MakeMyTrip Leads OTA AI Push, 35% De‑rating

BofA reports global OTA AI investments accelerating, with MakeMyTrip topping India's AI adoption and showing 35% multiple de‑rating YTD.
All OTAs trade ~13x CY27e PE; Booking and Expedia fall despite earnings upgrades, while MakeMyTrip’s premium has normalized.
Investor concerns focus on discovery funnel disruption, take‑rate compression, and costly hyper‑personalization, potentially squeezing OTA margins.
MakeMyTrip’s Myra AI, powered by OpenAI, offers voice/text, non‑English support, shifting to AI‑led conversational commerce and cost efficiency.