MakeMyTrip (MMYT)
India’s leading online travel company, which is listed only in the US (Nasdaq), not in India.
MMYT
MakeMyTrip · US · Data: Yahoo Finance, delayed
The thesis
MakeMyTrip is the odd one out and a useful contrast: it is an Indian business but listed only on the Nasdaq, with no Indian listing. So an Indian investor who wants to own it must use the US route, the opposite of the dual-listed names.
The investment is a bet on rising Indian travel and tourism spending moving online, captured by a company that earns from flights, hotels and packages. There is no local share to arbitrage against; the Nasdaq line is the only one.
How it makes money
Runs online travel platforms (flights, hotels, holiday packages and ground transport) for Indian and regional travellers, earning margins and fees on bookings.
- + Leading position in a growing Indian online-travel market
- + Structural shift of travel spend online
- + Multiple booking categories and brands
- + Operating leverage as volumes scale
- - Travel demand is cyclical and shock-prone
- - Thin margins and competition
- - Marketing and discounting intensity
- - No local listing, so US-route only for Indians
- • Booking-volume and take-rate trends
- • Profitability and margin improvement
- • Travel-demand recovery and seasonality
- - Demand shocks (economic or health-related)
- - Competitive discounting
- - Currency translation
- - Single-listing concentration
How to buy MMYT from India
Because MakeMyTrip is listed only on the Nasdaq, an Indian investor can only own it through a US-stocks account under the LRS. There is no Indian-exchange share to buy, which makes it a pure US-route holding despite being an Indian business.
See routes, brokers & tax →The balanced view
A reminder that some Indian businesses trade only abroad. Owning MakeMyTrip means using the US route. Suits investors comfortable with travel-cycle volatility. Not a recommendation.
Other india adrs & cross-listings names
Educational and informational only. Downstox is not a SEBI-registered investment adviser. US securities involve currency, regulatory and market risk. Verify every figure and your own LRS/tax position before acting.