MakeMyTrip

Sector: Hospitality (Travel Agency / Tour Operator Business Plan &)  |  HQ: India  |  Founded: Not separately disclosed  |  Employees: Not separately disclosed

Listed as: Privately held  | 

Company overview

MakeMyTrip operates in the hospitality segment of the Indian market, with a presence noted in the travel agency / tour operator business plan & category. The company is among the recognised participants in this segment alongside other Indian and multinational players. Operations follow the standard Companies Act 2013 disclosure framework where MakeMyTrip is incorporated as a private or public limited company under Indian law, with statutory audit, GST registration under the CGST Act 2017, and applicable sectoral compliance under FSSAI, BIS, MoEF, or sectoral regulators as relevant to the activity. The competitive set in travel agency / tour operator business plan & includes pan-India brands, regional players, and multinational subsidiaries operating in India through wholly-owned or joint-venture structures.

Recent developments

May 2026

MakeMyTrip is actively pursuing a return to Indian capital markets, with the company weighing a listing on domestic exchanges more than 16 years after its initial Nasdaq IPO [2,3]. Founder & Chairman Deep Kalra has noted that the biggest transformation is already underway, signalling that the India listing represents a strategic homecoming rather than a reactive move. This development comes amid mixed financial results: Q4 saw shares fall approximately 8% as international travel demand slowed [4], with FY26 earnings characterised as mixed under travel disruptions and ongoing investment requirements [10]. An earnings call provided additional context on quarterly performance [5].

On the positive side, MakeMyTrip achieved a significant milestone by crossing the $10 billion annual gross bookings threshold, reporting $10.4 billion for FY26 [7,8,9] despite weak travel sentiment in certain segments [6]. The company also announced an executive promotion, elevating Bhavin Modi to Chief Commercial Officer covering Quest2Travel and Happay divisions [1]. The combination of record booking volumes with share price pressure illustrates a company navigating near-term headwinds while positioning for long-term growth, with the potential India listing serving as a strategic catalyst.

Sources (10)

1. Bhavin Modi Promoted as Chief Commercial Officer – Quest2Travel & Happay at MakeMyTrip - hrtoday.in · hrtoday.in · Fri, 22 May 2026
2. MakeMyTrip Takes Steps Toward India IPO - Skift · Skift · Tue, 19 May 2026
3. Online travel giant MakeMyTrip is weighing a listing on Indian stock exchanges, more than 16 years after it first went public on Nasdaq. And as the company eyes coming home, its Founder & Chairman Deep Kalra says the biggest transformation is already und - LinkedIn · LinkedIn · Mon, 18 May 2026
4. Q4: MakeMyTrip shares fall nearly 8% as international travel slows down - The Arc Web · The Arc Web · Wed, 20 May 2026
5. MakeMyTrip Q4 Earnings Call Highlights - TradingView · TradingView · Tue, 19 May 2026
6. MakeMyTrip crosses $10 billion annual gross bookings mark despite weak travel sentiment - Fortune India · Fortune India · Tue, 19 May 2026
7. MakeMyTrip achieves record $10.4b in bookings - Travel Daily Media · Travel Daily Media · Wed, 20 May 2026
8. MakeMyTrip reports gross bookings of $10.4 billion for FY26 - The Economic Times · The Economic Times · Tue, 19 May 2026
9. MakeMyTrip Crosses USD 10 Billion in Annual Gross Bookings FY26 - Nomad Lawyer · Nomad Lawyer · Fri, 22 May 2026
10. MakeMyTrip (MMYT) Is Down 7.8% After Mixed FY26 Earnings Under Travel Disruptions And Ongoing Investments - Yahoo Finance · Yahoo Finance · Wed, 20 May 2026

Financial performance and recent trajectory

Disclosed revenue (FY25): Not separately disclosed in segment-wise FY 2024-25 reporting.

Competitive position

MakeMyTrip occupies a position in the travel agency / tour operator business plan & category alongside other listed and unlisted Indian players. Competitive intensity in the segment is shaped by raw material cost cycles, distribution depth, branded versus unbranded share, and the regulatory framework governing manufacturing, FSSAI labelling (for food), BIS standards (for engineering goods), or sectoral norms. The principal competitive moats in this category are typically scale, distribution reach, brand trust, and integrated procurement. KAMRIT's project report on travel agency / tour operator business plan & benchmarks new entrant economics against the listed peer cost structure including capex per tonne (or per unit of output), working capital intensity, gross margin band, and the EBITDA delta between organised and unorganised participants.

Key risks

Input cost volatility in the travel agency / tour operator business plan & value chain Competitive intensity from larger Indian groups and multinational subsidiaries Regulatory tightening under FSSAI, BIS, environmental norms, or labour codes

Outlook

MakeMyTrip is a participant in the Indian travel agency / tour operator business plan & category, which forms part of the broader Hospitality space. The Indian travel agency / tour operator business plan & market continues to evolve with rising organised share, premiumisation, distribution expansion, and a regulatory architecture covering the Companies Act 2013, the Income Tax Act 1961, the CGST Act 2017, the Legal Metrology Act 2009, and sectoral statutes including the Food Safety and Standards Act 2006 (for food and beverage subsegments), the Drugs and Cosmetics Act 1940 (for pharmaceutical or healthcare adjacencies), the Environment Protection Act 1986 (for emissions and effluents), and labour codes consolidated under the four 2020 labour codes. In KAMRIT's project report framework for this category, the competitive set typically includes pan-India branded leaders, multinational subsidiaries, mid-sized regional players, and a long tail of MSME participants. The structural attractiveness of the category for new entrants is a function of (a) market growth rate, (b) the share that remains with unorganised or fragmented operators, (c) the cost of regulatory compliance, and (d) the capex intensity of plant and machinery. The KAMRIT bankable DPR for this category structures a new entrant's economics against this competitive landscape. For MakeMyTrip specifically, public-domain disclosures provide a baseline view of operations, but segment-wise revenue, EBITDA, capacity utilisation, and forward capex plans are not separately broken out in many cases. Where the company is part of a listed group, the SEBI LODR and the Companies Act 2013 governance framework apply, with statutory audit conducted under SA 700 and CARO 2020 reporting. Where the company is unlisted, the Companies Act 2013 framework continues to govern with reduced public disclosure. The risk and opportunity outlook for MakeMyTrip mirrors the broader travel agency / tour operator business plan & category dynamics. Demand-side drivers include rising household consumption, urbanisation, organised retail expansion, and policy support including PLI schemes (where applicable to the segment). Supply-side risks include input cost volatility, regulatory tightening, environmental compliance escalation, and competitive intensity from larger groups or imports. Management quality, balance sheet strength, distribution depth, and the capex execution track record are the differentiators within the peer set. KAMRIT's research desk maintains a baseline reference for MakeMyTrip as a peer benchmark within the travel agency / tour operator business plan & category. For investors, lenders, or new entrant promoters seeking a fuller assessment of MakeMyTrip, KAMRIT's deep-dive company profile engagement covers financial trajectory, capacity and capex, distribution and customer concentration, regulatory exposure, and the competitive position with named peers.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.