MakeMyTrip Limited (MMYT): A Bull Case Theory

We came across a bullish thesis on MakeMyTrip Limited on Stock Analysis Compilation’s Substack. In this article, we will summarize the bulls’ thesis on MMYT. MakeMyTrip Limited's share was trading at $101.62 as of July 24^th. MMYT’s trailing P/E were 118.49 according to Yahoo Finance.

MakeMyTrip is India’s leading online travel agency (OTA), often seen as the Booking.com of India, leveraging an asset-light, cash-generative internet platform that connects over 80 million customers with hotels, alternative accommodations, and transport options, including flights, trains, buses, and cars. Operating in a young but rapidly growing market, the company benefits from strong brand equity and entrenched scale advantages, underpinned by its extensive network.

India’s travel sector is set to expand significantly, driven by rising disposable incomes, a growing middle class, and accelerating smartphone penetration, all of which position MakeMyTrip for sustained top-line growth. The company is targeting approximately 20% annual revenue growth, supported by continuous improvements to its network and technology infrastructure. This growth, combined with operational efficiencies, is expected to drive steady margin expansion and position the company to deliver earnings growth in the range of 25%.

MakeMyTrip’s model remains highly cash-generative, enabling reinvestment into its platform while maintaining a disciplined capital structure. With its dominant market position, brand strength, and scalable business model, the company stands to consolidate its leadership in India’s online travel ecosystem. The structural tailwinds of increasing digital adoption and consumer demand for flexible, convenient travel solutions reinforce the long-term investment case.

Given its robust fundamentals, attractive growth trajectory, and margin expansion potential, MakeMyTrip offers investors an opportunity to participate in the sustained digital transformation of India’s travel industry, with significant upside supported by both network effects and favorable secular trends.

Previously, we covered a bullish thesis on Trip.com Group Limited (TCOM) by Acid Investments in February 2025, which highlighted its reinvestment strategy, strong international growth, and leverage to the global travel rebound. The company’s stock price has appreciated by approximately 12.83% since our coverage, as demand remained resilient. Stock Analysis Compilation shares a similar view but emphasizes MakeMyTrip’s leadership in India’s expanding online travel market supported by network effects.

MakeMyTrip Limited is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held MMYT at the end of the first quarter which was 28 in the previous quarter. While we acknowledge the potential of MMYT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.