MMYT Stock: Can MakeMyTrip Keep Growing?

Headquartered in Gurgaon, India, MakeMyTrip [MMYT] provides online travel services to both domestic and global customers. 

After years of unremarkable stock market activity, MMYT stock began to make waves in January 2024.

With Q4 2025 results expected next month, OPTO unpacks why MMYT has only now started to attract significant interest — twenty-five years since its founding.

What’s New with MMYT?

Following a remarkably consistent 12-month rally from January 2024 through the end of the year, the first third of 2025 has been a little rockier for the travel company.

MakeMyTrip’s Q3 2025 results, reported on January 23, saw gross bookings increase 26.8% year-over-year to $2.61bn, while adjusted net profit grew from $38.9m to $44.9m.  

However, after Q3 results, the MMYT share price decreased 4.92% to January 27’s close, before a recovery of 15.17% to February 5.

Several institutional investors, including Capital International, have reduced their stakes in MMYT, perhaps to cash in on the new heights reached over the last quarter. Nevertheless, Capital International’s stake was still worth $43.2m as of its latest 13F filing.

Since February 5, MMYT is down 13.95% to April 23’s close.

How is the Competition Holding Up?

Yatra [YTRA] is perhaps the closest direct competitor to MakeMyTrip in terms of product offering and target market.

However, with a market cap of $41.24m and a share price floundering near all-time lows, Yatra’s star seems to be dying, while MMYT is in the ascendant.

In fact, the firm announced on April 15 that it had been notified by Nasdaq that it had 180 days to regain a minimum $1 closing price or face delisting.

Source: Yahoo Finance

Another travel competitor is Viking [VIK]. 

While Viking focuses on cruises, it is enjoying the same uptick in travel demand. With lower growth predictions but a less unnerving P/S ratio, Viking could offer moderate exposure to the market, with less volatility.

Of the 17 analysts tracking Viking on Yahoo Finance, none have rated the stock lower than ‘hold’ so far in 2025. The firm is consistently outperforming EPS estimates, and, at $39.74 per share, its value sits well below even the lowest estimated price target of $44.

Can MMYT Beat the Competition?

Investors interested in gaining exposure to the Indian travel market might like to consider the following points.

The Bull Case for MMYT

Why is MMYT stock gaining so much attention?

Relevant Strength Upgrade

On April 16, MMYT received an upgrade in its Investor Business Daily’s relative strength (RS) rating, scoring 91 out of a possible 99.

The score compares a stock’s performance over the previous 52 weeks versus every other stock in the database.

Notably, MMYT was upgraded despite the fact it was recovering from a 29.12% dip between February 5 and March 10.

Strong and Growing Market Demand

As MakeMyTrip’s Group CEO Rajesh Magow said in the firm’s Q3 earnings report, “The Indian travel and tourism sector is witnessing robust growth”, and this trend may well continue for some time.

International tourism returned to 98% of pre-pandemic levels in 2024, with expenditure growth for India outpacing many other countries.

If this trend does indeed continue, MMYT is poised to continue leveraging the Indian market’s strength — three out of 10 domestic flights are already bought through its platform. 

The Challenges Facing MMYT

There are also some potential challenges to consider.

Options Volatility

As of April 17’s close, Zacks noted that MMYT’s $45 call placed it near the top of the table for implied volatility of all equity options on that day.

This suggests a big move in either direction could be on the cards, and those looking for stable growth might be spooked.

However, this could be seen as a positive by those interested in options trading.

Will Fundamental Value Continue to Grow?

MMYT has seen significant growth in the past 15 months, but with adjusted quarterly profits of less than $45m, there will likely come a point when its stock value ceases to be supported by the fundamentals.

How soon this will come, and where exactly the breaking point lies, will be up to individual investors to decide, but it is a risk to consider when assessing entry points.

Conclusion

MakeMyTrip is certainly attracting the attention of investors interested in growth plays and exposure to a steadily growing travel industry. Nonetheless, there may well be a tipping point ahead.