Easy Trip Planners Ltd Management Discussions

ECONOMY OVERVIEW Global Economic Review

In CY2025, the global economy grew by 3.4%. The global economy demonstrated steady but modest growth, supported by easing inflation, resilient labour markets, and gradual recovery in global trade. However, the pace of expansion remained uncertain amid on-going geopolitical tensions, trade policy uncertainty, and uneven regional performance.

Advanced economies posted a 1.9% increase in CY 2025 and Emerging Markets and Developing Economies (EMDEs) continue to outperform at around 4.4% in CY 2025. In contrast, the Eurozone experienced subdued economic momentum due to weak manufacturing activity and policy uncertainty. The Indian economy continued to demonstrate strong and resilient growth during the year, supported by robust domestic demand, sustained public investment, and stable macroeconomic fundamentals. The Middle

East conflict has affected key shipping routes and energy infrastructure, leading to increased price volatility and tighter financial conditions, especially in parts of Asia.

Geopolitical tensions and trade fragmentation continue to disrupt supply chains, particularly for critical minerals and equipment. Regional conflicts, climate disruptions, and trade fragmentation remained persistent threats to global stability. Global inflation was marked at 4.1% in CY 2025, expected to rise to 4.4% in CY 2026.

Outlook

The geopolitical landscape continues to cast a long shadow over global stability. Rising tensions in West Asia pose mounting risks to international trade, energy supply chains, and the broader flow of goods across borders.

ConcernsoverpotentialdisruptionstotheStraitofHormuz–a vital chokepoint for global energy transit pushed crude oil prices higher, tightened liquefied natural gas supplies, and fuelled volatility across financial markets. The ongoing war between Russia and Ukraine is keeping energy markets on edge, driving up commodity prices and straining logistics networks. The combined effect is creating a persistent upward pressure on business costs and a deepening sense of uncertainty around the reliable sourcing of critical materials and services.

Advanced economies are projected to witness moderate but stable growth, with output expected to expand from 1.9% in 2025 to 1.8% in CY 2026 and 1.7% in CY 2027, reflecting a normalisation after the strong post-pandemic recovery. The US economy is forecast to grow by 2% in CY 2025 to 2.4% in CY 2026 and 2% in CY 2027, supported by strong productivity growth, particularly from technology and

AI-related investment and easing inflation pressures as tariff effects fade and energy prices moderate.

However, moderating technology momentum, softer consumption, and lower immigration may limit growth. The Euro Area economy is projected to expand by 1.1% in 2026, supported primarily by consumer spending, although growth remains constrained by elevated energy costs, geopolitical uncertainty, and subdued industrial activity.

The recent US tariffs and increasing geopolitical tensions pose significant challenges in the upcoming period.

Emerging Markets and Developing Economies (EMDEs), led by China and India, expected to grow by 4.4% in CY 2025 followed by 3.9% in 2026 and 4.2% in 2027, indicating continued resilience. Growth was further aided by a gradual recovery in global trade and increased public investment in infrastructure and development projects. However, the overall performance remained constrained by tight global financial conditions, elevated borrowing costs, high public debt levels, and ongoing geopolitical and trade-related uncertainties, which continued to weigh on investment and economic activity.

Source: World Economic Outlook (IMF), WEO (IMF)-April

Indian Economy Overview

India sustained its position as one of the fastest-growing major economies in FY 2025-26, demonstrating resilience amid global uncertainties. Real GDP is estimated to grow by 7.7%, up from 7.1% in FY 2024-25, supported by robust domestic demand, sustained public investment, and stable macroeconomic fundamentals. Nominal GDP grew 8.9%, while Real and Nominal GVA expanded by 7.9% and 9.1% respectively. On the expenditure side, both Private Final Consumption Expenditure (PFCE) and Gross Fixed Capital Formation (GFCF) exhibited growth above 7.5%.

A favourable monsoon boosted agricultural output and rural demand, while manufacturing and construction continued gaining traction. The Primary sector grew 3.2%, driven mainly by agriculture andfishery, while the Secondary and Tertiary sectors grew 8.8% and 9.3% respectively at constant prices. Manufacturing, trade/hotels/transport/communication, and financial/real estate/professional services sectors achieved double-digit growth at both constant and current prices.

Growth was broad-based: trade, hotels, transport, and communication led at 11%, followed by financial,real estate, and professional services at 10.4%. Manufacturing grew

10.7% and construction 7.4%, reflectingimproving industrial momentum, while agriculture registered moderate growth of 3% The Union Budget 2026-27 is anchored around the

Viksit Bharat vision, prioritising youth empowerment, structural reforms, and fiscal discipline. Growth is further supported by improved credit flow, higher capacity utilisation, a good monsoon, and reforms such as GST 2.0. The budgets investment strategy targets strategic sectors, semiconductors, electronics, biopharma, and rare earths – to reduce import dependence and strengthen domestic capability. Infrastructure remains a central theme, with high capital expenditure directed towards freight corridors, waterways, and high-speed rail. MSMEs and the services sector receive focused support through funding access, IT reforms, skill development, and initiatives including medical tourism. Agriculture and energy security are addressed through productivity improvements, AI integration, and clean energy investments, all within a framework of fiscal prudence.

The RBI has held the repo rate steady at 5.25%, reflecting a balanced stance that supports economic momentum without compromising financial stability. This signals resilient domestic demand, supportive financial conditions, and a stable external sector – pointing to a cautiously optimistic outlook for the Indian economy in the year ahead. (Source: PIB, MoSPI, Groww)

Indian Travel & Tourism Industry

Tourism contributes 5.22% to Indias GDP and supports

13.34% of total employment, establishing it as one of the economys most consequential sectors. It further drives foreign exchange earnings, job creation, and regional development in equal measure. The sector now exceeds

USD 200 billion in value and continues to grow at a compelling pace.

The transformation of Indias hospitality landscape is as much behavioural as it is structural. Digital enablers such as UPI, Aadhaar, DigiYatra and AI are reshaping the foundational infrastructure layer, while traveller preferences are simultaneously evolving. Demand is shifting away from luxury-led consumption toward intentional, experience-driven journeys encompassing cultural tourism, wellness retreats, slow travel, and hyperlocal stays. Monsoon escapes, pilgrimage circuits, and rising travel originating from smaller cities are collectively redefining demand patterns in ways that traditional, metro-centric models were ill-equipped to anticipate.

The most compelling near-term opportunity lies in Tier 2 and Tier 3 cities. Metro markets are approaching saturation, while smaller cities remain significantly underpenetrated.

Enhanced airport, highway, and rail connectivity has improved accessibility; rising disposable incomes are fuelling demand; and supply continues to lag. For hospitality developers, the proposition is clear – lower land costs, reduced competition, and considerably stronger growth headroom.

Foreign Tourist Arrivals (FTAs) continue to reflect a gradual recovery in Indias tourism sector. FTAs increased from 9.52 million in 2023 to 9.95 million in 2024, marking a growth of 4.5%, with the recovery trend extending into FY 2025 26. During 2025, India recorded 4.26 million FTAs in the first half (Jan June) and approximately 6.18 million arrivals by

September, indicating continued but uneven recovery amid global travel dynamics.

India also holds a structural advantage in technology.

Most mature markets build hospitality technology in fragmented layers: property management, customer-facing tools, and service platforms that rarely integrate. India has the opportunity to potential for employment generation,architect intelligence-led, fully integrated systems from the ground up, bypassing the legacy silo problem that constrains established markets.

The Economic Survey 2025-26 highlighted that medical tourist arrivals rose from about 1.12 lakhs in 2009 to over 6 lakhs in 2024, reflecting a CAGR of roughly 12.4%. Indias medical tourism market is valued at USD 20.4 billion in 2026 and is projected to reach USD 65.1 billion by 2036, expanding at a 12.3% CAGR over the forecast period.

Under the Viksit Bharat framework, the Union Budget directs targeted investment toward tourism through several high-impact measures, including five Medical Value Tourism Hubs developed in partnership with the private sector, fifteen archaeological sites redeveloped as experiential cultural destinations, Buddhist Circuits across the Northeast, five major tourism destinations in Purvodaya States connected by 4,000 e-buses, and ecologically sustainable Mountain, Turtle, and Bird Watching trails. Additional initiatives include India hosting the inaugural Global Big Cat Summit, a pilot programme to upskill 10,000 guides across 20 iconic sites, a

National Institute of Hospitality bridging academia, industry, and government, and a rationalisation of TCS on overseas tour packages to a flat 2%.

Indias travel and tourism market is projected at USD 34.44 billion in 2026, expanding at a CAGR of 12.08% to reach USD 54.34 billion by 2030. Hotels remain the dominant segment at

USD 15.34 billion in 2026, with the user base anticipated to reach 154.66 million by 2030. By 2030, online sales are expected to account for 62% of total revenue reflecting the decisive and irreversible shift toward digital as the default booking channel.

(Source: Travel and Tour World, Moneycontrol, McKinsey, Statista, PIB, Bureau of Immigration, Ministry of Tourism, Future Market Insights)

Outlook

Tourism is a key sector of the Indian economy with significant exchange earnings, and balanced regional development.

It has a strong multiplier effect and capacity to create livelihoods across hospitality, transport, handicrafts, and allied services. Indias travel and tourism sector is on a compelling long-term growth trajectory, underpinned by a confluence of structural and behavioural tailwinds.

Rising disposable incomes – particularly across Tier 1 and Tier 2 cities – are driving demand for premium, experience-led travel, with non-food spending now accounting for 60% of urban consumption. Indian travellers are increasingly gravitating toward intentional, wellness-oriented, and culturally immersive journeys, reflecting a fundamental shift away from conventional mass tourism. Tier 2 and Tier 3 cities represent the sectors most dynamic growth frontier, supported by improving connectivity, rising incomes, and a structural undersupply of quality accommodation. The rapid proliferation of digital booking platforms continues to lower access barriers and streamline the end-to-end consumer experience. Indias unparalleled diversity of heritage sites, pilgrimage routes, wildlife corridors, and culinary traditions provides a structural advantage in experiential tourism. Supported by expanding infrastructure and government policy, the sector is well-positioned to deliver inclusive, sustained, and broad-based economic growth.

(Source: Ministry of Tourism)

Indian Hospitality Industry

Indias hospitality market is projected at USD 24.36 billion in 2025, expanding to USD 27.96 billion in 2026. The sectors outlook remains firmly domestic demand, expanding infrastructure, and proactive government support.

In the near term, the hotel industry is projected to grow

9-12% year-on-year in FY26, according to ICRA, driven by domestic leisure travel, MICE activities, weddings, and resilient corporate demand. Premium hotel room inventory across 12 key cities is expected to grow at a CAGR of 5 6% during FY25 and FY26, against demand growth of 8-9%, giving rise to a supply gap which is anticipated to persist over the next two to three years, sustaining healthy occupancy and pricing power. Operating margins for premium hotels are expected to remain strong at 34 36% in FY26, well above pre-COVID levels of 20 22%, with strengthened balance sheets and improved debt coverage metrics providing a solid foundation for continued expansion.

Growth is underpinned by a large domestic travel base, a rising middle-income population, and significantly improved air and road connectivity driving higher travel frequency across leisure, pilgrimage, and business segments. The budget and economy hotel segment is particularly active, projected to grow at approximately 6% annually throughtraction, with2029, fuelled by the rising aspirations of the middle class and increasing movement across Tier 2 and Tier 3 cities – where demand for standardised, competitively priced accommodation continues to outpace supply. Infrastructure has been a key enabler, with the number of airports more than doubling over the past decade and government programmes actively developing new destination and pilgrimage circuits. On the international front, foreign tourist arrivals are recovering steadily, supported by targeted destination marketing and positive, underpinned by robust digital tools that simplify planning and booking. Government commitment to global outreach is also strengthening, with funds under the Restructured Scheme of Overseas

Promotion and Publicity (RSOPP) increasing from 33.00 crores in FY 2024-25 to 43.48 crores in FY 2025-26.

Technology is emerging as a pivotal force of transformation across all tiers of the sector. AI-powered chatbots, personalised recommendation engines, and consumer behaviour analytics are elevating guest engagement, optimising dynamic pricing, and enhancing service delivery. Cloud-based property management systems, automated check-ins, smart energy solutions, and AI-driven concierge services are improving productivity and service standards industry-wide. Digital transformation has evolved from a differentiator into an operational imperative, as traveller expectations shift toward faster, frictionless, and personalised experiences. At the operator level, hospitality businesses are embracing asset-light models to manage capital risk while leveraging digital and proprietary channels to strengthen customer retention and drive repeat bookings.

Sustainability has also gained significant

250 Indian hotels having received Green Globe certification.

Initiatives spanning solar-powered infrastructure, electric vehicles for tourist transport, and carbon footprint reduction programmes across aviation and accommodation reflect the industrys deepening commitment to responsible and eco-conscious operations. In 2025, overall hotel occupancy levels reached around 64%, reflecting healthy capacity utilisation.

Revenue per available room increased by 11% on a year-on-year basis during the period.

Collectively, robust domestic demand, expanding connectivity, infrastructure investment, technological advancement, and a growing focus on sustainability position Indias hospitality sector for strong, inclusive, and sustained long-term growth.

(Source: Mordor Intelligence, PIB, IBEF, Angel one)

Outlook

Indias hospitality sector is well-positioned for sustained, broad-based growth, driven by a convergence of structural demand tailwinds, supportive government policy, and evolving traveller behaviour. Rising incomes among the growing middle class are fuelling strong domestic leisure travel. Indias hospitality market is projected at USD 55.67 billion by 2031, growing at a CAGR of 14.76%.

Younger travellers are increasingly opting for experience-led trips – cultural, adventure, and wellness – boosting per-trip expenditure and supporting occupancy across urban and leisure clusters. Demand is progressively dispersing beyond metros into Tier 2 and Tier 3 cities, strengthening local corridors and encouraging the conversion of unbranded properties into organised hospitality formats.

Government initiatives continue to expand the investable landscape. Programmes such as Swadesh Darshan 2.0, PRASHAD, and Incredible India are strengthening infrastructure at high-traffic religious and cultural destinations, improving connectivity to secondary markets, and distributing demand more evenly across regions. Expanded airport capacity is reinforcing airlift into leisure hubs and state capitals, while budget allocations to tourism infrastructure in FY26 underscore a steady policy commitment that de-risks investment planning for operators and developers.

on-year riseDomestic tourism recorded a significant of 40% in 2025, reaching nearly 4.1 billion visits. This sharp increase has been a key growth driver for hotel occupancies across urban and leisure destinations.

Asset-light expansion is reshaping the supply side, with chains prioritising management contracts and franchise conversions to scale rapidly. Organised branded room inventory is projected to exceed 3,00,000 rooms by 2029, supported by rising domestic demand and favourable GST structures on affordable accommodation. Pilgrimage and wellness tourism are emerging as durable demand drivers – with enhanced circuits around Ayodhya, Varanasi, and other spiritual centres generating multi-night stays and supporting higher-rate inventory. Collectively, these dynamics position

Indias hospitality market for resilient, inclusive, and long-term value creation.

Policy-driven enablers continue to play a meaningful role in accelerating sectoral momentum. The establishment of the

Hospitality Development and Promotion Board has brought greater efficiency to hotel project approvals, while targeted government funding reinforces a sustained commitment to public-private collaboration. Through these concerted efforts, India is steadily cementing its position as one of the worlds most attractive and business-friendly destinations for hospitality investment.

Backed by sustained investment, strengthening consumer demand, and a sharpening focus on innovation and sustainability, Indias hospitality sector stands at the cusp of a transformative growth phase: one that is poised to deliver resilient, inclusive, and enduring value across the broader economy.

(Source: Mordor Intelligence, Angel one)

Opportunities

1. Rising Disposable Income and Growing Spending Power

Incomes are rising across Tier 1 and Tier 2 cities, with tax relief measures lifting disposable income and reviving discretionary spending. Non-food spending now makes up 60% of urban consumption, and as larger sections of the population move into the middle and upper income brackets, more money is flowing toward stays, dining, experiences and premium travel.

2. Shift Toward Experiential, Cultural, Wellness and Medical Travel

Travellers are moving away from packed, itinerary driven trips toward slower, more intentional journeys built around wellness retreats, cultural immersion, heritage circuits and authentic local experiences. Hotels are earning more from wellness, dining and events rather than rooms alone, and luxury travel itself is evolving toward immersive, culturally-rooted experiences. Indias density of heritage sites, festivals, pilgrimage routes and wildlife corridors gives it a structural edge here, with initiatives like the Global Big

Cat Summit turning this natural capital into organised, bookable products. This ties into rising global interest in yoga, Ayurveda and holistic wellbeing, combined with Indias largely unexploited capacity for affordable, quality healthcare, pointing to meaningful growth in wellness and medical tourism for both domestic and international patients.

3. Growth Beyond Major Metros and Inclusive

Employment

Smaller cities are the sectors most active growth frontier. Rising local incomes, improving connectivity and undersupplied accommodation are pulling developers away from saturated metro markets, with bleisure and religious travel as key demand drivers.

More than two-thirds of new hotel supply added in 2024 came from these emerging locations. This expansion is also feeding into employment, with tourism supporting 13.34% of total employment in India and a direct contribution of 5.82%, giving the sector a growing role in livelihood generation and regional economic balance as it reaches into smaller cities and rural circuits.

4. Digital, Social Media and Technology Adoption

Online booking platforms already account for a sizeable and growing share of travel bookings, streamlining the end-to-end experience, while social platforms give operators a low-cost way to build visibility and attract travellers from abroad. On the operational side, moves toward automated check-in, contactless service and cloud-based systems give operators a way to stand

, a trend that gained yefficientl apart and run more momentum through the pandemic years.

5. Large Scale Infrastructure Expansion

Expansion of airports, highways and rail networks is opening up previously inaccessible destinations.

Indias airport network grew from 74 in 2014 to 163 by October 2025 and is expected to reach 350 to 400 by 2047, with aircraft numbers projected to hit around 1,100 by 2027.

6. Diversification into New Demand Segments

The global alternative accommodation market was valued at USD 210.59 billion in 2025 and is projected to reach USD 815.42 billion by 2034, with Indias market alone expected to hit USD 10.98 billion by 2026.

Indias tourism potential remains far from fully realised, and coordinated promotion of homestays and rural tourism could unlock further demand. Alongside this, Indias MICE market was valued at USD 49.4 billion in 2024 and is projected to more than double to USD 103.7 billion by 2030, reinforced by the growth of global capability centres, IT hubs and modern convention facilities reviving demand for business travel.

7. Severe Under Penetration in Hotel and Luxury Supply Driving Pricing Power

India has only about 263 organised hotel rooms per million people against a global average close to 7,877, and just 23 luxury rooms per million people, far less than Australia, Thailand or China. Listed hotel operators are expected to add more than 70,000 branded rooms by 2030, pointing to a long runway for new supply and investment, while rebounding foreign arrivals, from 9.7 million in 2024 to an expected 14.6 million by 2030, add further support to this growth, helped by easier visas and new travel routes. Demand for luxury stays has consistently outpaced new supply over the past decade, and this gap is expected to widen further, giving operators strong pricing power, reinforced by the fact that average nightly rates in Indian cities remain far cheaper than comparable global destinations. Leading hotel groups are addressing this gap through capital efficient models, increasingly expanding via management contracts and franchise agreements rather than owning property outright, enabling faster scaling with lower capital needs.

8. Supportive Government Policy and Investment

Climate

Full foreign ownership is permitted in the sector, alongside tools such as tax incentives, relaxed customs duties, simplified licensing, Special Economic Zone provisions, wide e-visa access and calls for states to grant tourism industry status.

(Sources: Ministry of Tourism, International Journal of Engineering Development and Research, Tradejini)

Threats

1. Regulatory Complexity and Supply Side

Constraints

Layered approval processes, inconsistent taxation and rules that differ across regions create uncertainty for operators. This is compounded by limited land availability, high construction costs and long project timelines, which continue to slow the pace of new hotel development, particularly in upscale and luxury categories. The resulting gap between rising demand and available capacity, while supportive of pricing power for existing operators, signals a sector still struggling to build supply fast enough to keep pace.

2. Gap Between Policy and Practice on Foreign

Investment

Even though full foreign ownership is technically allowed in the sector, practical hurdles around taxation and regulatory approval continue to discourage the scale of investment the sector could otherwise attract.

3. Vulnerability to External Shocks, Climate Risk and Global Economic Headwinds

The pandemic period showed how quickly travel restrictions and falling consumer confidence can stall The sector is projects and shake investor confidence. also increasingly exposed to disruption from extreme weather events, making sustainability and operational resilience a growing necessity. More broadly, persistentbridging the gap between digital convenience trade tensions, geopolitical uncertainty and inflationary pressure can dent travel budgets and push travellers toward cheaper options, while overall global economic growth is expected to ease in the near term as protectionist trends continue.

4. Workforce Skill Gaps and HR Inclusion Shortfalls

A large portion of the industrys staff remains untrained or only partly trained. Irregular job structures, limited career progression and a shortage of training programs make it difficult to build a properly skilled workforce, affecting service quality and repeat business. This is compounded by the fact that, given how heavily the industry relies on direct human interaction and an increasingly multicultural workforce, existing HR practices often fall short, leaving unresolved inequities among employee groups.

5. Pressure from Global Chains

International hotel brands bring strong recognition, standardised service and modern marketing capabilities, increasing competitive pressure on local and independent operators to match those standards.

6. Existing Infrastructure Shortfalls

Gaps in transport networks, a shortage of quality accommodation and unreliable basic utilities continue to limit growth and affect the experience of domestic and foreign visitors alike.

7. Sustainability and Resource Management

Gaps

Limited public awareness around protecting natural and cultural resources, together with poor upkeep at popular destinations, slows the growth of homestays and eco-tourism specifically.

8. Safety Perception Risks

Any disruption to peace or security at a destination can quickly discourage international visitors, making destination safety an ongoing area of vulnerability.

(Sources: Ministry of Tourism, International Journal of Engineering Development and Research, Tradejini)

COMPANY OVERVIEW

Founded in 2008, Easy Trip Planners Limited (operating as ‘EaseMyTrip) has evolved from a pioneering travel agent-focussed platform into one of Indias most prominent online travel companies. The Companys journey began with a B2B2C distribution model, empowering travel agents to seamlessly book domestic airline tickets and effectively and Indias offline travel market. Recognising the vast and largely untapped potential of Indias burgeoning middle class, EaseMyTrip strategically expanded into the B2C segment in 2011 – directly engaging individual travellers and redefining the consumer booking experience. This was further complemented in 2013 by its entry into the B2E channel, extending its capabilities to serve the specialised and demanding travel requirements of corporate clients.

Today, EaseMyTrip delivers a comprehensive and fully integrated travel ecosystem, spanning airline tickets, hotel bookings, holiday packages, rail and bus tickets, charter services, taxi rentals, and cruise options. This extensive portfolio is further enriched by a suite of ancillary services, including travel insurance, visa processing, and activity ticketing, reinforcing the Companys position as a true one-stop travel solution provider. A hallmark of EaseMyTrips customer-first philosophy is its no-convenience fee model, which eliminates service charges when alternate discounts or promotional coupons are not applied – a compelling differentiator that has consistently strengthened trust, loyalty, and broad-based appeal across customer segments.

EaseMyTrips growth is underpinned by a robust, continuously evolving technology foundation, built by a dedicated in-house team focussed on secure and scalable infrastructure. This has enabled a well-calibrated diversification through strategic acquisitions of Spree Hospitality and YoloBus – extending the Companys portfolio into hospitality management and intercity mobility.

Under Easy Green Mobility (brand: eMTEV), along with, YoloBus a network of 250+ routes and 3,00,000+ travellers are served. The Company is entering electric bus manufacturing through its new subsidiary, Easy Green Mobility, to accelerate the transition to net-zero carbon mobility. An investment of 200 crore is committed over two to three years for R&D and manufacturing setup, targeting 2,000+ electric buses by FY 2027-28. Aligned with FAME, PLI, and State EV policies, the initiative taps Indias EV bus market, projected to grow at a 24% CAGR (2024-2030) with annual demand of 1,25,000-1,50,000 buses, adding a new revenue stream to the Companys non-air segment.

On the customer front, AI-powered chat support,

WhatsApp-based bookings, zero upfront distribution,hotel payments, an and flight fare lock options reinforce EaseMyTrips position as a comprehensive, one-stop travel ecosystem.

This is complemented by proprietary platforms like ScanMyTrip (ONDC-integrated for interoperable digital commerce), EMTDesk (automated corporate travel management), and EMTMate (enabling independent travel agents) reflecting the depth of the Companys digital capabilities.

ETPL-Q4 FY26 Investor Presentation portfolio, enabling well-calibrated diversification into hospitality management, intercity mobility, and electric mobility. Customer-facing innovations such as AI-powered chat support, WhatsApp-based bookings, zero upfront hotel payments, and flight fare lock options continue to reinforce EaseMyTrips standing as a truly comprehensive, one-stop travel ecosystem. This is further strengthened by a suite of proprietary platforms

ScanMyTrip, integrated with the ONDC network for interoperable digital commerce; EMTDesk, purpose-built for automated corporate travel management; and EMTMate, of free cancellation and designed to empower and enable independent travel agents – collectively underscoring the depth and distinctiveness of the Companys digital capabilities.

As of March 31, 2026, EaseMyTrip has served over 33 million customers, a testament to the scale, trust, and reach the Company has built over its journey. Its platform provides access to more than 400 domestic and international airlines, over 2.3 million hotel listings worldwide, near-comprehensive railway station coverage across India, and bus and taxi services across major cities. Complementing this is a formidable network of over 77,500 registered travel agents, 39 franchise stores, and a dedicated team of 1,714 employees collectively reinforcing the Companys deep market penetration and operational strength. A ~95% repeat transaction rate stands as one of the industrys strongest indicators of customer trust and loyalty. EaseMyTrips global ambitions are equally evident, with operations spanning 10 countries and presence in the UAE, UK, USA, Singapore, Saudi

Arabia, Brazil, Thailand, the Philippines, and New Zealand, reflecting a steadily expanding international footprint and an unwavering strategic intent to serve travellers well beyond Indian shores. True to its identity as Bharat ka Travel App, EaseMyTrip continues to redefine the boundaries of accessible, technology-driven travel.

Complementing its core offerings, EaseMyTrip has launched

‘Explore Bharat which promotes Indian destinations to international travellers and ‘EasyDarshan, a curated end-to-end pilgrimage travel service. Strategic partnerships, including with Planet Education, further deepen its presence in niche categories such as student and business travel. Through diversified service portfolio, and an unwavering commitment to customer-centric innovation, EaseMyTrip has established itself as a scalable, efficient, and future-ready travel platform – built to serve the evolving aspirations of a large and growing customer base.

Business Segments Airline Tickets

EaseMyTrip provides an extensive selection of airline tickets spanning both domestic and international travel, offering customers access to over 400 airlines, from homegrown carriers such as IndiGo and Air India to global names including Etihad Airways and Lufthansa. The segment generates revenue primarily through commissions, incentives, and applicable service fees linked to booking activity.

To continually enhance the user experience, the Company has rolled out a suite of customer-friendly features including

WhatsApp-based flight bookings, fare lock options that allow customers to secure a price for up to 48 hours, and EaseFly, which provides the flexibility changes, all underpinned by AI-enabled chatbot assistance for smooth and efficient booking management.

Hotels and Holiday Packages

EaseMyTrips hotels and holiday packages portfolio is as diverse as the travellers it serves, spanning a rich spectrum of vacation themes including beach, adventure, family, pilgrimage, romantic, shopping, cruise, and cultural getaways, complemented by escorted tours, honeymoon specials, group tours, and weekend escapes. Recognising the immense potential of Indias spiritual and inbound tourism segments, the Company has strategically launched

‘Explore Bharat to showcase Indias finest destinations to international travellers, and ‘EasyDarshan, a thoughtfully curated end-to-end pilgrimage travel service designed for seamless spiritual journeys across the country. The platforms ability to bundle airline tickets, hotel stays, and car rentals into a single, unified transaction not only enhances customer convenience but also drives meaningful cross-selling opportunities across the ecosystem. For corporate clients, EMTDesk delivers a dedicated, purpose-built platform for streamlined business travel management, reinforcing EaseMyTrips comprehensive reach across the B2E segment.

As of March 31, 2026, EaseMyTrip provides access to over 2.3 million hotels worldwide, operating through aggregator partnerships and direct contracting while maintaining a lean cost structure without assuming inventory risk.

Through Spree Hotels, the Company operates its own asset-light hospitality vertical, managing a portfolio of over

2,200 room keys. The segments financial performance reflects the strength of this model, with revenue growing from 1,162.47 million in FY 2024-25 to 1,683.19 million in FY 2025-26, accounting for 31.42% of total revenue.

Other Travel Products and Services

Indias EV bus market is projected to grow at a CAGR of

24% during 2024–2030, with annual demand projected at 1,25,000–1,50,000 EV buses within a decade.

EaseMyTrips offerings extend well beyond flights hotels, covering rail, bus, taxi, air charter, insurance, visa, and activity bookings. YoloBus handles premium intercity bus travel through an asset-light tech model, while Easy Green Mobility drives its electric urban transport ambitions.

On the growth front, the company is targeting education travel, sports, luxury weddings, and MICE segments.

The Planet Education tie-up caters to student and institutional travel, and ‘Explore Bharat draws international visitors to India. Powering its tech ecosystem are three in-house platforms: ScanMyTrip for ONDC-linked discovery and booking, EMTDesk for corporate expense management, and EMTMate for independent travel agents.

Key Business Strengths

EaseMyTrips value proposition is built across four key pillars that collectively define its position as a comprehensive, technology-driven, and future-focussed travel platform.

Leading with a Customer-Centric Approach through a One-Stop Travel Ecosystem

EaseMyTrip built its market position on two defining innovations: No Convenience Fee and Zero Hidden Cost, which set a new transparency benchmark in Indian online travel and cemented long-term customer trust. These models have been foundational in positioning EaseMyTrip as one of the leading travel companies in India, built squarely on a customer-centric approach. Customers are supported at every stage of their journey through 24/7 in-house call centres, proactive e-ticket delivery, and real-time flight alerts via SMS and messaging platforms. From flights, hotels, trains, and buses to cabs, visas, charters, cruises, and activities, EaseMyTrips integrated platform covers the full travel spectrum. This ecosystem is designed around the principle of Customer Centricity offering innovative and convenient travel solutions that enrich the overall travel experience. Spree Hospitality and YoloBus extend this further into hospitality and intercity mobility, while dedicated teams handle holiday package bookings with personalised assistance. EaseMyTrip operates actively in the UAE, UK, Thailand, and the US, with an additional presence across Singapore, Saudi Arabia, Brazil, the Philippines, and New Zealand, enabling localised service delivery and broader international reach.

Consistent Performance Driven by a Lean and Transparent Business Model

EaseMyTrip has funded every stage of its growth, spanning working capital, technology, and global expansion.

This bootstrapped discipline has given the Company full ownershipand of its financial strategy and growth trajectory, while building a consistent track record over more than 16 years. A deliberate low-cost structure sits at the heart of EaseMyTrips operating model.

Advanced technology infrastructure drives agile workflows, efficient data management, and sharp decision-making, supporting operational efficiency and long-term scalability across business cycles. The results are tangible: a 99% booking success rate and a highly efficient look-to-book ratio of 2.12%.

As of March 31, 2026, EaseMyTrip operates with a team of

1,714 full-time employees, reflecting the Companys ability to scale efficiently. Strategic expansions into Spree Hospitality and YoloBus have added growth vectors while preserving the same cost rigour that defines the core business.

Transparency, accountability, and sound corporate governance are not aspirational values at EaseMyTrip – they are operational standards. This culture of integrity runs across every vertical and every market, from India to the

UAE, UK, USA, Singapore, Saudi Arabia, and Brazil.

Improving User Experience through AI-Powered Personalisation and 24/7 Support

EaseMyTrip is increasingly leveraging AI across the travel journey to enhance personalisation, customer support and booking efficiency with seamless integration of ChatGPT, travellers can now enjoy natural, conversational assistance for planning, booking, and exploring. Personalised recommendations, smart voice recognition, AI-powered chatbots, and dynamic pricing work in concert to simplify booking and optimise revenue. AI-enhanced marketing campaigns further drive engagement across the platform.

A 123-member in-house technology team builds and maintains a secure, scalable infrastructure, guided by a core commitment to innovation, speed, and reliable service delivery. EMTDesk extends this intelligence into corporate travel, automating expense tracking and policy compliance for business users.

Continuous R&D ensures the Company stays ahead of evolving customer needs while maintaining operational resilience. Integration with the Open Network for Digital Commerce (ONDC) is set to further widen accessibility through interoperable travel services, opening new distribution channels and strengthening EaseMyTrips technology-first position in an increasingly competitive market.

Expanding Market Reach with Comprehensive Tri-Channel Distribution Strategies

EaseMyTrips distribution model operates across three channels: B2C, B2B2C, and B2E. This hybrid approach is underpinned by strong brand recognition, experienced leadership, advanced technology, and a wide geographic footprint, ensuring comprehensive market coverage. A robust network of agents and franchisees extends reach into Tier 2 and Tier 3 cities, bringing more customers into the platform ecosystem.

The numbers reflect the strength of this model. The platform has recorded over 21 million app downloads and serves a registered user base of more than 33 million. The platform seamlesslyintegrateswebsites,mobileapps,andawidetravel agent network, catering to diverse customer preferences and improving accessibility. ‘Explore Bharat promotes Indian destinations to international travellers, while ‘EasyDarshan offers curated pilgrimage travel solutions across the country. The Planet Education partnership deepens the Companys presence in student and institutional travel.

Streamlined software across all distribution channels ensures a consistent, connected experience at every touchpoint, enabling EaseMyTrip to cross-sell its full product suite, deepen customer relationships, and sustain long-term growth.

Strengthening Brand Recognition through Strategic Marketing Partnerships

Over 17 years, EaseMyTrip has built one of Indias most recognised travel brands with its No Convenience Fee and Zero Hidden Cost models serving as the foundation of deep customer trust, strong acquisition, and lasting retention. This brand equity has opened doors to high-impact partnerships with airlines, hotels, and ecosystem players, enabling exclusive offers, promotional campaigns, and cashback programmes that drive conversion and engagement. Active investment in event and sports sponsorships has further amplified visibility across physical and digital media.

A clear commitment to excellence, anchored in strong leadership, technology, and continuous employee development, keeps service quality consistently ahead of customer expectations and industry benchmarks.

With over 33 million registered customers, growing app downloads, and rising website traffic, EaseMyTrip continues to strengthen its position in Indias online travel market.

These include Most Trusted Brands of India 2026 to 2027 from Team Marksmen Network, the ICC Tourism Excellence

Award 2026 in the Tour and Travel Operations Category, the World Travel Tech Awards 2025 for Indias Best B2C Travel

Platform, and the TravelScapes VETA 2026 award for Most Trusted B2B Travel Booking Platform with the Best User Experience. The Company was also featured among Forbes Indias Top 10 of DGEMS 2025 as part of The Select 200, was named Most Trusted Online Travel Agency of the Year 2025 by Business Connect Magazine, and received the Smart Travel Companion Award at the Lighthouse Summit and Awards 2025.

Experienced Team Driving Execution and Growth

The Company fosters a culture of Teamwork encouraging collaborative synergy across functions to achieve collective success which underpins the effectiveness of its experienced professional team. EaseMyTrips leadership team combines deep domain expertise across travel and technology with sharp operational instincts and strategic clarity. Since inception, the promoters have remained hands-on, actively driving growth strategy and day-to-day execution – a continuity that has been central to building a resilient, high-performing organisation. The senior managements agile, insight-driven approach to navigating a dynamic market continues to fuel innovation, sharpen execution, and open new growth avenues, creating sustained value for all stakeholders.

Business Strategies

Capitalising on Expansion within the Travel Sector

Indias online travel market is expanding rapidly, fuelled by rising internet penetration, smartphone adoption, budget airline growth, and growing digital rail bookings.

EaseMyTrip is well-placed to capture this momentum, deepening loyalty within its existing base while continuously attracting new customers. A truly end-to-end offering spanning flights, hotels, holidays, trains, buses, charters, cruises, activities, insurance, and visas positions the Company as a one-stop travel solution. By staying attuned to evolving consumer behaviour and embracing technological innovation, EaseMyTrip remains committed to delivering seamless booking experiences and pioneering new solutions.

Continuous portfolio enhancement will further extend its market reach and reinforce its standing as a leading player in Indias fast-evolving travel industry.

Leveraging Non-Air Segments for Growth / Enhancing Offerings Beyond Air Travel

EaseMyTrip is strategically expanding beyond air travel, with hotels and holiday packages as priority growth segments given their higher margins and low digital penetration.

Access to over 2.3 million hotels through direct/API integrations has significantly enriched the supplier network, offering travellers a vast range of domestic and international accommodation options. The "Book at 0" model reduces booking friction further, allowing customers to reserve hotels with zero upfront payment and settle onsite.

International operations are gaining strong traction, with the Dubai office posting Gross Booking Revenue of 15,306.93 million in FY 2025-26, a growth of 118.24% year-on-year. Hotels, international travel and bus transport remain key focus areas for online travel platforms in India, with digital adoption in these segments continuing to trail more mature categories such as domestic air travel, signalling substantial headroom for growth. EaseMyTrip also aims to deepen penetration in underserved markets, including rail-dependent cities with limited air connectivity.

Expanding Agent Networks and Franchise Initiatives / Reaching New Consumers in Tier 2 and

Tier 3 Cities

Traditional travel agents are rapidly shifting online to improve efficiency and cut costs, creating a significant opportunity to reach consumers in smaller cities. EaseMyTrip is actively expanding its agent network to serve this demand, supporting local hotel acquisition and deepening last-mile connectivity. The EMT Franchise model brings a physical presence to 39 stores across cities including Bhopal, Amritsar, and Karnal, offering personalised service and bridging digital literacy gaps in these markets. EMTMate further strengthens this ecosystem by equipping agents and agencies with tools a digitalto grow their business and compete effectively environment. Continued technology investment across the B2B2C channel ensures agents are well-positioned to meet the evolving travel needs of Tier 2 and Tier 3 consumers.

Focus on Innovation and Technology / Advancing Customer Experience through Technological Progress

EaseMyTrip continuously invests in R&D to strengthen platform reliability and elevate the user experience, with mobile apps serving as the primary booking channel. Key innovations are making travel more accessible and convenient. WhatsApp-based booking enables instant flight reservations through a familiar interface, reducing friction for first-time digital travellers. Location-specific and language-tailored recommendations deliver personalised support from planning through to travel. The Lock Price feature lets customers hold fares for up to 48 hours and pay later, tackling price volatility and boosting conversion.

The Company advanced its EaseMyTrip 2.0 strategy by expanding beyond traditional travel bookings into hospitality, entertainment, wellness, and premium aviation services through strategic acquisitions and the growth of its

EaseFly vertical. Additionally, the integration of AI-powered ChatGPT capabilities and customer-centric solutions such as CFAR enhanced travel planning, booking flexibility, and overall customer experience, strengthening its position as a comprehensive travel ecosystem.

Ongoing ONDC integration will further widen reach through interoperable travel services across a broader digital commerce network. Through consistent technology investment, EaseMyTrip continues to set new benchmarks in travel convenience and personalisation.

Strategic Brand Collaborations / Boosting Engagement through Partnerships

EaseMyTrip actively expands its service offering through strategic alliances with marquee brands, unlocking cross-promotion opportunities, access to targeted audiences, and lower marketing costs. Spanning digital and physical channels, these partnerships allow the Company to deliver a broader travel product suite while leveraging partner expertise and established consumer trust. Collaborations extend beyond commercial goals. The partnership with

Green for carbon footprint tracking reflects a deliberate effort to align the brand with responsible, future-focussed travel values. Together, these alliances open new market avenues while meaningfully enhancing customer value across segments.

Acquisitions Driving Continued Momentum / Expansion through Key Acquisitions

Strategic acquisitions have been a key growth accelerant for EaseMyTrip, driving deeper market penetration and greater operational scale across both air and non-air segments.

Beyond business growth, the EMT Foundation reinforces the Companys broader purpose, with initiatives spanning environmental sustainability, heritage conservation, girl education, animal welfare, and athlete development.

These efforts strengthen EaseMyTrips social licence to operate and ensure the Company remains a responsible, competitive, and forward-looking player in Indias fast-evolving travel industry.

PERFORMANCE HIGHLIGHTS

Particulars	FY26	FY25
Gross Booking Revenue (GBR)	83,759.20	86,916.08
Revenue/Income
A. Revenue from Operations (as per _nancials)	5,356.96	5,873.24
B. Discounts to customers	2,452.00	2,700.53
C. Less : Service cost	(1,039.89)	(615.69)
Adjusted Revenue (A + B + C)	6,769.07	7,958.09
Other Income (Finance + Non Operating)	377.54	159.26
Adjusted Income	7,146.61	8,117.35
Total Expense
Discounts to customers	2,452.00	2,700.53
Cost of material consumed	77.34	32.89
Employee bene_ts expense	1,297.98	1,028.31
Advertising and sales promotion expenses	1,121.83	954.16
Payment Gateway Charges	574.48	611.34
Other Expenses	1,394.42	1,177.92
Finance Cost	61.13	57.66
Depreciation and amortisation expense	159.84	124.71
Total Expense	7,139.02	6,687.53
PBT before exceptional items	7.59	1,429.82
Share of net loss of associates accounted for using equity method	(17.44)	-
Exceptional items	509.57	-
(Loss)/pro_t before tax	(519.42)	1,429.82
Current and deferred Tax	55.85	343.26
Tax bene_t on exceptional items	(99.29)	-
Net (loss)/pro_t after tax for the year	(475.98)	1,086.56
Net (loss)/pro_t after tax before exceptional items (net of tax)	(65.70)	1,086.56
Other Comprehensive Income	62.02	84.41
Total Comprehensive Income	(413.96)	1,170.97
Total comprehensive income/(loss) for the year before exceptional Items	(3.68)	1,170.97
KEY FINANCIAL RATIOS
Ratios	FY26	FY25
Interest Coverage Ratio (x)	1.12	25.80
Current Ratio (x)	2.15	2.68
Debt Equity Ratio (x)	0.04	0.05
Operating Profit Margin (%)	3.99%	26.73%
Net Profit Margin (%)	(1.15%)	18.01%

OUTLOOK

Online Ticketing Market / Strengthening Core in

Online Travel

Indias online travel market was estimated at USD 22.8 billion ( 1,88,254 crores) in FY24 and is projected at USD 36.3 billion in FY27. The OTA channel claimed a 64% share of the online travel market, firmly of online travel purchase. Contrastingly, the supplier-direct channel accounted for a 36% share of the online market and is estimated to grow at a CAGR of 15.5% between FY24 and FY27. Indias internet user base currently stands at 821 million and is expected to reach 1 billion by 2025, with online shoppers projected to grow from 330 million at present to 500 million by 2030. Government initiatives including the

Digital India programme and the National Digital Tourism

Mission are further accelerating this transformation.

EaseMyTrip has established a strong foothold in this competitive space by leveraging advanced technology to enhance user experience and streamline transactions. The Company continues to prioritise domestic expansion while developing its inbound travel vertical through Explore Bharat, promoting Indian destinations to international travellers.

Expanding into Higher-Margin Segments / Scaling Underpenetrated and High-Growth Verticals continuesSignificant offline to exist across segments, with domestic hotels at 25% online penetration, international hotels at 30%, rail at 19%, and intercity bus at just 19%. Segment-wise growth over the medium-term is expected at 18% for air, 17% for hotels, 15% for rail and 18% for intercity bus.

EaseMyTrips diversification into higher margin segments gained further momentum in FY26. Hotels and Holiday Packages bookings grew 89% year-on-year to 17.7 lakh room nights for the full year, with Q4 FY26 alone recording

5.5 Lac room nights, up 95% year-on-year. Spree Hotels, the

Companys hospitality management subsidiary, now spans 53 properties and 2,222 room keys across cities including Bengaluru, Mumbai, Pune, Chennai, Goa and Hyderabad, with roughly 31 more properties already signed. The brand has recorded a Net Promoter Score of 93 and an average channel rating of 4.8, with revenue growing sixfold over the past three years, and is targeting an expansion to 200 properties over the next five years.

YoloBus, the Companys intercity mobility platform, continues to scale profitably under an asset-light model built on partnerships with bus aggregators, maintaining an occupancy rate above 88% and connecting major Tier I and

Tier II cities. Indias intercity travel market, where 53 million people travel daily via trains and buses at a growth rate of around 10% per year, represents an addressable opportunity of more than USD 15 billion. Focussed attention also continues on education travel, weddings, MICE and sports tourism as high growth categories within the Companys full service travel portfolio.

Expansion into International Markets

EaseMyTrips global footprint has widened considerably.

Established operations in the UAE, UK, Thailand,

Singapore, the Philippines, New Zealand and the USA have been complemented in the most recent period by new wholly-owned subsidiaries in Saudi Arabia and Brazil.

The Company has also acquired a 50% stake in Jeewani Hospitality Private Limited, a 49.03% stake in Pflege Home

Health Care Center LLC, and made a 49% equity investment in Planet Education Australia Pty Ltd, broadening its presence beyond core travel services.

The Dubai operations in particular have delivered exceptional results, validating the scalability of EaseMyTrips model internationally. Dubai Gross Booking Revenue reached 1,531 crore for FY26, up 118% year-on-year, with Q4 FY26 alone contributing 453 crore, up around 96% year-on-year. This performance reflects sustained quarter-on-quarter growth, supported by continued traction in international travel and operational scale-up. The scale-up phase ahead includes further expansion officesand international subsidiaries, along with regionally tailored product verticals to drive deeper penetration and localisation across each market.

Redefining Travel with Technological Advancements / Enhancing User Experience through Tech and Innovation

Technology investment remains central to EaseMyTrips competitive edge. Recent innovations include WhatsApp based bookings, fare lock options allowing customers to lock price and pay later for up to 48 hours on flight bookings, EaseFly combining free cancellation with free date change, and a Book at 0 option enabling hotel bookings with zero upfront payment. An AI-powered chatbot now handles customer queries related to new bookings, refunds, rescheduling and invoices instantly, while smart voice recognition technology, powered by AI and machine learning, is simplifying bookings for flights and accommodation. The Company has also introduced AI-driven dynamic pricing to optimise travel revenue through demand and competitor analysis, alongside AI enhanced marketing campaigns designed to boost customer engagement and revenue.

EMTDesk and EMTMate have enabled scaling of the Companys B2B and agent facing solutions, with EMTDesk automating expense tracking and travel policies for corporate clients, and EMTMate empowering agents and agencies through a strong commission structure and dedicated support. ScanMyTrip.com, Indias first marketplace integrated on the ONDC network, continues to broaden accessibility and expand the Companys reach among MSMEs and other OTA participants through interoperable, government supported digital infrastructure. On sustainability, a partnership with

BNZ Green now enables real time carbon footprint tracking and blockchain powered carbon offsettingfor eco-conscious travellers.

Focus on Customer Satisfaction and Brand Equity / Deepening Customer Trust through Brand and Service Excellence

EaseMyTrips customer-centric infrastructure plays a pivotal role in strengthening brand recognition and loyalty. Consistent focus on service excellence and targeted marketing continues to attract and retain a growing customer base. The agent and franchisee network remains a key demand driver, particularly across Tier 2 and Tier 3 cities, and will be further deepened through automation, enablement tools, and strategic outreach.

Delivering Scalable and Sustainable Growth

/ Driving Scalable Growth with Asset-Light Efficiency

EaseMyTrip remains focussed on capturing growth opportunities in the online ticketing market through diversification into higher-margin segments and sustained technology investment. Strategic acquisitions that complement the platform and expand capabilities continue to be actively pursued. Throughout this growth journey, the Company will maintain its lean, asset-light model, underpinned by strong internal accruals and disciplined cost control, supporting disciplined scaling and long-term value creation for all stakeholders.

RISKS AND CONCERNS

Risk	Mitigation
Economy Risk The Companys operational and financial performance may be adversely affected by a contraction in the global economy or by disruptions impacting the Indian economy and its travel sector.	EaseMyTrip addresses this risk by maintaining a dual focus on business growth and disciplined cost management. The Company exercises diligent oversight of its fixed expenditures and continually strengthens operational effectiveness through ongoing assessment and adaptation to prevailing market trends and conditions. These strategic measures are periodically reviewed to ensure sustained alignment with evolving economic landscapes.
Demand Risk The Company is inherently susceptible to seasonal fluctuations within the travel and tourism industry. Revenue tends to peak during the summer and winter holiday seasons, corresponding to the financial first year. These natural variations present a recurring challenge to consistent revenue generation throughout the year.	EaseMyTrip addresses this risk through continuous enhancements to its digital platforms, including its website and mobile applications, with the objective of improving user experience, expanding market reach, and diversifying revenue streams. The Company has broadened its service portfolio beyond hotels and travel packages to include rail and bus ticketing, taxi hire, travel insurance, and visa processing. A wide-reaching distribution network spanning online portals, call centres, physical travel stores, and independent travel agents ensures accessibility for a diverse traveller base, including non-resident Indians and inbound visitors. This multidimensional approach supports revenue stabilisation even during traditionally low-demand periods.
Competitive Risk EaseMyTrip operates within a highly competitive segment of the travel products and services industry, facing rivalry from a broad range of domestic and international players. This competitive landscape includes established online travel agencies, traditional offline travel enterprises, diverse payment platforms, and search engines offering travel-related functionalities.	EaseMyTrip counters competitive pressures by prioritising technological advancement and enhancing the customer experience across all its platforms. The Company deploys self-service options, chat support, call centres, and a network of physical travel stores to ensure a seamless customer journey. Strategic emphasis has been placed on digital marketing, brand development, and expanding public awareness through broad-based media campaigns and innovative digital outreach. Strategic alliances, including the collaboration with Lifestyle, further strengthen its market position. Additionally, targeted engagement with Indias extensive travel agent network through the B2B2C segment is designed to accelerate sales growth and deepen market penetration.
Concentration Risk The Companys significant airline ticketing as its primary revenue source constitutes a concentration risk. This dependence on a single business vertical has the potential to affect revenue stability and margin performance, particularly during periods of industry-specific market volatility or downturns.	EaseMyTrip has proactively mitigated this risk by broadening its product and service offerings to include bus ticketing, taxi hire, and railway relianceon reservations. Recognising the considerable growth potential within Indias hospitality sector, the Company is cultivating direct partnerships with hotels and suppliers, while simultaneously strengthening its presence in the international hotel booking and holiday packages segments. Through this diversification strategy, EaseMyTrip aims to cement its position as a comprehensive travel solutions provider, enhance customer loyalty, and establish multiple, sustainable income streams.
Technological Risk The Company faces potential operational challenges should it fail to keep pace with the rapid evolution of technology. An inability to adapt effectively operational efficiency and overall business performance.	EaseMyTrip has built a dedicated internal technology team focussed on developing and maintaining a secure and advanced technological infrastructure. Through continuous system upgrades incorporating the manages its product and latestinnovations, the Company efficiently service portfolios while driving improvements in operational efficiency.
	Technologically enhanced distribution channels enable EaseMyTrip to tap into Indias growing middle-class travel market. The Company further fosters a culture of innovation by embracing technology-driven initiatives aimed at optimising customer acquisition, streamlining service delivery, and elevating overall customer satisfaction – ensuring the organisation remains aligned with global industry developments.

HUMAN RESOURCES

At EaseMyTrip, employees are regarded as a cornerstone of the Companys sustained success. The organisation remains deeply committed to fostering their continuous growth, professional development, and active engagement at every level. Investments are made in comprehensive in-house training programmes, targeted skill enhancement initiatives, and structured opportunities for career advancement across all functions and organis ational levels.

In recognition of the valuable contributions made by its workforce, the Company has implemented dedicated reward and recognition programmes designed to motivate and celebrate employee achievement. EaseMyTrip maintains a non-unionised workforce and has consistently upheld a stable, harmonious, and productive work environment with no significant work stoppages or labour disputes recorded over the past four years.

As on March 31, 2026, EaseMyTrips team comprised 1,714 full-time employees, reflecting the Companys continued growth and its enduring commitment to building a capable and engaged workforce.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

EaseMyTrip is firmly committed to generating long-term economic value while actively contributing to the development of a more equitable and sustainable society. The Companys Corporate Social Responsibility approach is anchored in empowering communities and promoting inclusive development, guided by a vision of fostering a lush, green and biodiverse world for future generations and a mission to build a healthy, green and clean planet through large-scale tree plantations. The Companys CSR initiatives further extend to uplifting rural communities, promoting extensive agriculture, and supporting rural, nationally recognised, Paralympic and Olympic sports.

In FY 2025-26, EaseMyTrip deepened its commitment to preserving Indias cultural heritage under the Government of Indias ‘Adopt a Heritage 2.0 initiative, being designated a Monument Mitra (Smarak Sarathi) to support visitor experience enhancement and conservation at four iconic sites - Qutub Minar, Agra Fort, the Sun Temple at Konark, and the Western Group of Temples at Khajuraho. Through the

EaseMyTrip Foundation, the Company also extended full sponsorship to a young rifle shooter Neha Kortikar, covering advanced coaching, professional-grade equipment and competition participation, reinforcing its commitment to building a more inclusive and equitable sporting ecosystem for young women in India. Additionally, the Company is also focussed on supporting healthcare and education initiatives for children from underserved communities.

Reflecting this sustained focus on responsible business conduct, EaseMyTrips CRISIL ESG rating improved from 57 to 58 in FY 2025-26.

INVESTOR RELATIONS

EaseMyTrip remains steadfast in its commitment to continuously elevating service standards for its investors, benchmarking all related activities against established industry best practices. The Companys dedicated Investor Relations team actively champions the interests of the investment community through consistent communication and meaningful engagement, fostering ongoing dialogue with global investors and shareholders alike.

The Company conducts periodic meetings to disseminate materialperformance updates, communicate significant developments, and facilitate relevant information exchanges. In all interactions with investors, the media, and government bodies, the Company is collectively represented by the Chairman & Managing Director, the Executive Director & Chief Executive Officer, the Chief Financial Officer,

Investor Relations team.

In the interest of full transparency, the Company ensures that all critical information remains readily accessible to investors through a dedicated ‘Investor Relations section on its website. This section provides comprehensive details covering Board composition, shareholding patterns, quarterly and annual reports, financial results, press releases, unpaid and unclaimed dividend information, as well as key corporate policies.

Furthermore, any material developments arising during the quarter that may have a bearing on revenue or earnings are promptly communicated to the relevant stock exchanges and updated on the Companys website. The website additionally hosts quarterly results, regulatory filings, earnings call transcripts, Investor Relations presentations, and schedules for upcoming analyst and investor interactions – reinforcing the Companys unwavering dedication to openness, accessibility, and stakeholder confidence.

INTERNAL CONTROLS

EaseMyTrip upholds a robust and dependable internal control system that is closely aligned with its broader business operations. The Company has established a comprehensive internal control framework encompassing governance, compliance, audit, control, and financial reporting – designed to ensure full adherence to applicable statutory requirements while fostering the orderly and efficient conduct of business activities.

This framework serves as a critical safeguard for Company assets and plays a pivotal role in the detection and prevention of fraud and errors. It further ensures the accuracy and completeness of accounting records, enabling the timely preparation of reliable financial information.

The integrity of these internal controls is subject to regular validation by independent internal auditors and ongoing review by senior management. The Audit Committee exercises diligent oversight of the Companys financial reporting processes, ensuring that all disclosures are made accurately, transparently, and in a timely manner – in accordance with the highest standards of integrity and governance. The Committee also undertakes periodic assessments of the adequacy and effectiveness of existing internal control systems, recommending enhancements where appropriate to sustain and strengthen the Companys commitment to accountability and sound governance practices.

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis of the

Company describing the Companys objectives, expectations or predictions may be forward-looking within the meaning of and the applicable laws and regulations. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The Company assumes no responsibility to publicly amend, modify or revise forward-looking statements, based on any subsequent developments, information, or events.

Thus, the Companys actual performance/results could differ from the projected estimates in the forward-looking statements. The discussions on our financial condition and results of operations should be read together with our audited, consolidated Financial Statements and the notes to these statements included in the Annual Report.