MakeMyTrip (MMYT) Could Be 37% Below Fair Value After Returning To Profit

Simply Wall St.11-02

MakeMyTrip (MMYT) just put fresh numbers on the table for the quarter to September 30, 2026, reporting a quarterly profit as sales edged slightly lower and six month results remained more mixed. ...

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Despite the earnings swing back to profit, MakeMyTrip’s share price has retreated sharply, with a 90 day share price return down 30.9% and a year to date share price return down 47.9%. However, the 5 year total shareholder return of 22.1% points to much steadier long run momentum. Scan how MakeMyTrip fits within the wider travel and consumer services space by comparing it against a curated 19 high quality undiscovered gems that may be flying under most investors’ radar. MakeMyTrip just swung back to quarterly profit even as the share price has dropped hard over the past year. Is it a strong operator, or simply a stock that got ahead of itself and is now resetting to a fairer valuation? AdvertisementMost Popular Narrative: 37% Undervalued MakeMyTrip’s most followed narrative pegs fair value at $67.70, comfortably above the last close of $42.68. This puts the recent share price slide against a still-upbeat long term story built on execution and margin expansion. MakeMyTrip’s AI first transformation, including the launch of Myra 2.0 for end to end conversational booking and wider use of AI in customer support, engineering and operations, is intended to lift conversion, reduce support and development costs and, over time, support higher net margins and earnings. See why 10 investors see MakeMyTrip as 37% undervalued. Result: Fair Value of $67.70 (UNDERVALUED) Still, the MakeMyTrip narrative can be knocked off course if air travel remains under pressure, or if the planned India listing and sizeable convertibles add dilution risk. Find out about the key risks to this MakeMyTrip narrative. Another View: MakeMyTrip Through The P/E Lens There is a very different picture when you look at MakeMyTrip through its P/E ratio instead of that $67.70 fair value narrative. The stock trades on about 96x earnings, compared with roughly 20x for the wider US Hospitality sector and about 14x for close peers. The fair ratio for MakeMyTrip is estimated at 55.8x. That is still rich, but well below the current multiple. This difference points to meaningful valuation risk if sentiment or forecasts cool. With such a wide gap between price and this fair ratio, how comfortable are you paying up for the story today? See what the numbers say about this price — find out in our valuation breakdown. NasdaqGS:MMYT P/E Ratio as at Nov 2026Next Steps Sentiment around MakeMyTrip might feel split, with both pressure points and bright spots in the story. Move quickly, review the underlying data, and shape your own conviction using our breakdown of 2 key rewards and 3 important warning signs Looking for more MakeMyTrip sized opportunities? Do not stop with MakeMyTrip. Use the Simply Wall Street Screener to spot fresh ideas that fit your goals before the crowd pays attention.  Target quality at a discount by zeroing in on a curated 33 high quality undervalued stocks that already combine stronger fundamentals with more reasonable pricing. Filter for staying power by using a list of solid balance sheet and fundamentals (24 results) so you focus on companies that look better equipped for financial stress. Dial down sleepless nights by concentrating on a 29 resilient stocks with low risk scores that helps you avoid businesses with the weakest risk profiles.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n        and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n        financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n        Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n        Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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