Easy Trip Planners Limited

Consumer Cyclical — Travel Services · NSE

₹5.70−₹0.05 (−0.87%)

DalalBaazaar Score

33 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, the company is currently loss-making.

In simple words: The company is currently losing money, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of Easy Trip Planners Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Easy Trip Planners Limited, together with its subsidiaries, operates as an online travel agency in India, the Philippines, Singapore, Thailand, the United Arab Emirates, the United Kingdom, Saudi Arabia, New Zealand, Brazil, and the United States.

IndustryTravel Services

SectorConsumer Cyclical

Employees1,714

Annual revenue₹536 Cr

How does it make money?

Turns over ₹536 Cr a year. Of every ₹100 of sales, about ₹-7 reaches shareholders as profit, with ₹4 left at the operating level before interest, tax and depreciation. Each of its 1,714 employees supports ₹31.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹31.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of -5.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +19% while net margin moved -125% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+19%

Margin effect-125%

DalalBaazaar Score

33/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✗ ROE has fallen by 41.2 points over the period

Quality vs. Valuation

Company Quality

32/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

25/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

113.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Debt is being paid down
Total debt is down 59% over 3 years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 36.3% to -4.9% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 49.6% to -5.0% — often a sign of competition or overexpansion.

Red Flags

8 items require attention · 6 high · 2 watch

🔴High leverageFinancial
Debt/Equity of 4.35x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only -8.9x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹39 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 38.3 points, from 42.0% to 3.7%.
🔴Receivables growing faster than salesFinancial
Receivables up 75% against revenue up 19% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 359% against revenue up 19% — stock may not be moving.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 33.5x to -8.9x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹118 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 59% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 42.0% to 3.7%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Leverage amplifies any setback
Debt/Equity of 4.35x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 75% against revenue up 19%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 6.1% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Returns on shareholder capital are falling
ROE has dropped from 36.3% to -4.9%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 2%✓ 3.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹118 Cr
Profit that never becomes cash eventually stops being profit.
3Interest cover stays above 3x✗ -8.9x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 5% a year✓ 6.1% CAGR
Latest reported year was 18.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
5Debt / EBITDA stays below 2x✓ 1.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.

Investment Checklist

4 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 3 neutral · 7 weak

Market Cap

₹2,271 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

2.42x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-0.14

Loss-making

Negative earnings per share — the business is losing money

ROE

-4.9%

Weak

Weak capital efficiency

ROCE

-5.0%

Weak

Low return on total capital employed

Debt/Equity

4.35x

High

High leverage

Revenue Growth (YoY)

18.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-136.7%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹118 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-0.4%

Weak

Thin margins leave little room for error

Net Margin

-9.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.48

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.54

Defensive

Steadier than the market

52W Range Position

11%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

5.8 / 6.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

28.8

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹449 Cr	₹591 Cr	₹587 Cr	₹536 Cr	+6.1%
EBITDA	₹189 Cr	₹226 Cr	₹161 Cr	₹20 Cr	-53.0%
EBITDA Margin	42.0%	38.3%	27.4%	3.7%	—
PAT (Net Profit)	₹134 Cr	₹103 Cr	₹107 Cr	-₹39 Cr	—
EPS	₹0.39	₹0.29	₹0.3	₹-0.11	—
ROE	36.3%	17.1%	14.9%	-4.9%	—
ROCE	49.6%	22.8%	17.0%	-5.0%	—
Total Debt	₹87 Cr	₹19 Cr	₹38 Cr	₹35 Cr	-25.8%
Free Cash Flow	-₹125 Cr	₹113 Cr	₹46 Cr	-₹118 Cr	—

🟢 Revenue has grown at 6.1% a year over 3 years.

🔴 EBITDA has shrunk at 53.0% a year over 3 years.

🔴 EBITDA Margin has fallen from 42.0% to 3.7% over 3 years (-38.3 pts).

🔴 PAT (Net Profit) has turned negative, from ₹134 Cr to -₹39 Cr.

🔴 EPS has turned negative, from ₹0.39 to ₹-0.11.

🔴 ROE has fallen from 36.3% to -4.9% over 3 years (-41.2 pts).

🔴 ROCE has fallen from 49.6% to -5.0% over 3 years (-54.6 pts).

🟢 Total Debt has shrunk at 25.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,208 Cr

Total Liabilities

₹393 Cr

Cash & Equivalents

₹80 Cr

Operating Cash Flow

-₹4 Cr

Capex

-₹114 Cr

Shareholding (proxy)

Institutional Holding

2.1%

Insider Holding

55.1%

Corporate Actions

Ex-Dividend Date

19 Dec 2023

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

2 mixed4 general

Easy Trip Planners Share Price: price action and valuation

Univest, 16 Oct

EASEMYTRIP Forecast — Price Target — Prediction for 2027

TradingView, 29 SeptAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Easy Trip Planners Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Easy Trip Planners Share Price Surges 60% In 3 Sessions | Stock Market Today Update

Samco, 18 FebPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Easy Trip Planners (EASEMYTRIP.NS) Holds Firm Near ₹5.80 as Traders Eye ₹6.09 Ceiling - Buffered ETF

https://www.siam.in/, 21 Sept

Easy Trip Planners allots 34.7 crore shares for ₹319.6 crore

scanx.trade, 27 May

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

MiddlingFinancial Health

WeakBusiness Quality · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 6 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑