MakeMyTrip Ltd
MMYT · Transportation Services · EDGAR filings ↗
Grade
B73Leading Indian OTA with top-decile gross margin and 25% revenue growth, but modest returns and a sharp net-income decline.
Strengths
- Revenue +25% (77th pct) with top-decile gross margin (72%); net margin 80th pct, positive FCF (73rd pct)
- Category leadership across air, hotels and bus (redBus) with strong liquidity (current ratio 1.85, 85th pct)
Risks
- Net income down 56% (37th pct); ROE 7.9% and ROA 5.2% only modestly above median
- Intense competition, supplier disintermediation, search-engine/AI traffic dependence and India macro/currency exposure
Notable findings
- Strong balance sheetStrong balance sheet — $509M cash & investments
Key metrics
Gross margin
72.0%
Operating margin
12.3%
Net margin
9.7%
Return on equity
7.9%
Return on assets
5.2%
Revenue growth (QoQ)
25.0%
Net-income growth
-56.0%
Interest coverage
3.7×
Current ratio
1.8×
Free cash flow
$181M
Tangible book value
$1.2B
Cash & investments
$509M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-06-16 | 2025-03-31 | 0000950170-25-086539 ↗ |
| 20-F | 2024-07-02 | 2024-03-31 | 0000950170-24-080082 ↗ |
| 20-F | 2023-07-25 | 2023-03-31 | 0000950170-23-034278 ↗ |
| 20-F | 2022-07-12 | 2022-03-31 | 0001564590-22-025608 ↗ |
| 20-F | 2021-07-13 | 2021-03-31 | 0001564590-21-036479 ↗ |
| 20-F | 2020-08-17 | 2020-03-31 | 0001564590-20-040383 ↗ |
| 20-F | 2019-07-23 | 2019-03-31 | 0001564590-19-025532 ↗ |
| 20-F | 2018-06-20 | 2018-03-31 | 0001564590-18-015847 ↗ |
| 20-F | 2017-07-18 | 2017-03-31 | 0001193125-17-230315 ↗ |
| 20-F | 2016-06-14 | 2016-03-31 | 0001193125-16-621250 ↗ |
| 20-F | 2015-06-09 | 2015-03-31 | 0001193125-15-217553 ↗ |
| 20-F | 2014-06-06 | 2014-03-31 | 0001193125-14-228441 ↗ |