EaseMyTrip.com H1 FY27 adjusted-income margin falls to 7.6%

Easy Trip Planners Limited, which operates as EaseMyTrip.com, reported a 7.6% adjusted-income margin in H1 FY2027, down from 8.3% a year earlier, as gross booking revenue rose 20.0% to Rs 4,829.42 crore. Service cost reached 1.6% of bookings from 0.8%, and the group recorded a Rs 7.61 crore loss before tax.

What changed in EaseMyTrip.com’s H1 FY2027 profitability?

EaseMyTrip.com moved to a loss before tax in H1 FY2027 despite growth in bookings and adjusted income. Gross Booking Revenue, or GBR, increased from Rs 4,024.49 crore in H1 FY2026 to Rs 4,829.42 crore in H1 FY2027. Adjusted Income rose from Rs 335.76 crore to Rs 367.58 crore, but its margin declined by 0.7 percentage points to 7.6% of GBR.

The difference between adjusted income and total expense drove the change. Total expense increased from Rs 327.61 crore in H1 FY2026 to Rs 375.19 crore in H1 FY2027, although its GBR ratio declined from 8.1% to 7.8%. Profit before tax, or PBT, changed from a Rs 8.15 crore profit in H1 FY2026 to a Rs 7.61 crore loss in H1 FY2027.

The two quarters produced different outcomes. EaseMyTrip.com reported a Rs 11.41 crore PBT loss in Q1FY27, followed by a Rs 3.80 crore PBT profit in Q2FY27. Q2FY27 Adjusted Income was Rs 193.34 crore, or 7.9% of GBR, compared with Rs 174.24 crore, or 7.3%, in Q1FY27.

Why did EaseMyTrip.com’s adjusted-income margin decline?

EaseMyTrip.com’s margin declined as service cost and other operating costs increased. Service cost rose from Rs 32.47 crore in H1 FY2026 to Rs 78.13 crore in H1 FY2027, lifting its share of GBR from 0.8% to 1.6%. Adjusted Revenue, calculated after customer discounts and service cost, rose from Rs 321.74 crore to Rs 350.97 crore, while its GBR ratio fell from 8.0% to 7.3%.

Other expenses increased from Rs 62.30 crore to Rs 84.35 crore, raising their GBR ratio from 1.5% to 1.7%. Payment gateway charges rose from Rs 27.95 crore to Rs 36.04 crore while remaining at 0.7% of GBR. The presentation’s broader Other Expenses metric, which combines other expenses and payment gateway charges, increased from Rs 90.25 crore to Rs 120.39 crore, or from 2.2% to 2.5% of GBR.

Some costs declined relative to booking volume. Customer discounts increased from Rs 122.08 crore to Rs 136.41 crore, but their GBR ratio declined from 3.0% to 2.8%. Employee expenses rose from Rs 62.62 crore to Rs 64.68 crore while falling from 1.6% to 1.3% of GBR, and marketing and sales promotion decreased from Rs 38.85 crore to Rs 37.99 crore, reducing its ratio from 1.0% to 0.8%.

Did EaseMyTrip.com’s operating mix support growth in H1 FY2027?

EaseMyTrip.com’s hotel and holiday activity grew sharply, while trains, buses and other transactions declined. Hotel nights booked increased 91.0% year on year from 7.50 lakh in H1 FY2026 to 14.40 lakh in H1 FY2027. Trains, buses and other transactions fell 42.9% from 7.6 lakh to 4.3 lakh during the same half-year periods.

The Q2FY27 revenue mix shows that booking volume did not translate into a uniform income mix. Flights accounted for 69.6% of quarterly GBR, compared with 28.9% for hotels and holiday packages and 1.4% for trains, buses and others. In revenue from operations, hotels and holiday packages accounted for 58.2%, flights for 35.7%, and trains, buses and others for 6.1%.

Dubai was another source of booking growth. EaseMyTrip.com reported Dubai GBR of Rs 556.03 crore in Q2FY27, up 53.7% from Rs 361.73 crore in Q2FY26. The Q2FY27 figure also exceeded Rs 461.81 crore in Q1 FY27, extending the reported quarterly progression from Rs 126.71 crore in Q1FY25.

How does H1 FY2027 compare with EaseMyTrip.com’s longer-term margin trend?

EaseMyTrip.com’s H1 FY2027 PBT loss follows a substantial decline in consolidated earnings before interest, tax, depreciation and amortisation, or EBITDA, through FY26. EBITDA margin was 58.8% in FY22 and 37.5% in FY24, before declining to 26.7% in FY25 and 4.0% in FY26. EBITDA decreased from Rs 161.22 crore in FY25 to Rs 22.86 crore in FY26.

Total revenue declined from Rs 603.25 crore in FY25 to Rs 573.45 crore in FY26, while employee benefits expense increased from Rs 102.83 crore to Rs 129.80 crore and other expenses rose from Rs 339.20 crore to Rs 420.80 crore. FY26 PBT was Rs 0.76 crore, compared with Rs 142.98 crore in FY25, and profit for the year was a Rs 47.60 crore loss.

The H1 FY2027 result nevertheless showed a different cash-flow outcome from the prior first half. Net cash from operating activities was Rs 16.53 crore in H1 FY2027, compared with a Rs 17.48 crore outflow in H1 FY2026. Cash and cash equivalents at the end of H1 FY2027 were Rs 107.67 crore, compared with Rs 80.22 crore at FY26-end.

What operating plans could affect EaseMyTrip.com’s future costs and mix?

EaseMyTrip.com says it is expanding hotels and holiday packages through cross-selling, personalised offers and customer data, while scaling international offices, subsidiaries and regional product verticals. Management identifies hotels and holiday packages as a focus area offering higher profit margins, and hotel nights booked reached 14.40 lakh in H1 FY2027.

The company also disclosed an electric-bus plan through Easy Green Mobility, with YoloBus as the operating arm. The presentation cites a planned Rs 200 crore investment over two to three years for research and development and a manufacturing plant, with a goal of operating more than 2,000 electric buses by FY2028. The presentation does not quantify the plan’s future revenue, cost or profitability contribution.

Conclusion

EaseMyTrip.com increased H1 FY2027 GBR by 20.0% to Rs 4,829.42 crore and Adjusted Income by Rs 31.82 crore, but the adjusted-income margin fell to 7.6% as service cost reached 1.6% of bookings and other expenses reached 1.7%. The result was a Rs 7.61 crore PBT loss, compared with an Rs 8.15 crore profit in H1 FY2026.

The next result will show whether the Q2FY27 improvement, including a 7.9% Adjusted Income margin and Rs 3.80 crore PBT profit, can continue while service cost and other expenses are managed. Management’s disclosed hotel expansion and Rs 200 crore Easy Green Mobility investment over two to three years provide the stated operating roadmap, while their financial contribution remains unquantified in the presentation.