• MakeMyTrip Limited recently disclosed that its wholly owned subsidiary, MakeMyTrip (India) Limited, had previously confidentially submitted a pre-filed draft red herring prospectus to Indian regulators for an IPO and listing on the Mumbai stock exchange, involving a sale of shares by MakeMyTrip and its Singapore-based unit ibibo Group Holdings.
• This planned India listing is intended to raise the profile of the MakeMyTrip brand locally and strengthen the company’s ability to attract and retain technology talent in an increasingly competitive recruitment market.
• We’ll now examine how MakeMyTrip India’s planned Mumbai IPO, and its focus on talent attraction, may reshape the company’s investment narrative.

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MakeMyTrip Investment Narrative Recap

To own MakeMyTrip, you need to believe in the long term value of its Indian travel platform and its ability to defend margins against intense competition and rising direct bookings from airlines and hotels. The planned Mumbai IPO of MakeMyTrip (India) mainly affects how the group is funded and perceived locally; it does not materially change the near term risk that higher marketing and tech spending could pressure profitability.

Among recent updates, the Q4 FY2026 and full year FY2026 results stand out in this context. Revenue for the year grew to US$1,043.99 million, while net income declined to US$51.8 million, with profit margins falling to 5% from 9.7% a year earlier. That trend puts the spotlight on whether the India IPO and talent push can support product and technology improvements without keeping margins under sustained pressure.

Yet behind the India IPO headlines, there is an important risk investors should be aware of involving how much MakeMyTrip may need to keep spending on...

MakeMyTrip's narrative projects $1.7 billion revenue and $277.9 million earnings by 2029. This requires 17.4% yearly revenue growth and about a $226 million earnings increase from $51.8 million today.

Uncover how MakeMyTrip's forecasts yield a $70.73 fair value, a 25% upside to its current price.

Exploring Other Perspectives

The more cautious analysts were already assuming MakeMyTrip’s revenue would reach about US$1.8 billion and earnings about US$178.1 million by 2029, yet they still worry that heavier AI and tech spending could keep margins subdued; with the India IPO plans now on the table, their more pessimistic view shows how widely opinions can differ and why it is worth weighing several scenarios before you decide what this listing could mean for you.

Explore 3 other fair value estimates on MakeMyTrip - why the stock might be worth less than half the current price!

The Verdict Is Yours

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your MakeMyTrip research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.
• Our free MakeMyTrip research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate MakeMyTrip's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data 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 financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.