Digital Leadership
Dominant market position captures India's 10.6% CAGR travel digitization wave through 2030.
MakeMyTrip: India's Online Travel Booking Giant
MakeMyTrip dominates India's booming online travel market. Leading digital transformation across flights, hotels, and holiday packages as travel demand surges post-pandemic.
Updated: Sep 06, 2025
BLT (Business Services, Leisure, Travel)Technology
Bull & Bear Case
An overview of the main reasons to invest and the key risks involved.
Bull Case
Profit Expansion
Operating leverage drives margins higher while revenue growth accelerates in the coming quarters.
International Growth
65%+ hotel revenue growth internationally unlocks massive addressable market expansion.
Bear Case
Competitive Pressure
Pricing wars with global OTAs and direct booking trends erode market share and margins.
Economic Sensitivity
Discretionary travel spending is vulnerable to inflation, recession, or geopolitical disruptions affecting demand.
Regulatory Risk
India's changing digital commerce rules could impose compliance costs or operational restrictions.
Investment Thesis
Overview of buy and sell case of the business.
Why Invest?
Key pieces of information about the business that you need to know about.
Digital-First Market Leadership
MakeMyTrip is one of the India's digital player, with over 82 million lifetime customers and growing market share across key segments. The company's mobile-first approach captures the 67% of bookings now made on smartphones, while its diversified portfolio spanning air ticketing, hotels, packages, and bus travel provides multiple growth vectors. With India's online travel market projected to reach more than $50 billion by 2030, MakeMyTrip's established brand recognition, superior technology platform, and extensive supplier relationships create formidable competitive moats that new entrants struggle to breach.
Profit Expansion in Growth Mode
The company is capturing more value from each booking, benefiting from the efficiency of its larger platform, and leaning into higher-margin international travel. This balanced approach shows management’s discipline, growth isn’t coming at the cost of profitability. Looking ahead, MakeMyTrip expects to keep margins steady while still delivering strong double-digit revenue growth as travel demand normalizes.
International Expansion Catalyst
MakeMyTrip's international business represents its most compelling growth story, with international air-ticketing revenue growing over 33% year-on-year and international hotels revenue surging over 65%. The company's expansion into GCC markets, coupled with serving India's outbound travel demand, taps into a massive addressable market as Indian travelers increasingly explore global destinations. This international pivot provides geographic diversification while leveraging MakeMyTrip's core competencies in a less saturated market environment.
Catalysts
The key events that could drive investment opportunities and shift markets.
Recovery from Geopolitical Impact: Management guidance suggests recovery from Q1's geopolitical disruptions, with potential for accelerated growth as travel demand normalizes during peak travel season. Key metrics include gross booking growth acceleration and international segment momentum.
Festive Season Performance: India's October-December festive period typically drives strong travel demand, providing crucial insight into consumer spending patterns and MakeMyTrip's pricing power during peak booking periods.
AI Platform Rollout: MakeMyTrip's Myra.ai chatbot and generative AI features could drive higher conversion rates and customer engagement, potentially improving take rates and reducing customer acquisition costs as the platform scales.
International Market Expansion: Further penetration into GCC markets and potential expansion into Southeast Asia could accelerate international revenue growth, with management targeting international business to reach 30%+ of total revenue.
Corporate Travel Recovery: India's business travel segment recovery post-pandemic could unlock significant growth, with MakeMyTrip's corporate platform, myBiz, positioned to capture increasing business travel budgets as companies expand operations.
Market Consolidation Opportunities: Potential acquisition targets among smaller OTAs or travel tech companies could accelerate MakeMyTrip's market share gains and provide access to new customer segments or geographies.
Key Risks
Key pieces of information about the business risks that you need to know about.
Competitive Pressure
MakeMyTrip faces relentless competition from global giants like Booking.com and Expedia, aggressive domestic players like EaseMyTrip, and potential new entrants backed by significant capital. The online travel agency space is particularly vulnerable to pricing wars, with competitors willing to sacrifice margins for market share. Additionally, direct booking initiatives by airlines and hotels could disintermediate OTAs, potentially eroding MakeMyTrip's commission-based revenue model over time.
Economic Sensitivity
Travel spending represents discretionary income that quickly contracts during economic downturns, making MakeMyTrip vulnerable to macroeconomic shocks, inflation pressures, or geopolitical tensions that impact consumer confidence. The company's exposure to both domestic and international travel markets means it faces double exposure to economic volatility, currency fluctuations, and potential travel restrictions that could materially impact booking volumes and pricing power.
Regulatory Uncertainty
India's evolving regulatory landscape around digital commerce, data privacy, GST compliance, and foreign investment could impose additional costs or operational restrictions. Changes in aviation policies, hotel regulations, or digital payment rules could disrupt MakeMyTrip's business model. The company also faces potential regulatory challenges in international markets where it's expanding, adding complexity to its growth strategy.