Should You Buy MakeMyTrip Ltd (MMYT) Today? Analysis, Price Targets, and 2026 Outlook.
Conclusion
Hold
Latest Price
62.400
1 Day change
0.55%
52 Week Range
120.720
Analysis Updated At
2026/01/30
MMYT is not a good buy right now. The stock is in a clear bearish trend (price below key moving averages) and just sold off on Q3 earnings. While it’s oversold short-term and options positioning looks bullish, there is no Intellectia buy signal today and the near-term setup still favors stabilization before a durable rebound. For an impatient buyer looking to enter immediately, the risk/reward is not attractive enough at current levels.
Technical Analysis
Trend is bearish: SMA_200 > SMA_20 > SMA_5 confirms a sustained downtrend. MACD histogram is negative (-1.633) though it is contracting, which can hint at waning downside momentum but not a confirmed reversal. RSI_6 is 26.09 (oversold/very weak momentum), suggesting a bounce is possible but not reliable without trend confirmation. Key levels: immediate support S1 ~61.535 (price ~62.36 pre-market is hovering just above it); if that breaks, next support S2 ~57.575. Resistance overhead is heavy at Pivot ~67.945, then R1 ~74.355. Near-term odds from similar patterns imply only modest upside (about +2.48% next day; +0.56% next week), which is not compelling versus downside risk to S2.
Options Data
Bullish
Open Interest Put-Call Ratio
Bullish
Option Volume Put-Call Ratio
Options skew is bullish: put/call open interest ratio 0.46 and put/call volume ratio 0.5 indicate more call interest than puts. Volume is elevated versus average (today vs 30D avg ~24.32), suggesting heightened attention after earnings. Implied volatility (30D IV ~47.07) is above historical volatility (~41.27), implying the market is pricing in continued movement; IV percentile ~54 is mid-range (not extreme). Net takeaway: sentiment in options is constructive, but it’s consistent with traders betting on an oversold bounce rather than confirming a trend change.
Technical Summary
Sell
8
Buy
5
Positive Catalysts
Adjusted profitability improved: adjusted net profit rose to $50.7M vs $46.0M last year (Q3), suggesting underlying operating performance is better than headline GAAP net income. Revenue grew +10.6% YoY to $295.7M on strong India travel demand. Analyst stance remains broadly positive (Buy/Overweight ratings maintained), and at least one firm (Citi) called valuation attractive at current levels. Options positioning (low put/call) indicates traders are leaning bullish/looking for rebound.
Neutral/Negative Catalysts
Headline Q3 net income fell sharply (-73.1% YoY to $7.3M) due to increased finance costs, which is a negative narrative and can keep pressure on the stock. Stock reaction to earnings was negative (down ~5.65% post-print), reinforcing bearish momentum. Technical structure is still down (bearish moving averages), meaning rallies can get sold into near resistance (Pivot ~67.9).
Financial Performance
Latest quarter: 2026/Q3. Revenue increased to $295.7M (+10.59% YoY), indicating continued top-line growth. However, net income dropped to $7.25M (-73.18% YoY) and EPS to $0.07 (-69.57% YoY), showing significant compression in reported earnings power (driven by finance costs per news). Gross margin was 67.93%, down ~0.88% YoY, a mild deterioration. Overall: growth is intact, but profitability quality (headline) weakened meaningfully this quarter.
Growth
Profitability
Efficiency
Analyst Ratings and Price Target Trends
Recent trend: analysts kept bullish ratings but lowered price targets after Q3. Citi maintained Buy but cut PT to $96 from $108 (2026-01-21), citing solid growth but more modest margin assumptions; Morgan Stanley kept Overweight but cut PT to $106 from $113 (2026-01-21) on slower expected margin expansion; BofA kept Buy with a slight trim to $113 from $115 (2025-12-24). CICC initiated Outperform with a $95 PT (2025-11-14). Wall Street pros: resilient demand/market positioning, continued revenue growth, and perceived attractive valuation after the drop. Cons: margin/earnings uncertainty (especially finance costs), slower margin expansion outlook, and weak near-term price/technical trend.
Intellectia Proprietary Trading Signals:
- [AI Stock Picker](module://ai_stock_pick): no signal on given stock today.
- [SwingMax](module://swingmax): No signal on given stock recently.
Politicians / influential figures: No recent congress trading data available; no notable politician activity indicated.
Hedge funds/insiders: both neutral with no significant recent trend.
Wall Street analysts forecast MMYT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for MMYT is 118 USD with a low forecast of 113 USD and a high forecast of 123 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Analyst Rating
Wall Street analysts forecast MMYT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for MMYT is 118 USD with a low forecast of 113 USD and a high forecast of 123 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 62.060
Low
113
Averages
118
High
123
Current: 62.060
Low
113
Averages
118
High
123
Citi
Buy
downgrade
$108 -> $96
AI Analysis
2026-01-21
Reason
Citi
Price Target
$108 -> $96
AI Analysis
2026-01-21
downgrade
Buy
Reason
Citi lowered the firm's price target on MakeMyTrip to $96 from $108 and keeps a Buy rating on the shares following the Q3 report. The firm views the company's growth as solid amid "challenging circumstances." It reduced estimates post the earnings print on more modest margin assumptions. The analyst views MakeMyTrip's valuation as attractive at current share levels.
Morgan Stanley
NULL -> Overweight
maintain
$113 -> $106
2026-01-21
Reason
Morgan Stanley
Price Target
$113 -> $106
2026-01-21
maintain
NULL -> Overweight
Reason
Morgan Stanley lowered the firm's price target on MakeMyTrip to $106 from $113 and keeps an Overweight rating on the shares. Following the company's Q3 report, the firm is lower its estimates to moderate the expected pace of margin expansion for FY27 and FY28, the analyst tells investors.
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