Makemytrip Ltd key statistics and ratios

In fiscal 2026, Makemytrip Ltd had return on equity of 9.1%, an operating margin of 14.9% and a current ratio of 3.05. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Makemytrip Ltd: financial ratios, annual
Fiscal year	2016Mar 2016	2017Mar 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026
Gross margin	50.3%	61.1%	74.0%	64.8%	70.8%	86.4%	80.7%	70.1%	72.5%	72.0%	73.8%
Operating margin	−19.9%	−30.2%	−32.5%	−31.5%	−83.9%	−41.4%	−10.0%	4.0%	8.3%	12.3%	14.9%
Net margin	−26.3%	−24.6%	−32.3%	−34.5%	−87.5%	−34.0%	−14.9%	−1.9%	27.7%	9.7%	5.0%
Free-cash-flow margin	−21.3%	−26.2%	−19.2%	−17.0%	−22.7%	39.1%	1.0%	4.2%	15.3%	18.5%	17.1%
Return on equity	−114.1%	−14.9%	−14.7%	−11.5%	−40.4%	−6.4%	−5.1%	−1.3%	21.9%	8.2%	9.1%
Return on assets	—	−7.1%	−13.2%	−10.1%	−33.8%	−4.7%	−3.5%	−0.8%	14.4%	5.5%	2.9%
Asset turnover	—	0.29	0.41	0.29	0.39	0.14	0.23	0.44	0.52	0.56	0.58
Current ratio	—	1.96	2.70	2.15	1.55	2.58	3.09	1.48	2.88	1.85	3.05
Debt to equity	—	0.1%	0.0%	0.1%	3.0%	23.0%	24.2%	27.0%	20.0%	19.6%	—
Interest cover (operating income ÷ interest)	—	—	—	—	n/m	n/m	n/m	15.2x	36.6x	70.6x	107.3x
Effective tax rate	—	—	—	—	—	—	—	—	—	17.8%	34.1%
Capital spending as % of revenue	1.7%	2.0%	0.6%	0.7%	0.7%	0.4%	1.0%	1.3%	0.8%	0.5%	0.4%
Free cash flow ÷ net income	—	—	—	—	—	—	—	—	55.3%	190.1%	343.7%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	—	12.0%	51.5%

US$ thousands unless shown otherwise. Fiscal quarters.

Makemytrip Ltd: financial ratios, quarterly
Quarter	2021 Q1Jun 2020	2021 Q2Sept 2020	2021 Q3Dec 2020	2021 Q4Mar 2021	2022 Q1Jun 2021	2022 Q2Sept 2021	2022 Q3Dec 2021	2022 Q4Mar 2022
Operating margin	−543.7%	−123.8%	−12.9%	0.4%	−59.4%	−11.8%	−5.4%	3.8%
Current ratio	—	—	—	2.58	—	—	—	3.09
Debt to equity	—	—	—	23.0%	—	—	—	24.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 5 checks passed · March 31, 2026

What it owns · $1.8bn

Short-term assets $1.0bnLonger-term assets $708m

What it owes, and who funded it · $1.8bn

Short-term liabilities $343mLonger-term liabilities $1.5bnShareholders' equity $-68m

Short-term assets cover short-term liabilities $1.0bn of assets due within a year against $343m of liabilities due within a year.
Short-term assets cover long-term liabilities $1.0bn short-term assets against $1.5bn of longer-dated liabilities.
More cash than debt $425m of cash against $1.4bn of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $183m of operating cash flow against $1.4bn of debt.
Operating profit covers interest at least five times over Operating income of $156m against $1m of interest.

From Makemytrip Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Makemytrip Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Makemytrip Ltd.