Stock fact sheet · data as of
MakeMyTrip Limited (MMYT): fair value, margin of safety and Wheel Score
Consumer Cyclical · Travel Services · India · Blend
Is MMYT undervalued?
MMYT closed at 46.78 on 16 Oct 2026, more than 30% above the GLS average fair value of 24.42. Only 1 of the 7 models that produced a value sit above the price. By our models the shares are priced well beyond what the filed earnings, cash flow and book value support; the Sunday Scan drops names like this at the "below fair value" rule.
There is a wide gap between EPV (3.93) and DCF (53.09). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files MMYT under Blend.
Nine valuation models for MMYT
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 53.09 | +13% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | 20.21 | -57% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 8.83 | -81% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 21.63 | -54% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 28.30 | -40% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 34.98 | -25% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 3.93 | -92% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -8.15 | -117% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 77.00 | +65% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
MakeMyTrip Limited scores 7 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the Sunday Scan's "6 or more" rule with room to spare. A GLS Moat score of 2.7/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC 3.9%, ROE -76.4%, ROA 3.0% - with debt at -20.75 times equity and a free-cash-flow yield of 2.1%.
MakeMyTrip Limited pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Hotels And Packages 58%, Air Ticketing 26%, Bus Ticketing 16% (fiscal year FY2026).
Institutional ownership scores 10/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 3.9% |
|---|---|---|---|
| GLS Moat | 2.7 / 10 | ROE | -76.4% |
| Debt / equity | -20.75 | ROA | 3.0% |
| Free-cash-flow yield | 2.1% | Payout ratio | 0% |
| Institutions | 10 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 57: Fair
A Wheel Score of 57 puts MakeMyTrip Limited in the Fair band - below the 70 the Sunday Scan requires. Value 0/25, Health 16/20, Moat 4/15, Premium 20/20 and Stability 18/20; the weakest part is Value (0/25).
Implied volatility is 62% on the near-the-money contracts 20-60 days out - above the 60% ceiling of the sweet spot. Premiums are large, but the Wheel Score tapers the Premium points (20 of 20) because volatility this high usually comes with a reason. Chain open interest is 9,093 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 1.7M shares a day on a market cap of $4.4B, with a beta of 1.06; the Stability part of the Wheel Score gives that 18 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 0 / 25 | -92% margin of safety | |
| Health | 16 / 20 | Piotroski 7/9 | |
| Moat | 4 / 15 | moat 2.7/10 | |
| Premium | 20 / 20 | implied volatility 62% | |
| Stability | 18 / 20 | 1.7M shares/day, $4.4B cap, beta 1.06 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
MakeMyTrip Limited reports earnings on 27 Oct 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Travel Services
The 12 companies below are the closest to MakeMyTrip Limited by market cap within the Travel Services industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| TNL Travel + Leisure Co. | 62.63 | 100.40 | +38% | 80Prime | $3.8B |
| NCLH Norwegian Cruise Line Holdings Ltd. | 15.39 | 35.85 | +57% | 80Prime | $7.1B |
| LIND Lindblad Expeditions Holdings, Inc. | 35.47 | 37.13 | +4% | 45Weak | $2.3B |
| PRSU Pursuit Attractions and Hospitality, Inc. | 53.34 | 34.57 | -54% | 51Fair | $1.5B |
| TRIP Tripadvisor, Inc. | 8.93 | 17.55 | +49% | 83Prime | $1.0B |
| TCOM Trip.com Group Limited | 38.88 | 286.58 | +86% | 88Prime | $25.3B |
| EXPE Expedia Group, Inc. | 291.87 | 528.89 | +45% | 92Prime | $33.4B |
| CCL Carnival Corporation & plc | 26.46 | 57.33 | +54% | 81Prime | $35.6B |
| VIK Viking Holdings Ltd | 82.60 | 91.28 | +10% | 77Good | $36.9B |
| RCL Royal Caribbean Cruises Ltd. | 274.33 | 343.28 | +20% | 79Good | $73.6B |
| ABNB Airbnb, Inc. | 174.28 | 132.55 | -31% | 65Good | $104.4B |
| BKNG Booking Holdings Inc. | 165.80 | 284.93 | +42% | 88Prime | $124.6B |
⚖ Compare MMYT with 7 of them All Consumer Cyclical stocks →
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Start free See the Sunday ScanQuestions about MMYT
Is MMYT undervalued right now?
No: at 46.78 the stock trades 92% above the GLS average fair value of 24.42 (data as of 16 Oct 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of MMYT and what does it mean?
MMYT scores 57 out of 100 (Fair). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for MMYT?
24.42 per share as of 16 Oct 2026 - the simple average of the 7 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does MakeMyTrip Limited report earnings next?
The next earnings report is due on 27 Oct 2026 (before the open), 11 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does MMYT have listed options, and how liquid are they?
Yes. The nightly snapshot found 168 listed contracts with 9,093 open interest across all expiries and implied volatility of 62% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.