Travel Services · Founded 2008 · www.easemytrip.com · BSE 543272 · NSE EASEMYTRIP · ISIN INE07O001026
No Notes Added Yet
Business
Easy Trip Planners Ltd. (EasyMyTrip) is an online travel agency (OTA) based in India. The company provides a platform for booking air tickets, hotels, holiday packages, buses, and other travel-related services such as rail tickets, car rentals, and visa processing. Its core business model is centered on offering travel services directly to consumers (B2C) and also to agents (B2B). A key differentiator for EasyMyTrip has been its "zero convenience fee" policy, meaning it does not charge customers an additional booking fee, unlike many competitors. The company primarily makes money through commissions received from airlines and hotels, mark-ups on holiday packages, and service charges for other ancillary travel products.
Revenue Mix
EasyMyTrip's revenue is primarily derived from:
Air Ticket Bookings: This is historically its largest revenue segment, accounting for the majority of gross booking value. The company earns commissions from airlines on ticket sales.
Hotel Bookings & Holiday Packages: This segment includes bookings for hotels, resorts, and curated domestic and international holiday packages. Revenue comes from commissions, mark-ups, and service fees.
Other Services: This segment encompasses bus bookings, train tickets, car rentals, visa services, travel insurance, and other ancillary travel products and services. While smaller, these segments contribute to overall revenue and widen the service portfolio.
Industry
The Indian online travel market is highly competitive and rapidly growing, driven by increasing internet penetration, smartphone usage, and a rising middle class with higher disposable income. Key players include MakeMyTrip-Goibibo (dominant), Ixigo, and international players. EasyMyTrip is positioned as a significant player, often cited as the third-largest OTA in India by gross booking volume, known for its disruptive "zero convenience fee" model. This strategy aims to attract price-sensitive customers and gain market share, particularly in the air ticketing segment. The market is also seeing new entrants and increasing focus on niche segments and ancillary services.
MOAT
EasyMyTrip's primary competitive advantage stems from its zero convenience fee policy, which directly appeals to price-sensitive Indian consumers, driving customer acquisition and repeat bookings. This strategy, combined with a focus on operational efficiency and a broad selection of travel options, has allowed it to grow market share. While "zero convenience fee" is a strong differentiator, it relies on scale to absorb the cost, and is a strategic choice rather than an inherent structural moat. The company also benefits from growing brand recognition within India, and a network effect as more users attract more service providers and vice-versa, though this is less pronounced than for market leaders. Its asset-light business model also offers flexibility.
Growth Drivers
Growing Indian Travel Market: Increasing disposable incomes, rising aspirations, improved connectivity, and a young demographic are fueling both domestic and international travel demand.
Digitalization & Online Penetration: Continuous shift from offline to online booking channels, especially in Tier 2 and Tier 3 cities, presents a significant growth opportunity.
Diversification into Hotels & Holiday Packages: Strategic focus on expanding its non-air ticketing segments, which typically have higher margins, to reduce reliance on air bookings.
International Expansion: Gradual expansion into international markets, leveraging its technology and business model.
B2B Segment Growth: Expanding its agent network and B2B offerings to tap into a wider customer base.
Ancillary Services: Introduction and scaling of new services like bus, rail, visa, and insurance to increase revenue per customer.
Risks
Intense Competition: The Indian OTA market is highly competitive, with established players and potential new entrants, leading to price wars and pressure on margins.
Dependence on Supplier Relationships: Reliance on airlines, hotels, and other travel providers for inventory and commissions; adverse changes in these relationships or commission structures could impact profitability.
Economic Downturns: Travel is discretionary spending; economic slowdowns, pandemics, or geopolitical events can significantly reduce travel demand.
Technology & Cybersecurity Risks: The business is highly dependent on its technology platform; system outages, data breaches, or failure to innovate could lead to customer dissatisfaction and loss of business.
Regulatory Changes: Changes in aviation, tourism, or e-commerce regulations could impact business operations and profitability.
Sustainability of Zero-Convenience-Fee Model: While a differentiator, maintaining this model requires significant scale and operational efficiency; any inability to adequately monetize other services could pressure margins.
Management & Ownership
Easy Trip Planners is promoted by the Pitti brothers – Nishant Pitti, Rikant Pitti, and Prashant Pitti, who also serve as key executives and directors. The company largely operates under a promoter-led management structure, which is common in India. The promoters have played a crucial role in shaping the company's "zero convenience fee" strategy and driving its growth. As of recent data, promoter holdings remain substantial, indicating strong alignment with the company's long-term vision.
Outlook
Easy Trip Planners is well-positioned to capitalize on the robust growth in India's travel and tourism sector, driven by increasing internet penetration and a burgeoning middle class. Its "zero convenience fee" model provides a distinct advantage in attracting price-sensitive consumers, potentially allowing it to continue gaining market share. The ongoing diversification into higher-margin segments like hotels and holiday packages, along with international expansion efforts, could enhance profitability and reduce dependence on air ticketing. However, the outlook is tempered by intense competition, potential margin pressures if the zero-fee model becomes unsustainable without significant scale, and vulnerability to economic downturns or industry-specific disruptions. The company's ability to innovate, expand its service offerings, and maintain operational efficiency will be crucial for sustained long-term growth and profitability in a dynamic market.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 164 | 153 | 145 | 151 | 139 | 114 | 118 | 152 | 152 | 135 |
| Other Income | 9 | 4 | 5 | 3 | 4 | 6 | 8 | 10 | 14 | 7 |
| Total Income | 173 | 156 | 150 | 154 | 143 | 120 | 126 | 161 | 166 | 141 |
| Total Expenditure | 115 | 106 | 108 | 103 | 126 | 113 | 114 | 147 | 176 | 148 |
| Operating Profit | 58 | 51 | 42 | 51 | 17 | 7 | 12 | 14 | -10 | -6 |
| Interest | 1 | 1 | 1 | 2 | 2 | 1 | 1 | 2 | 2 | 1 |
| Depreciation | 1 | 2 | 4 | 3 | 3 | 4 | 5 | 4 | 4 | 4 |
| Exceptional Income / Expenses | -72 | 0 | 0 | 0 | 0 | 0 | -51 | 0 | 0 | 0 |
| Profit Before Tax | -17 | 47 | 37 | 46 | 12 | 2 | -45 | 8 | -15 | -11 |
| Provision for Tax | -2 | 13 | 10 | 12 | -2 | 1 | -10 | 5 | -1 | -0 |
| Profit After Tax | -15 | 34 | 27 | 34 | 14 | 1 | -35 | 3 | -15 | -11 |
| Adjustments | -1 | -1 | -1 | -0 | 1 | 0 | 3 | 3 | 1 | -0 |
| Profit After Adjustments | -16 | 32 | 26 | 34 | 15 | 1 | -33 | 6 | -14 | -11 |
| Adjusted Earnings Per Share | -0 | 0.1 | 0.1 | 0.1 | 0 | 0 | -0.1 | 0 | -0 | -0 |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 141 | 139 | 235 | 449 | 591 | 587 | 536 | 557 |
| Other Income | 40 | 12 | 14 | 17 | 19 | 16 | 40 | 39 |
| Total Income | 181 | 151 | 250 | 465 | 609 | 603 | 576 | 594 |
| Total Expenditure | 124 | 61 | 102 | 272 | 379 | 442 | 553 | 585 |
| Operating Profit | 57 | 90 | 147 | 194 | 230 | 161 | 23 | 10 |
| Interest | 11 | 6 | 3 | 6 | 7 | 6 | 6 | 6 |
| Depreciation | 1 | 1 | 1 | 3 | 7 | 12 | 16 | 17 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -72 | 0 | -51 | -51 |
| Profit Before Tax | 46 | 83 | 144 | 185 | 143 | 143 | -52 | -63 |
| Provision for Tax | 13 | 22 | 38 | 51 | 39 | 34 | -4 | -6 |
| Profit After Tax | 33 | 61 | 106 | 134 | 103 | 109 | -48 | -58 |
| Adjustments | 0 | 0 | 0 | 0 | -0 | -1 | 8 | 7 |
| Profit After Adjustments | 33 | 61 | 106 | 134 | 103 | 107 | -39 | -52 |
| Adjusted Earnings Per Share | 0.1 | 0.2 | 0.3 | 0.4 | 0.3 | 0.3 | -0.1 | -0.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -9% | 6% | 31% | 0% |
| Operating Profit CAGR | -86% | -51% | -24% | 0% |
| PAT CAGR | -144% | NAN% | NAN% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -29% | -35% | -21% | NA% |
| ROE Average | -6% | 10% | 26% | 30% |
| ROCE Average | -6% | 15% | 32% | 39% |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 101 | 163 | 236 | 370 | 605 | 720 | 801 |
| Minority's Interest | 0 | 0 | 0 | 0 | 20 | 22 | 14 |
| Borrowings | 0 | 0 | 0 | 0 | 4 | 25 | 21 |
| Other Non-Current Liabilities | 37 | 20 | -1 | 3 | 12 | 88 | 79 |
| Total Current Liabilities | 148 | 212 | 244 | 319 | 245 | 288 | 275 |
| Total Liabilities | 287 | 394 | 479 | 692 | 885 | 1144 | 1190 |
| Fixed Assets | 9 | 9 | 28 | 34 | 128 | 154 | 189 |
| Other Non-Current Assets | 24 | 17 | 127 | 11 | 191 | 217 | 318 |
| Total Current Assets | 253 | 368 | 323 | 648 | 566 | 774 | 592 |
| Total Assets | 287 | 394 | 479 | 692 | 885 | 1144 | 1190 |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 34 | 13 | 64 | -3 | -36 | 101 | 136 |
| Cash Flow from Operating Activities | 27 | 74 | 20 | -119 | 124 | 112 | -4 |
| Cash Flow from Investing Activities | -55 | -23 | -56 | 83 | -43 | -92 | -42 |
| Cash Flow from Financing Activities | 6 | 0 | -31 | 4 | 56 | 16 | -10 |
| Net Cash Inflow / Outflow | -21 | 51 | -67 | -33 | 137 | 35 | -56 |
| Closing Cash & Cash Equivalent | 13 | 64 | -3 | -36 | 101 | 136 | 80 |
| # | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.09 | 0.18 | 0.3 | 0.39 | 0.29 | 0.3 | -0.11 |
| CEPS(Rs) | 0.1 | 0.18 | 0.31 | 0.39 | 0.31 | 0.34 | -0.09 |
| DPS(Rs) | 0 | 0.06 | 0.06 | 0 | 0.05 | 0 | 0 |
| Book NAV/Share(Rs) | 0.29 | 0.47 | 0.68 | 1.06 | 1.71 | 2.03 | 2.2 |
| Core EBITDA Margin(%) | 6.63 | 39.33 | 33.24 | 25.85 | 35.75 | 24.74 | -3.17 |
| EBIT Margin(%) | 21.3 | 45.18 | 36.5 | 27.84 | 25.41 | 25.33 | -8.56 |
| Pre Tax Margin(%) | 17.28 | 42.1 | 35.86 | 27 | 24.15 | 24.34 | -9.7 |
| PAT Margin (%) | 12.43 | 30.8 | 26.46 | 19.58 | 17.52 | 18.5 | -8.89 |
| Cash Profit Margin (%) | 12.69 | 31.14 | 26.79 | 20 | 18.73 | 20.62 | -5.9 |
| ROA(%) | 11.5 | 17.91 | 24.26 | 22.9 | 13.12 | 10.71 | -4.08 |
| ROE(%) | 32.58 | 46.24 | 53.16 | 44.27 | 21.23 | 16.4 | -6.26 |
| ROCE(%) | 52.34 | 62.14 | 62.67 | 51.62 | 28.05 | 21.68 | -5.77 |
| Receivable days | 80.02 | 80.25 | 37.25 | 55.61 | 120.04 | 164.29 | 194.1 |
| Inventory Days | 0 | 0 | 0.24 | 0.25 | 0.47 | 0.91 | 1.74 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 5645.14 |
| PER(x) | 0 | 37.31 | 70 | 56.39 | 73.72 | 38.69 | 0 |
| Price/Book(x) | 0 | 14 | 31.44 | 20.45 | 12.57 | 5.77 | 2.66 |
| Dividend Yield(%) | 0 | 0.95 | 0.29 | 0 | 0.23 | 0 | 0 |
| EV/Net Sales(x) | -0.73 | 14.91 | 31.15 | 16.94 | 12.72 | 6.89 | 3.88 |
| EV/Core EBITDA(x) | -1.79 | 22.91 | 49.73 | 39.26 | 32.71 | 25.09 | 90.97 |
| Net Sales Growth(%) | 0 | -2.02 | 69.94 | 90.69 | 31.58 | -0.55 | -8.79 |
| EBIT Growth(%) | 0 | 58.28 | 63.27 | 30.53 | -21.33 | -0.86 | -130.81 |
| PAT Growth(%) | 0 | 84.98 | 73.61 | 26.61 | -22.85 | 5.02 | -143.81 |
| EPS Growth(%) | 0 | 84.93 | 73.62 | 26.68 | -24.64 | 4.13 | -135.79 |
| Debt/Equity(x) | 0.07 | 0.11 | 0.21 | 0.22 | 0.02 | 0.05 | 0.04 |
| Current Ratio(x) | 1.71 | 1.74 | 1.32 | 2.03 | 2.31 | 2.68 | 2.15 |
| Quick Ratio(x) | 1.71 | 1.74 | 1.32 | 2.03 | 2.31 | 2.68 | 2.14 |
| Interest Cover(x) | 5.31 | 14.66 | 57.41 | 33.02 | 20.26 | 25.8 | -7.5 |
| Total Debt/Mcap(x) | 0 | 0.01 | 0.01 | 0.01 | 0 | 0.01 | 0.01 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 64.3 | 64.3 | 50.38 | 50.38 | 48.97 | 47.72 | 47.72 | 47.72 | 47.72 | 43.56 |
| FII | 2.79 | 2.56 | 2.5 | 2.58 | 3.74 | 2.59 | 0.5 | 0.44 | 1.41 | 5.96 |
| DII | 2.46 | 2.6 | 2.64 | 3 | 2.9 | 2.47 | 2.48 | 2.48 | 2.3 | 1.99 |
| Public | 30.45 | 30.54 | 44.47 | 44.04 | 44.39 | 47.22 | 49.3 | 49.36 | 48.56 | 48.5 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 113.94 | 113.94 | 89.28 | 178.57 | 173.57 | 173.57 | 173.57 | 173.57 | 173.57 | 173.57 |
| FII | 4.94 | 4.54 | 4.43 | 9.13 | 13.26 | 9.4 | 1.8 | 1.62 | 5.14 | 23.73 |
| DII | 4.36 | 4.6 | 4.68 | 10.63 | 10.28 | 8.97 | 9.01 | 9 | 8.36 | 7.92 |
| Public | 53.97 | 54.12 | 78.81 | 156.09 | 157.3 | 171.75 | 179.31 | 179.5 | 176.62 | 193.25 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 177.2 | 177.2 | 177.2 | 354.41 | 354.41 | 363.69 | 363.69 | 363.69 | 363.69 | 398.47 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -9% | +6% | +31% | — |
| Operating Profit CAGR | -86% | -51% | -24% | — |
| PAT CAGR | -144% | 0% | 0% | — |
| Share Price CAGR | -29% | -35% | -21% | — |
| ROE Average | -6% | +10% | +26% | +30% |
| ROCE Average | -6% | +15% | +32% | +39% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 64.3 | 64.3 | 50.38 | 50.38 | 48.97 | 47.72 | 47.72 | 47.72 | 47.72 | 43.56 |
| FII | 2.79 | 2.56 | 2.5 | 2.58 | 3.74 | 2.59 | 0.5 | 0.44 | 1.41 | 5.96 |
| DII | 2.46 | 2.6 | 2.64 | 3 | 2.9 | 2.47 | 2.48 | 2.48 | 2.3 | 1.99 |
| Public | 30.45 | 30.54 | 44.47 | 44.04 | 44.39 | 47.22 | 49.3 | 49.36 | 48.56 | 48.5 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 113.94 | 113.94 | 89.28 | 178.57 | 173.57 | 173.57 | 173.57 | 173.57 | 173.57 | 173.57 |
| FII | 4.94 | 4.54 | 4.43 | 9.13 | 13.26 | 9.4 | 1.8 | 1.62 | 5.14 | 23.73 |
| DII | 4.36 | 4.6 | 4.68 | 10.63 | 10.28 | 8.97 | 9.01 | 9 | 8.36 | 7.92 |
| Public | 53.97 | 54.12 | 78.81 | 156.09 | 157.3 | 171.75 | 179.31 | 179.5 | 176.62 | 193.25 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 177.2 | 177.2 | 177.2 | 354.41 | 354.41 | 363.69 | 363.69 | 363.69 | 363.69 | 398.47 |
* The pros and cons are machine generated.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.
Your relationship manager will connect with you shortly.