Macquarie removed MakeMyTrip (NASDAQ:MMYT) from its Asia Marquee list on Monday, after the stock declined 25% since its inclusion on December 8, 2025. The broker pointed to a sharp rise in jet fuel costs and geopolitical tensions as material near-term challenges for the travel platform.
According to Macquarie, jet fuel spot prices have jumped roughly 80% compared with the average level seen in the December quarter. The broker emphasized the exposure of MakeMyTrip’s international business to routes linked to the Middle East - a region that accounts for approximately half of outbound travel from India. Within that outbound travel, Macquarie noted that roughly 40% is for leisure and about 15% is for business.
Macquarie’s note detailed the company’s air-ticketing mix: the international air segment represents about 30% of air tickets booked, and a higher share - roughly 50% - of air-ticketing gross bookings. When viewed across the platform, the airline segment constitutes approximately 25% of total gross bookings.
The broker also highlighted that the airline business contributes less on a revenue basis because of commoditized take-rates in air ticketing. By contrast, Macquarie said stronger domestic travel activity would primarily benefit MakeMyTrip’s hotels segment, which carries higher margins.
Despite removing the stock from its Asia Marquee list, Macquarie maintained its Outperform recommendation on MakeMyTrip. The firm warned, however, that it expects the stock to remain under pressure in the shorter term as a result of elevated jet fuel prices and ongoing geopolitical developments.
Context limitations: The broker’s comments and the company metrics cited above reflect the details provided in Macquarie’s note; no additional data or projections were supplied in that commentary.