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MakeMyTrip Limited (NASDAQ:MMYT), with 74.3% upside potential, ranks among the under-the-radar stocks with massive upside for 2026.

Two analysts lowered their price targets on MakeMyTrip Limited (NASDAQ:MMYT) after Q4 fiscal 2026 results, citing geopolitical headwinds and estimate resets, even as both kept bullish ratings on the stock.

On May 20, 2026, Citi analyst Vijit Jain cut the firm’s price target on MakeMyTrip Limited (NASDAQ:MMYT) to $70 from $80 while keeping a “Buy” rating. Jain noted that the adjusted EBIT of $46 million came in 2% ahead of his estimates, with constant currency growth in gross bookings and adjusted revenues at 5% and 13% year-over-year, respectively. The firm said it is lowering estimates to factor in the prolonged impact of the geopolitical situation, and now builds in 3% and 6% year-over-year growth in gross booking value for Q1 and full-year fiscal 2027, respectively.

Those results came from MakeMyTrip Limited (NASDAQ:MMYT)’s Q4 fiscal 2026 earnings call on May 19, 2026. Management said the quarter was impacted by the West Asia conflict, which weighed on westbound international travel and pushed up domestic airfares. Despite that, the company reported full-year fiscal 2026 gross bookings of $10.4 billion and IFRS revenue growth of 10.7% in constant currency. Full-year adjusted operating profit margin expanded to 1.82% of gross bookings from 1.71% in fiscal 2025. The company ended the quarter with cash and equivalents of over $782 million. Management said it remains cautiously optimistic and flagged continued near-term uncertainty from the conflict.

Ahead of the results, Goldman Sachs analyst Manish Adukia cut the firm’s price target to $80 from $117 on May 8, 2026, while keeping a “Buy” rating on MakeMyTrip Limited (NASDAQ:MMYT). Adukia cited steady estimate downgrades through fiscal 2026, demand headwinds, INR depreciation, AI disruption concerns, a potential India listing, and convertible bond redemption worries as factors weighing on the stock’s multiple.

Founded in 2000 and headquartered in Gurgaon, India, MakeMyTrip Limited (NASDAQ:MMYT) operates a leading online travel platform offering airline tickets, hotel reservations, holiday packages, and rail and bus bookings. Its scale, expanding inventory, and strong brand recognition position it to benefit from sustained growth in India’s travel and tourism sector.

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