# E-Commerce - Platform - Travel — company-by-company sector analysis

> E-Commerce - Platform - Travel: Thomas Cook (India) Ltd owns the largest revenue base; Le Travenues Technology Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## Bottom line

E-Commerce - Platform - Travel has underperformed NIFTY 500 by 28.3% over 52 weeks and 2.6% over 13 weeks. 0 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself. Thomas Cook (India) Ltd leads with revenue of ₹8,399 crore, based on 4 of 4 comparable companies through Mar 2026.

## Sector relative strength

E-Commerce - Platform - Travel has underperformed NIFTY 500 by 28.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.6%. 0 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Le Travenues Technology Ltd is the strongest against the sector itself at +7.4%.

13-week sector return versus NIFTY 500: 2.6%
52-week sector return versus NIFTY 500: -28%
Stocks leading NIFTY: 0/4
Stocks leading sector: 1/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹17.9K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Yatra Online Ltd (YATRA): 48/100 — Mixed-negative evidence; evidence 71%
   - Growth & earnings 24.3/35 | Capital efficiency 8.3/25 | Valuation 10.0/20 | Relative strength 5.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 24.3 + 8.3 + 10 + 5.8 = 48.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -1.8% and the one-year return is 13.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
2. Le Travenues Technology Ltd (IXIGO): 38/100 — Mixed-negative evidence; evidence 84%
   - Growth & earnings 14.6/35 | Capital efficiency 6.2/25 | Valuation 5.0/20 | Relative strength 12.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 10 weeks with a reading, within the last 12
   - Exact sum: 14.6 + 6.2 + 5 + 12 = 37.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Thomas Cook (India) Ltd (THOMASCOOK): 33/100 — Adverse evidence; evidence 73%
   - Growth & earnings 6.2/35 | Capital efficiency 11.8/25 | Valuation 12.4/20 | Relative strength 3.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 10 weeks with a reading, within the last 12
   - Exact sum: 6.2 + 11.8 + 12.4 + 3 = 33.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Easy Trip Planners Ltd (EASEMYTRIP): 20/100 — Adverse evidence; evidence 66%
   - Growth & earnings 2.1/35 | Capital efficiency 4.6/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 10 weeks with a reading, within the last 12
   - Exact sum: 2.1 + 4.6 + 10 + 3 = 19.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Yatra Online Ltd has the strongest one-year price move in E-Commerce - Platform - Travel at +13.1%. Le Travenues Technology Ltd leads on Mansfield relative strength against NIFTY at -12.8%. 0 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Yatra Online Ltd (YATRA): 13%
2. Le Travenues Technology Ltd (IXIGO): -10%
3. Easy Trip Planners Ltd (EASEMYTRIP): -36%
4. Thomas Cook (India) Ltd (THOMASCOOK): -39%

### Strongest relative strength versus NIFTY 500
1. Le Travenues Technology Ltd (IXIGO): -13%
2. Easy Trip Planners Ltd (EASEMYTRIP): -15%
3. Thomas Cook (India) Ltd (THOMASCOOK): -19%
4. Yatra Online Ltd (YATRA): -22%

## Revenue Scale & Growth Durability

What the numbers say: Thomas Cook (India) Ltd is the scale leader at ₹8,399 crore, 585.6% ahead of Le Travenues Technology Ltd. Le Travenues Technology Ltd's growth is 34% from a ₹1,225 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Thomas Cook (India) Ltd is the scale benchmark; Le Travenues Technology Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Thomas Cook (India) Ltd's growth falls below Le Travenues Technology Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Thomas Cook (India) Ltd · ₹8,399 crore | 585.6% versus #2 · Le Travenues Technology Ltd | 7/8 recent comparable periods | 4/4 companies · 57 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Thomas Cook (India) Ltd (THOMASCOOK): ₹8.4K Cr
2. Le Travenues Technology Ltd (IXIGO): ₹1.2K Cr
3. Yatra Online Ltd (YATRA): ₹1.0K Cr
4. Easy Trip Planners Ltd (EASEMYTRIP): ₹536 Cr

### Revenue growth — fastest growers
1. Le Travenues Technology Ltd (IXIGO): 34%
2. Yatra Online Ltd (YATRA): 27%
3. Thomas Cook (India) Ltd (THOMASCOOK): 3.2%
4. Easy Trip Planners Ltd (EASEMYTRIP): -8.8%

### 20-quarter Revenue history
- IXIGO: Jun 2021 ₹56 Cr | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹119 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹137 Cr | Jun 2023 ₹157 Cr | Sep 2023 ₹164 Cr | Dec 2023 ₹171 Cr | Mar 2024 ₹165 Cr | Jun 2024 ₹182 Cr | Sep 2024 ₹206 Cr | Dec 2024 ₹242 Cr | Mar 2025 ₹284 Cr | Jun 2025 ₹314 Cr | Sep 2025 ₹283 Cr | Dec 2025 ₹320 Cr | Mar 2026 ₹308 Cr
- THOMASCOOK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.8K Cr
- EASEMYTRIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹136 Cr | Mar 2023 ₹117 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹161 Cr | Mar 2024 ₹164 Cr | Jun 2024 ₹153 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹151 Cr | Mar 2025 ₹139 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹152 Cr | Mar 2026 ₹152 Cr
- YATRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹90 Cr | Mar 2023 ₹119 Cr | Jun 2023 ₹110 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹236 Cr | Dec 2024 ₹235 Cr | Mar 2025 ₹219 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹351 Cr | Dec 2025 ₹257 Cr | Mar 2026 ₹189 Cr

### 20-quarter Revenue growth history
- IXIGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 113% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 32% | Sep 2023 — | Dec 2023 — | Mar 2024 20% | Jun 2024 16% | Sep 2024 26% | Dec 2024 42% | Mar 2025 72% | Jun 2025 73% | Sep 2025 37% | Dec 2025 32% | Mar 2026 8.5%
- THOMASCOOK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 23% | Mar 2024 27% | Jun 2024 11% | Sep 2024 8.7% | Dec 2024 8.9% | Mar 2025 18% | Jun 2025 14% | Sep 2025 3.5% | Dec 2025 4.1% | Mar 2026 -10%
- EASEMYTRIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 18% | Mar 2024 40% | Jun 2024 23% | Sep 2024 2.1% | Dec 2024 -6.2% | Mar 2025 -15% | Jun 2025 -25% | Sep 2025 -19% | Dec 2025 0.7% | Mar 2026 9.4%
- YATRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 23% | Mar 2024 -9.6% | Jun 2024 -8.5% | Sep 2024 151% | Dec 2024 113% | Mar 2025 103% | Jun 2025 108% | Sep 2025 48% | Dec 2025 9.2% | Mar 2026 -14%

## Operating Economics & Margin Trend

What the numbers say: Le Travenues Technology Ltd leads opm at 6%; Thomas Cook (India) Ltd leads margin change at -0.6 percentage points.

Investor read: Le Travenues Technology Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Le Travenues Technology Ltd · 6% | 4.2% versus #2 · Yatra Online Ltd | 2/8 recent comparable periods | 4/4 companies · 71 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Le Travenues Technology Ltd (IXIGO): 6.0%
2. Yatra Online Ltd (YATRA): 5.8%
3. Thomas Cook (India) Ltd (THOMASCOOK): 4.4%
4. Easy Trip Planners Ltd (EASEMYTRIP): -16%

### Margin change — fastest expanders
1. Thomas Cook (India) Ltd (THOMASCOOK): −0.6 pp
2. Le Travenues Technology Ltd (IXIGO): −2.0 pp
3. Yatra Online Ltd (YATRA): −2.0 pp
4. Easy Trip Planners Ltd (EASEMYTRIP): −26.0 pp

### 20-quarter OPM history
- IXIGO: Jun 2021 -4.6% | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.1% | Sep 2022 — | Dec 2022 — | Mar 2023 10% | Jun 2023 6.0% | Sep 2023 0.0% | Dec 2023 9.0% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 8.0% | Dec 2024 8.0% | Mar 2025 8.0% | Jun 2025 7.0% | Sep 2025 -1.8% | Dec 2025 7.0% | Mar 2026 6.0%
- THOMASCOOK: Jun 2021 -38% | Sep 2021 -25% | Dec 2021 1.5% | Mar 2022 -1.4% | Jun 2022 3.7% | Sep 2022 3.4% | Dec 2022 4.0% | Mar 2023 2.8% | Jun 2023 7.0% | Sep 2023 6.0% | Dec 2023 6.0% | Mar 2024 5.0% | Jun 2024 6.0% | Sep 2024 6.0% | Dec 2024 6.0% | Mar 2025 5.0% | Jun 2025 5.0% | Sep 2025 5.0% | Dec 2025 5.0% | Mar 2026 4.4%
- EASEMYTRIP: Jun 2021 57% | Sep 2021 60% | Dec 2021 60% | Mar 2022 48% | Jun 2022 47% | Sep 2022 34% | Dec 2022 41% | Mar 2023 36% | Jun 2023 28% | Sep 2023 46% | Dec 2023 38% | Mar 2024 30% | Jun 2024 31% | Sep 2024 26% | Dec 2024 32% | Mar 2025 10% | Jun 2025 0.3% | Sep 2025 2.7% | Dec 2025 2.8% | Mar 2026 -16%
- YATRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 4.6% | Dec 2022 2.7% | Mar 2023 16% | Jun 2023 15% | Sep 2023 -9.0% | Dec 2023 3.3% | Mar 2024 3.3% | Jun 2024 4.6% | Sep 2024 3.9% | Dec 2024 5.8% | Mar 2025 7.8% | Jun 2025 11% | Sep 2025 6.8% | Dec 2025 8.8% | Mar 2026 5.8%

### 20-quarter Margin change history
- IXIGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.5 pp | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +6.1 pp | Sep 2023 — | Dec 2023 — | Mar 2024 −2.0 pp | Jun 2024 +2.0 pp | Sep 2024 +8.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 −9.8 pp | Dec 2025 −1.0 pp | Mar 2026 −2.0 pp
- THOMASCOOK: Jun 2021 +110.6 pp | Sep 2021 +55.5 pp | Dec 2021 +32.6 pp | Mar 2022 +15.3 pp | Jun 2022 +41.4 pp | Sep 2022 +28.4 pp | Dec 2022 +2.5 pp | Mar 2023 +4.2 pp | Jun 2023 +3.3 pp | Sep 2023 +2.6 pp | Dec 2023 +2.0 pp | Mar 2024 +2.2 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −0.6 pp
- EASEMYTRIP: Jun 2021 +189.9 pp | Sep 2021 +87.7 pp | Dec 2021 −1.8 pp | Mar 2022 −14.0 pp | Jun 2022 −9.3 pp | Sep 2022 −25.8 pp | Dec 2022 −19.0 pp | Mar 2023 −12.3 pp | Jun 2023 −19.5 pp | Sep 2023 +12.2 pp | Dec 2023 −2.6 pp | Mar 2024 −6.0 pp | Jun 2024 +3.0 pp | Sep 2024 −20.0 pp | Dec 2024 −6.0 pp | Mar 2025 −20.0 pp | Jun 2025 −30.7 pp | Sep 2025 −23.3 pp | Dec 2025 −29.2 pp | Mar 2026 −26.0 pp
- YATRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +1.2 pp | Sep 2023 −13.6 pp | Dec 2023 +0.6 pp | Mar 2024 −12.3 pp | Jun 2024 −10.0 pp | Sep 2024 +12.9 pp | Dec 2024 +2.5 pp | Mar 2025 +4.5 pp | Jun 2025 +6.5 pp | Sep 2025 +2.9 pp | Dec 2025 +3.0 pp | Mar 2026 −2.0 pp

## Profit Scale & Acceleration

What the numbers say: Thomas Cook (India) Ltd leads with ₹221 crore of TTM profit, 206.9% above Le Travenues Technology Ltd. Yatra Online Ltd shows 28% growth from a ₹47 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Thomas Cook (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Thomas Cook (India) Ltd · ₹221 crore | 206.9% versus #2 · Le Travenues Technology Ltd | 4/8 recent comparable periods | 4/4 companies · 57 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Thomas Cook (India) Ltd (THOMASCOOK): ₹221 Cr
2. Le Travenues Technology Ltd (IXIGO): ₹72 Cr
3. Yatra Online Ltd (YATRA): ₹47 Cr
4. Easy Trip Planners Ltd (EASEMYTRIP): ₹-48 Cr

### Profit growth — fastest growers
1. Yatra Online Ltd (YATRA): 28%
2. Le Travenues Technology Ltd (IXIGO): 18%
3. Thomas Cook (India) Ltd (THOMASCOOK): -14%
4. Easy Trip Planners Ltd (EASEMYTRIP): -80%

### 20-quarter Net profit history
- IXIGO: Jun 2021 ₹-4 Cr | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹8 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹32 Cr
- THOMASCOOK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹27 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹31 Cr
- EASEMYTRIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹42 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-36 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹-15 Cr
- YATRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-6 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹8 Cr

### 20-quarter Profit growth history
- IXIGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.0% | Sep 2023 — | Dec 2023 — | Mar 2024 40% | Jun 2024 88% | Sep 2024 -52% | Dec 2024 -48% | Mar 2025 143% | Jun 2025 27% | Sep 2025 -123% | Dec 2025 50% | Mar 2026 88%
- THOMASCOOK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 237% | Mar 2024 — | Jun 2024 2.8% | Sep 2024 41% | Dec 2024 -48% | Mar 2025 14% | Jun 2025 1.4% | Sep 2025 -1.4% | Dec 2025 -4.3% | Mar 2026 -53%
- EASEMYTRIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 10% | Mar 2024 -148% | Jun 2024 31% | Sep 2024 -43% | Dec 2024 -26% | Mar 2025 — | Jun 2025 -100% | Sep 2025 -233% | Dec 2025 -91% | Mar 2026 -207%
- YATRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -38% | Jun 2024 -33% | Sep 2024 — | Dec 2024 844% | Mar 2025 173% | Jun 2025 296% | Sep 2025 96% | Dec 2025 -17% | Mar 2026 -46%

## Return On Capital Employed

What the numbers say: Thomas Cook (India) Ltd leads ROCE at 14.8%, 7.6 percentage points above Yatra Online Ltd. Yatra Online Ltd has the strongest latest improvement at +2.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Thomas Cook (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Thomas Cook (India) Ltd · 14.8% | 104.4% versus #2 · Yatra Online Ltd | Not enough history | 4/4 companies · 26 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Thomas Cook (India) Ltd (THOMASCOOK): 15%
2. Yatra Online Ltd (YATRA): 7.2%
3. Le Travenues Technology Ltd (IXIGO): 6.8%
4. Easy Trip Planners Ltd (EASEMYTRIP): 0.6%

### ROCE change — fastest improvers
1. Yatra Online Ltd (YATRA): +2.5 pp
2. Thomas Cook (India) Ltd (THOMASCOOK): −4.0 pp
3. Le Travenues Technology Ltd (IXIGO): −9.3 pp
4. Easy Trip Planners Ltd (EASEMYTRIP): −20.0 pp

### 20-quarter ROCE history
- IXIGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.7% | Sep 2022 — | Dec 2022 — | Mar 2023 1.7% | Jun 2023 — | Sep 2023 — | Dec 2023 7.2% | Mar 2024 7.7% | Jun 2024 17% | Sep 2024 11% | Dec 2024 14% | Mar 2025 12% | Jun 2025 17% | Sep 2025 7.9% | Dec 2025 13% | Mar 2026 2.7%
- YATRA: Jun 2021 -6.5% | Sep 2021 -13% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 7.6% | Jun 2023 — | Sep 2023 2.2% | Dec 2023 6.0% | Mar 2024 0.5% | Jun 2024 2.8% | Sep 2024 0.0% | Dec 2024 4.9% | Mar 2025 2.0% | Jun 2025 7.2% | Sep 2025 5.1% | Dec 2025 8.2% | Mar 2026 4.5%

### 20-quarter ROCE change history
- IXIGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +6.0 pp | Jun 2024 — | Sep 2024 — | Dec 2024 +6.7 pp | Mar 2025 +4.3 pp | Jun 2025 +0.2 pp | Sep 2025 −2.7 pp | Dec 2025 −1.4 pp | Mar 2026 −9.3 pp
- YATRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −7.1 pp | Jun 2024 — | Sep 2024 −2.2 pp | Dec 2024 −1.1 pp | Mar 2025 +1.5 pp | Jun 2025 +4.4 pp | Sep 2025 +5.1 pp | Dec 2025 +3.3 pp | Mar 2026 +2.5 pp

## Valuation Against Growth & Quality

What the numbers say: Le Travenues Technology Ltd has the lowest comparable PEG at 9.43×. Only 1 of 4 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Le Travenues Technology Ltd · 9.43× | Not enough peers | 0/8 recent comparable periods | 1/4 companies · 2 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. Le Travenues Technology Ltd (IXIGO): 9.4

### P/E — lowest P/E
1. Thomas Cook (India) Ltd (THOMASCOOK): 22.0
2. Yatra Online Ltd (YATRA): 33.2
3. Le Travenues Technology Ltd (IXIGO): 117.0

### 20-quarter PEG history
- IXIGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 4.7 | Sep 2025 — | Dec 2025 — | Mar 2026 9.4

### 20-quarter P/E history
- IXIGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 130.8 | Sep 2024 112.7 | Dec 2024 106.5 | Mar 2025 111.5 | Jun 2025 123.3 | Sep 2025 170.2 | Dec 2025 207.4 | Mar 2026 126.2
- THOMASCOOK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 66.2 | Dec 2023 48.5 | Mar 2024 40.0 | Jun 2024 43.8 | Sep 2024 36.1 | Dec 2024 33.6 | Mar 2025 25.5 | Jun 2025 29.5 | Sep 2025 29.9 | Dec 2025 27.8 | Mar 2026 17.5
- EASEMYTRIP: Jun 2021 133.8 | Sep 2021 102.9 | Dec 2021 62.4 | Mar 2022 64.5 | Jun 2022 80.5 | Sep 2022 65.3 | Dec 2022 73.2 | Mar 2023 60.6 | Jun 2023 51.9 | Sep 2023 54.8 | Dec 2023 48.0 | Mar 2024 49.8 | Jun 2024 41.2 | Sep 2024 34.1 | Dec 2024 36.7 | Mar 2025 27.9 | Jun 2025 34.6 | Sep 2025 39.0 | Dec 2025 49.8 | Mar 2026 88.6
- YATRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 210.5 | Dec 2023 222.5 | Mar 2024 510.9 | Jun 2024 487.5 | Sep 2024 114.8 | Dec 2024 97.1 | Mar 2025 49.7 | Jun 2025 37.0 | Sep 2025 45.5 | Dec 2025 50.4 | Mar 2026 26.6


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Le Travenues Technology Ltd (IXIGO) — market value ₹8.7K Cr; latest fundamentals Mar 2026
- Thomas Cook (India) Ltd (THOMASCOOK) — market value ₹4.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Easy Trip Planners Ltd (EASEMYTRIP) — market value ₹2.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Yatra Online Ltd (YATRA) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 1. Unverified: 1. Withheld: 2. Graded companies: 4.

1 of 4 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

2 of 4 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Thomas Cook (India) Ltd (THOMASCOOK) — its two data sources disagree by up to 30% on reported income across 14 comparable periods, so its derived ratios are withheld; Easy Trip Planners Ltd (EASEMYTRIP) — its two data sources disagree by up to 78% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | THOMASCOOK | Thomas Cook (India) Ltd | diff_gt_2pct | disagreement up to 29.51% over 14 comparable periods
- WITHHELD | EASEMYTRIP | Easy Trip Planners Ltd | diff_gt_2pct | disagreement up to 78.4% over 14 comparable periods

- UNVERIFIED | YATRA | Yatra Online Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-31.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the E-Commerce - Platform - Travel sector outperforming NIFTY 500?

E-Commerce - Platform - Travel has underperformed NIFTY 500 by 28.3% over 52 weeks and 2.6% over 13 weeks. 0 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself.

### Which E-Commerce - Platform - Travel company is largest by revenue?

Thomas Cook (India) Ltd leads with revenue of ₹8,399 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which E-Commerce - Platform - Travel company is growing fastest?

Le Travenues Technology Ltd has the fastest current revenue growth at 34%, across 4 of 4 comparable companies.

### Which E-Commerce - Platform - Travel company has the strongest 4-Factor Sector Score?

Yatra Online Ltd ranks first at 48.4/100 with 71% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which E-Commerce - Platform - Travel company has the lowest comparable PEG?

Le Travenues Technology Ltd has the lowest comparable PEG at 9.43, among 1 of 4 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this E-Commerce - Platform - Travel comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

### What is the Nifty E-Commerce - Platform - Travel index?

The Nifty E-Commerce - Platform - Travel index tracks India's listed E-Commerce - Platform - Travel companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the E-Commerce - Platform - Travel sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best E-Commerce - Platform - Travel stocks in India?

Ranked by this page's four-factor score, Yatra Online Ltd places first among 4 listed E-Commerce - Platform - Travel companies, followed by Le Travenues Technology Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many E-Commerce - Platform - Travel stocks are listed in India?

This comparison covers 4 listed E-Commerce - Platform - Travel companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which E-Commerce - Platform - Travel company is the biggest?

Thomas Cook (India) Ltd is the largest, with trailing-twelve-month revenue of ₹8,399 crore, ahead of Le Travenues Technology Ltd at ₹1,225 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which E-Commerce - Platform - Travel company has the best profit margins?

Le Travenues Technology Ltd has the highest operating margin at 6%, from 4 of 4 comparable companies. Thomas Cook (India) Ltd shows the biggest recent improvement, at -0.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which E-Commerce - Platform - Travel company makes the most profit?

Thomas Cook (India) Ltd earns the most, at ₹221 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Yatra Online Ltd has the fastest profit growth at 28%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which E-Commerce - Platform - Travel company earns the highest return on capital?

Thomas Cook (India) Ltd leads on return on capital employed at 14.8%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which E-Commerce - Platform - Travel stock is the cheapest?

On PEG — where a LOWER number is cheaper — Le Travenues Technology Ltd screens cheapest at 9.43×. Only 1 of 4 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the E-Commerce - Platform - Travel sector beating the market?

E-Commerce - Platform - Travel has underperformed NIFTY 500 by 28.3% over the last 52 weeks and 2.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which E-Commerce - Platform - Travel stock has the strongest price momentum?

Le Travenues Technology Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which E-Commerce - Platform - Travel company scores highest for research priority?

Yatra Online Ltd scores 48.4 out of 100 with 71% evidence confidence, from 24.3 points on growth and earnings, 8.3 on capital efficiency, 10 on valuation and 5.8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many E-Commerce - Platform - Travel companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the E-Commerce - Platform - Travel sector?

The 4 E-Commerce - Platform - Travel companies on this page carry ₹17,916 crore of combined market value. Le Travenues Technology Ltd is the largest at ₹8,706 crore, about 49% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### How is the E-Commerce - Platform - Travel sector performing?

0 of the 4 covered E-Commerce - Platform - Travel companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 28.3% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.