E Trav Tech Limited Unlisted Shares Analysis 2026
· 7 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
An analysis of E Trav Tech Limited's B2B travel technology platform, primary capital raises including EasyTrip's investment, financial growth trend, and indicative unlisted share valuation in 2026.
Direct answer: E Trav Tech Limited on BuyUnlistedShares is an unlisted B2B travel technology provider that connects travel agents to flight, hotel, and holiday inventory via digital APIs. As of 14 Oct 2026, its indicative share price is ₹102 per share with an estimated market capitalisation of ₹1,161.0 Cr. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Business Model & Operations in B2B Travel Tech
Incorporated in October 1995 with its registered office in Rajkot, Gujarat, and administrative branches in Malad (Mumbai) and Ahmedabad, E Trav Tech Limited operates as a B2B travel consolidator and aggregator. The company provides a digital infrastructure layer connecting travel agents, sub-agents, and corporate clients to primary inventory from airlines, hotel chains, and holiday operators.
Its product suit spans Flights API, Hotel API, White Label/XML API, Bus API, holiday packaging, and travel-visa services. By aggregating demand across an expansive agent network, E Trav Tech secures bulk seat acquisition discounts reported between 30–50% below standard market rates. The company operates 4 destination management units and has announced plans to launch 13 additional destination management units during FY 2025–26. In addition to its domestic operations, E Trav Tech maintains a wholly owned subsidiary in Dubai, United Arab Emirates, to serve international travel corridors.
Key Valuation Metrics & Equity Capital Structure
As recorded in market repository data, E Trav Tech holds CIN U63000GJ1995PLC027714 and ISIN INE0NQH01022 as of 15 Jul 2026. The equity capital is divided into shares of ₹2 face value, with total outstanding equity standing at 11,61,35,263 shares (approximately 11.61 crore shares). Promoters hold an 87.19% equity stake, with public and institutional shareholders holding the remaining 12.81%.
As of 10 Oct 2026, key financial parameters include a book value of ₹16.78 per share, a Price-to-Earnings (P/E) ratio of 41.49x, a Price-to-Book (P/B) ratio of 5.96x, a Return on Equity (ROE) of 14.51%, and a Debt-to-Equity ratio of 0.09. Investors tracking private market developments can monitor valuation trends via our Unlisted shares screener, powered by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Private Capital Raises & Strategic Fundraising
E Trav Tech has conducted multiple private placements that illustrate its valuation trajectory in the unlisted market:
- November 2023: Established a valuation benchmark of ₹60 per share, reflecting an equity market capitalisation milestone of ₹633 Cr.
- 30 March 2024: Listed online travel platform Easy Trip Planners Limited (EaseMyTrip) executed definitive agreements to invest ₹33 Cr in cash to acquire approximately 4.94% of E Trav Tech's post-allotment paid-up equity at ₹60 per share. EaseMyTrip cited strategic synergy in B2B travel technology and corporate client distribution.
- May 2024: Secured ₹10.50 Cr from Minerva Ventures Fund through the issuance of 15 lakh equity shares at ₹70 per share.
- January 2025: Issued 18.04 lakh equity shares at an issue price of ₹75 per share during a subsequent capital placement.
Financial Performance Trend & Profitability
The chart highlights E Trav Tech's financial trajectory, showing net profit rising from ₹3.43 Cr in 2022 to a high of ₹28 Cr in 2025, while total revenue peaked at ₹56 Cr in 2024 before settling at ₹50 Cr in 2025.
Over recent financial reporting periods, E Trav Tech has demonstrated steady profitability expansion. Profit After Tax (PAT) grew from ₹3.43 Cr in FY22 to ₹16.6 Cr in FY23, ₹20 Cr in FY24, and ₹28 Cr in FY25. Earnings Per Share (EPS) stood at ₹2.44 per share in FY25. Total reserves and surplus reached ₹170 Cr as of FY25 against total borrowings of ₹16.8 Cr, reflecting a conservative balance sheet leverage profile.
Indicative Unlisted Share Price Trajectory
The price chart shows the indicative share price holding steady at a low of ₹100.0 from 16 Jul 2026 until moving to a high of ₹102.0 on 02 Aug 2026, where it has remained through 13 Oct 2026.
In the over-the-counter unlisted market, prices are determined by direct off-market supply and demand, recent primary funding benchmarks, and corporate earnings performance. Unlike exchange-traded equities, unlisted securities do not have a continuous order book, making quoted prices indicative rather than binding quotes.
Risk Factors & What Happens Next
Holding unlisted equity involves specific structural risks that investors must evaluate carefully:
- Liquidity and Trading Restrictions: Unlisted shares lack formal exchange trading systems. Finding liquidity depends on private demand, and any future mainboard or SME listing triggers a mandatory six-month post-IPO lock-in period for pre-IPO shareholders per SEBI regulations.
- Valuation Volatility: Private transaction prices can fluctuate based on broader travel industry cycles, airline commission shifts, and macroeconomic travel demand.
- Disclosure Frequency: Unlisted public entities publish financial results annually or during capital raises rather than quarterly, reducing ongoing reporting visibility.
Investors following upcoming mainboard and SME public issues can monitor draft document filings via the IPO calendar.
For quotes, demat transfer procedures, and transaction mechanics for unlisted securities, contact the desk directly. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002. Learn more at enquire or read our peer analyses such as Goa Shipyard Limited Unlisted Share Analysis 2026 and Kineco Limited Unlisted Shares 2026: Financials & Kinet Partnership.
| Item | Value | As of |
|---|---|---|
| Indicative price | ₹102 | 14 Oct 2026 |
| Lot size | 250 shares | 14 Oct 2026 |
| Minimum investment | ₹25,500 | 14 Oct 2026 |
| Market cap | ₹1,161 Cr | 14 Oct 2026 |
| Face value | ₹2 | 14 Oct 2026 |
| Book value | ₹16.78 | 14 Oct 2026 |
| P/E | 41.49 | 14 Oct 2026 |
| ISIN | INE0NQH01022 | 14 Oct 2026 |
| Sector | Information Technology | 14 Oct 2026 |
| Listing status | UNLISTED | 14 Oct 2026 |
Frequently Asked Questions
What does E Trav Tech Limited do?
E Trav Tech Limited is a B2B travel technology company that aggregates flight, hotel, bus, visa, and holiday package inventory. It provides travel agents across India with APIs, booking engines, and white-label technology portals to manage travel bookings without direct carrier relationships.
Is E Trav Tech Limited listed on the NSE or BSE?
No. E Trav Tech Limited is currently an unlisted public company. Its equity shares are not listed or traded on the NSE or BSE main boards. Unlisted share transactions take place off-market through private arrangements with settlement directly into demat accounts.
Is buying E Trav Tech Limited unlisted shares suitable for my portfolio?
We do not make that call. As an information desk, BuyUnlistedShares does not provide investment recommendations, buy/sell ratings, or portfolio advice. Investors must conduct independent research and evaluate their own risk tolerance and liquidity requirements.
Who are the key institutional investors in E Trav Tech Limited?
Per company disclosures and corporate filings, strategic investors include listed online travel agency Easy Trip Planners Limited (EaseMyTrip), which invested ₹33 Cr in March 2024 for a 4.94% equity stake, and Minerva Ventures Fund, which participated in a May 2024 private placement.
What is the face value and ISIN of E Trav Tech Limited shares?
As of 15 Jul 2026, E Trav Tech Limited equity shares have a face value of ₹2 per share and carry the International Securities Identification Number (ISIN) INE0NQH01022.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
