01 — At a Glance
A Travel Company That Lost Its Way… To The Profit Bathroom
- 52-Week High / Low₹14.0 / ₹6.11
- Q3 FY26 Revenue₹151.7 Cr
- Q3 FY26 PAT₹3.41 Cr
- TTM PAT-₹1.8 Cr
- EPS (Latest Qtr)₹0.02
- Book Value / Share₹2.38
- Price to Book2.88x
- Debtor Days (TTM)184 days
- 3-Yr ROE (Avg)26.5%
- Promoter Holding47.7%
Flash Summary: EaseMyTrip delivered Q3 FY26 revenue of ₹151.7 crore but PAT nose-dived to ₹3.41 crore (down 82.6% QoQ). The stock is trading at ₹6.85, down from ₹14 a year ago. P/E of 94.8x is less “growth premium” and more “someone made a calculator error.” Promoters have been diluting their stake from 74.9% (Mar 2023) to 47.7% (Dec 2025) through repeated equity fundraises. The company is buying hotels, buses, and foreign hospitality companies while its home business is melting like ice cream in a Delhi summer.
02 — Introduction
The Three Pitti Brothers’ Grand Tour Of Financial Experimentation
Founded in 2008 by Rikant, Nishant, and Prashant Pitti, EaseMyTrip started as a B2B2C flight booking platform and somehow convinced the market it was worth ₹50,000 crore at IPO in March 2021. That’s the moment every investor who understood hospitality economics started sweating. But hey, it was COVID, SoftBank was still writing cheques, and everyone was a unicorn in their own mind.
Today, EaseMyTrip is a “one-stop travel ecosystem”—which is corporate code for “we’ll buy anything that moves and hope the synergies materialize.” Flight bookings (64% of Q3 revenue). Hotels (30%). Trains, buses, and “others” (6%). They also own YoloBus (premium intercity buses), Spree Hotels (56 hospitality properties), and are now investing in Easy Green Mobility to manufacture electric buses. Because why focus when you can diversify?
The revenue growth story looks incredible on a brochure: ₹141 crore (FY20) to ₹587 crore (FY25). But profitability is playing hide-and-seek. Net profit has swung from ₹33 crore (FY20) to ₹61 crore (FY21) to ₹106 crore (FY22) to ₹109 crore (FY25), but the TTM is negative ₹1.8 crore. Stock price down 49% in one year. Promoter holdings diluted from 75% to 48%. Welcome to the “unicorn exit strategy via waterfall dilution” playbook.
Investor Presentation Insight (Feb 2026): Management highlighted “Consistently profitable, including during COVID” as their opening slide pitch. They did not open with “Loss-making on TTM basis” or “Promoter ownership halved in 3 years.” Perhaps they had another presentation for the audit committee.
03 — Business Model: WTF Do They Even Do?
It’s Like Maruti Suzuki Decided To Also Sell Bajaj Scooters, Hotel Rooms, and Bus Tickets
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