MakeMyTrip (MMYT) Stock Analysis: Mixed Analyst Forecasts and Price Trends

MakeMyTrip Limited (MMYT) shares closed at $51.02 on April 17, 2026, rising 6.62% for the day as analysts maintained a “Strong Buy” consensus rating despite growing caution over valuation levels, according to multiple financial data sources.

The stock’s gains came amid conflicting signals from Wall Street, where brokerage firms continue to recommend the online travel agency while some analysts warn that current prices may not fully reflect underlying risks. Citigroup maintained its price target at $80 per share, implying potential downside of over 50% from current levels, while Bank of America Securities upheld its $113 target, suggesting nearly 122% upside potential.

This divergence in outlook follows MakeMyTrip’s fiscal year 2025 performance, during which the company reported revenue of $978.34 million—a 25.02% increase from the prior year’s $782.52 million—but saw net income decline to $56.75 million, down 76.1% from the previous period. Earnings per share fell to $0.53, a decrease of 71.9% year-over-year.

Analysts covering the stock project a significant rebound in profitability, forecasting earnings per share of $1.62 for the current fiscal year, representing a 95.08% increase from the $0.83 recorded in the prior period. Revenue is expected to reach $1.14 billion this year, up 16.83% from the $978.34 million reported in fiscal 2025.

The average price target among the three analysts tracking MakeMyTrip stands at $101 per share, which implies a potential upside of 97.96% from the April 17 close. Individual targets range from a low of $80 to a high of $113, with the median target set at $110. All three analysts maintain a “Strong Buy” rating on the stock.

MakeMyTrip operates as a travel service provider across India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, Cambodia, and Indonesia. The company’s business is divided into three segments: Air Ticketing, Hotels and Packages, and Bus Ticketing, offering services that include air and rail tickets, hotel bookings, car rentals, and curated travel experiences.

Despite the positive analyst sentiment, some market observers have raised concerns about the stock’s valuation metrics. MakeMyTrip currently trades at a price-to-earnings ratio of 96.12, with a forward P/E of 102.04, levels that significantly exceed historical averages for the travel services sector. The company does not pay a dividend, and its shares have traded within a 52-week range of $32.67 to $113.85.

Trading activity remained elevated, with approximately 2.57 million shares changing hands on April 17, compared to an average daily volume that suggests heightened investor interest. The stock opened at $48.98 and reached an intraday high of $51.39 before closing at $51.02.

MakeMyTrip’s next earnings report is scheduled for May 13, 2026, which analysts will watch closely for further clarity on the company’s path to restored profitability amid ongoing valuation debates.