Travel-tech company EaseMyTrip has reported a mixed set of numbers for the second quarter of FY26, with strong growth in hotels, holidays and international operations offset by a decline in core air ticketing revenue and a swing to loss at the bottom line.

EaseMyTrip: Revenue and Profitability Under Pressure

For the quarter ended Q2 FY26, EaseMyTrip reported:

• Gross Booking Revenue (GBR): ₹1,958.7 crore
• Revenue from operations: ₹118.3 crore
• EBITDA: ₹12.1 crore
• EBITDA margin: 9.6%
• Total comprehensive income: ₹13.5 crore

Despite a healthy booking base, the company’s revenue and profitability came under stress. Operating revenue declined by about 18% year-on-year to around ₹118 crore, from ₹145 crore in Q2 FY25.

Air ticketing, historically the company’s mainstay, was the biggest drag, with revenue from this segment slipping to ₹72 crore in the quarter. Hotel and holiday packages contributed ₹32 crore, accounting for roughly 27% of total revenue.

Including other income, EaseMyTrip’s total income stood at ₹126 crore, compared with ₹150 crore a year earlier. For the first half of FY26, revenue fell 22% to ₹232 crore, while expenses rose 4.4% year-on-year to ₹120 crore, driven by higher employee costs, payment gateway charges and service-related expenses. Employee benefit costs alone rose 24% over the previous year.

As a result, the company posted a loss of ₹36 crore in Q2 FY26, against a profit of ₹27 crore in the same quarter last year – a sharp reversal that underlines the cost of its ongoing expansion and diversification drive.

Non-Air Bets Start to Pay Off

Even as air ticketing slowed, EaseMyTrip’s non-air business delivered strong momentum. Hotels and holiday bookings surged 93.3% year-on-year, rising from 2.2 lakh to 4.2 lakh bookings in Q2 FY26.

The trains, buses and others segment also expanded, with bookings climbing 16% year-on-year, from 2.8 lakh to 3.3 lakh transactions.

Together, these numbers point to a deliberate shift away from an air-heavy model towards a broader travel services portfolio, in line with the company’s articulated “EMT 2.0” strategy of becoming a full-stack travel platform focused on higher-margin categories.

Dubai Leads International Growth

International operations were a clear bright spot. EaseMyTrip’s Dubai business reported Gross Booking Revenue of ₹361.8 crore in Q2 FY26, compared with ₹172.5 crore a year earlier, a robust 109.7% year-on-year growth.

The company attributed this performance to rising demand for international travel and ongoing operational expansion in overseas markets. The strong contribution from Dubai highlights how international hubs are becoming critical growth engines even as domestic air revenues soften.

Acquisitions Signal Bigger Bet on Hospitality and Real Estate

To support its EMT 2.0 strategy, EaseMyTrip has been using acquisitions to move beyond being just an online travel intermediary. These moves show EaseMyTrip testing asset-backed plays, particularly in hospitality and premium commercial spaces, even as it continues to position itself as a technology-led travel platform.

Partnerships, Loyalty Plays and Brand-Building

Beyond pure financial metrics, Q2 FY26 also saw EaseMyTrip deepen its ecosystem through partnerships, loyalty initiatives and high-visibility branding efforts.

Some of the key initiatives included:

• Smart Kiosk Rewards Program with Hoi: Touted as India’s first Smart Kiosk Rewards Program, this tie-up allows travellers to earn monthly vouchers on airport dining orders, linking airport spending with the EaseMyTrip ecosystem.
• Collaboration with MoEngage: Aimed at strengthening real-time customer engagement, improving personalisation and communication across touchpoints.
• Festive Mega Sales:
  • Independence Day Azadi Mega Sale with discounts of up to 79% on stays.
  • Dussehra Sale with offers across flights, hotels, buses and holiday packages, including up to ₹8,000 off on flights and ₹10,000 off on hotels.
• Filmfare Awards Punjabi 2025: EaseMyTrip presented the Filmfare Awards Punjabi 2025, as the awards returned after an eight-year gap. The company said the association boosted brand visibility and allowed it to extend exclusive travel deals to viewers.
• Sports and Experiences:
  • A partnership with FreeAgent to simplify global travel for athletes.
  • An MoU with Timbuckdo to offer focused travel discounts across flights, buses, hotels and experiences.

These efforts suggest the company is trying to lock in repeat users through rewards, festival-led promotions and lifestyle-centric associations rather than relying solely on price competition in air tickets.

Leadership Changes and Capital Raise

On the leadership front, the company announced that founder Pitti has assumed the role of Chairman and Managing Director, signalling a more hands-on leadership stance at a time of strategic transition.

EaseMyTrip also strengthened its senior team by appointing:

• Sankalp Kaul as Chief Technology Officer (CTO)
• Manmeet Ahluwalia as Chief Marketing Officer (CMO)

On the capital side, the board approved the issuance of 55.93 crore fully paid-up shares, valued at ₹514.06 crore, on a preferential basis to seven non-promoter investors. The infusion is expected to support the company’s international expansion, technology investments and portfolio diversification.

Scale and Reach

EaseMyTrip now:

• Operates across 10 countries
• Claims a user base of more than 30 million
• Works with over 72,000 travel agents
• Has partnerships with more than 400 airlines and 2.9 million hotel listings

The company has been forming new subsidiaries, widening product lines and investing in data-led solutions to build a more resilient and diversified travel business model.

Q2 FY26 underlines the two faces of EaseMyTrip’s current journey: a business that is clearly succeeding in scaling non-air and international segments, but also one that is absorbing higher costs and coping with weaker air ticketing revenue, resulting in a quarterly loss.

How effectively the company can convert its EMT 2.0 strategy, hospitality and real-estate bets, and aggressive partnership pipeline into sustainable, profitable growth will define its trajectory over the next few quarters, especially in an increasingly competitive and price-sensitive Indian travel market.

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