Whalesbook
Sabse pehle toh yeh dekho, apna India travel mein ekdum mast phase mein hai. Latest data batata hai ki 2025 tak 3.3 crore Indians abroad travel karne wale hain. Ye ab sirf special occasion nahi, regular kharcha ban gaya hai. Isse online travel aggregators (OTAs) ka revenue toh badh raha hai, kyunki zyada bookings ho rahi hain.
Par yahan hai asli twist! Jitna business badh raha hai, utna profit nahi badh raha. Companies ki costs itni badh gayi hain ki margins pe pressure aa raha hai. Matlab, Gross Booking Revenue toh badh raha hai, but Net Profit seedha gir raha hai.
Iska sabse bada example hai Easy Trip Planners (EaseMyTrip). Q3 FY26 mein inka revenue 7% thoda sa badha, total ₹151.7 crore tak pahuncha, aur Gross Booking Revenue ₹2,213.2 crore ho gaya. But agar profit ki baat karein toh, woh 90% gir kar sirf ₹3.4 crore reh gaya! Hotel aur holiday bookings mein 84% ka jump dikha, jismein margin better hota hai, aur international business ne toh revenue mein 133.2% ki tez dikhayi. Lekin stock price pichhle saal 45.2% gir chuka hai. Matlab kaam toh ho raha hai, par profit nahi ban raha.
Ab baat karein Le Travenues Technology (Ixigo) ki. Inka Q3 FY26 mein 54% ka profit jump dikha, ₹24 crore pe pahuncha, aur revenue 31% badh kar ₹317.6 crore ho gaya. Inka Gross Transaction Value bhi ₹4,902.9 crore cross kar gaya. Tier II aur Tier III cities se bhi demand badh rahi hai aur international flights booking bhi 20% cross kar gayi hai. Lekin biggest problem hai valuation. Inka P/E ratio lagbhag 139.5x hai, jo industry average 26.7x aur competitors ke average 32.5x se bahut zyada hai. Matlab investors ki expectations bahut high hain.
Wahi TBO Tek ne toh revenue mein 85.8% ki tez dikhayi, ₹784 crore ho gaya Q3 FY26 mein, aur profit 8% badh kar ₹54 crore ho gaya. North America mein expansion aur acquisition se help mili. Lekin yahan bhi P/E ratio 48.69x ke aas paas hai, jo high mana jaata hai. MarketsMojo ne toh valuation issues ke karan ise 'Sell' bhi kaha hai, aur Enforcement Directorate se notice bhi mila hai.
Ab sabse stable player hai Indian Railway Catering and Tourism Corporation (IRCTC). Inka revenue 18.2% badh kar ₹1,449 crore aur profit 15.5% badh kar ₹394 crore raha Q3 FY26 mein. Ye apni internet ticketing mein dominate karte hain, lagbhag 89% reserved tickets online yehi manage karte hain. Aur UPI payments 50% cross kar gaye hain. Aur sabse acchi baat, inka P/E ratio 29.34x hai, jo industry ke hisaab se reasonable hai aur inka ROCE 49.0% aur ROE 37.2% bhi zabardast hai.
Toh overall, Easy Trip Planners ka P/E 81.6x hai, Ixigo ka 139.5x aur TBO Tek ka 48.69x. Ye sabhi bahut high valuations hain, jo dikhata hai ki market future growth par bahut zyada bet kar raha hai. IRCTC ka 29.34x ka P/E comparison mein kaafi moderate lagta hai, aur iske numbers bhi solid hain.
Global tensions, flight disruptions, aur tax rules bhi industry ko affect kar sakte hain. India mein domestic travel toh strong hai, but inbound travel abhi recover kar raha hai. Competition bhi bahut hai, aur sabse badi challenge hai ki booking volume ko sustainable profit mein kaise badla jaaye.
Is boom mein bhi companies ke liye risks hain. Easy Trip Planners ka TTM loss aur high P/E investor ko chaukanna rakhta hai. Ixigo ka valuation bahut zyada hai, agar growth strategy fail hui toh problem ho sakti hai. TBO Tek bhi high valuation aur regulatory issues se ghira hai. IRCTC stable lag raha hai, but uski growth new services par depend karti hai. Aage chal kar companies ko growth ke saath cost control aur profit margin par bhi dhyan dena hoga. Jo companies yeh balance bana payengi, wohi long run mein tickengi.