Easy Trip Planners Limited, listed on both the National Stock Exchange of India and the BSE under the ticker EASEMYTRIP, has posted a strong operational performance in the second quarter of fiscal year 2026. With a sequential EBITDA increase of 76.3 percent and a Gross Booking Revenue nearing ₹2,000 crore, the company continues to double down on its strategy to diversify away from air ticketing and build a full-stack travel ecosystem.
In the quarter ending September 2025, EaseMyTrip reported Gross Booking Revenue of ₹1,958.7 crore, Revenue from Operations of ₹118.3 crore, EBITDA of ₹12.1 crore with a 9.6 percent EBITDA margin, and Total Comprehensive Income of ₹13.5 crore. The performance was bolstered by a significant jump in non-air segments, particularly hotels and international operations. The hotel and holiday segment saw bookings climb 93.3 percent year-on-year to 4.2 lakh, while its Dubai business reported a 109.7 percent year-on-year increase in Gross Booking Revenue, touching ₹361.7 crore.
This sequential growth builds on the travel-tech firm’s EMT 2.0 strategy, an initiative aimed at transforming the platform into a multi-vertical service provider that spans holidays, hotel stays, mobility, and wellness offerings. Management has signaled that this pivot is intended to insulate the business from the cyclical pressures of airline pricing and fuel volatility while driving growth through high-margin verticals.
How is the EMT 2.0 strategy enabling deeper revenue diversification for EaseMyTrip?
EaseMyTrip’s second-quarter performance in fiscal year 2026 underscores its shift from a predominantly air-focused platform to a diversified travel tech company. Hotel and holiday bookings rose sharply to 4.2 lakh room nights from 2.2 lakh during the same period last year, with an average of 4,600 room nights booked per day. This growth trajectory in high-margin verticals is seen as a cornerstone of the EMT 2.0 roadmap.
Bookings in the “trains, buses, and others” segment also rose 16 percent year-on-year, reaching 3.3 lakh compared to 2.8 lakh in the prior-year quarter. These numbers suggest the company’s non-air strategy is not only resonating with travelers but is also contributing materially to topline growth.
Dubai remained a standout region for international growth. Gross Booking Revenue from the Emirate nearly doubled, moving from ₹172.5 crore in the same quarter last year to ₹361.7 crore in Q2 FY26. This reinforces EaseMyTrip’s view that outbound Indian travel, especially to destinations in the Middle East, remains a critical growth lever.
How are EaseMyTrip’s international hotel acquisitions and domestic real estate investments shaping its long‑term expansion strategy in FY26?
EaseMyTrip has taken deliberate steps to back its diversification strategy with hard assets and high-impact acquisitions. In Q2 FY26, the company acquired a 50 percent stake in Three Falcons Notting Hill Limited, which owns The Knight of Notting Hill, a luxury boutique hotel in London. This deal marks EaseMyTrip’s entry into premium international hospitality and offers a strategic foothold in one of the world’s most visited cities.
The company also purchased 100 percent equity in AB Finance Private Limited, which owns a premium commercial property in Gurugram. The management indicated that this acquisition is aligned with their operational scale-up plan and will serve as a hub for the company’s growing footprint in India.
By aligning its capital allocation toward asset-backed expansion, EaseMyTrip is signaling a transition from being purely a platform to becoming an integrated travel and lifestyle brand. Analysts believe this move could potentially increase customer stickiness and build longer-term margins if execution remains disciplined.
How are EaseMyTrip’s customer engagement initiatives supporting lifetime value creation?
EaseMyTrip has significantly stepped up its consumer engagement model with data-driven and incentive-led programs. A key highlight in Q2 FY26 was the partnership with Hoi to launch India’s first Smart Kiosk Rewards Program. Positioned at major airports, these kiosks offer passengers immediate ₹500 EaseMyTrip coupons with each order, along with entry into a ₹5,000 monthly voucher draw. This initiative is designed to turn passive transit time into active brand engagement while reducing perceived wait times.
In parallel, the company forged a partnership with MoEngage to unify customer data for personalized, real-time engagement. The goal is to enhance customer retention by predicting travel needs and pushing contextual offers. Repeat business, which already accounts for a 94 percent transaction rate, is expected to rise further with this approach.
EaseMyTrip also inked a memorandum of understanding with Timbuckdo, a student travel platform, to offer exclusive discounts for Gen Z travelers. Another partnership with FreeAgent, a global athlete networking platform, aims to streamline travel solutions for sports professionals, including visa support, charter options, and athlete-specific packages.
How did EaseMyTrip’s high‑visibility cultural partnerships and large‑scale festive campaigns influence customer engagement and brand momentum in Q2 FY26?
EaseMyTrip leveraged high-profile marketing campaigns and events during the quarter to enhance its brand positioning. The company co-presented the Filmfare Awards Punjabi 2025, marking the return of the event after an eight-year hiatus. The partnership allowed the brand to access a large television and on-ground audience and offer exclusive deals tied to the event, blending entertainment with travel commerce.
Two major consumer campaigns, the Azadi Mega Sale and the Dussehra Sale, were also run during the quarter. The Azadi Mega Sale, held between July 29 and August 6, 2025, featured up to 79 percent discounts on selected hotel stays, up to 30 percent off on flights, and holiday packages starting at ₹7,999. Strategic tie-ups with ICICI Bank, BOBCARD, and AU Small Finance Bank provided further benefits, while participating airlines included Air India, British Airways, and Qatar Airways.
The Dussehra Sale, which ran from September 23 to 26, 2025, offered discounts up to ₹8,000 on flights and up to ₹10,000 on hotel bookings. This sale also included exclusive partnerships with RBL Bank and AU Small Finance Bank, along with airline collaborations from American Airlines, Turkish Airlines, and Lufthansa. These initiatives are being closely watched by industry analysts for their potential to enhance short-term conversions and customer loyalty metrics.
How are EaseMyTrip’s Q2 FY26 valuation metrics, trading patterns, and profitability indicators influencing institutional sentiment and microcap investor confidence?
From a valuation perspective, EaseMyTrip’s performance has yet to translate into major stock movement. The stock closed at ₹7.95 on November 14, 2025, nearly flat compared to the previous session, and just above its 52-week low of ₹7.82. The adjusted price-to-earnings ratio stood at 38.14, indicating investor expectations remain elevated even as profitability expands sequentially.
Market capitalization stood at ₹2,898.57 crore, with a free-float component of ₹1,441.31 crore. The traded volume during the session was over 64 lakh shares, with delivery-based trades accounting for 58.12 percent. Daily volatility was recorded at 2.42 percent, and annualized volatility came in at 46.23 percent, reflecting the stock’s sensitivity to investor flows and quarterly performance.
Institutional watchers remain cautiously optimistic. While the shift to non-air revenue and global hospitality assets is seen as structurally sound, there are concerns around execution risks, particularly in markets where EaseMyTrip lacks deep operational history. Additionally, competitive pressures from larger OTA and travel service platforms continue to pose headwinds in terms of margin preservation and customer acquisition costs.
What key growth indicators and risk factors will investors track as EaseMyTrip enters the second half of FY26 with an expanded global strategy?
As the company advances its EMT 2.0 roadmap, analysts will likely monitor a few key indicators in the coming quarters. The ramp-up and profitability contribution of the London boutique hotel acquisition, traction from the Hoi rewards program, and expansion metrics from its international segments, particularly in the Middle East and Southeast Asia, will be crucial.
Investors will also look for signs of operating leverage, especially in the hotel and packages segment, which now constitutes a larger share of overall bookings. Any forward-looking guidance from the management on EBITDA margin expansion or revenue diversification will further shape market sentiment.
Finally, as Founder Nishant Pitti assumes the dual role of Chairman and Managing Director, institutional focus may also shift toward governance, capital allocation discipline, and clarity on global expansion timelines. The leadership consolidation is seen as a step toward aligning long-term vision with execution intensity.
What are the most important business, financial, and strategic takeaways from EaseMyTrip’s Q2 FY26 results?
- Gross Booking Revenue reached ₹1,958.7 crore in Q2 FY26, reflecting continued momentum across multiple verticals.
- Revenue from Operations stood at ₹118.3 crore, up 4 percent sequentially, while EBITDA surged 76.3 percent quarter-on-quarter to ₹12.1 crore.
- International growth was driven by Dubai operations, which recorded a 109.7 percent year-on-year increase in Gross Booking Revenue to ₹361.7 crore.
- Hotel and holiday bookings rose 93.3 percent year-on-year, with 4.2 lakh room nights booked, averaging 4,600 daily.
- Non-air segments such as trains and buses also grew 16 percent year-on-year to 3.3 lakh bookings.
- The company acquired a 50 percent stake in London’s The Knight of Notting Hill and 100 percent of AB Finance Private Limited in Gurugram.
- Strategic partnerships launched during the quarter include Hoi’s Smart Kiosk Rewards Program, MoEngage for personalized engagement, FreeAgent for athlete travel, and Timbuckdo for student discounts.
- Major brand campaigns included the Azadi Mega Sale and Dussehra Sale, offering up to ₹10,000 in discounts and boosting seasonal conversion rates.
- EaseMyTrip co-presented the Filmfare Awards Punjabi 2025, increasing cultural brand visibility and deepening lifestyle engagement.
- Founder Nishant Pitti formally assumed the role of Chairman and Managing Director, reinforcing strategic continuity as the company expands globally.
- Despite operational gains, stock performance remains near 52-week lows, with investors closely watching profitability scalability and international execution.
- Key investor focus areas for H2 FY26 include hotel asset performance, loyalty program traction, EMT 2.0 rollout milestones, and international revenue contribution.
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