• In January 2026, MakeMyTrip Limited reported past third-quarter and nine-month results showing higher sales and revenue but significantly lower net income compared with the prior year, alongside basic and diluted EPS compression.
• At the same time, the company disclosed it had completed repurchases of 1,758,742 shares for about US$77.26 million under its long-running buyback program, modestly reducing its share count.
• With revenue growth but weaker profitability and an active share buyback, we’ll examine how this earnings update shapes MakeMyTrip’s investment narrative.

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What Is MakeMyTrip's Investment Narrative?

To own MakeMyTrip today, you really have to believe that its core travel platform can keep scaling even as profitability comes under pressure. The latest quarter reinforces that tension: sales and revenue moved higher, but net income and EPS fell sharply, and the stock has sold off heavily in response. In the short term, the key catalyst is whether management can translate growth in bookings into healthier margins again, especially with interest costs already biting and the company trading on a rich earnings multiple. The long-running buyback, including the latest US$41.5 million tranche, slightly supports EPS, but it does not offset weaker earnings. Taken together, this update shifts the near term focus firmly toward margin resilience and balance sheet strength rather than pure growth.

However, investors also need to think carefully about the combination of compressed margins and high valuation. MakeMyTrip's share price has been on the slide but might be dropping deeper into value territory. Find out whether it's a bargain at this price.

Exploring Other Perspectives

Four Simply Wall St Community fair value estimates span from about US$41 to a very large US$180,922, reflecting sharply different expectations. Set against recent earnings compression and a richly priced share, you are seeing how widely opinions diverge on what MakeMyTrip’s long term performance could look like.

Explore 4 other fair value estimates on MakeMyTrip - why the stock might be worth 34% less than the current price!

Build Your Own MakeMyTrip Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• 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.