MakeMyTrip Ltd
MakeMyTrip Ltd is an India-focused online travel company that provides digital booking and travel services through its MakeMyTrip, Goibibo, and redBus brands. Its platform covers flights, hotels, holiday packages, alternative accommodations, buses, rail, car hire, tours, attractions, and related ancillary services, supported by both online and assisted channels.
Fiscal year 2026 · change from previous year
Development 2021–2026
Business
Share of revenueFlight search, comparison, ticketing, and related travel add-ons.
Hotel bookings, alternative accommodations, and bundled holiday packages.
Bus tickets, rail tickets, and car hire services across India.
Tours, attractions, and other ancillary travel services.
Travel agent, franchise, enterprise, and offline-assisted distribution.
Customers
MakeMyTrip serves individual travelers who use its apps and websites to search, compare, book, and manage trips. It also serves SMEs, large corporates, travel agents, and other distribution partners that buy travel inventory and booking services through its platform. The company’s appeal comes from breadth of inventory, convenience, and the ability to combine multiple travel products in one trip.
Book flights, hotels, buses, rail, cars, and packages for personal travel.
Buy travel services for employee or business travel management.
Use assisted channels to serve customers needing offline or personalized support.
Distribute travel inventory and help extend reach beyond direct consumers.
Strategy
MakeMyTrip’s strategy centers on strengthening its position in India’s underpenetrated travel market by combining direct digital booking, assisted channels, and selective partnerships. It emphasizes cross-sell across flights, hotels, packages, buses, and ancillaries so each customer trip can generate more bookings through the same platform. The company also focuses on deep supplier integration, product breadth, and omni-channel distribution to capture more of the customer travel wallet.
More products per traveler increase engagement, repeat use, and wallet share.
Combining apps, websites, agents, and stores widens access across customer types.
India’s travel market still has meaningful offline booking activity that can migrate to digital.
Geography
The company is centered on India, where its brands, supplier relationships, and assisted distribution network are built around the domestic travel market. It also has a U.S. listing and presents financial statements in U.S. dollars, but the operating footprint described in the reports is predominantly Indian. Geography matters because the business depends on India’s travel demand, online adoption, and the structure of the local airline, hotel, bus, and rail markets.
Risks
The business is exposed to demand swings in travel, especially in air, hotel, and discretionary holiday bookings, because customer activity is tied to consumer and corporate travel budgets. It also faces platform and channel competition, supplier dependence, and execution risk in keeping app traffic, cross-sell, and assisted distribution coordinated across a fragmented market. Accounting risk is concentrated in goodwill and intangible asset impairment, deferred taxes, and judgment-heavy estimates tied to a business built partly through acquisitions.
- Demand volatility in travel spendingImpact: HighLikelihood: High
Bookings for flights, hotels, and packages are discretionary and can fluctuate with consumer confidence.
Exposure: Core consumer travel categories
- Single-market concentration in IndiaImpact: HighLikelihood: High
The company’s operating model, suppliers, and customer base are centered on India.
Exposure: Domestic travel market
- Goodwill and intangible impairmentImpact: HighLikelihood: Medium
Acquisitions and investments create assets that must be tested against recoverable value.
Exposure: Acquired brands and CGUs
- Platform competition and customer acquisitionImpact: MediumLikelihood: High
Online travel is competitive, so traffic generation and retention affect scale and cross-sell.
Exposure - Supplier and inventory dependenceImpact: MediumLikelihood: High
Airlines, hotels, and other suppliers affect the availability and economics of travel bookings.
Exposure
Accounting
Judgemental itemsThe company discloses impairment testing as a critical estimate, which can create non-cash charges if assumptions weaken.
Impact: Could materially reduce reported asset values and earnings
Acquired travel brands and technology assets require ongoing assessment of recoverable amount.
Impact: May affect amortization and impairment expense
Management identifies deferred taxes as a critical accounting judgment.
Impact: Can change tax expense and equity balances
Travel demand and booking patterns can vary by quarter and by product type.
Impact: Affects revenue and cost comparability across periods
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Last updated: 28/09/2026