MakeMyTrip Limited (MMYT)
NEUTRALファンダメンタル
62
株価
$60.73
時価総額
$5.69B
パート1 · 企業の価値
概要
MakeMyTrip is India's largest online travel agency, operating three brands — MakeMyTrip, Goibibo and redBus — through which Indian travellers search and book flights, hotels, holiday packages and bus tickets. It does not own hotels, buses or aircraft: it is a marketplace connecting travel suppliers with consumers, earning a commission or margin on each booking. Domestic Indian travel, boosted by a growing middle class, has become its fastest-growing segment.
収益の仕組み
Revenue comes mainly from margins earned on air ticketing, hotel and package bookings, and bus tickets, recognised when a trip is booked rather than when it is taken. Air ticketing is the most price-competitive and lowest-margin line; hotels and packages carry higher margins and are now the largest revenue source. Scale matters: more travellers and suppliers on the platform strengthen MakeMyTrip's negotiating position for rates and commissions.
セグメント別売上高
Hotel bookings and holiday packages across India and overseas destinations, now the largest and fastest-growing revenue line.
Domestic and international flight bookings, the most price-competitive and lowest-margin part of the business.
Bus ticket bookings mainly through redBus, which controls a large share of India's online bus market.
Rail tickets, car hire, travel insurance and other newer verticals sold alongside the core travel products.
競争優位性(moat)
ネットワーク効果 · 狭いMakeMyTrip holds roughly half of India's online travel agency market, and redBus alone accounts for a large majority of online bus ticketing, giving it scale advantages in supplier negotiation and brand recall. The advantage is narrow, though: global players and airlines' or hotels' own booking channels compete for the same traveller, and switching between apps costs a traveller nothing.
需要を左右する要因
景気循環型Bookings track discretionary spending by Indian households and business travel budgets, both of which contract sharply when growth slows or a shock — a pandemic, a fuel-price spike, a currency slide — hits confidence. Corporate travel and outbound leisure are the most exposed; domestic leisure and bus travel hold up better because they serve more essential trips.
主なリスク
- Supplier concentration — The company depends on a limited number of major airlines and hotel chains for inventory and commission terms; a partner tightening terms or pushing its own direct-booking channel affects margins across the platform.
- Competition from OTAs and direct channels — The company faces intense competition from other online travel agencies, suppliers' own direct booking channels, and AI-enabled search assistants that can route bookings around traditional OTAs.
- Technology and data security dependence — The company relies heavily on technology systems and data security, since bookings and payments run entirely through its platforms; a cyber incident or system failure would disrupt operations directly.
- Macro and travel-shock exposure — Travel demand is highly sensitive to macroeconomic weakness, geopolitical shocks and public-health events, which can suppress bookings with little warning across all of the company's business lines.
顧客集中度
MakeMyTrip serves millions of individual consumer travellers with no disclosed reliance on any single customer; the concentration risk it discloses instead concerns dependence on a limited number of airlines and hotels as suppliers.
強気材料
Buyers point to MakeMyTrip's roughly 50% share of India's OTA market, redBus's dominance in bus ticketing, and India's still-low travel penetration as room to keep growing bookings faster than the broader economy.
弱気材料
Sellers worry that competition from global platforms and suppliers' own apps could compress the margins MakeMyTrip earns on each booking, even as underlying travel volumes keep growing.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$1.06B
直近12か月(2026/6/30まで)
純利益
$34M
直近12か月(2026/6/30まで)
フリーキャッシュフロー
$41M
自己資本合計
$-64M
負債合計
$1.44B
流動比率
3.13
利払い倍率
-
負債/EBITDA
8.18
一株当たり利益(EPS)
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$35.71
現在株価
$60.73
安全マージン
-70.1%
適正価値レンジ
$23.21 - $48.20
推定方法
バリュエーション指標
P/E レシオ
262.87
ROE
2868.7%
P/B レシオ
-
P/FCF
130.19
粗利益率
58.6%
ROIC
9.3%
収益性レーダー
Value Creation (Economic Moat)
ROIC
9.3%
WACC
8.2%
ROIC − WACC
+1.1 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格(10)
- Price CAGR 10.54%
- ROIC 9.3%
- Gross Margin 58.6%
- Positive Free Cash Flow
- Current Ratio
- ROE 12.4%
- Revenue Growth 5Y 44.9%
- Analyst Consensus 94% Buy
- Earnings Surprise avg 5.2%
- Earnings Quality (OCF/NI) 3.23
不合格(6)
- P/FCF 130.19
- CapEx intensity
- Debt/EBITDA
- DCF valuation (Overvalued)
- Net Margin Trend 4.5% vs 9.5%
- Piotroski F-Score 2/9
データなし(11)
- EPS data insufficient
- P/B Ratio NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-スコア
重大な財務上の懸念
利益の質
高品質:利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Rajesh Magow | Co-Founder, Group CEO & Director | 57 |
| Mr. Deep Kalra | Founder, Group Chairman & Chief Mentor | 56 |
| Mr. Dipak Kumar Bohra | Group Chief Financial Officer | 52 |
| Mr. Mohit Kabra | Group COO & Director | 54 |
| Mr. Sanjay Mohan | Group Chief Technology Officer | 60 |
| Mr. Ravi Prakash Tyagi | Vice President of Administration | - |
| Mr. Vipul Garg | Senior Vice President of Investor Relations | - |
| Mr. Yuvaraj Srivastava | Group Chief Human Resource Officer | 54 |
| Mr. Parikshit Choudhury | Chief Business Officer of B2B & Customer Contact Group | - |
| Mr. Abhishek Logani | Chief Business Officer of Hotels | - |
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for MMYT, sourced from Markets Gazette.