GURUGRAM, India & NEW YORK--(BUSINESS WIRE)--May 22, 2026--
Yatra Online, Inc. (NASDAQ: YTRA) (the "Company"), India's leading corporate travel services provider and one of India's leading online travel companies, today announced its unaudited financial and operating results for the three months and year ended March 31, 2026.
"I am pleased to report that the fourth quarter marked a period of robust financial and operational performance, enabling us to meet our revised full-year growth guidance. This year's performance can be described as resilient, given the multiple severe disruptions that created a turbulent environment for India's aviation sector. Disruptions in domestic aviation, coupled with geopolitical developments in the Middle East, significantly impacted the industry. It is important to note that air traffic to and through the region constitutes a substantial proportion of India's outbound air capacity.
Our performance during the quarter remained well balanced across business travel demand, affiliate-sourced business, and the consumer segment. While air travel volumes were slightly depressed, elevated average air ticket prices helped key business lines navigate the challenging environment. The MICE (Corporate Group Travel) segment faced significant headwinds, as many corporates chose to defer or cancel group travel plans to and through the region due to schedule uncertainty and safety concerns arising from the ongoing conflict.
For the three months ended March 31, 2026, we reported revenue of INR 1,890.2 million (USD 20.1 million), representing a decline year-over-year of 13.7%. This is due to a decline in the Hotels and Packages business which was severely impacted due to disruption in the Middle East impacting international aviation routes.
Our Corporate Travel segment continues to serve as a key growth pillar. During the fourth quarter, we onboarded 55 new corporate clients, expanding our annual billing potential by INR 2,709 million (USD 28.9 million). While the fourth quarter is typically strong for corporate travel due to financial year-end activity, weaker performance in the MICE (Corporate Group Travel) segment impacted the overall growth of this line of business. At the same time, our consumer and affiliate channels benefited from the strength of India's domestic consumption story and delivered robust growth.
We remained focused on driving growth in Air and Hotel revenues while maintaining pricing discipline and margins across both segments, without resorting to discounting.
Looking ahead, we remain focused on scaling our high-margin Hotel segment, deepening our technology capabilities--particularly through the use of AI and Data Science to automate processes and improve operational efficiencies--and driving sustainable long-term value for all stakeholders.
We continue to explore potential restructuring alternatives and believe there may be a viable structure to pursue. Discussions remain ongoing and are subject to regulatory considerations and timing uncertainties.
I extend my sincere thanks to our dedicated team, trusted partners, and supportive shareholders."-- Siddhartha Gupta, CEO
Financial and operating highlights for the three months ended March 31, 2026:
-- Revenue of INR 1,890.2 million (USD 20.1 million), representing a
decrease of 13.7% on a year-over-year basis ("YoY").
-- Adjusted Margin(1) from Air Ticketing of INR 1,178.3 million (USD 12.6
million), representing an increase of 27.3% YoY.
-- Adjusted Margin(1) from Hotels and Packages of INR 365.2 million (USD
3.9 million), representing an increase of 2.2% YoY.
-- Total Gross Bookings (Air Ticketing, Hotels and Packages and Other
Services)(3) of INR 20,211.2 million (USD 215.4 million), representing an
increase of 8.0% YoY.
-- Loss for the period was INR 145.5 million (USD 1.6 million) versus a
loss of INR 15.2 million (USD 0.2 million) for the three months ended
March 31, 2025, reflecting negative swing of INR 130.3 million (USD 1.4
million) YoY.
-- Result from operations were a loss of INR 214.2 million (USD 2.3
million) versus a loss of INR 33.3 million (USD 0.4 million) for the
three months ended March 31, 2025, reflecting negative swing of INR 180.9
million (USD 1.9 million) YoY.
-- Adjusted EBITDA(2) was INR 45.9 million (USD 0.5 million) reflecting a
decrease by 49% YoY.
Financial and operating highlights for the year ended March 31, 2026:
-- Revenue of INR 10,074.0 million (USD 107.4 million), representing an
increase of 26.6% YoY.
-- Adjusted Margin(1) from Air Ticketing of INR 4,372.7 million (USD 46.6
million), representing an increase of 21.9% YoY.
-- Adjusted Margin(1) from Hotels and Packages of INR 1,761.9 million (USD
18.8 million), representing an increase of 19.6% YoY.
-- Total Gross Bookings (Air Ticketing, Hotels and Packages and Other
Services)(3) of INR 80,535.8 million (USD 858.3 million), representing an
increase of 13.6% YoY.
-- Loss for the period was INR 66.0 million (USD 0.7 million) versus a
profit of INR 23.5 million (USD 0.3 million) for the years ended March
31, 2025, reflecting negative swing of INR 89.5 million (USD 1.0 million)
YoY.
-- Result from operations were a loss of INR 125.3 million (USD 1.3
million) versus a loss of INR 90.3 million (USD 1.0 million) for the year
ended March 31, 2025, reflecting negative swing of INR 35.0 million (USD
0.4 million) YoY.
-- Adjusted EBITDA(2) was INR 563.8 million (USD 6.0 million) reflecting
an increase by 64.2% YoY.
Three months ended March 31,
-----------------------------------------
2025 2026 2026 YoY Change
-------------- -------------- ---------
Unaudited Unaudited Unaudited
-------------- -------------- --------- ----------
(In thousands
except
percentages) INR INR USD %
----------------- -------------- -------------- --------- ----------
Financial Summary
as per IFRS
Revenue 2,189,739 1,890,250 20,146 (13.7)%
Results from
operations (33,292) (214,163) (2,283) (543.3)%
Loss for the
period (15,210) (145,470) (1,551) (856.4)%
Financial Summary
as per non-IFRS
measures
Adjusted Margin
(1)
Adjusted Margin -
Air Ticketing 925,776 1,178,283 12,558 27.3%
Adjusted Margin -
Hotels and
Packages 357,382 365,222 3,892 2.2%
Adjusted Margin -
Other Services 92,161 78,665 838 (14.6)%
Others (Including
Other Income) 193,681 134,138 1,430 (30.7)%
Adjusted EBITDA
(2) 89,625 45,921 489 (48.8)%
Operating Metrics
Gross Bookings (3) 18,713,890 20,211,170 215,401 8.0%
Air Ticketing 14,664,296 16,028,926 170,829 9.3%
Hotels and
Packages 3,389,955 3,696,653 39,397 9.0%
Other Services (6) 659,639 485,591 5,175 (26.4)%
Adjusted Margin%
(4)
Air Ticketing 6.3% 7.4%
Hotels and
Packages 10.5% 9.9%
Other Services 14.0% 16.2%
Quantitative
details (5)
Air Passengers
Booked 1,248 1,368 9.6%
Stand-alone Hotel
Room Nights
Booked 367 500 36.3%
Packages
Passengers
Travelled 20 16 (19.6)%
Year ended March 31,
----------------------------------------
2025 2026 2026 YoY Change
-------------- -------------- -------- ----------
(In thousands
except
percentages) INR INR USD %
----------------- -------------- -------------- -------- ----------
Financial Summary
as per IFRS
Revenue 7,954,522 10,074,030 107,364 26.6%
Results from
operations (90,295) (125,318) (1,337) 38.8%
Profit/(loss) for
the period 23,501 (66,018) (705) (380.9)%
Financial Summary
as per non-IFRS
measures
Adjusted Revenue
(1)
Adjusted Margin -
Air Ticketing 3,588,182 4,372,656 46,602 21.9%
Adjusted Margin -
Hotels and
Packages 1,472,705 1,761,897 18,778 19.6%
Adjusted Margin -
Other Services 313,057 328,392 3,500 4.9%
Others (Including
Other Income) 680,015 581,410 6,196 14.5%
Adjusted EBITDA
(2) 343,391 563,834 6,009 64.2%
Operating Metrics
Gross Bookings (3) 70,910,166 80,535,823 858,316 13.6%
Air Ticketing 55,272,782 61,874,829 659,435 11.9%
Hotels and
Packages 13,053,414 16,577,607 176,677 27.0%
Other Services (6) 2,583,970 2,083,387 22,204 (19.4)%
Net Revenue
Margin% (4)
Air Ticketing 6.5% 7.1%
Hotels and
Packages 11.3% 10.6%
Other Services 12.1% 15.8%
Quantitative
details (5)
Air Passengers
Booked 5,269 5,394 2.4%
Stand-alone Hotel
Room Nights
Booked 1,663 1,935 16.4%
Packages
Passengers
Travelled 61 91 49.7%
Note:
(1) As certain parts of our revenue are recognized on a "net" basis and
other parts of our revenue are recognized on a "gross" basis, we
evaluate our financial performance based on Adjusted Margin, which is
a non-IFRS measure.
(2) See the section below titled "Certain Non-IFRS Measures."
(3) Gross Bookings represent the total amount paid by our customers for
travel services, freight services and products booked through us,
including taxes, fees and other charges, and are net of cancellation
and refunds.
(4) Adjusted Margin % is defined as Adjusted Margin as a percentage of
Gross Bookings.
(5) Quantitative details are considered on a gross basis.
(6) Other Services primarily consists of freight business, IT services,
bus, rail and cab and others services.
As of March 31, 2026, 63,990,178 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the "Ordinary Shares") were issued and outstanding.
For complete financial tables and results, please see our 6-K filed with the SEC and on our website: https://investors.yatra.com/financial-information/sec-filings/default.aspx
Conference Call
The Company will host a conference call to discuss its unaudited results for the three months ended March 31, 2026, beginning at 9:00 AM Eastern Daylight Time (or 6:30 PM India Standard Time) on May 25, 2026. Dial in details for the conference call are as follows: US/International dial-in number: +1 585-542-9983. Confirmation Code: 280401239 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code). The conference call will also be available via webcast at https://events.q4inc.com/attendee/280401239.
Safe Harbor Statement
This earnings release contains certain statements concerning the Company's future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate, " "believe," "estimate," "expect," "intend," "will," "project," "seek," "should," similar expressions and the negative forms of such expressions. Such statements include, among other things, statements regarding the long-term growth trajectory for the Indian travel market; growth of the MICE business and corporate travel business; our expectations regarding the benefits of utilizing AI-enabled services; statements concerning management's beliefs as well as our strategic and operational plans; our ability to simplify our corporate structure and operations and enhance shareholder value; our expectations regarding sustained margin expansion as a result of simplifying our legal and corporate structure; our future financial performance; our ability to meet our financial guidance; and our ability to comply with Nasdaq's continued listing requirements for our Ordinary Shares to remain listed on Nasdaq. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel industry in particular, including disruptions caused by safety concerns, flight cancellations as a result of airline staffing shortages or regulatory noncompliance, terrorist attacks, regional conflicts (including the ongoing conflict between Ukraine and Russia, the evolving events in the Middle East), pandemics, macroeconomic factors, including tariff and trade issues, and natural calamities; our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our Revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry, on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, and our ability to successfully implement any new business initiatives; our ability to effectively integrate artificial intelligence, machine learning and automated decision-making tools; non-compliance with Nasdaq's continued listing requirements and consequent delisting of our ordinary shares from Nasdaq; and our ability to simplify our multi-jurisdictional corporate structure or reduce resources and management time devoted to compliance requirement. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this earnings release is provided as of the date of issuance of this earnings release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About Yatra Online, Inc.
Yatra Online, Inc. is the ultimate parent company of Yatra online India, a public listed company on the National Stock Exchange of India Limited and BSE Limited (hereinafter referred to as "Yatra India"), whose corporate office is based in Gurugram, India. Yatra India is India's largest corporate travel services provider in terms of number of corporate clients with over 1,300 large corporate customers and approximately 59k registered SME customers and the third largest online travel company in India among key online travel agency ("OTA") players in terms of gross booking revenue and operating revenue for Fiscal 2023 (Source: CRISIL Report). Leisure and business travellers use Yatra India's mobile applications, its website, www.yatra.com, and its other offerings and services to explore, research, compare prices and book a wide range of travel-related services. These services include domestic and international air ticketing on nearly all Indian and international airlines, as well as bus ticketing, rail ticketing, cab bookings and ancillary services within India. With approximately 80k hotels and homestays in approximately 1,500 cities and towns in India as well as more than 2.5 million hotels around the world, Yatra India has the largest hotels inventory amongst key Indian OTA players.
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CONTACT: For more information, please contact:
Stephanie Oshchepkov
ICR Inc.
Email: stephanie.oshchepkov@icrinc.com
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