MakeMyTrip - Public Comps and Valuation Multiples

MakeMyTrip Overview

About MakeMyTrip

MakeMyTrip Ltd is an online travel company, which provides online booking solutions for day-to-day travel needs. The company's operating segment includes Air ticketing; Hotels and packages; Bus ticketing and Others. It generates maximum revenue from the Hotels and packages segment. The Hotels and packages segments include internet-based platforms, call-centers, and branch offices, which provide holiday packages and hotel reservations. Its Air ticketing segment includes internet-based platforms, provides the facility to book domestic and international air tickets. Geographically, it derives a majority of revenue from India and also has a presence in the United States; South East Asia; Europe, and other countries.

Founded

2000

HQ

Employees

4.6K+

Website

makemytrip.com

Sectors

Travel Services
Online Travel
Vertical Marketplaces
TravelTech
Service Providers

Financials

LTM Revenue $1.0B

LTM EBITDA $177M

EV

$10.3B

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MakeMyTrip Financials

MakeMyTrip has a last 12-month revenue of $1.0B and a last 12-month EBITDA of $177M.

In the most recent fiscal year, MakeMyTrip achieved revenue of $783M and an EBITDA of $138M.

MakeMyTrip expects next 12-month revenue of XXX and NTM EBITDA of XXX

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MakeMyTrip P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$593M	$783M	XXX	XXX	XXX
Gross Profit	$245M	$415M	XXX	XXX	XXX
Gross Margin	41%	53%	XXX	XXX	XXX
EBITDA	$31.7M	$138M	XXX	XXX	XXX
EBITDA Margin	5%	18%	XXX	XXX	XXX
Net Profit	-$45.4M	-$11.3M	XXX	XXX	XXX
Net Margin	-8%	-1%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

MakeMyTrip Stock Performance

As of April 15, 2025, MakeMyTrip's stock price is $98.

MakeMyTrip has current market cap of $10.8B, and EV of $10.3B.

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MakeMyTrip Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$10.3B	$10.8B	XXX	XXX	XXX	XXX	$0.86

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MakeMyTrip Valuation Multiples

As of April 15, 2025, MakeMyTrip has market cap of $10.8B and EV of $10.3B.

MakeMyTrip's trades at 10.3x LTM EV/Revenue multiple, and 58.1x LTM EBITDA.

Analysts estimate MakeMyTrip's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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MakeMyTrip Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$10.3B	XXX	XXX	XXX
EV/Revenue	10.9x	XXX	XXX	XXX
EV/EBITDA	62.2x	XXX	XXX	XXX
P/E	78.4x	XXX	XXX	XXX
P/E/Growth	2.6x	XXX	XXX	XXX
EV/FCF	71.2x	XXX	XXX	XXX

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MakeMyTrip Valuation Multiples

MakeMyTrip's NTM/LTM revenue growth is 21%

MakeMyTrip's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, MakeMyTrip's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate MakeMyTrip's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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MakeMyTrip Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	32%	XXX	XXX	XXX	XXX
EBITDA Margin	18%	XXX	XXX	XXX	XXX
EBITDA Growth	335%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	38%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.2M	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	21%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	20%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	63%	XXX	XXX	XXX	XXX

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