Company Overview

Yatra Online Limited is India's largest managed corporate travel services provider, catering to over 1,300 large & medium corporates and approximately 58,000 SME clients with an addressable employee base of more than 9 million. It is also one of India's largest OTA platforms serving as a one-stop shop for leisure travel needs, with ~81% of total traffic driven by direct and organic channels. The company follows a multi-channel approach spanning the entire travel and hospitality value chain across B2C and B2B segments.

Management Team

  • Dhruv Shringi: Whole-time Director and Chairman, Chartered Accountant, MBA from INSEAD, previously with Ford Motor Company, Arthur Andersen & Co., and ebookers
  • Siddhartha Gupta: Chief Executive Officer, holds PGDBM from Xavier Institute of Management, Former President of Mercer India and CEO of Mercer Mettl
  • Manish Amin: Chief Information and Technology Officer, holds general certificate in business studies from Business Technician and Education Counsel, previously associated with ebookers and Flightbookers Limited
  • Sabina Chopra: COO (Corporate), brings over 32 years of experience in Travel & Hospitality, previously headed India-based operations of ebookers
  • Anuj Sethi: CFO, Cost Accountant, served the Company for more than a decade in senior finance roles
  • Jyoti Chawla: Company Secretary, holds Law degree, brings over 18 years of experience in compliances, governance and legal matters, previously associated with Sundrop Brands Limited

Q4-FY26 Financial Performance

  • Gross bookings: Growth of 8.3% YoY
  • Gross margin: Growth of 3.6% YoY
  • Total transactions: 1,884,000 (15.2% YoY increase)
  • Air passengers: 1,368,000 (9.6% YoY increase, roughly 2x industry growth)
  • EBITDA Margin: 11.15%
  • PAT Margin: 7.24%
  • Diluted EPS: INR 0.52
  • Corporate client wins: 55 new corporate customers with annual billable potential of INR 2,709 Mn (compared to 40 closures worth INR 2,234 Mn in Q3)

FY26 Full Year Financial Performance

  • Gross bookings: INR 80,512 Mn (14% YoY growth)
  • Revenue from Operations: INR 10,065 Mn (27% YoY growth)
  • Gross Margins (Revenue less Service Cost): INR 4,824 Mn (24.5% YoY growth)
  • Adjusted EBITDA: INR 917 Mn (37.5% YoY growth), includes other income of INR 52 Mn
  • EBITDA: INR 855 Mn (53.2% YoY growth), includes other income of INR 52 Mn
  • Net Profit: INR 468 Mn (28.1% YoY growth)
  • EBITDA Margin: 17.73%
  • PAT Margin: 9.7%
  • Diluted EPS: INR 2.98
  • Total Transactions: 7,368,000 (6% YoY growth)
  • Air Passengers: 5,395,000 (2% YoY growth)
  • Corporate Client Wins: 163 with expected annual volumes of business of INR 9,568 Mn

Operational Performance Metrics

Quarterly Performance (INR Mn)

| Metric | Q4-FY25 | Q1-FY26 | Q2-FY26 | Q3-FY26 | Q4-FY26 |

| Gross bookings Air Ticketing | 67,372 | 75,884 | 70,733 | 80,512 | 18,663 |

| Hotel & Package | 8,153 | 8,740 | 13,053 | 16,578 | 3,390 |

| Other services | 2,811 | 2,194 | 2,407 | 2,059 | 609 |

| Gross take | 5,578 | 5,857 | 5,334 | 6,486 | 1,375 |

| Gross Margin | 3,157 | 3,359 | 3,875 | 4,823 | 1,094 |

Business Mix Trends

Air Ticketing remained the dominant segment ranging from 72-86% of gross bookings across quarters, while Hotel & Package segment ranged from 12-25%.

Income Statement Details (FY26, INR Mn)

  • Revenue from Operations: 10,065 (27.2% YoY growth)
  • Revenue less service cost: 4,824 (24.5% YoY growth)
  • Other Income: 52 (52.6% YoY decline)
  • Operating Expenses: 3,958 (19.3% YoY growth)
  • ESOP cost: 62 (43% YoY decline)
  • Finance Cost: 126 (17.4% YoY growth)
  • Depreciation: 411 (33.2% YoY growth)
  • Finance Income: 206 (1.6% YoY decline)
  • One Time Statutory Impact of new Labour Codes: 38
  • Tax: 18 (226.7% YoY decline)
  • Other Comprehensive loss: (4)

Balance Sheet Position (as of March 31, 2026, INR Mn)

  • Total Assets: 13,364
  • Non-Current Assets: 3,826 (including Goodwill: 1,413, Intangible Assets: 1,232, Right-of-use Assets: 257)
  • Current Assets: 9,538 (including Trade Receivable: 5,353, Cash and Cash Equivalents: 724, Other financial assets: 1,446)
  • Total Equity: 8,302
  • Non-Current Liabilities: 473
  • Current Liabilities: 4,589 (including Borrowings: 704, Trade Payables: 2,148)

Cash Flow Statement (FY26, INR Mn)

  • Cash flow from/(used in) operations: 761 (compared to cash used in operations of INR 886 Mn in FY25)
  • Investing in other activities: (449)
  • Financing Activities: (544)
  • Change in cash and cash equivalents: (233)
  • Closing cash and cash equivalents: 282
  • Term Deposits: 1,508
  • Closing cash and cash equivalents including term deposits: 2,230

Key Highlights and Guidance

  • Yatra reported its most profitable year in its history despite significant macro headwinds that impacted 3 out of the 12 months of the year
  • Gross Margin (RLSC) for the year grew 24.5% YoY to INR 4,824 Mn, ahead of the revised guidance of 22.5%
  • Adjusted EBITDA of INR 917 Mn came in line with revised guidance
  • PAT growth was adversely impacted by the introduction of the new wage code in Q3 - excluding this one-time effect of INR 38 Mn, PAT would have been INR 506 Mn, representing 38.5% YoY growth
  • The company generated cash flow from operations of INR 761 Mn during FY26 compared to cash used in operations of INR 886 million in FY25