India's Travel Booking Giant Just Got a Lot More Interesting

Here is a number worth sitting with: MakeMyTrip has grown revenue at nearly 29% a year for five years straight, and it did that while keeping gross margins above 73%. That combination, rapid top-line growth plus high margins on each incremental dollar, is exactly the kind of engine that makes compounding work over time.

The growth score improvement from 44 to 54 was not driven by a single headline. It reflects what the underlying numbers already showed: revenue per share is growing almost as fast as total revenue (28.6% vs. 28.8% CAGR), meaning the company is not papering over growth with heavy share dilution. Operating margins have climbed to 14.7%, a sign that the business is scaling rather than just spending. ROIC sits at 12.2%, above the level where a business is genuinely creating value rather than just deploying capital.

The bigger story is the runway. India's online travel market remains underpenetrated relative to where similar markets landed in the US or China a decade in. MakeMyTrip holds a structural position, brand, supplier relationships, and technology, that is not easy to replicate, reflected in a Moat score of 63. A Runway score of 72 suggests the addressable market has plenty of room left to absorb years of growth at this pace. Net debt of $641 million is worth monitoring as the company continues to invest, but it has not stopped the margin expansion story.

The thing to watch next is whether operating margins keep expanding as revenue scales, and whether ROIC continues to trend upward. If those two move together, the growth score upgrade will look conservative in hindsight.