MakeMyTrip Limited (MMYT): BCG Matrix [Dec-2025 Updated]

You're looking at the current state of MakeMyTrip Limited (MMYT)'s portfolio, and the picture is sharp: the reliable Cash Cows, like Domestic Air Ticketing holding a 54-60% share, are funding the high-flying Stars, where International Outbound Travel saw over 65% revenue growth. Still, we must address the Dogs pulling resources and the Question Marks, like the $97.0$ million Others segment growing at 82.9%, that demand immediate strategic focus. See below for the precise breakdown of where MakeMyTrip Limited is winning today and where it must place its next big bet.

Background of MakeMyTrip Limited (MMYT)

You're looking at the current state of MakeMyTrip Limited (MMYT), India's leading online travel service provider, to map out its portfolio. MakeMyTrip Limited operates through several well-recognized brands, primarily MakeMyTrip, Goibibo, and redBus, offering a wide array of travel products and solutions both in India and overseas. The company's core business is structured around three main segments: Air Ticketing, Hotels and Packages, and Bus Ticketing, though they also facilitate rail ticketing, car hire, and activities & experiences.

For the full fiscal year 2025, MakeMyTrip Limited reported record gross bookings totaling $9.8 billion, alongside a reported profit of $95.3 million. This shows the scale of the operation, but performance has been dynamic recently. For instance, in the second quarter of fiscal 2026 (ending September 30, 2025, based on the Q1 FY2026 results being reported in July 2025), the company reported quarterly revenue of $229.34 million, an increase from $210.99 million the prior year, but it swung to a net loss of $5.62 million from a profit of $17.85 million in the same period last year.

Looking at the first quarter of fiscal 2026, revenue was $268.8 million, marking a 7.8% year-on-year increase, with net profit surging 22.6% to $25.8 million. The international business has become a significant growth driver; it contributed 27% to the overall revenue in Q1 FY2026, up from 22% in fiscal 2024. Specifically, international hotel revenue grew by over 65% year-on-year in FY 2025, and international air bookings reached a record 42% share in Q1 FY2026.

In terms of market positioning, MakeMyTrip Limited maintained a strong hold in the domestic air segment, holding a market share of over 30% in Q1 FY2026. The bus ticketing segment also showed robust expansion, with revenue increasing by 40.8% in the fourth quarter of fiscal 2025. As of late November 2025, the company's market capitalization stood at approximately $7.86 billion.

MakeMyTrip Limited (MMYT) - BCG Matrix: Stars

Stars are those business units operating in high-growth markets and maintaining a high relative market share. They are the leaders in their respective segments but require substantial investment to maintain that position and fuel further expansion. If success is sustained as the market growth decelerates, these units transition into Cash Cows.

For MakeMyTrip Limited (MMYT), several key segments fit the Star profile due to high underlying market growth and strong competitive positioning as of the fiscal year 2025 reporting period.

The performance metrics for these Star segments are detailed below:

You can see the strong growth across the international offerings, which is a key indicator of a high-growth market. The international business now contributes 25% to the overall revenue, up from 22% during financial year 2024.

Here's a breakdown of the specific Star components:

• International Outbound Travel: Revenue from international hotels grew over 65% in FY2025, a clear high-growth, high-share segment.
• Bus Ticketing (redBus): Dominant market share of approximately 70% in bus bookings with revenue growth of 29% in FY2025.
• Hotels and Packages: Largest revenue segment at $520 million in FY2025, with strong underlying volume growth in room nights.
• International Air Ticketing: Revenue grew over 33% in FY2025, capturing a record 42% share of international air bookings in Q1 FY2026.

The overall revenue for MakeMyTrip Limited in FY2025 was $978.3 million, an increase of 25.0% (27.4% in constant currency) over the prior year. The adjusted operating profit for FY2025 increased to $167.3 million from $124.2 million in FY2024.

For Q1 FY2026, the international segment continued its momentum, with international air ticketing revenue growing by over 27% year-on-year and international hotels revenue growing by over 45% year-on-year. This segment lifted its share of total revenue to 27% in Q1 FY2026, up from 24% in the same period last year.

Finance: review the capital expenditure allocation for International Outbound Travel versus domestic segments for H1 FY2026 by next Tuesday.

MakeMyTrip Limited (MMYT) - BCG Matrix: Cash Cows

Cash cows are the business units that dominate mature markets, generating more cash than they consume. For MakeMyTrip Limited, the domestic air ticketing segment fits this profile perfectly, representing a high market share in a segment with relatively stable, albeit moderating, growth prospects.

Domestic Air Ticketing is the undisputed market leader for MakeMyTrip Limited, holding an estimated 54-60% share of India's online flight booking market. This dominant position allows the segment to function as a reliable source of funding for the rest of the company's portfolio.

This established segment remains a high-volume powerhouse. For the full fiscal year 2025, the air ticketing business generated revenue of $241.5 million in the year ended March 31, 2025, providing consistent cash flow. The Adjusted Margin for Air ticketing for the full year 2025 was 6.4% of Gross Bookings. The company's overall Adjusted Operating Profit for FY2025 reached $167.3 million, an increase from $124.2 million in FY24, underscoring the efficiency derived from these mature units.

The stability is further cemented by customer loyalty. The core platform traffic benefits from a high repeat booking rate, which continues to be reported as healthy at over 70%+ in a given quarter. This high rate means lower customer acquisition costs relative to the revenue generated, helping to expand margins.

MakeMyTrip Limited focuses on operational efficiency here. The strategy involves leveraging the existing fixed cost base and scale to maximize the cash extraction from this segment, rather than heavy promotional spending seen in newer categories. Investments here are targeted at infrastructure to improve efficiency and further increase cash flow.

Here are the key metrics supporting the Cash Cow classification for Domestic Air Ticketing:

• Cash cows are the products that businesses strive for.
• They provide the cash required to fund Question Marks.
• Low growth prospects mean promotion investments are kept low.
• The focus is on maintaining productivity or passively 'milking' gains.

The company explicitly noted its commitment to driving operational efficiency and leveraging its fixed cost base to expand margins while strategically reinvesting in growth areas. This is the classic Cash Cow management approach in action.

MakeMyTrip Limited (MMYT) - BCG Matrix: Dogs

Dogs, in the Boston Consulting Group Matrix context for MakeMyTrip Limited (MMYT), represent business units operating in low-growth markets with a low relative market share. These units typically tie up capital without generating significant returns, making divestiture a common strategic consideration.

The following segments are positioned as Dogs due to market structure, competitive intensity, or lack of scale within MakeMyTrip Limited's portfolio as of the 2025 fiscal year analysis.

Rail Ticketing

Rail Ticketing is characterized by an almost insurmountable barrier to entry and dominance by a single entity. This segment is a classic example of a low-growth, low-share position for any private player like MakeMyTrip Limited, as the market structure is heavily skewed towards the state-owned operator.

• Rail Ticketing market share for MakeMyTrip Limited is inherently low because the state-owned Indian Railway Catering and Tourism Corporation (IRCTC) controls over 90% of the market, as per the expected market structure.
• IRCTC's Internet Ticketing segment, which operates with an EBITDA margin of a solid over 80% in FY25, benefits from an exclusive mandate and high-volume transactions, processing around 14 lakh ticketing transactions per day in FY25.
• The low-growth nature of this segment for MakeMyTrip Limited stems from the near-monopolistic control and the limited scope for private players to capture significant volume outside of the established ecosystem.

Legacy Services

Legacy services often refer to older offerings that have not scaled or have been superseded by newer, higher-margin products. For MakeMyTrip Limited, certain transport-related services fall into this category, characterized by low margins and intense competition that requires constant, low-return investment to maintain relevance.

Here is a snapshot of the financial performance for transport-related segments that often house these legacy or lower-margin offerings in FY25:

The Air Ticketing segment, which is a core business, reported an adjusted margin of only 6.4% in Q1 2025, indicating that transport-heavy services generally operate on thinner margins compared to Hotels and Packages, which is the primary Cash Cow.

Intercity Car Rentals

MakeMyTrip Limited's presence in the intercity car rental space, primarily through its investment in Savaari, is positioned as a sub-scale player in a highly fragmented market. While the overall market shows growth, the capital required to gain meaningful share against established local players and direct-to-consumer models makes it a capital-intensive Dog candidate without immediate high returns.

• The broader Indian car rental market was valued at USD 2,742 Million in 2024.
• This market is projected to reach a size of USD 9,287 Million by 2033, growing at a CAGR of 14.5% from 2025-2033.
• MakeMyTrip Limited's acquisition of a majority stake in Savaari was reportedly valued at USD 10 million, suggesting a relatively small initial investment in a large, fragmented market.
• The segment faces pressure from offline channels, which captured an estimated 69% of the global market share in 2024, limiting the immediate upside for online aggregators.

Low-Tier Ancillary Services

These are older, non-core offerings that have been overshadowed by the rapid growth and investment poured into the main segments like international travel and core domestic bookings. They require maintenance but offer minimal strategic return on investment.

The 'Others' category in MakeMyTrip Limited's reporting, which would encompass these lower-tier ancillary services alongside car rentals, generated an Adjusted Margin of $72.0 million for the full year 2025. While the segment saw a strong Adjusted Margin growth of 50.7% year-over-year in FY25, the underlying services within this bucket that are truly 'low-tier' or 'legacy' are likely experiencing minimal or negative growth in terms of market share, despite the overall segment growth being boosted by higher-potential additions like car bookings.

Expensive turn-around plans for these units are generally avoided because the market dynamics suggest a high cost to achieve a Star or Cash Cow status. Finance: draft 13-week cash view by Friday.

MakeMyTrip Limited (MMYT) - BCG Matrix: Question Marks

You're looking at the business units within MakeMyTrip Limited (MMYT) that are currently consuming cash but hold the potential for significant future returns, fitting the Question Mark quadrant-high growth markets, low current market share. These areas require heavy investment to capture market share quickly before they risk becoming Dogs.

Others Business Segment

The Others Business Segment is clearly exhibiting the high-growth characteristic of a Question Mark. For the full fiscal year 2025, this segment achieved the highest revenue growth rate at 82.9%, increasing revenue to $97.0 million from $53.0 million in the prior year ended March 31, 2024. This rapid top-line expansion, though from a smaller base, signals strong market adoption or successful new product launches within this category. To give you a sense of the quarter-to-quarter volatility and high growth, revenue for this segment was $27.1 million in Q4 FY2025, representing a 46.0% increase year-over-year, and it had previously shown a 110.7% increase in Q3 FY2025 over Q3 FY2024. This segment is the prime candidate for heavy investment to push it toward Star status.

Segment Dynamics and Investment Areas

The investment focus for MakeMyTrip Limited is clearly on diversifying revenue streams beyond the core air ticketing and hotels/packages businesses. These new or scaling areas are the Question Marks that need capital infusion to build defensible market share.

Here is a snapshot of the financial context for the core segments versus the high-growth 'Others' category for the full FY2025:

Alternative Accommodations

MakeMyTrip Limited is actively building supply for Alternative Accommodations, including homestays and hostels. This is a high-growth niche globally, with the overall market projected to grow to $602.14 billion by 2032 from $210.59 billion in 2025. You see this focus reflected in the operational data; for instance, in Q1 FY2025, hotel-room nights booked grew 17%, with specific strength noted in standalone online hotel bookings and alternative accommodations like homestays and hostels. The challenge here is translating this focus into a significant market share against established global players.

Corporate Travel

Corporate Travel represents a new demand segment with high growth potential, especially as a counter-cyclical offering. The Chief Financial Officer noted in Q1 FY2025 commentary that diversification allowed the company to 'dial up' corporate travel when domestic leisure demand was temporarily muted. While the company made an acquisition in this space-a corporate travel and expense management business for up to INR 1.0 billion (or $11.7 million) in Q3 FY25- it is still in the scaling-up phase against established corporate booking tools. This segment requires significant investment in technology and sales to gain share.

Experiential Tourism/Activities

New product initiatives like cruises and activities fall squarely into the Question Mark category. The strategy is to target a high-growth consumer trend-the shift to experience-driven travel. The company is reinforcing a long-term strategy centered on technology and AI to support these new offerings. These new verticals, by nature, require heavy upfront investment in inventory, partnerships, and marketing to build out the necessary supply base and consumer awareness before they can generate meaningful returns.

The key actions for these units are:

• Others Business Segment: Continue aggressive investment to sustain the 82.9% growth trajectory.
• Alternative Accommodations: Increase supplier onboarding to capture more of the high-growth niche.
• Corporate Travel: Scale the recently acquired business and technology integration.
• Experiential Tourism/Activities: Secure key partnerships for cruises and attractions inventory.

Finance: draft 13-week cash view by Friday.