Stock Slide Fuels India Listing Plan

MakeMyTrip's U.S. shares have seen a significant drop, falling about 55% in the year ending April 2026. This has brought its market value to roughly $4.6 billion, with a trailing twelve-month price-to-earnings ratio around 35x. This challenging valuation environment in its primary listing market appears to be a key driver behind the company's move to explore Indian capital markets for future growth.

Key Advisors on Board for Growth

The company is reportedly working with Axis Capital, Morgan Stanley, and JPMorgan Chase to manage this complex transaction, with expectations that further banks will be added. This initiative is designed to secure additional funding for growth, and potentially offer Indian-listed shares as a way to facilitate future corporate activities or expansion. MakeMyTrip operates popular Indian brands including MakeMyTrip, Goibibo, and redBus.

Navigating India's IPO Market

This strategic step is being taken as India's primary market experiences a slowdown in early 2026, following two years of record IPO activity. Factors such as geopolitical uncertainties and fluctuating foreign capital flows have contributed to a more cautious environment for new listings. Companies are nonetheless positioning themselves for eventual market stabilization and potential upturns.

Yatra Online's Dual Listing Example

MakeMyTrip's approach echoes that of competitor Yatra Online Ltd. Yatra first listed on Nasdaq in 2016 and later conducted an IPO in India in 2023. Yatra's Indian offering valued it at nearly double its Nasdaq market capitalization at the time. Currently, Yatra's Indian entity has a market value of approximately $190 million, significantly more than its Nasdaq counterpart valued around $70 million, and trades with a P/E ratio of about 28x.

Risks and Competitive Landscape

Despite the potential benefits, the plan faces significant risks. The Indian IPO market's current subdued state and global economic uncertainties create a challenging backdrop. MakeMyTrip's own stock performance underscores existing concerns and suggests broader market or sector pressures. Furthermore, the online travel sector in India is intensely competitive, which could limit pricing power and affect profit margins. Investors will closely watch how MakeMyTrip executes this dual-listing strategy, manages its financial structure, and competes against aggressive local and international players.