MakeMyTrip Limited (MMYT) announced Wednesday it's teaming up with OpenAI to double down on its AI-first strategy, aiming to transform how travelers discover and book trips across its platform. The move represents a significant bet that artificial intelligence can reshape the competitive landscape of online travel booking.

Bringing OpenAI's Technology to Travel Planning

MakeMyTrip is integrating OpenAI's APIs directly into its app to power more sophisticated travel discovery features. The goal is to help users move seamlessly from browsing inspiration to actually completing a booking, responding to evolving travel intent with structured, transaction-ready options across various services.

The integration positions the company as a frontrunner in AI-driven travel planning. Its Myra interface already facilitates over 50,000 conversations daily across multiple languages, showing that users are embracing AI-assisted booking.

What's particularly interesting is where these conversations are happening. Over 45% of queries originate from Tier-2 and smaller cities, suggesting the AI interface is opening up travel booking to markets that might have found traditional platforms less accessible. That's the kind of user engagement expansion that could fuel long-term growth.

By leveraging AI to streamline the travel planning process, MakeMyTrip is making a strategic play to enhance customer engagement at a time when competition in the travel industry is intensifying.

Stock Performance Tells a Different Story

While the AI news sounds promising, the stock price is painting a considerably less optimistic picture. Shares are currently trading 9.1% below their 20-day simple moving average and a more troubling 28.9% below their 100-day SMA, signaling bearish pressure in both the short and medium term. Over the past 12 months, the stock has tumbled 44.15%, positioning shares much closer to their 52-week lows than highs.

The technical indicators offer mixed signals. The RSI sits at 34.92, which is neutral territory, neither oversold nor overbought. Meanwhile, the MACD is above its signal line, suggesting bullish momentum may be building. This combination of neutral RSI and bullish MACD creates an ambiguous momentum picture.

• Key Resistance: $61.00
• Key Support: $53.00

Financial Outlook and Analyst Perspectives

MakeMyTrip is scheduled to deliver its next financial update on May 13, 2026. Wall Street is expecting earnings of 38 cents per share, down from a previous estimate of 42 cents. Revenue estimates have moved in the opposite direction, rising to $278.66 million from $261.19 million.

The stock trades at a P/E ratio of 109.2x, indicating a premium valuation that requires strong growth to justify. That's a steep multiple, especially for a stock that's been struggling lately.

Analyst Consensus & Recent Actions: Despite the stock's rough patch, analysts maintain a Buy rating with an average price target of $47.57. Recent analyst moves include:

• Citigroup: Buy rating, though they lowered their target to $96.00 on January 21
• B of A Securities: Buy rating, with a reduced target of $113.00 as of December 24, 2025

MakeMyTrip's Performance Scorecard

Looking at MakeMyTrip's fundamental metrics reveals a company with contrasting strengths and weaknesses:

• Value: Weak (Score: 11.71) — The stock is trading at a steep premium relative to peers, which could limit upside if growth disappoints.
• Growth: Strong (Score: 71.24) — This indicates solid growth potential, which helps justify the premium valuation.
• Momentum: Weak (Score: 3.55) — The stock is significantly underperforming the broader market.

The Verdict: The scorecard reveals a mixed outlook. The strong growth score suggests meaningful potential, but weak momentum and value scores indicate the stock is facing headwinds in the current market environment. Investors are essentially betting on growth to overcome valuation concerns.

ETF Exposure Worth Watching

MMYT carries a 4.64% weight in the India Internet & Ecommerce ETF (INQQ).

Why this matters: Because MMYT represents meaningful weight in this fund, significant inflows or outflows will likely trigger automatic buying or selling of the stock, potentially amplifying price movements regardless of company-specific news.

Premarket Action

MMYT Price Action: MakeMyTrip shares were down 1.99% at $55.61 during premarket trading on Wednesday. The stock is hovering near its 52-week low of $53.09.