• In May 2026, MakeMyTrip Limited reported fourth-quarter and full-year results showing year-on-year revenue growth to US$250.12 million and US$1.04 billion respectively, alongside lower net income, while also completing a long-running US$127.56 million share repurchase program covering 4.03% of its shares.
• An interesting twist is that despite the earnings pressure partly linked to West Asia-related travel disruptions, MakeMyTrip continued buying back shares, signaling management’s willingness to return capital even as near-term profitability softened.
• We’ll now examine how the earnings slowdown, partly tied to West Asia headwinds, affects MakeMyTrip’s previously optimistic investment narrative.

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MakeMyTrip Investment Narrative Recap

To own MakeMyTrip, you need to be comfortable with a travel platform that is still heavily tied to India and exposed to regional and geopolitical shocks, while carrying high expectations in its valuation. The latest results show revenue growth to US$250.12 million in Q4 and US$1.04 billion for the year but with weaker net income, so the key near term catalyst of earnings improvement is under pressure, and geopolitical disruptions remain the most immediate risk.

The company’s completion of a US$127.56 million buyback covering 4.03% of shares is the most relevant recent announcement here, because it sits alongside softer profitability and heightened West Asia headwinds. While this repurchase does not change the operating challenges or travel demand risks, it does affect per share metrics and may influence how you think about potential earnings recovery as conditions stabilize.

Yet even with revenue growing, the combination of weaker net income, travel shocks and a still premium valuation is something investors should be very aware of...

MakeMyTrip's narrative projects $1.7 billion revenue and $277.9 million earnings by 2029. This requires 17.9% yearly revenue growth and an earnings increase of about $226 million from $51.8 million today.

Uncover how MakeMyTrip's forecasts yield a $71.90 fair value, a 54% upside to its current price.

Exploring Other Perspectives

The most cautious analysts were already baking in about US$1.8 billion of revenue and US$178 million of earnings by 2029, yet treat tech spending and AI driven cost pressures as reasons margins might stay tight, which shows how sharply your view can differ from theirs once you factor in this new earnings wobble and geopolitical hit.

Explore 3 other fair value estimates on MakeMyTrip - why the stock might be worth as much as 54% more than the current price!

Decide For Yourself

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.