1. At a Glance
India’s second-largest OTA by scale but number one byaudacity, EaseMyTrip (EMT) just reminded everyone that travel is a seasonal business — Q1FY26 saw profits drop98.6% QoQ. Yet, the brand keeps adding acquisitions like a compulsive collector on OLX: hotels, buses, aviation leasing, EV rides, and now insurance. Stock is down 53% in a year, but hey — the Dubai office bookings are up 151% YoY, so maybe it’s all fine?
2. Introduction
If MakeMyTrip is the Bollywood star of online travel, EaseMyTrip is the self-made YouTuber who somehow gets brand deals with airlines, hotels, and Radisson Ayodhya. Founded on the USP of“no convenience fee”, EMT built a massive 60,000-agent network and a B2C-heavy model (90% revenue from direct customers).
Their revenue mix screams “we sell flights” — 99.97% from airline tickets, 0.24% from hotels/packages, and the rest is rounding error. But acquisitions are where EMT gets adventurous: Spree Hospitality (1,200 rooms), YoloBus (premium intercity travel), Nutana Aviation (aircraft leasing), Eco Hotels stake, Guideline Travel Holidays (cruises), TripShope (Kashmir B2B), Dook Travels (Central Asia focus), ETrav Tech, Pflege, Jeewani Hospitality, Planet Education, and now hotels in London and Gurugram.
The kicker? They spendjust 0.9% of revenue on marketing. The rest of the traffic is repeat users (86% B2C repeat rate) and sheer agent muscle.
3. Business Model (WTF Do They Even Do?)
Three verticals:
- Core OTA– Airline tickets, hotel bookings, rail/bus tickets, taxis, activities, visas.
- Adjacency Play– Hospitality management (Spree), intercity bus (YoloBus), insurance brokerage, education consultancy, aviation leasing.
- B2B/B2E Channels– Agent network and corporate travel desk (small share but stable margins).
The pricing strategy is simple — no convenience fee unless you’re using a discount code. It’s an oddly aggressive hook that’s kept churn low.
4. Financials Overview
Quarterly Comparison
(₹ Cr) – Jun 2025 vs Jun 2024 vs Mar 2025
| Metric | Jun 2025 | Jun 2024 | Mar 2025 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 113.79 | 152.60 | 139.48 | -25.4% | -18.4% |
| EBITDA | 0.32 | 46.97 | 13.52 | -99.3% | -97.6% |
| PAT | 0.44 | 33.93 | 13.90 | -98.7% | -96.8% |
| EPS (₹) | 0.00 | 0.09 | 0.04 | -100% | -100% |
Annualised EPS (Jun 2025) = ₹0.00 → P/E on CMP ₹9.19 =meaningless. Using FY25 EPS ₹0.30 → PE = 30.6 (still rich for -60% TTM profit growth).
Commentary:This quarter’s margin collapse (EBITDA margin 0.28%) was like flying business class one trip and then economy middle seat the next — jarring.
5. Valuation (Fair Value RANGE only)
- P/E Method:FY25 EPS ₹0.30 × sector PE (30–44) → ₹9 – ₹13.2
- EV/EBITDA Method:FY25 EBITDA ₹145 Cr; EV ₹3,151 Cr → EV/EBITDA = 21.7. If normalised to 15x → EV ₹2,175 Cr → ₹6.15/share.
- DCF Method:Assuming 15% growth for 5 years (ambitious given TTM drop), 4% terminal growth, 12% discount rate → ~₹8/share.
Fair Value Range:₹6 – ₹13This FV range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
- London & Gurugram Hotels:EMT entering
