MakeMyTrip Heads Into Earnings Down 13% With Options Tilting Bullish

MakeMyTrip reports its fiscal second-quarter results today against a sharply deteriorating price backdrop, making the relationship between short-term sentiment and the longer-term analyst bull case the central tension at the print.

The stock has lost 13% over the past month, falling to $42.09, with nearly half of that damage arriving in the past week alone, a 9.7% slide that stands well clear of peers. Expedia was roughly flat on the week, while Booking Holdings and DoorDash each fell 4 to 5%. MMYT's move looks at least partly idiosyncratic. Options positioning, however, is telling a different story from what that price action implies: the put/call ratio has dropped to 0.56, about 1.7 standard deviations below its 20-day average of 0.67, and is now closer to its 52-week low than its high. After a cluster of defensive hedging visible in the PCR data through mid-October, options traders have rotated sharply toward calls in the final days before the print, a posture that leans more speculative than protective.

The borrow market reinforces the picture of a stock under pressure but not under siege. Availability has actually loosened this week, with 72.8% of shares available to borrow relative to what is already lent out, up from tighter readings below 45% seen through late September. Cost to borrow is just 0.54%, down 18% on the week, well within the normal range for a stock of this size. Short interest has edged slightly lower over the past month. None of this points to meaningful short squeeze risk, but it equally argues against a crowded short thesis driving the recent sell-off.

The analyst community remains firmly constructive in direction, though the gap between conviction and price reality is now stark. The consensus mean price target of $73.00 implies roughly 73% upside from Friday's close. B of A Securities trimmed its target to $60 in late September while keeping its Buy rating, still the most recent action from a major firm. HSBC initiated coverage earlier this year with a Buy and a $70 target. The pattern across all recent changes is cuts to targets, not cuts to ratings: the Street sees a business growing fast enough to hold on to, with the multiple contraction explained by a valuation reset rather than a fundamental deterioration. The forward EPS momentum factor ranks in the 96th percentile across the ORTEX universe, and the 12-month forward earnings growth consensus is extraordinary, though the stock's trailing PE of roughly 17x sits far more reasonably than the elevated multiples visible in earlier quarters.

The ownership register adds context. Trip.com Group holds 53.6% of shares and filed a Schedule 13D in June 2025, meaning there is a confirmed activist-classified stake on the register, though in this case it reflects a strategic corporate owner rather than a classic activist campaign. Baillie Gifford, at 15.6%, and GIC Private Limited, which added its entire reported position this year, are among the largest institutional holders. The concentration at the top of the register means free float is limited, which may amplify moves in either direction on the release.

The print will test whether the fundamental growth trajectory that analysts cite as their justification for targets 70%-plus above the current price is still intact, and whether a stock that has given up its year-to-date gains in a matter of weeks can find a catalyst to reset the gap between price and consensus value.