MMYT Long Put Strategy
MMYT (MakeMyTrip Limited), in the Consumer Cyclical sector, (Travel Services industry), listed on NASDAQ.
MakeMyTrip Limited operates as a prominent online travel platform, offering a wide array of travel products and solutions across an extensive global footprint, including India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, and Indonesia. Its operations are strategically divided into three key segments: Air Ticketing, Hotels and Packages, and Bus Ticketing. The company provides a comprehensive suite of services, encompassing airline reservations, hotel accommodations, complete travel packages, train and bus tickets, and car rentals. Beyond these core offerings, it also addresses supplementary travel needs such as visa assistance and arranging travel insurance. Travelers can seamlessly research, plan, reserve, and purchase these services and products through MakeMyTrip's diverse digital and traditional channels. These include its popular web portals like makemytrip.com, goibibo.com, redbus.in, makemytrip.com.sg, and makemytrip.ae, alongside its mobile application, dedicated call centers, physical travel stores, and an expansive network of travel agents.
MMYT (MakeMyTrip Limited) trades in the Consumer Cyclical sector, specifically Travel Services, with a market capitalization of approximately $5.67B, a trailing P/E of 170.67, a beta of 0.98 versus the broader market, a 52-week range of 32.67-104.43, average daily share volume of 1.2M, a public-listing history dating back to 2010, approximately 6K full-time employees. These structural characteristics shape how MMYT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.98 places MMYT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 170.67 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a long put on MMYT?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
MMYT snapshot
As of August 14, 2026, spot at $60.45, ATM IV 51.60%, IV rank 12.24%, expected move 14.79%. The long put on MMYT below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 7-day expiry.
Why this long put structure on MMYT specifically: MMYT IV at 51.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a MMYT long put, with a market-implied 1-standard-deviation move of approximately 14.79% (roughly $8.94 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MMYT expiries trade a higher absolute premium for lower per-day decay. Position sizing on MMYT should anchor to the underlying notional of $60.45 per share and to the trader's directional view on MMYT stock.
MMYT long put setup
The MMYT long put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MMYT at $60.45 on that close, the first option leg uses a $60.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MMYT chain at a 7-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 MMYT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $60.00 | $1.23 |
MMYT long put risk and reward
- Net Premium / Debit
- -$122.50
- Max Profit (per contract)
- $5,876.50
- Max Loss (per contract)
- -$122.50
- Breakeven(s)
- $58.78
- Risk / Reward Ratio
- 47.971
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
MMYT long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on MMYT. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | +$5,876.50 |
| $13.37 | -77.9% | +$4,540.03 |
| $26.74 | -55.8% | +$3,203.56 |
| $40.10 | -33.7% | +$1,867.08 |
| $53.47 | -11.5% | +$530.61 |
| $66.83 | +10.6% | -$122.50 |
| $80.20 | +32.7% | -$122.50 |
| $93.56 | +54.8% | -$122.50 |
| $106.93 | +76.9% | -$122.50 |
| $120.29 | +99.0% | -$122.50 |
When traders use long put on MMYT
Long puts on MMYT hedge an existing long MMYT stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying MMYT exposure being hedged.
MMYT thesis for this long put
The market-implied 1-standard-deviation range for MMYT extends from approximately $51.51 on the downside to $69.39 on the upside. A MMYT long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long MMYT position with one put per 100 shares held. Current MMYT IV rank near 12.24% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on MMYT at 51.60%. As a Consumer Cyclical name, MMYT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MMYT-specific events.
MMYT long put positions are structurally bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. MMYT positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MMYT alongside the broader basket even when MMYT-specific fundamentals are unchanged. Long-premium structures like a long put on MMYT are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current MMYT chain quotes before placing a trade.
Frequently asked questions
- What is a long put on MMYT?
- A long put on MMYT is the long put strategy applied to MMYT (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With MMYT stock at $60.45 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed MMYT chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are MMYT long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the MMYT long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 51.60%), the computed maximum profit is $5,876.50 per contract and the computed maximum loss is -$122.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MMYT long put?
- The breakeven for the MMYT long put priced on this page is roughly $58.78 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The MMYT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.79%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on MMYT?
- Long puts on MMYT hedge an existing long MMYT stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying MMYT exposure being hedged.
- How does current MMYT implied volatility affect this long put?
- MMYT ATM IV is at 51.60% with IV rank near 12.24%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.