Analysis: Easy Trip Planners Limited

What does Easy Trip Planners Limited do?

• Easy Trip Planners Ltd is India's leading online travel agency (OTA), founded in 2008 and listed on BSE/NSE.
• Bootstrapped to IPO with no external funding until 2024, it remains profitable since inception and part of India's elite unicorn club.
• Operates a one-stop travel ecosystem offering flights, hotels, buses, trains, holidays, and cruises, serving 30 Mn+ premium users globally.

• Core offerings: Airline ticketing (86% of GBR), hotels/holiday packages (11.9% of GBR), and trains/buses (2% of GBR).
• Non-air growth: Hotel bookings grew 73% YoY in 9M FY2025, contributing 10.6% to GBR.
• International expansion: Dubai operations grew 227% YoY in Q3 FY2025, with plans to enter Brazil, Saudi Arabia, and UAE.

Growth thesis

Easy Trip is India’s second-largest online travel agency, operating a flight-booking platform diversifying into hotels, corporate travel, and EV manufacturing. Non-air revenue remains at 14% of total GBR despite a FY26 target of 25%, with Dubai operations (227% YoY GBR growth) and EV subsidiary Easy Green Mobility (2-3 year rollout) as key expansion bets. Franchise store growth lags (21 opened vs. 100 target by FY25), while corporate travel 2.0 and insurance broking lack measurable traction. EBITDA margins remain robust at 31% due to disciplined discounting (3% cashback), but reliance on INR 1,000 cr QIP for inorganic growth and slow progress on non-air diversification highlight execution risks.

Why is Easy Trip Planners Limited stock rising?

• Target to shift revenue mix to 75% flights and 25% non-air segments by FY2026
• Aim to grow corporate travel business from current minimal level into double digits
• Middle East operations believed to have achieved less than 5% of full potential
• EV bus manufacturing facility to be set up with bus rollout expected over the next few years
• Franchisee store rollout to continue across multiple cities

Research report

companyname: Easy Trip Planners Ltd ticker: EASEMYTRIP sector: E-Commerce - Platform - Travel easemytrip is india's second largest online travel agency, but that description doesn't capture what makes them different. they started in 2008 as a bootstrap operation - no outside capital for the first 14 years - and built a profitable business by doing the unglamorous work other otas avoided. while competitors focused on burning cash for market share, easemytrip built their own call centers, chat su...

Catalysts

capex, margin expansion, new product segment, acquisition inorganic

Growth guidance

No guidance

Management consistency

mixed