The firm sees no structural headwinds to travel and views the sector as a medium to long-term beneficiary of rising income levels in India. With a moderate beta of 0.87, the stock has shown relatively stable performance compared to the broader market. The investment bank forecasts a 19% revenue compound annual growth rate (CAGR) for MakeMyTrip from fiscal year 2025 to 2030, approximately twice the underlying market growth. Operating leverage and a benign competitive environment are expected to drive 33% EBITDA CAGR and 39% EPS CAGR over the same period. Goldman Sachs projects approximately $1 billion in free cash flow generation for MakeMyTrip over fiscal years 2026 to 2028, and anticipates improved shareholder returns as the company's margins reach the higher end of management guidance by the end of fiscal year 2026.