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    MakeMyTrip (MMYT) Is Down 11.1% After Mixed Q3 Earnings And Completed Buyback – Has The Bull Case Changed?

    Simply Wall St·02/04/2026 00:36:36
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    • MakeMyTrip Limited recently reported past third-quarter and nine-month results to December 31, 2025, showing higher revenue of US$295.69 million for the quarter and US$793.88 million for the nine months, but materially lower net income of US$7.25 million and US$27.56 million respectively compared with the prior-year periods.
    • Alongside this mixed earnings picture, the company completed a long-running share repurchase program launched in 2012, retiring 1,758,742 shares for a total of US$77.26 million, which modestly reduced its share count and may influence how investors assess its capital allocation priorities.
    • We’ll now examine how MakeMyTrip’s revenue growth alongside sharply lower earnings shapes the company’s investment narrative for investors.

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    What Is MakeMyTrip's Investment Narrative?

    To own MakeMyTrip today, you really have to believe in its ability to convert solid revenue traction into more durable profitability, despite a choppy earnings path. The latest quarter underlines that tension: revenue continued to grow, but net income dropped sharply and profit margins compressed, while the share price has fallen hard in recent months. That weakens the near term earnings momentum that many investors had been counting on as a key catalyst, and it puts more scrutiny on costs, interest coverage and the company’s negative equity position. The completion of the long-running buyback modestly tightens the share count, but does little to change those underlying issues. In the short term, execution on profitability now matters more than headline revenue growth.

    However, one financial risk now stands out far more clearly than it did before. MakeMyTrip's share price has been on the slide but might be up to 37% below fair value. Find out if it's a bargain.

    Exploring Other Perspectives

    MMYT 1-Year Stock Price Chart
    MMYT 1-Year Stock Price Chart
    Four fair value estimates from the Simply Wall St Community span from about US$40.61 to a very large US$180,922.76 per share, highlighting wide disagreement. Set that beside the recent earnings compression and balance sheet concerns, and you can see why opinions on MakeMyTrip’s potential performance are so far apart.

    Explore 4 other fair value estimates on MakeMyTrip - why the stock might be worth 27% less than the current price!

    Build Your Own MakeMyTrip Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.