ICICI Securities has initiated coverage on MakeMyTrip Limited with a buy rating, signalling confidence in the Indian online travel agency's growth prospects. The broker's analysts highlighted the company's strong market position and the ongoing recovery in travel demand as key drivers for the positive outlook.
MakeMyTrip, which is listed on the Nasdaq, has seen its share price rise by more than 20% over the past twelve months, outperforming broader market indices. The company benefits from India's expanding middle class and increasing digital adoption, which are fuelling bookings across flights, hotels, and holiday packages.
The initiation of coverage comes amid a broader rally in travel-related stocks, as consumers continue to prioritise experiences despite economic headwinds. Analysts at ICICI Securities noted that MakeMyTrip's cost discipline and expanding margins could support further earnings upgrades.
For UK investors with exposure to global tech or emerging market funds, the rating may underscore the potential in Indian consumer internet companies. However, currency fluctuations and regulatory changes in India remain risks to consider. No investment advice is provided in this article.
Source: ICICI Securities research note.