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MMYT, MakeMyTrip Limited

Hotels & Resorts asset-light

A logistics business, moving goods across a network of assets and partners.

Latest annual: FY2025 20-F

MMYT · MakeMyTrip Limited

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$978M

+25.0% YoY · 14% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $978M 5-yr avg $564M

Gross margin 72% 5-yr avg 74%

Operating margin 12.3% 5-yr avg −5.4%

ROIC 11% 5-yr avg 2%

Owner-earnings margin 18% 5-yr avg 16%

Free cash flow margin 18% 5-yr avg 16%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Operating margin has reached 12% at its best but run negative through the cycle (median −30%) on a 71% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. The cash cycle has run negative through the cycle (a median of −196 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on volume, density and yield. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −7%, above 15% in 0 of 10 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2025
											Income statement
$336M	$448M	$675M	$486M	$512M	$163M	$304M	$593M	$783M	$978M	$978M	RevenueRevenue
50%	61%	74%	65%	71%	—	81%	70%	73%	72%	72%	Gross marginGross mgn
($67M)	($135M)	($219M)	($153M)	($429M)	($68M)	($30M)	$24M	$65M	$120M	$120M	Operating incomeOp. inc.
−19.9%	−30.2%	−32.5%	−31.5%	−83.9%	−41.4%	−10.0%	4.0%	8.3%	12.3%	12.3%	Operating marginOp. mgn
($89M)	($110M)	($218M)	($168M)	($448M)	($56M)	($45M)	($11M)	$217M	$95M	$95M	Net incomeNet inc.
											Cash flow & returns
($66M)	($108M)	($125M)	($79M)	($113M)	$65M	$6M	$32M	$126M	$185M	$185M	Operating cash flowOp. cash
$11M	$30M	$33M	$27M	$34M	$33M	$29M	$27M	$27M	$27M	$33M	DepreciationDeprec.
$12M	($28M)	$60M	$62M	$301M	$87M	$22M	$16M	($118M)	$63M	$57M	Working capital & otherWC & other
$6M	$9M	$4M	$3M	$4M	$642K	$3M	$7M	$6M	$4M	$4M	CapexCapex
1.7%	2.0%	0.6%	0.7%	0.7%	0.4%	1.0%	1.3%	0.8%	0.5%	0.5%	Capex / revenueCapex/rev
($72M)	($117M)	($130M)	($82M)	($116M)	$64M	$3M	$25M	$120M	$181M	$181M	Owner earningsOwner earn.
−21.3%	−26.2%	−19.2%	−17.0%	−22.7%	39.1%	1.0%	4.2%	15.3%	18.5%	18.5%	Owner earnings marginOE mgn
($72M)	($117M)	($130M)	($82M)	($116M)	$64M	$3M	$25M	$120M	$181M	$181M	Free cash flowFCF
−21.3%	−26.2%	−19.2%	−17.0%	−22.7%	39.1%	1.0%	4.2%	15.3%	18.5%	18.5%	Free cash flow marginFCF mgn
$11M	$2M	—	—	—	—	—	—	—	$22M	—	BuybacksBuybacks
-68%	-8%	-13%	-10%	-45%	-7%	-3%	2%	6%	11%	11%	ROICROIC
-114%	-8%	-14%	-12%	-52%	-6%	-5%	-1%	20%	8%	8%	Return on equityROE
−114%	−8%	−14%	−12%	−52%	−6%	−5%	−1%	20%	8%	8%	Retained to equityRetained/eq
											Balance sheet
—	$102M	$188M	$178M	$130M	$295M	$213M	$284M	$327M	$509M	$509M	Cash & investmentsCash+inv
—	$35M	$56M	$53M	$53M	$25M	$36M	$69M	$92M	$141M	$141M	ReceivablesReceiv.
—	$251K	$596K	$606K	$36K	$40K	$11K	$25K	$218K	$363K	$363K	InventoryInvent.
—	$122M	$176M	$111M	$71M	$54M	$63M	$90M	$119M	$147M	$147M	Accounts payablePayables
—	($86M)	($119M)	($57M)	($17M)	($28M)	($27M)	($21M)	($26M)	($5M)	($5M)	Operating working capitalOper. WC
—	$263M	$541M	$441M	$279M	$501M	$591M	$672M	$857M	$1.1B	$1.1B	Current assetsCur. assets
—	$134M	$200M	$205M	$180M	$194M	$191M	$454M	$298M	$577M	$577M	Current liabilitiesCur. liab.
—	2.0×	2.7×	2.2×	1.6×	2.6×	3.1×	1.5×	2.9×	1.8×	1.8×	Current ratioCurr. ratio
—	$950M	—	—	—	$620M	$601M	—	—	—	$601M	GoodwillGoodwill
—	$1.5B	$1.8B	$1.6B	$1.1B	$1.3B	$1.3B	$1.4B	$1.7B	$1.8B	$1.8B	Total assetsAssets
—	$749K	$652K	$707K	$26M	$204M	$217M	$235M	$222M	$236M	$236M	Total debtDebt
—	($101M)	($187M)	($177M)	($104M)	($91M)	$3M	($49M)	($105M)	($273M)	($273M)	Net debt / (cash)Net debt
-3.3×	-7.4×	-56.3×	-13.5×	-20.0×	-14.1×	-1.2×	0.5×	—	3.7×	3.7×	Interest coverageInt. cov.
$78M	$1.4B	$1.6B	$1.4B	$858M	$888M	$894M	$870M	$1.1B	$1.2B	$1.2B	Shareholders’ equityEquity
											Per share
41.7M	52.6M	100M	104M	105M	107M	108M	110M	111M	113M	113M	Shares out (diluted)Shares
$8.06	$8.51	$6.73	$4.67	$4.86	$1.53	$2.80	$5.41	$7.04	$8.69	$8.69	Revenue / shareRev/sh
$-2.12	$-2.09	$-2.18	$-1.61	$-4.26	$-0.52	$-0.42	$-0.10	$1.95	$0.84	$0.84	EPS (diluted)EPS
$-1.72	$-2.23	$-1.29	$-0.79	$-1.11	$0.60	$0.03	$0.23	$1.08	$1.61	$1.61	Owner earnings / shareOE/sh
$-1.72	$-2.23	$-1.29	$-0.79	$-1.11	$0.60	$0.03	$0.23	$1.08	$1.61	$1.61	Free cash flow / shareFCF/sh
$0.14	$0.17	$0.04	$0.03	$0.03	$0.01	$0.03	$0.07	$0.05	$0.04	$0.04	Cap. spending / shareCapex/sh
$1.86	$26.70	$15.53	$13.05	$8.16	$8.31	$8.24	$7.93	$10.00	$10.68	$10.68	Book value / shareBVPS

The diluted share count moved ×1.91 into 2018 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+0.8%/yr	+12.3%/yr
Capital spending / share	−12.8%/yr	+3.4%/yr
Book value / share	+21.4%/yr	+5.5%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

113Mpeak FY2025

ROIC

11%low FY2016

Gross margin

72%low FY2016

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$181Mowner earningsvs.$95Mnet incomelow FY2018

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2021FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $95M of profit into $181M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$95M

Owner earnings$181M · 18% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$95M	$217M	($11M)	($45M)	($56M)
Depreciation & amortizationnon-cash charge added back	+$27M	+$27M	+$27M	+$29M	+$33M
Working capital & othertiming of cash in and out, other non-cash items	+$63M	−$118M	+$16M	+$22M	+$87M
Cash from operations	$185M	$126M	$32M	$6M	$65M
Capital expenditurecash put back in to keep running and to grow	−$4M	−$6M	−$7M	−$3M	−$642K
Owner earnings	$181M	$120M	$25M	$3M	$64M
Owner-earnings marginowner earnings ÷ revenue	18%	15%	4%	1%	39%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 3.7×

Adequate

Operating income $120M ÷ interest expense $32M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? +$273M

Net cash

Cash $509M − debt $236M

What this means
Cash and short-term investments exceed every dollar of debt by $273M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -142d

Negative, funded by others

DSO 53 + DIO 0 − DPO 196 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.

Is it a good business?

Return on invested capital -8%

Below average through the cycle

10-yr median, range -68%–11%; 11% latest = NOPAT $99M ÷ invested capital $930M

Industry peers: median 19%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 11% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 18%

High, recently turned positive

latest $181M = operating cash $185M − maintenance capex $4M; positive each of the last 3 years, after an earlier loss stretch (10-yr median -17%)

Industry peers: median 11%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 18% of revenue this year, a -17% median across 10 years.
Are earnings backed by cash? 1.95×

Cash-backed

Cash from ops $185M ÷ net income $95M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 12%

Reinvests most of it

Dividends + buybacks $22M ÷ Owner Earnings $181M

What this means
Of $181M Owner Earnings, $22M (12%) went back to shareholders, $0 dividends, $22M buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.14×

Harvesting

Capex $4M ÷ depreciation $33M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $978M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.85×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $236M vs $489M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 8 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.89/share (latest year $0.84), the averaged base the calculator's gate runs on, and book value is $10.68/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 2 of 10

What this means
Lost money in 8 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −28% → 8% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −28% early to 8% lately, median −30% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2020 · −83.9% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Mar 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.1B

Cash & short-term investments$509M
Receivables$141M
Inventory$363K
Other current assets$415M

Current liabilities$577M

Debt due within a year$222M
Accounts payable$147M
Other current liabilities$207M

Current ratio1.85×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.85×stricter: inventory excluded

Cash ratio0.88×strictest: cash alone against what's due

Working capital$489Mthe cushion left after near-term bills

Debt due this year vs. cash$222M due · $509M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2025 balance sheet

Deeper floors

Tangible book value$601Mequity stripped of goodwill & intangibles

Net current asset value$445MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$236Mno operating-lease liability tagged this quarter, so debt alone

Deferred revenue$120Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill$601M33% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity50%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$0over 10 years buying other businesses, against $47M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Peers, Hotels & Resorts

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
BKNGBooking Holdings Inc.	$26.9B	99%	30.8%	30%	33%
CHRWC.H. Robinson Worldwide Inc.	$16.2B	92%	5.0%	23%	4%
EXPEExpedia Group Inc.	$14.7B	82%	6.9%	11%	15%
FWRDForward Air Corporation	$2.5B	52%	7.8%	15%	7%
MMYTMakeMyTrip Limited	$978M	71%	-25.1%	-7%	-8%
Group median	—	82%	6.9%	15%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the home-market price, not the US ADR quote. MakeMyTrip Limited reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what MakeMyTrip Limited has delivered.

Today’s price $

Base Normalize · through-cycle ($108M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+46%/yr

Owner-earnings growth · since FY2021+30%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $181M on 113M shares outstanding (a weighted average, the only count this filer tags); net cash $273M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh MMYT against another business →

Cite: Owner Scorecard, "MakeMyTrip Limited (MMYT), the owner's record," https://ownerscorecard.com/c/MMYT, data as of 2026-07-09.

Manual order: ← MLCO its page in the Manual MNDY →

Industry order: ← MLCO the Hotels & Resorts chapter MSC →