Yatra Online (YTRA) investor relations material

Executive summary

• Q3 FY2026 delivered strong results, with revenue up 9.6%–10% year-on-year to INR 2,577 million ($29 million), driven by robust growth in both B2C and B2B segments, and positive unit economics in the consumer business, despite airline disruptions and geopolitical headwinds.

• Gross bookings rose 20.9%–21% year-on-year to INR 21,762 million ($242 million), with strong contributions from air ticketing, hotels, business travel, affiliate, and consumer segments.

• 40 new corporate clients were onboarded, expanding annual billing potential by INR 2,234 million.

• Integration of Globe Travels and expansion of affiliate network partners contributed to supplier synergies and growth.

• Q3 is seasonally strong for leisure travel but weaker for corporate travel; margin optimization remained a focus.

Financial highlights

• Revenue from operations grew 9.6%–10% year-on-year to INR 2,577 million ($29 million) in Q3 FY2026.

• Gross bookings reached INR 21,762 million, up 20.9%–21% year-on-year; air ticketing gross bookings were INR 16,931 million, hotel and packages gross bookings INR 4,306 million.

• Adjusted air margins increased 39.4%–40% year-on-year to INR 1,195 million ($13 million); hotels and packages adjusted margin rose 14.6%–15% to INR 502 million ($6 million).

• Adjusted EBITDA for Q3 FY26 was INR 99.7–100 million, down 17.9%–18% year-on-year; net loss for the period was INR 129.3 million.

• Cash and equivalents plus term deposits stood at INR 2,042 million ($23 million) as of December 31, 2025; gross debt increased to INR 583 million ($6 million).

Outlook and guidance

• Management expects continued growth in both corporate and consumer segments, leveraging technology, cross-selling, and new demand generation initiatives.

• Corporate travel segment has significant headroom for growth, with online penetration at 23% and a strong foundation for expansion.

• Focus remains on scaling high-margin segments, deepening technology capabilities, and driving sustainable long-term value.

• MICE travel deferred in Q3 is expected to roll over into Q4 and Q1 of the next fiscal year.