Make Myra 2.0 More Accessible

Myra 2.0 is more than just an update for MakeMyTrip; it's a key strategy to change how people in many parts of India book travel. The company is focusing on easy, conversational ways to search and book, using local languages and voice commands. This directly aims to serve users in smaller cities and rural areas often missed by typical travel websites that rely heavily on filters.

Expanding Reach with AI

With Myra 2.0, MakeMyTrip is pushing to grab a larger share of the growing digital travel market outside major cities. The AI assistant can manage the full booking process, from finding options and answering questions to completing payments, all within one chat. This is key for keeping users interested. Voice queries, often in local languages like Hinglish, tend to be more detailed than typed ones. MakeMyTrip already handles about 3 million conversations quarterly, with over 45% coming from Tier-2 cities and smaller towns. The company notes that users engaging with Myra have a 10% higher booking success rate than those using standard methods. By using AI that supports local languages, MakeMyTrip aims to attract millions of new users in India. Features like voice booking in eight languages and passport information auto-filling from images make travel planning easier for more people.

Rivalry and Market Growth

MakeMyTrip leads India's online travel market with over 50% share, but competition is intense. Rivals like ixigo are also investing heavily in AI assistants, such as its 'Tara' tool, to improve user experience and gain ground. This focus on AI is driven by changing customer demands. Travelers worldwide, including in India, now want safety, flexibility, and easy planning, making AI trip planning a major trend, expected to be used by an estimated 68% of Indian travelers by 2026. The overall Indian online travel market is set for strong growth, predicted to reach $38.58 billion by 2031, growing at 8.74% annually. MakeMyTrip’s past AI efforts, like its February 2026 partnership with OpenAI, which boosted its stock 7.75%, and its October 2025 integration with Google Cloud for Myra, show its deep commitment to using AI to stand out. These moves by established players are designed to stay ahead of new technologies and direct booking options.

AI Risks and Business Model Threats

Even with its AI focus, MakeMyTrip faces challenges. Investors are worried about how AI might affect how customers find travel options, potentially lower booking fees (take rates), and increase costs for personalized services. Bank of America pointed out that MakeMyTrip's valuation multiple has dropped 35% this year among large OTAs, although it still trades higher than international rivals. Valuations are a sensitive topic, with competitor ixigo trading at a high P/E ratio of 90.83-127.70, sparking debate about overall sector valuations. A major threat to MakeMyTrip's business model is airlines creating their own "one-click" AI booking sites to avoid travel agencies and their commissions. An Air India executive noted a year-over-year decrease in MakeMyTrip's share of airline bookings, partly due to these direct booking efforts. MakeMyTrip also faces strong competition from global sites like Booking.com and Agoda, which have reportedly caused hotel commission rates to fall significantly.

Analyst Views and Future Earnings

Analysts generally have a positive view of MakeMyTrip. As of May 12, 2026, three analysts gave it a "Strong Buy" rating, with an average 12-month price target of $101, suggesting over 130% potential upside. However, other recent reports offer a more balanced perspective. Five brokerages rated the stock a "Moderate Buy" with a similar average price target of $101 as of May 5, 2026. Citigroup, for example, recently lowered its price target to $80. MakeMyTrip's P/E ratio, around 90-100, indicates a high valuation that investors will watch closely, especially with ongoing competition and changes in how AI is used in travel. The company is set to announce its fiscal 2026 fourth quarter and full year earnings on May 19, 2026.