MakeMyTrip Limited (MMYT) Financials

MMYT

FY2025 annual

Revenue $978.3M +25.0% YoY

Net Income $95.3M -56.0% YoY

Free Cash Flow $180.8M +50.9% YoY

Operating Cash Flow $185.3M +47.4% YoY

Market Cap $4.2B as of Oct 10, 2026

Price / Sales 4.3x on $978.3M revenue, FY2025

Price / Earnings 44.2x on $95.3M net income, FY2025

Price / Book 3.5x on $1.2B equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Mar 31, 2025 Reported Jun 16, 2025 Currency USD FYE March

Newest figures come from the 10-K for FY2025, filed Jun 16, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MMYT SEC filings page.

MakeMyTrip Limited (MMYT) reported $978.3M in revenue for fiscal year 2025, up 25.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MMYT FY2025 2026-10-04

FY2025 shows a growing, cash-generative platform whose profits compressed while its funding remains largely non-debt-based.

Revenue rose to $978.3M in FY2025 while net income fell to $95.3M, so growth did not translate proportionally into accounting earnings. Yet operating cash flow reached $185.3M, reversing FY2024's pattern and indicating that latest earnings were more cash-backed than the prior year's reported profit.

Revenue reached $978.3M in FY2025, but net profit margin fell to 9.7%; the added scale did not translate proportionally into earnings. Free cash flow rose to $180.8M, separating cash generation from the weaker profit result.

Long-term debt was only $10.8M against equity of $1.21B, indicating funding is predominantly equity-based. However, current ratio fell from 2.9x to 1.8x, showing that short-term balance-sheet flexibility narrowed even as debt reliance remained low.

Financial Health Signals

Financial Health Score 52/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of MakeMyTrip Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Not available for MakeMyTrip Limited, and counted as zero in the overall score.

Growth

MakeMyTrip Limited's revenue surged 25.0% year-over-year to $978.3M, reflecting rapid business expansion. This strong growth earns a score of 89/100.

Leverage

MakeMyTrip Limited carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 88/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

MakeMyTrip Limited's current ratio of 1.85 indicates adequate short-term liquidity, earning a score of 55/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

MakeMyTrip Limited converts 18.5% of revenue into free cash flow ($180.8M). This strong cash generation earns a score of 77/100.

Returns

Not available for MakeMyTrip Limited, and counted as zero in the overall score.

Piotroski F-Score Partial

5/7

MakeMyTrip Limited passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.94x

For every $1 of reported earnings, MakeMyTrip Limited generates $1.94 in operating cash flow ($185.3M OCF vs $95.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$508.9M

YoY+55.6%

QoQ+55.6%

MakeMyTrip Limited held $508.9M in cash against $10.8M in long-term debt as of Q4 2025, with $576.6M of liabilities due within a year.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Shares Outstanding

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

MMYT Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MMYT quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Revenue	$978.3M+25.0%	$782.5M+32.0%	$593.0M+95.1%	$303.9M+86.0%	$163.4M-68.0%	$511.5M+5.3%	$486.0M-28.0%	$675.3M+50.9%	$447.6M+33.2%	$336.1M
Interest Expense	$32.2M+1073.4%	-$3.3M-107.1%	$46.7M+77.5%	$26.3M+448.7%	$4.8M-77.6%	$21.4M+89.2%	$11.3M+190.4%	$3.9M-78.7%	$18.3M-10.0%	$20.3M
Income Tax	$20.6M+116.7%	-$123.8M-12584.9%	-$976K+11.8%	-$1.1M+75.4%	-$4.5M-15441.4%	-$29K+96.1%	-$740K-913.2%	$91K-52.8%	$193K+24.5%	$155K
Net Income	$95.3M-56.0%	$216.7M+2040.8%	-$11.2M+75.5%	-$45.6M+18.7%	-$56.0M+87.5%	-$447.5M-166.6%	-$167.9M+23.8%	-$220.2M-99.7%	-$110.3M-24.6%	-$88.5M
Diluted Shares (Avg)	115M-3.1%	118M+7.8%	110M+1.1%	108M+1.6%	107M+1.5%	105M+1.2%	104M+3.6%	100M+90.8%	53M+26.1%	42M

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q3'2210-K	Q2'2210-K	Q1'2210-K	Q4'2110-K
Revenue	N/A	N/A	N/A	$88.6M+11.8%	$115.0M+102.5%	$67.5M+220.5%	$32.8M+416.2%	$79.2M-24.5%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

MMYT Balance Sheet

MMYT quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Total Assets	$1.8B+10.1%	$1.7B+22.1%	$1.4B+2.8%	$1.3B+1.0%	$1.3B+20.8%	$1.1B-31.0%	$1.6B-11.1%	$1.8B+14.3%	$1.5B	N/A
Current Assets	$1.1B+24.3%	$857.3M+27.6%	$671.9M+13.6%	$591.4M+18.0%	$501.2M+79.6%	$279.0M-36.7%	$440.6M-18.5%	$540.6M+105.4%	$263.2M	N/A
Cash & Equivalents	$508.9M+55.6%	$327.1M+15.2%	$284.0M+33.2%	$213.3M-27.7%	$295.1M+127.2%	$129.9M-27.0%	$178.0M-5.1%	$187.6M+84.5%	$101.7M	N/A
Inventory	$363K+66.5%	$218K+772.0%	$25K+127.3%	$11K-72.5%	$40K+11.1%	$36K-94.1%	$606K+1.7%	$596K+137.5%	$251K	N/A
Accounts Receivable	$141.1M+53.5%	$92.0M+33.6%	$68.8M+91.7%	$35.9M+42.6%	$25.2M-52.9%	$53.4M+0.4%	$53.2M-5.7%	$56.4M+60.6%	$35.1M	N/A
Goodwill	$597.8M-2.5%	$613.4M-2.5%	$629.0M+4.6%	$601.2M-3.0%	$619.9M-14.1%	$722.0M-32.5%	$1.1B-6.9%	$1.1B-2.0%	$1.2B+3255.9%	$34.9M
Total Liabilities	$620.3M+14.1%	$543.7M+12.4%	$483.8M+13.5%	$426.3M+2.0%	$417.8M+89.1%	$220.9M+3.8%	$212.9M+3.1%	$206.5M+48.2%	$139.3M	N/A
Current Liabilities	$576.6M+93.8%	$297.6M-34.4%	$453.7M+137.2%	$191.2M-1.5%	$194.2M+8.0%	$179.9M-12.1%	$204.6M+2.3%	$200.0M+48.8%	$134.4M	N/A
Non-Current Liabilities	$43.7M-82.2%	$246.1M+717.3%	$30.1M-87.2%	$235.1M+5.1%	$223.6M+444.8%	$41.0M+391.7%	$8.3M+27.4%	$6.6M+33.2%	$4.9M	N/A
Long-Term Debt	$10.8M-16.9%	$13.0M-5.7%	$13.7M+18.4%	$11.6M-14.7%	$13.6M-34.9%	$20.9M	N/A	N/A	N/A	N/A
Total Equity	$1.2B+8.2%	$1.1B+27.4%	$876.1M-2.3%	$896.5M+0.6%	$891.2M+3.4%	$862.3M-36.5%	$1.4B-12.9%	$1.6B+10.9%	$1.4B+1711.0%	$77.6M
Retained Earnings	-$929.9M+8.9%	-$1.0B+16.9%	-$1.2B-1.1%	-$1.2B-0.9%	-$1.2B-4.9%	-$1.1B-68.3%	-$682.1M-32.2%	-$515.9M-72.8%	-$298.6M	N/A

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q3'2210-K	Q2'2210-K	Q1'2210-K	Q4'2110-K
Total Assets	$1.8B+10.1%	$1.7B+22.1%	$1.4B+2.8%	$1.3B+1.0%	N/A	N/A	N/A	$1.3B+20.8%
Current Assets	$1.1B+24.3%	$857.3M+27.6%	$671.9M+13.6%	$591.4M+18.0%	N/A	N/A	N/A	$501.2M+79.6%
Cash & Equivalents	$508.9M+55.6%	$327.1M+15.2%	$284.0M+33.2%	$213.3M-27.7%	N/A	N/A	N/A	$295.1M+127.2%
Inventory	$363K+66.5%	$218K+772.0%	$25K+127.3%	$11K-72.5%	N/A	N/A	N/A	$40K+11.1%
Accounts Receivable	$141.1M+53.5%	$92.0M+33.6%	$68.8M+91.7%	$35.9M+42.6%	N/A	N/A	N/A	$25.2M-52.9%
Goodwill	$597.8M-2.5%	$613.4M-2.5%	$629.0M+4.6%	$601.2M-3.0%	N/A	N/A	N/A	$619.9M-14.1%
Total Liabilities	$620.3M+14.1%	$543.7M+12.4%	$483.8M+13.5%	$426.3M+2.0%	N/A	N/A	N/A	$417.8M+89.1%
Current Liabilities	$576.6M+93.8%	$297.6M-34.4%	$453.7M+137.2%	$191.2M-1.5%	N/A	N/A	N/A	$194.2M+8.0%
Non-Current Liabilities	$43.7M-82.2%	$246.1M+717.3%	$30.1M-87.2%	$235.1M+5.1%	N/A	N/A	N/A	$223.6M+444.8%
Long-Term Debt	$10.8M-16.9%	$13.0M-5.7%	$13.7M+18.4%	$11.6M-14.7%	N/A	N/A	N/A	$13.6M-34.9%
Total Equity	$1.2B+8.2%	$1.1B+27.4%	$876.1M-2.3%	$896.5M+0.6%	N/A	N/A	N/A	$891.2M+3.4%
Retained Earnings	-$929.9M+8.9%	-$1.0B+16.9%	-$1.2B-1.1%	-$1.2B-0.9%	N/A	N/A	N/A	-$1.2B-4.9%

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.

MMYT Cash Flow Statement

MMYT quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Operating Cash Flow	$185.3M+47.4%	$125.7M+290.3%	$32.2M+419.5%	$6.2M-90.4%	$64.5M+157.2%	-$112.7M-42.8%	-$78.9M+37.1%	-$125.5M-15.7%	-$108.5M-64.3%	-$66.0M
Depreciation & Amortization	$27.1M-0.5%	$27.3M-0.5%	$27.4M-7.1%	$29.5M-10.6%	$33.0M-2.0%	$33.7M+25.6%	$26.8M-18.0%	$32.7M+10.1%	$29.7M+171.9%	$10.9M
Capital Expenditures	$4.5M-24.2%	$5.9M-21.2%	$7.5M+141.7%	$3.1M+382.7%	$642K-81.9%	$3.5M+2.4%	$3.5M-18.8%	$4.3M-51.4%	$8.8M+53.7%	$5.7M
Free Cash Flow	$180.8M+50.9%	$119.8M+384.7%	$24.7M+697.0%	$3.1M-95.1%	$63.9M+154.9%	-$116.3M-41.1%	-$82.4M+36.5%	-$129.7M-10.7%	-$117.2M-63.5%	-$71.7M
Investing Cash Flow	$26.4M+135.0%	-$75.6M-262.1%	$46.6M+159.9%	-$77.8M+34.5%	-$118.9M-261.0%	$73.8M+5.5%	$70.0M+160.8%	-$115.1M-170.6%	$163.0M+257.3%	-$103.6M
Financing Cash Flow	-$22.9M-267.1%	-$6.2M-0.5%	-$6.2M+35.1%	-$9.6M-104.4%	$219.4M+2096.7%	-$11.0M-3180.0%	-$335K-100.1%	$327.9M+15087.5%	$2.2M-98.7%	$164.6M
Share Buybacks	$21.7M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$2.0M-81.5%	$11.1M

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q3'2210-K	Q2'2210-K	Q1'2210-K	Q4'2110-K
Depreciation & Amortization	N/A	N/A	N/A	$7.0M-10.4%	$7.8M-1.6%	$7.4M-16.9%	$7.4M-12.8%	$7.8M-8.4%

Not reported in any period shown, so not listed: Operating Cash Flow, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

MMYT Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MMYT quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Net Margin	9.7%-18.0pp	27.7%+29.6pp	-1.9%+13.1pp	-15.0%+19.3pp	-34.3%+53.2pp	-87.5%-53.0pp	-34.5%-1.9pp	-32.6%-8.0pp	-24.6%+1.7pp	-26.4%
Return on Equity	7.9%-11.5pp	19.4%+20.7pp	-1.3%+3.8pp	-5.1%+1.2pp	-6.3%+45.6pp	-51.9%-39.5pp	-12.4%+1.8pp	-14.1%-6.3pp	-7.8%+106.2pp	-114.1%
Return on Assets	5.2%-7.8pp	13.1%+13.9pp	-0.8%+2.6pp	-3.4%+0.8pp	-4.3%+37.0pp	-41.3%-30.6pp	-10.7%+1.8pp	-12.5%-5.3pp	-7.1%	N/A
Current Ratio	1.85-1.0x	2.88+1.4x	1.48-1.6x	3.09+0.5x	2.58+1.0x	1.55-0.6x	2.15-0.5x	2.70+0.7x	1.96	N/A
Debt-to-Equity	0.010.0x	0.010.0x	0.020.0x	0.010.0x	0.020.0x	0.02-0.1x	0.160.0x	0.130.0x	0.10	N/A
Asset Turnover	0.54+0.1x	0.470.0x	0.44+0.2x	0.23+0.1x	0.12-0.3x	0.47+0.2x	0.31-0.1x	0.38+0.1x	0.29	N/A
FCF Margin	18.5%+3.2pp	15.3%+11.1pp	4.2%+3.1pp	1.0%-38.1pp	39.1%+61.8pp	-22.7%-5.8pp	-17.0%+2.3pp	-19.2%+7.0pp	-26.2%-4.9pp	-21.3%

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q3'2210-K	Q2'2210-K	Q1'2210-K	Q4'2110-K
Current Ratio	1.85-1.0x	2.88+1.4x	1.48-1.6x	3.09+0.5x	N/A	N/A	N/A	2.58+1.0x
Debt-to-Equity	0.010.0x	0.010.0x	0.020.0x	0.010.0x	N/A	N/A	N/A	0.020.0x
Asset Turnover	N/A	N/A	N/A	0.070.0x	N/A	N/A	N/A	0.060.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
MakeMyTrip Limited MMYT	FY2025	$978.3M	$95.3M	9.7%	$4.2B	52/100
Global Business Travel Group, Inc. GBTG	FY2025	$2.7B	$111.0M	4.1%	$5.0B	38/100
Travel + Leisure Co. TNL	FY2025	$4.0B	$230.2M	5.7%	$3.8B	33/100
TripAdvisor, Inc. TRIP	FY2025	$1.9B	$40.0M	2.1%	$1.0B	51/100
Norwegian Cruise Line Holdings Ltd. NCLH	FY2025	$9.8B	$423.2M	4.3%	$7.1B	32/100
Expedia Group, Inc. EXPE	FY2025	$14.7B	$1.3B	8.8%	$32.9B	63/100

Where MakeMyTrip Limited Ranks

Frequently Asked Questions

What is MakeMyTrip Limited's annual revenue?

MakeMyTrip Limited (MMYT) reported $978.3M in total revenue for fiscal year 2025. This represents a 25.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is MakeMyTrip Limited's revenue growing?

MakeMyTrip Limited (MMYT) revenue grew by 25.0% year-over-year, from $782.5M to $978.3M in fiscal year 2025.

Is MakeMyTrip Limited profitable?

Yes, MakeMyTrip Limited (MMYT) reported a net income of $95.3M in fiscal year 2025, with a net profit margin of 9.7%.

How much debt does MakeMyTrip Limited have?

As of fiscal year 2025, MakeMyTrip Limited (MMYT) had $508.9M in cash and equivalents against $10.8M in long-term debt.

What is MakeMyTrip Limited's net profit margin?

MakeMyTrip Limited (MMYT) had a net profit margin of 9.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is MakeMyTrip Limited's return on equity (ROE)?

MakeMyTrip Limited (MMYT) has a return on equity of 7.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is MakeMyTrip Limited's free cash flow?

MakeMyTrip Limited (MMYT) generated $180.8M in free cash flow during fiscal year 2025. This represents a 50.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is MakeMyTrip Limited's operating cash flow?

MakeMyTrip Limited (MMYT) generated $185.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are MakeMyTrip Limited's total assets?

MakeMyTrip Limited (MMYT) had $1.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are MakeMyTrip Limited's capital expenditures?

MakeMyTrip Limited (MMYT) invested $4.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does MakeMyTrip Limited buy back shares?

Yes, MakeMyTrip Limited (MMYT) spent $21.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is MakeMyTrip Limited's current ratio?

MakeMyTrip Limited (MMYT) had a current ratio of 1.85 as of fiscal year 2025, which is generally considered healthy.

What is MakeMyTrip Limited's debt-to-equity ratio?

MakeMyTrip Limited (MMYT) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is MakeMyTrip Limited's return on assets (ROA)?

MakeMyTrip Limited (MMYT) had a return on assets of 5.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is MakeMyTrip Limited's P/E ratio?

MakeMyTrip Limited (MMYT) trades at 44.2x earnings, its market capitalization divided by net income of $95.3M net income, FY2025. The market capitalization is $4.2B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is MakeMyTrip Limited's price-to-sales ratio?

MakeMyTrip Limited (MMYT) trades at 4.3x sales, its market capitalization divided by revenue of $978.3M revenue, FY2025. The market capitalization is $4.2B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is MakeMyTrip Limited's Piotroski F-Score?

MakeMyTrip Limited (MMYT) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are MakeMyTrip Limited's earnings high quality?

MakeMyTrip Limited (MMYT) has an earnings quality ratio of 1.94x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is MakeMyTrip Limited?

MakeMyTrip Limited (MMYT) scores 52 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.