MakeMyTrip Ltd
MMYTdata completeness 88%10 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
MakeMyTrip Ltd earns about 2% on invested capital, below its ~9% cost of capital, but has diluted owners by 5% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $39.22 and $68 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $163.4M1 | $303.9M2 | $593M3 | $782.5M3 | $978.3M3 |
| Net income | −$55.6M4 | −$45.4M5 | −$11.3M6 | $216.8M6 | $95.1M6 |
| Operating cash flow | $64.5M7 | $6.2M8 | $32.2M9 | $125.7M9 | $185.3M9 |
| Capital expenditure | $642,00010 | $3.1M11 | $7.49M12 | $5.9M12 | $4.47M12 |
| Free cash flow (derived) | $63.9M7 | $3.1M8 | $24.7M9 | $119.8M9 | $180.8M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $295.1M13 | $213.3M13 | $284M13 | $327.1M14 | $508.9M14 |
| Diluted shares | 106.8M | 108.5M | 109.7M | 111.1M | 112.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $106.81 of net worth that earned you $8.45 and generated $16.06 of cash last year.
It earned about 2% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $39.22 and $68 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$119.8M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$119.8M
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $19.73 |
| Base | 20.0% | $39.22 |
| Bull | 20.0% | $39.22 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-03-31 · accession 0000950170-23-034278 (Revenue)
- 20-F · period ending 2022-03-31 · accession 0000950170-24-080082 (Revenue)
- 20-F · period ending 2023-03-31 · accession 0000950170-25-086539 (Revenue)
- 20-F · period ending 2021-03-31 · accession 0000950170-23-034278 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2022-03-31 · accession 0000950170-24-080082 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-03-31 · accession 0000950170-25-086539 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2021-03-31 · accession 0000950170-23-034278 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-03-31 · accession 0000950170-24-080082 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-03-31 · accession 0000950170-25-086539 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2021-03-31 · accession 0000950170-23-034278 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-03-31 · accession 0000950170-24-080082 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-03-31 · accession 0000950170-25-086539 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2021-03-31 · accession 0000950170-24-080082 (CashAndCashEquivalents)
- 20-F · period ending 2024-03-31 · accession 0000950170-25-086539 (CashAndCashEquivalents)