MMYTNasdaqTransportation ServicesFiscal year ends March 31
MakeMyTrip Ltd
Financials through fiscal 2025, year ended Mar 31, 2025Last filing: 20-F on Jul 27, 2026
$44.52−2.07 (-4.45%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 53.6
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
72.0%+1.1 pts over 5 years
Operating margin
12.3%+96.2 pts over 5 years
Net margin
9.7%+97.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +25.0% | +47.7% | +13.8% | – | |
| Gross profit | +24.1% | +42.1% | +14.2% | – | |
| Operating income | +83.8% | – | – | – | |
| Net income | -56.1% | – | – | – | |
| EPS, diluted | -52.3% | – | – | – | |
| Free cash flow | +50.9% | +287.7% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -40.4% | 8.2% | |
| Return on assets | – | -33.8% | 5.5% | |
| Current ratio | – | 1.55 | 1.85 | |
| Debt to equity | – | 0.03 | 0.20 | |
| Net debt to EBITDA | – | 0.26× | – | |
| Interest coverage | -3.3× | -20.0× | 3.7× | |
| Inventory turnover | – | 465.0× | 944.4× | |
| Capex to revenue | 1.7% | 0.7% | 0.5% | |
| Diluted shares | 42M | 105M | 115M |
Where the cash went
Fiscal 2021 to 2025, five years combined
MakeMyTrip generated $413.97M from operations and spent $43.33M on capital expenditure, dividends and share buybacks. 50% of that went back into the business.
Generated
$413.97M
Used
$43.33M
Capital expenditure$21.61M50%Dividends$00%Share buybacks$21.72M50%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin9.7%
×Asset turnover0.56×
×Equity multiplier1.51×
=Return on equity, FY20258.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 9.7% | 0.56× | 1.51× | 8.2% |
| FY2024 | 27.7% | 0.52× | 1.52× | 21.9% |
| FY2023 | -1.9% | 0.44× | 1.52× | -1.3% |
| FY2022 | -14.9% | 0.23× | 1.48× | -5.1% |
| FY2021 | -34.0% | 0.14× | 1.37× | -6.4% |
| FY2020 | -87.5% | 0.39× | 1.20× | -40.4% |
| FY2019 | -34.5% | 0.29× | 1.14× | -11.5% |
| FY2018 | -32.3% | 0.41× | 1.12× | -14.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$95.10M
- Cash generatingOperating cash flow above zero$185.29M
- Return on assets improvedROA up on the prior year15.9% → 5.7%
- Earnings backed by cashOperating cash flow above net income$185.29M vs $95.10M
- Less leverageLong-term debt to assets fell13.1% → 0.8%
- Better liquidityCurrent ratio rose2.88 → 1.85
- No dilutionShare count did not rise118M → 115M
- Gross margin improvedGross margin up on the prior year72.51% → 71.96%
- More efficientAsset turnover rose0.58 → 0.59