MakeMyTrip Limited MMYT

Competitive advantage analysis · consumer-cyclical

Corporate Default
Overall moat score
58/100
Moderate

Ranked against 19 peers in Travel Services

About MakeMyTrip Limited

MakeMyTrip Limited, together with its subsidiaries, operates as a travel service provider in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, Cambodia, and Indonesia. The company operates through three segments: Air Ticketing, Hotels, and Packages and Bus Ticketing. Its products and services include air ticketing, hotels and packages, bus tickets, rail tickets, and car … Full MMYT analysis →

Key strengths

  • Margins Stable Across Cycles Operating margin volatility is low (stability score 0.71), demonstrating pricing resilience across cycles.
  • Strong Liquidity Buffer Liquidity position is strong (score 0.94), providing operational cushion.

Key risks

  • Elevated Debt Risk Debt serviceability is weak (score 0.33), raising refinancing risk.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Moderate
67
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Cost Advantage

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Signals, strengths and risks for Customer Stickiness

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Resilience

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Signals, strengths and risks for Scale & Market Position

Where MMYT ranks in Travel Services

MakeMyTrip Limited ranks #8 of 20 scored companies in Travel Services by moat score — the top 40%. The widest moat in the group is Booking Holdings Inc. Common St (BKNG) at 76/100.

# Company Moat score Rating
4 Airbnb, Inc. ABNB 68/100 Moderate
5 Expedia Group, Inc. EXPE 66/100 Moderate
6 Viking Holdings Ltd VIK 62/100 Moderate
7 Royal Caribbean Cruises Ltd. RCL 59/100 Moderate
8 MakeMyTrip Limited MMYT 58/100 Moderate
9 Carnival Plc CUK 54/100 Moderate
10 Carnival Corporation CCL 52/100 Moderate
11 TripAdvisor, Inc. TRIP 51/100 Moderate
12 Lindblad Expeditions Holdings I LIND 45/100 Developing

See every General Corporate company ranked by moat score →

How MMYT scores on the Corporate Default defenses

Pricing Power

Score 66 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 47 · 15% of the moat score

A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.

Customer Stickiness

Score 57 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 59 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 57 · 17% of the moat score

Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.

Scale & Market Position

Score 57 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding MMYT's moat

What is MakeMyTrip Limited's moat score?

MakeMyTrip Limited (MMYT) scores 58 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #8 of 20 scored companies in Travel Services, the top 40%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 19 companies in Travel Services. Its strongest defense is Pricing Power (66/100) and its weakest is Cost Advantage (47/100).

How does MakeMyTrip Limited compare with other Travel Services companies?

MakeMyTrip Limited ranks #8 of 20 scored companies in Travel Services by moat score. The widest moat in Travel Services is Booking Holdings Inc. Common St (BKNG) at 76/100. The companies ranked closest are Royal Caribbean Cruises Ltd. (RCL) at 59 just above it and Carnival Plc (CUK) at 54 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 19 companies in Travel Services. The defenses are then weighted to produce the overall score out of 100.

Why is MakeMyTrip Limited scored with the Corporate Default template?

Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.

Which competitive defenses are measured for MakeMyTrip Limited?

The Corporate Default template measures 6 defenses, and MMYT scores: Pricing Power (66), Cost Advantage (47), Customer Stickiness (57), Capital Efficiency (59), Resilience (57), Scale & Market Position (57). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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