EaseMyTrip’s FY25 report card: Rs 8,691cr in bookings, new verticals, and a global push

Easy Trip Planners Limited (NSE: EASEMYTRIP | BSE: 543272) reported its Q4 and FY25 results on May 30, 2025, showing robust topline expansion but notable pressure on margins. The company’s share closed at ₹11.22 on May 30 and ticked up slightly in the post-result session, closing at ₹11.28 with a 0.71% gain.

Gross Booking Revenue (GBR) for the full year reached ₹8,691.6 crore, backed by diversified growth across hotel bookings, international operations, and newer verticals like battlefield tourism and electric mobility. Despite a dip in quarterly revenue and profit margins, investors appeared to favor the company’s long-term strategic direction.

The immediate sentiment among institutional observers leaned cautiously optimistic, with EaseMyTrip’s ability to penetrate new markets like Brazil and Saudi Arabia drawing attention. At a P/E ratio of 36.60 and a market cap of ₹3,997.72 crore, the stock remains in a microcap zone but shows early signs of evolving into a mid-cap narrative if execution holds.

How Did EaseMyTrip Perform Financially in FY25?

The company closed FY25 with a Revenue from Operations of ₹587.3 crore, slightly below FY24’s ₹590.6 crore, reflecting stagnation at the topline level. However, Gross Booking Revenue—a critical metric in the online travel space—jumped sharply to ₹8,691.6 crore, up from the prior year, reflecting strong transaction volume growth.

EBITDA for the year stood at ₹161.2 crore with a margin of 26.7%, down from FY24’s 37.5%. Total Comprehensive Income reached ₹117.1 crore, indicating continued profitability despite rising operating costs. On a quarterly basis, Q4 EBITDA was ₹17.3 crore, with margins sliding to 12.1%—down significantly from 33.4% in Q4 FY24.

That compression reflects higher marketing spends, global expansion overheads, and vertical diversification. Yet, many analysts remain constructive on the company’s capital efficiency given it continues to fund growth via internal accruals, remaining India’s only listed OTA to do so.

What’s Behind the Surge in Non-Air Revenue for EaseMyTrip?

EaseMyTrip’s non-air verticals are no longer fringe revenue contributors. Hotel night bookings rose 80.6% year-over-year to 9.3 lakh for FY25. Trains, buses, and other segments reached 13 lakh bookings, up 25.5% annually. Together, these categories contributed nearly 14% to total GBR, highlighting the company’s structural shift away from air ticketing dependence.

During Q4 alone, hotel bookings rose 101.3% to 2.8 lakh nights, supported by targeted marketing campaigns like the ‘Holi-Day Travel Sale’ and ‘Swipe Right Travel Sale.’ These seasonal pushes not only boosted bookings but also improved EaseMyTrip’s customer lifetime value in Tier-2 and Tier-3 cities.

The company’s strategy to offer bundled services—flight + hotel + rail/cab—appears to be paying off by increasing per-user transaction value. While margins in these categories are generally lower, they are scalable and give the firm a competitive edge over pure-play air ticketing rivals.

Is EaseMyTrip’s Global Play Delivering Real Growth?

EaseMyTrip’s expansion into Brazil and Saudi Arabia was among the most talked-about developments in FY25. With wholly owned subsidiaries now operational in both countries, the company is attempting to ride global tailwinds in tourism.

Dubai remains the company’s international growth engine. In Q4 FY25 alone, the Dubai operation posted ₹231.7 crore in bookings—a staggering 266.4% year-on-year growth. For the full year, bookings from Dubai hit ₹701.4 crore, up 242.2% over FY24.

By managing overseas operations from India, the company has maintained leaner cost structures. Investments in UAE-based subsidiaries like EMT Tours and EMT Holiday Homes and further capital infusion into EaseMyTrip USA suggest a long-haul strategy aimed at brand building and market share acquisition in mature markets.

What Are the Company’s New Growth Engines?

EaseMyTrip’s evolution into an experience-first platform is symbolized by its two new verticals: EasyVijay and EasyDarshan. EasyVijay offers battlefield tourism with immersive AR/VR experiences, veteran guides, and AI-personalized itineraries. It targets history enthusiasts and patriotic travellers, blending education with tourism.

Meanwhile, EasyDarshan, focused on spiritual travel, expanded its footprint in Ayodhya through a partnership with the local development authority. The launch of the Theerth Yatri Sewa Booth supports the influx of over 5 million pilgrims and aims to formalize India’s growing religious tourism sector.

These verticals reflect a thematic approach to travel, making EaseMyTrip less dependent on commoditized segments and creating stickier customer engagement.

How Is the Company Integrating Sustainability Into Its Model?

A notable FY25 achievement was winning Madhya Pradesh‘s first inter-city electric bus tender through its subsidiaries YoloBus and Easy Green Mobility. This foray into green transport marks EaseMyTrip’s first serious step into the ESG ecosystem.

The company now operates along two ends of the spectrum—consumer-facing travel planning and backend infrastructure support for sustainable mobility. This vertical integration could unlock synergies in logistics, group travel, and B2B offerings in the long run.

This move aligns with India’s broader FAME policy and supports the national push toward decarbonized transport solutions. If executed well, it could open EaseMyTrip to state-backed contracts and transport-linked tourism packages.

What Is the Institutional and Retail Sentiment Around EaseMyTrip?

The NSE platform shows a traded volume of 1.38 crore shares and traded value of ₹15.55 crore as of May 30, 2025. Retail interest in the stock remains high due to its low absolute price point and microcap tag. Institutions are closely watching its ability to maintain profitability while scaling internationally.

EaseMyTrip’s symbol P/E of 36.60 and adjusted P/E of the same level puts it well above the microcap average, indicating a premium on expected growth. Yet, with the stock hovering close to its 52-week low of ₹10.80 and far from the ₹22.28 high, value investors may see potential upside if Q1 FY26 shows stronger margin rebound.

Given its inclusion in the Nifty Microcap 250 index, it remains on the radar for passive fund flows, but has yet to attract consistent institutional accumulation.

What’s Next for EaseMyTrip in FY26?

EaseMyTrip’s strategy in FY26 will likely revolve around deepening its verticals, further store expansion in India, and scaling Brazil and Saudi Arabia operations. Analysts will watch whether Q1 FY26 signals a rebound in revenue per transaction and margin recovery.

The company’s ability to maintain cost discipline while pursuing brand differentiation—particularly through battlefield, spiritual, and sustainable travel—will be key to unlocking long-term shareholder value. The margin erosion seen in FY25 may be cyclical if international scale leads to higher operating leverage.