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Travel services · Consumer Cyclical · Fiscal year ends Mar 31
MakeMyTrip reported revenue of $1B in the fiscal year ended Mar 2026, up 6.7% from the year before. Operating income was $156M, an operating margin of 14.9%, and net income was $52M. Operating cash flow of $183M less capital expenditure of $5M left free cash flow of $178M. Net debt was $981M.
Ranks among the 9 travel services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 304 | 593 | 783 | 978 | 1,044 |
| Cost of revenue | 58.8 | 178 | 215 | 274 | 274 |
| Gross profit | 245 | 415 | 567 | 704 | 770 |
| Operating income | −30.4 | 23.6 | 65.2 | 120 | 156 |
| Interest expense | 26.3 | 46.7 | −3.3 | 32.2 | 105 |
| Pre-tax income | −46.7 | −12.1 | 92.9 | 116 | 78.4 |
| Income tax | −1.1 | 26.7 | −124 | 20.6 | 26.7 |
| Net income | −45.6 | −11.2 | 217 | 95.3 | 51.7 |
| Diluted EPS | −0.42 | −0.10 | 1.74 | 0.83 | 0.36 |
| Diluted shares | 108 | 110 | 118 | 115 | 110 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 213 | 284 | 327 | 509 | 425 |
| Receivables | 35.9 | 68.8 | 92.0 | 141 | 163 |
| Inventory | 0.0 | 0.0 | 0.2 | 0.4 | 0.6 |
| Current assets | 591 | 672 | 857 | 1,065 | 1,046 |
| Net PP&E | 19.3 | 25.4 | 25.9 | 26.5 | 21.7 |
| Goodwill | 601 | – | – | – | – |
| Total assets | 1,323 | 1,360 | 1,660 | 1,828 | 1,755 |
| Payables | 62.8 | 89.8 | 119 | 147 | 136 |
| Deferred revenue | 53.2 | 75.2 | 93.0 | 120 | 113 |
| Current liabilities | 191 | 454 | 298 | 577 | 343 |
| Short-term debt | 2.8 | 220 | 4.8 | 222 | 5.9 |
| Long-term debt | 214 | 15.7 | 217 | 13.9 | 1,400 |
| Total liabilities | 426 | 484 | 544 | 620 | 1,813 |
| Shareholders' equity | 894 | 870 | 1,111 | 1,203 | −67.8 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 6.2 | 32.2 | 126 | 185 | 183 |
| Capital expenditure | 3.1 | 7.5 | 5.9 | 4.5 | 4.5 |
| Free cash flow | 3.1 | 24.7 | 120 | 181 | 178 |
| Stock-based compensation | 36.6 | 35.6 | 37.0 | 36.0 | 23.0 |
| Acquisitions | – | 1.5 | 6.5 | 10.4 | 11.9 |
| Share buybacks | – | – | – | 21.7 | 91.7 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 95.1% | 32.0% | 25.0% | 6.7% |
| Operating income growth (YoY) | – | – | 176.3% | 83.8% | 30.1% |
| EPS growth (YoY) | – | – | – | −52.3% | −56.6% |
| Gross margin | 80.7% | 70.1% | 72.5% | 72.0% | 73.8% |
| Operating margin | −10.0% | 4.0% | 8.3% | 12.3% | 14.9% |
| Net margin | −15.0% | −1.9% | 27.7% | 9.7% | 4.9% |
| Return on equityBlank when equity is negative | −5.1% | −1.3% | 19.5% | 7.9% | – |
| ROCEEBIT ÷ (assets − current liabilities) | −2.7% | 2.6% | 4.8% | 9.6% | 11.0% |
| Free cash flow margin | 1.0% | 4.2% | 15.3% | 18.5% | 17.1% |
| Cash conversion (CFO ÷ net income) | −0.14x | −2.88x | 0.58x | 1.94x | 3.53x |
| Receivable days | 43 | 42 | 43 | 53 | 57 |
| Inventory days | 0 | 0 | 0 | 0 | 1 |
| Payable days | 390 | 185 | 201 | 196 | 181 |
| Interest cover | −1.15x | 0.51x | −19.7x | 3.72x | 1.49x |
| Debt ÷ equity | 0.24x | 0.27x | 0.20x | 0.20x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 3.3 | −48.9 | −105 | −273 | 981 |
| Current ratio | 3.09x | 1.48x | 2.88x | 1.85x | 3.05x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.