sell
Management guidance
MakeMyTrip has not provided specific revenue guidance for 2026-2030, but FY26 results show $1.044B revenue (6.7% YoY growth) with gross bookings of $10.4B (10.4% constant currency growth). Management emphasized maintaining 1.8-2.0% EBITDA margin framework and strategic focus on domestic travel offerings amid geopolitical headwinds. No explicit forward guidance provided for outer years.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
MMYT · MakeMyTrip Limited · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$26.59
NPV today: $16.99
Base case (2030)
$51.04
NPV today: $32.62
Bull case (2030)
$99.92
NPV today: $63.86
WallStSmart.com
MMYT financial forecast · Research-backed projections
| Metric | 2026 | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|
| Revenue | $1.0B | $1.4B | $1.7B | $2.0B | $2.3B |
| Revenue growth | 6.7% | 16.9% | 17.3% | 16.9% | 16.0% |
| Net margin | — | 12.6% | 12.9% | 12.9% | 13.0% |
| EPS | $1.33 | $1.98 | $2.35 | $2.74 | $3.18 |
| Diluted shares | — | 91M | 92M | 92M | 93M |
| Net debt | — | $538.14M | $328.82M | $84.20M | $-199.61M |
| P/S multiple | — | 2.0x | 2.0x | 2.0x | 2.0x |
| Implied price (base) | — | $25.40 | $32.90 | $41.47 | $51.04 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $2.3B | $2.3B | $2.3B |
| P/S multiple | 1.0x | 2.0x | 4.0x |
| Diluted shares | 93M | 93M | 93M |
| Net debt | $-199.61M | $-199.61M | $-199.61M |
| Implied P/E † | 8x | 16x | 31x |
| 2030 Price | $26.59 | $51.04 | $99.92 |
| NPV @ 10% | $16.99 | $32.62 | $63.86 |
† Implied P/E: Multiples remain elevated across all three scenarios because MMYT is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $51.04 base case
MMYT catalysts and risks
Growth catalysts
+ Planned India IPO/IDR listing by Q1 2027 to access domestic capital and fund growth initiatives
+ AI-powered travel assistant Myra expansion (54,000+ daily conversations in Q4 FY26) driving conversion and margin improvement
+ Gross bookings growth (22.3% YoY in FY26) exceeding revenue growth, indicating pricing power and market share gains
+ Strategic partnerships expansion (Adani Airport duty-free pre-booking, Minor Hotels premium stays) broadening revenue streams
+ Margin expansion trajectory: adjusted operating profit +13% in FY26, targeting 1.8-2.0% EBITDA margins with scale
Key risks
- Geopolitical headwinds and regional conflicts impacting international travel demand (management explicitly shifting to domestic focus)
- High P/E multiple (89x TTM, 42.7x forward) leaves limited margin for growth disappointment; stock down 60% YTD
- Finance costs rising significantly (net profit fell 46% despite 6.7% revenue growth in FY26 due to convertible notes interest and FX losses)
- Valuation compression: analyst price targets have declined from $125-130 range (Jul 2025) to $70-80 range (May 2026), signaling confidence erosion
- Slowing revenue growth momentum: 25.0% (FY25) → 16.8% (FY26) deceleration, with analyst forecasts of 16.6% (FY27) showing continued margin compression
- Competitive pressure from Trip.com ($8.92B revenue), Expedia ($15.17B), and domestic Indian players in a mature Asia-Pacific travel market
Methodology · MakeMyTrip Limited 2030 stock forecast model
MakeMyTrip Limited 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 13 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (4% cumulative for MMYT by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($-199.61M by 2030) |
| 3. Time value | NPV calculated using 10% WACC (CAPM: beta 1.03) |
| 4. Multiple framework | P/S compresses with scale: bear 1.0x / base 2.0x / bull 4.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 21, 2026.
MMYT price target FAQ
What is the MMYT price target for 2030?
WallStSmart's MakeMyTrip Limited 2030 base case is $51.04 per share, with a bull case of $99.92 and bear case of $26.59. The NPV of the base case discounted to today at 10% WACC is $32.62.
How is the MakeMyTrip Limited 2030 stock forecast calculated?
The MMYT 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the MMYT price target account for dilution?
MakeMyTrip Limited is projected to grow diluted share count from 90M to 93M by 2030 (a 4% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 4%.
What is the analyst consensus on MMYT stock?
13 analysts cover MMYT with an average 12-month price target of $74.60. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.