Easy Trip Planners Ltd: 549 Cr Revenue, 99.97% from Flights — and 98% Q1 Profit Crash

1. At a Glance

India’s second-largest OTA by scale but number one by audacity, EaseMyTrip (EMT) just reminded everyone that travel is a seasonal business — Q1FY26 saw profits drop 98.6% 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 spend just 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:

1. Core OTA – Airline tickets, hotel bookings, rail/bus tickets, taxis, activities, visas.
2. Adjacency Play – Hospitality management (Spree), intercity bus (YoloBus), insurance brokerage, education consultancy, aviation leasing.
3. 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

Annualised EPS (Jun 2025) = ₹0.00 → P/E on CMP ₹9.19 = meaningless. Using FY25 EPS ₹0.30 →