MakeMyTrip: Still In The Driver's Seat To Capitalize On The Demand Tailwind

  • I maintain my buy rating on MMYT, as 1Q26 results confirm resilient demand and strong execution, despite temporary headwinds. MMYT's market leadership is solidifying, with gains in domestic air ticketing share and a rational competitive environment, supporting future growth. International operations have become a key growth driver, now accounting for 27% of revenue and providing a buffer against domestic volatility.