— · NSE/BSE: MAKEMYTRIP
MAKEMYTRIP
Market Cap —
Verdict: High
Quality Scores
Multi-Bagger
76/100
Compounder Quality
84/100
Management Credibility
90/100
Governance
94/100
Cash Flow Quality
91/100
AI Summary
MakeMyTrip (MMYT) is the dominant leader in the Indian Online Travel Agency (OTA) market, controlling over 50% of the domestic flight segment and a significant share of hotel bookings. After years of aggressive customer acquisition and price wars, the company has pivoted from a 'growth at all costs' model to a profitable compounding machine. The consolidation of Goibibo and RedBus has created a powerful network effect that competitors struggle to replicate. Recent fiscal performance shows a sharp recovery post-pandemic, with record-high transaction values and expanding adjusted operating…
Top Opportunities
- Dominant market share (over 50%) in Indian OTA segments
- Robust cash balance of over $500M providing liquidity buffer
- Demonstrated operating leverage as revenue scales
Top Risks
- Intense competition from Google Travel and Agoda/Booking.com
- High historical cash burn prior to 2021
- Susceptibility to airline industry pricing and health
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