EaseMyTrip stands out as a disruptor that has captured the imagination of budget-conscious Indian travelers. Yet, the company’s latest quarterly disclosure paints a mixed picture. On November 14, 2025, EaseMyTrip unveiled its Q2 FY26 results, revealing a challenging period marked by an 18% year-over-year revenue decline and a stark shift from profits to a net loss of INR 36 crore.
Investors and industry watchers alike are dissecting these figures, questioning the sustainability of the company’s growth trajectory amid seasonal headwinds and operational inefficiencies. This in-depth analysis dives into the numbers, uncovers underlying trends, and explores what lies ahead for EaseMyTrip shares. Whether you’re tracking EaseMyTrip results today or seeking the latest EaseMyTrip share news, this guide equips you with actionable insights to navigate the volatility.
As the travel sector rebounds post-pandemic, competitors like Yatra Online report robust gains, highlighting the competitive pressures EaseMyTrip faces. With gross booking revenue surging 93% year-over-year to INR 1,958.7 crore, the company shows pockets of strength in hotels and international segments. However, rising expenses and a hefty INR 51 crore exceptional loss have overshadowed these positives. Read on as we break down the financials, compare peer performance, and forecast potential recovery paths for this NSE-listed powerhouse.
EaseMyTrip Company Profile: A Quick Primer on the Travel Tech Giant
EaseMyTrip, formally known as Easy Trip Planners Ltd., revolutionized India’s online travel booking landscape when it launched in 2008. Founders Nishant Pitti, Rikant Pitti, and Prashant Pitti envisioned a platform free from hidden fees, offering transparent pricing for flights, hotels, and holiday packages. Today, the company boasts over 20 million app downloads and serves millions of users annually, positioning itself as a go-to for domestic and international travel.
Listed on the NSE in 2021, EaseMyTrip’s IPO raised eyebrows with its zero-commission model on flight bookings, a bold move that pressured rivals to adapt. The firm expanded aggressively into B2B services, international operations (notably in Dubai), and ancillary revenue streams like insurance and forex. By FY25, it achieved consolidated revenues of over INR 500 crore, with a market cap hovering around INR 2,900 crore as of mid-November 2025. However, Q2 FY26 results signal caution: while gross bookings reflect traveler enthusiasm, core profitability metrics falter.
This quarter’s disclosure, announced just hours before our analysis, underscores the seasonal nature of travel businesses. Monsoons in India typically dampen leisure travel, and global economic uncertainties curb outbound trips. EaseMyTrip’s management emphasized resilience in non-air segments, but investors demand more than optimism—they crave execution. As we peel back the layers, you’ll see how these results impact EaseMyTrip share price trends and long-term investor confidence.
Q2 FY26 Key Financial Metrics: At a Glance
EaseMyTrip’s Q2 FY26 (July-September 2025) performance reveals a tale of contrasts. Here’s a snapshot of the headline numbers in INR crore, benchmarked against prior periods:
| Metric | Q2 FY26 | Q1 FY26 | Q2 FY25 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Gross Booking Revenue | 1,958.7 | N/A | 1,014.5 | +93% | N/A |
| Revenue from Operations | 118.3 | 113.8 | 144.7 | -18% | +4% |
| Total Expenses | 120.0 | 117.0 | 112.0 | +7% | +3% |
| EBITDA | 12.1 | 6.9 | 37.0 | -67% | +76% |
| Operating Profit | 6.0 | 2.0 | 37.0 | -84% | +200% |
| Net Profit/Loss | -36.0 | 0.04 | 26.8 | From Profit to Loss | From Profit to Loss |
| EPS (in Rs.) | -0.05 | 0.00 | 0.07 | -171% | -∞ |
These figures highlight a business under strain. Revenue contraction YoY stems from softer air ticket volumes, while QoQ upticks signal a post-monsoon rebound. The net loss, primarily from a one-off exceptional charge, masks underlying operational improvements in EBITDA. Management’s focus on cost rationalization and diversification offers hope, but execution remains key.
Revenue Breakdown: Navigating Seasonal Dips in Travel Bookings
Revenue forms the lifeblood of any OTA, and EaseMyTrip’s Q2 FY26 story starts here. The company generated INR 118.3 crore from operations, a modest 4% increase from Q1 FY26’s INR 113.8 crore but a sharp 18% drop from Q2 FY25’s INR 144.7 crore. Analysts attribute this YoY decline to seasonal factors: heavy monsoons curtailed domestic leisure travel, and geopolitical tensions in key outbound markets like the Middle East softened international demand.
Delving deeper, air ticketing—still EaseMyTrip’s largest segment—contributed around 60% of revenues but saw a 22% YoY slump. Users shifted toward value-driven bookings, with average ticket sizes dipping 5%. Conversely, the hotel and holiday packages arm shone brightly, clocking a 93% YoY surge in gross bookings to INR 1,958.7 crore overall, driven by a 109% jump in Dubai operations to INR 361.7 crore. This international push, bolstered by partnerships like the Hoi Smart Kiosk Rewards Program, underscores EaseMyTrip’s pivot beyond domestic skies.
QoQ, the 4% revenue nudge reflects pent-up demand as festivals approached. Yet, experts caution against over-optimism; travel remains cyclical. EaseMyTrip’s zero-commission model, while customer-friendly, squeezes margins in a price-sensitive market. To counter this, the company ramps up cross-selling: 25% of users now bundle flights with hotels, boosting average revenue per transaction by 12% QoQ. Looking ahead, management’s guidance points to 15-20% YoY growth in H2 FY26, fueled by winter holidays and expanded B2B tie-ups with corporates.
In essence, EaseMyTrip navigates a revenue rollercoaster by leaning into diversified streams. Investors eyeing EaseMyTrip results today should monitor air segment recovery—any sustained weakness could pressure shares further.
Expense Management Challenges: Why Costs Are Outpacing Growth
No financial narrative irks shareholders more than ballooning expenses, and EaseMyTrip’s Q2 FY26 delivers just that. Total outgoings hit INR 120 crore, up 7% YoY from INR 112 crore and 3% QoQ from INR 117 crore. This mismatch—revenues shrinking while costs swell—erodes profitability and fuels skepticism around operational efficiency.
Break it down: Employee benefits expenses jumped from INR 25 crore in Q2 FY25 to INR 31 crore, a 24% YoY hike, mirroring QoQ trends. Critics argue this reflects management’s disconnect; as revenues falter, perks like performance bonuses and ESOPs persist unabated. Marketing spends, crucial for user acquisition, rose 10% to INR 15 crore, targeting Gen Z via social media blitzes. Yet, with customer acquisition costs (CAC) climbing 8% to INR 450 per user, ROI questions loom large.
Other line items tell a similar story. Payment gateway fees and service charges inched up 5%, tied to higher transaction volumes in non-air segments. Advertising, at 12% of revenues, remains a double-edged sword—vital for visibility but unsustainable without proportional top-line growth. EaseMyTrip’s management defends these outlays as investments in scale, citing a 15% reduction in variable costs per booking through tech optimizations like AI-driven pricing algorithms.
However, the elephant in the room is fixed overheads. Office expansions in Gurugram and London, plus a 100% acquisition of a premium commercial property, added INR 8 crore in depreciation. While strategic, these moves amplify breakeven pressures in a low-margin industry. To stem the tide, EaseMyTrip eyes 10% cost cuts in H2 FY26 via automation and vendor renegotiations. For now, though, escalating expenses signal a need for sharper fiscal discipline— a red flag for cost-conscious investors tracking EaseMyTrip share latest news.
From Profits to Losses: Unpacking the INR 36 Cr Net Hit
The headline-grabber: EaseMyTrip swung to a INR 36 crore net loss in Q2 FY26, erasing Q2 FY25’s INR 26.8 crore profit and Q1 FY26’s marginal INR 0.04 crore gain. This reversal stings, especially in a sector where peers post gains. The culprit? A INR 51 crore exceptional loss tied to a general sales agent (GSA) agreement restructuring, likely involving legacy airline partnerships.
Strip away the one-off, and the picture brightens marginally. Adjusted for this item, the company would have clocked a slim INR 15 crore profit—still down 44% YoY but a QoQ turnaround from near-breakeven. Tax credits and other income cushioned the blow, contributing INR 2 crore. Yet, the raw loss underscores vulnerabilities: in a business where 80% of revenues hinge on volatile airline inventories, external shocks amplify risks.
Shareholders decry the opacity around the GSA charge, demanding clearer disclosures in future filings. This event echoes broader industry pains—rising fuel costs and supply chain disruptions that OTAs absorb indirectly. EaseMyTrip’s response? A board-level review of exceptional exposures, with commitments to cap such hits below 5% of revenues annually. While painful, this loss could catalyze leaner operations, much like how post-IPO scrutiny honed focus in FY23.
For long-term holders, the key question: Is this a blip or a symptom? Historical data shows EaseMyTrip rebounding from Q2 slumps, with H2 averages 25% stronger. If management delivers on diversification, this dip might prove a buying opportunity amid EaseMyTrip share price dips.
Operating Profit and EBITDA: Core Business Resilience Amid Turbulence
Beyond the net loss spectacle, core metrics offer glimmers of hope. EBITDA climbed 76% QoQ to INR 12.1 crore, though it plunged 67% YoY from INR 37 crore. This QoQ surge stems from cost controls in variable segments and a 20% margin expansion in hotels, where occupancy rates hit 75%—up from 62% last year.
Operating profit tells a starker YoY tale: down 84% to INR 6 crore from INR 37 crore, reflecting revenue contraction’s bite. Margins contracted to 5% from 25%, as fixed costs diluted over fewer transactions. Yet, QoQ, it doubled from INR 2 crore, signaling operational levers at work. Management credits this to a 15% cut in air inventory holding costs via predictive analytics.
In the travel tech arena, EBITDA serves as a profitability proxy, insulating against non-cash anomalies. EaseMyTrip’s 10% EBITDA margin, while below peers’ 15-20%, beats FY24 lows of 8%. International ops, now 18% of GBR, delivered 25% margins— a high-octane engine for future growth. As EaseMyTrip integrates recent acquisitions, like a 50% stake in a London luxury hotel, expect EBITDA synergies to add INR 5-7 crore quarterly by FY27.
These indicators affirm the core engine hums, even if headlines scream distress. Investors parsing EaseMyTrip results today should weigh this resilience against exceptional drags for a balanced view.
Earnings Per Share (EPS) Implications: A Hit to Shareholder Returns
EPS, the yardstick for per-share value, cratered in Q2 FY26. At -INR 0.05, it marks a 171% YoY plunge from INR 0.07 and an infinite drop from Q1’s breakeven. With 7.2 billion shares outstanding (post a recent preferential issue of 5.59 billion at INR 9.19), dilution exacerbates the pain.
This negative EPS erodes book value, trading at 5.5x versus a 52-week high of 11.9x. Forward P/E, at 40x, assumes rapid recovery—a tall order if seasonal woes persist. Yet, adjusted EPS (pre-exceptional) stands at INR 0.02, aligning with analyst consensus of INR 0.10 for FY26.
For dividend seekers, this quarter dashes hopes; EaseMyTrip suspended payouts post-IPO to fuel growth. Reinstating them hinges on sustained positivity. As shares trade at INR 29.10—down 3.3% post-results—the EPS slump amplifies volatility. Savvy investors might view this as an entry point, betting on H2 catalysts like festive bookings to lift EPS 50% QoQ.
Segment Performance Deep Dive: Hotels and International Shine, Air Lags
EaseMyTrip’s diversified portfolio mitigates risks, and Q2 FY26 spotlights winners and laggards. Hotel and holiday bookings exploded 93% YoY, with room nights up 81% to 4.2 lakh. Average daily rates rose 10% to INR 4,500, driven by premium listings and dynamic pricing. This segment now claims 35% of GBR, up from 22%, validating the INR 370 crore Q1 acquisitions spree.
International desks, spearheaded by Dubai, contributed INR 361.7 crore in GBR—a 110% YoY leap. Partnerships with global OTAs and forex services added INR 8 crore in ancillaries. Air ticketing, however, sputtered: volumes down 15% YoY amid competition from low-cost carriers. B2B corporate travel, at 20% of revenues, grew 12% but faces headwinds from hybrid work trends.
These shifts highlight EaseMyTrip’s maturation. By FY26 end, management targets 40% non-air revenues, reducing cyclicality. For stakeholders, this evolution bolsters conviction in EaseMyTrip’s long-game strategy.
Peer Comparison: How Yatra Online Outpaces EaseMyTrip in Q2 FY26
In the OTA ring, Yatra Online steals the spotlight with Q2 FY26 results that contrast sharply with EaseMyTrip’s woes. Yatra’s revenue soared 48% YoY to INR 350.8 crore from INR 236.4 crore, while profits doubled to INR 104.7 million (INR 10.5 crore approx.). This outperformance, fueled by 35% air growth and enterprise solutions, propelled Yatra shares up 35% in three days, with brokerages hiking targets to INR 180.
EaseMyTrip’s 18% revenue dip and loss pale in comparison, underscoring execution gaps. Yatra’s CAC efficiency (INR 300 vs. EaseMyTrip’s 450) and 18% EBITDA margins highlight superior scaling. Both target similar demographics, but Yatra’s aggressive M&A—like Ebix’s India assets—bolsters its edge.
This disparity raises eyebrows: Are EaseMyTrip’s customers migrating to Yatra’s loyalty perks? Data suggests a 5% user overlap shift, pressuring market share. Yet, EaseMyTrip’s lower valuations (P/S 5x vs. Yatra’s 8x) offer bargain potential if it mirrors Yatra’s playbook.
Market Reaction to EaseMyTrip Q2 Results: Shares Slide 3% Amidst Volatility
Wall Street’s verdict was swift: EaseMyTrip shares tumbled 3.3% to INR 29.10 on November 15, 2025, post-results, underperforming the Nifty 50’s flat open. Trading volume spiked 40% to 15 million shares, reflecting profit-booking after a 10% Q1 rally. Analysts like Motilal Oswal trimmed targets to INR 35 from INR 42, citing exceptional risks, while optimists at ICICI Securities hold at INR 40, banking on H2 rebound.
The 52-week range (INR 25-45) positions current levels as support; a break below could test INR 26. FII selling (down 2% stake) adds pressure, but DII inflows provide ballast. Social buzz on platforms like X amplifies sentiment—hashtags like #EaseMyTripResults trend with mixed reviews, from “Buy the dip” to “Operational mess.”
Historically, Q2 dips precede 20-30% H2 recoveries for EaseMyTrip. With RSI at 45 (neutral), technicals favor consolidation before upside.
Strategic Moves: Acquisitions and Partnerships Fueling Recovery
EaseMyTrip isn’t standing still. Q2 saw a 50% stake grab in a London boutique hotel for INR 50 crore, enhancing premium inventory. Domestically, acquiring a Gurugram property outright for INR 100 crore bolsters B2B event spaces. These bets, totaling INR 370 crore YTD, aim for 25% ancillary revenue by FY27.
Tech alliances shine too: MoEngage integration personalizes offers, lifting conversion 18%. The Hoi kiosk program targets airport footfall, projecting INR 20 crore annual add-ons. CMD Nishant Pitti’s vision? A “super app” merging travel with lifestyle, rivaling MakeMyTrip’s ecosystem.
Risks abound—integration delays could inflate costs—but successes like Dubai’s 110% growth validate boldness. These initiatives position EaseMyTrip for a FY26 revenue target of INR 550 crore, up 10% YoY.
Travel Industry Headwinds: Macro Factors Impacting OTAs Like EaseMyTrip
EaseMyTrip’s stumbles aren’t isolated; the INR 10 lakh crore Indian travel market grapples with macros. Fuel prices up 12% YoY squeeze airline yields, cascading to OTAs. Rupee depreciation (3% vs. USD) hikes outbound costs, curbing 15% of EaseMyTrip’s volumes.
Sustainability demands rise: eco-conscious millennials favor green hotels, prompting EaseMyTrip’s carbon offset pilots. Regulatory scrutiny on data privacy and dynamic pricing adds compliance burdens, estimated at INR 5 crore quarterly.
Globally, OTA consolidation (Expedia’s Orbitz buy) intensifies competition. In India, government pushes for Aadhaar-linked bookings streamline ops but raise privacy flags. Amidst this, EaseMyTrip’s 15% market share in budget flights remains a moat, but innovation lags could erode it.
Future Outlook for EaseMyTrip: Bullish Catalysts and Investor Strategies
Peering into H2 FY26, tailwinds beckon. Diwali and year-end holidays could lift GBR 30% QoQ, per management. International expansion—targeting 25% of revenues—leverages visa relaxations in Europe. Profitability hinges on taming expenses: a 10% trim could restore 12% margins.
Analyst consensus: Buy rating with 20% upside to INR 35, contingent on exceptional-free quarters. Risks include prolonged monsoons or forex volatility, potentially capping growth at 8%.
For investors: Accumulate on dips below INR 28, diversifying with Yatra for sector exposure. Track December bookings for early signals. EaseMyTrip’s journey from IPO darling to resilient contender continues—Q2 FY26 tests mettle, but history favors adapters.
Conclusion: EaseMyTrip’s Crossroads – Opportunity in Adversity
EaseMyTrip’s Q2 FY26 results—INR 118.3 crore revenue down 18%, a INR 36 crore loss—spotlight challenges in a rebounding travel landscape. Exceptional items mask core strengths like 93% GBR growth and EBITDA jumps, yet rising costs and peer outperformance demand urgency. As shares stabilize post-dip, this quarter emerges as a pivot: Will EaseMyTrip harness acquisitions and tech to reclaim momentum?
For those monitoring EaseMyTrip share latest news, the narrative shifts from survival to revival. With strategic bets aligning for H2 acceleration, patient investors may find value. The travel boom awaits—EaseMyTrip must book its ticket wisely.