Financial Performance Highlights (Q2 FY26)
Operating Revenue: The company's operating revenue fell by approximately 18-19% year-on-year (YoY), reporting ₹118.3 crore (or ₹1.18 billion) compared to ₹145 crore in Q2 FY25.
Net Loss: EaseMyTrip slipped into a consolidated net loss of ₹36 crore (or ₹327.00 million), a significant reversal from the net profit of ₹27 crore (or ₹259.00 million) reported in the same quarter last year (Q2 FY25).
Key Factor for Loss (Exceptional Item): A major contributor to the net loss was an exceptional item loss of ₹51 crore. This pertained to a provision made against a recoverable amount from a General Sales Agent (GSA) agreement with an airline under the government's UDAAN scheme.
EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) dropped significantly to ₹12.1 crore (or ₹39.00 million), with the margin compressing sharply from 25.5% in Q2 FY25 to 3.32% in Q2 FY26.
Segment and Operational Performance
Air Ticketing Decline: The core business of air ticketing, which contributes the bulk of the revenue, saw a 22% YoY decline in revenue to ₹72 crore.
Growth in Non-Air Segments: Despite the overall decline, the company reported strong growth in its non-air segments:
Hotel and Holiday Bookings: Grew by 93.3% YoY in terms of bookings, rising from 2.2 lakh to 4.2 lakh bookings.
Trains, Buses, and Others: Bookings increased by 16% YoY.
Gross Booking Revenue (GBR): Total GBR grew by 93% YoY to ₹1,958.70 crore, though a different report indicates GBR for the air business fell.
International Expansion
Dubai Operations: The company's international business in Dubai showed a strong trajectory, with Gross Booking Revenue (GBR) increasing by 109.7% YoY to ₹361.70 crore.
Strategic Initiatives ('EMT 2.0')
The company continues to pursue its "EMT 2.0" strategy, focusing on diversification into high-margin segments and international expansion:
Acquisitions: Acquired a 50% stake in a London luxury boutique hotel, Three Falcons Notting Hill Limited, marking its entry into international hospitality. It also acquired a premium commercial property in Gurugram for operational infrastructure.
Partnerships: Formed partnerships, including one with Hoi to launch India's first Smart Kiosk Rewards Program at airports.
Leadership: Founder and Chairman Nishant Pitti assumed the role of Chairman and Managing Director.
In summary, while EaseMyTrip faced significant pressure on its core revenue (primarily air ticketing) and an exceptional item led to a net loss, it showed strong growth in non-air segments and its international operations, which the management is banking on for future profitability.