Should I Buy MMYT? MMYT 2026 Analysis

Should You Buy MakeMyTrip Ltd (MMYT) Today? Analysis, Price Targets, and 2026 Outlook.

Conclusion

Hold

Latest Price

57.100

1 Day change

0.02%

52 Week Range

118.000

Analysis Updated At

2026/02/05

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Not a good buy right now for an impatient entry: the dominant trend is still bearish (SMA_200 > SMA_20 > SMA_5, MACD below zero).
Although MMYT looks short-term oversold (RSI_6 ~~23) and is trading near support (~~54.86), there is no Intellectia buy signal today to prioritize an immediate entry.
Options flow is bullish (very low put/call ratios and heavy volume), but elevated IV suggests the market is already paying up for a bounce—risk/reward for a “buy now” is not compelling without price confirmation.
Wall Street remains broadly positive (Buy/Overweight), but repeated price-target cuts after Q3 and the sharp YoY profit/EPS drop reduce conviction for an immediate chase.

Technical Analysis

Trend: Bearish structure with moving averages stacked negatively (SMA_200 > SMA_20 > SMA_5), indicating rallies are likely to face supply.
Momentum: MACD histogram at -1.066 (below 0) = bearish momentum; “negatively contracting” implies downside pressure may be easing, but not reversed.
RSI: RSI_6 ~23 indicates short-term oversold conditions (bounce potential), but oversold alone is not a buy trigger in a downtrend.
Key levels: Support S1 ~54.861 (price 56.77 is relatively close); deeper support S2 ~51.493. Resistance/pivot around ~60.312; upside resistance R1 ~65.763.
Broad tape: S&P 500 down ~0.86% adds near-term headwind.
Intellectia Proprietary Trading Signals:
- AI Stock Picker: No signal on given stock today.
- SwingMax: No signal on given stock recently.

Options Data

Bullish

Open Interest Put-Call Ratio

Bullish

Option Volume Put-Call Ratio

Sentiment/positioning: Put/Call ratios are strongly bullish (OI PCR 0.57; Volume PCR 0.03), implying traders are leaning to calls.
Activity: Today’s option volume (~1100) is ~168% of the 30-day average—unusual attention.
Volatility: IV_30d ~50% with IV percentile ~76% (options relatively expensive vs recent history), meaning upside bets may be pricier and the market is already pricing in bigger moves.
Skew: Calls dominate both OI (calls 6092 vs puts 3463) and volume (calls 1067 vs puts 33), reinforcing bullish speculation despite weak spot trend.

Technical Summary

Sell

Buy

Positive Catalysts

- Technical bounce setup: RSI_6 is deeply oversold, and price is not far above S1 (~54.86), which can trigger short-covering/bounce attempts.
- Options positioning: Extremely low put/call volume ratio suggests aggressive upside speculation.
- Medium-term pattern analog: Similar-pattern model suggests +6.41% over the next month (though near-term week bias is slightly negative).
- Analysts still constructive overall: Multiple Buy/Overweight ratings remain in place, with some commentary calling valuation attractive at current levels (per Citi).

Neutral/Negative Catalysts

- Downtrend intact: Bearish moving-average stack and MACD below zero increases the odds that rebounds fade.
- Earnings quality concern: Latest quarter showed revenue growth but a sharp net income/EPS decline, which often pressures multiples.
- Analyst targets are being trimmed post-Q3, indicating reduced expectations for margin expansion.
- No fresh news catalysts in the last week to change the narrative or force a re-rating quickly.

Financial Performance

Latest reported quarter: 2026/Q3.
Revenue: 295.688M, up +10.59% YoY (continued top-line growth).
Profitability: Net income 7.247M, down -73.18% YoY; EPS 0.07, down -69.57% YoY (material earnings deterioration).
Margins: Gross margin 67.93%, down ~0.88% YoY (slight compression).
Takeaway: Growth is present, but the quarter’s profit/EPS compression is a near-term drag on “buy-now” momentum.

Growth

Profitability

Efficiency

Analyst Ratings and Price Target Trends

Trend: Ratings remain positive (Buy/Overweight/Outperform), but price targets have been reduced.
Recent changes:
- Citi (2026-01-21): Buy maintained; PT cut to $96 from $108 (post-Q3, more modest margin assumptions).
- Morgan Stanley (2026-01-21): Overweight maintained; PT cut to $106 from $113 (slower expected margin expansion FY27–FY28).
- BofA (2025-12-24): Buy maintained; PT cut to $113 from $115 (soft growth expectations tied to industry disruptions).
- CICC (2025-11-14): Initiated Outperform; PT $95.
Wall Street pros: Strong market position/relative resilience vs OTA peers; sustained revenue growth.
Wall Street cons: Margin expansion expectations are being tempered; profitability volatility showing up in reported results.

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: 57.090

Low

113

Averages

118

High

123

Current: 57.090

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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MMYT Should I Buy

MMYT Should I Buy

Should You Buy MakeMyTrip Ltd (MMYT) Today? Analysis, Price Targets, and 2026 Outlook.

Technical Analysis

Options Data

Technical Summary

Positive Catalysts

Neutral/Negative Catalysts

Financial Performance

Growth

Profitability

Efficiency

Analyst Ratings and Price Target Trends

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