Yatra Online Limited – Investor Presentation Summary

Key Operational Highlights

  • Total transactions increased 16.6% YoY in Q4-FY26.
  • Air passengers grew 9.6% YoY in Q4-FY26, approximately 2x industry growth.
  • Added 55 new corporate customers in Q4-FY26 representing annual billable potential of INR 2,709 Mn.
  • Total corporate client wins for FY26 reached 163 with expected annual volumes of INR 9,568 Mn.
  • Approximately 81% of total traffic driven by direct and organic channels.
  • Addressable employee base of more than 9 Mn across over 1,300 large & medium corporates and approximately 58,000 SME clients.

Key drivers of operational performance: Market share expansion in air ticketing, strong corporate client acquisition momentum, and diversified multi-channel approach spanning B2C and B2B segments.

Segment-wise Performance

Air Ticketing:

  • Q4-FY26 Gross bookings: INR 16,931 Mn (79% of total)
  • Q4-FY26 Gross take: INR 1,178 Mn (7.4% margin)
  • Q4-FY26 Gross margin: INR 606 Mn (3.8% margin)

Hotel & Package:

  • Q4-FY26 Gross bookings: INR 3,697 Mn (18% of total)
  • Q4-FY26 Gross take: INR 397 Mn (10.8% margin)
  • Q4-FY26 Gross margin: INR 330 Mn (8.9% margin)

Other Services:

  • Q4-FY26 Gross bookings: INR 486 Mn (3% of total)
  • Q4-FY26 Gross take: INR 79 Mn (16.2% margin)
  • Q4-FY26 Gross margin: INR 76 Mn (15.6% margin)

Explanation of significant changes in segment performance: Air ticketing remained dominant while hotel & packages showed strong margin contribution despite macroeconomic challenges.

Financial Highlights

FY26 Performance:

  • Revenue: INR 10,065 Mn (27% YoY growth)
  • Gross Margin (Revenue less Service Cost): INR 4,824 Mn (24.5% YoY growth)
  • Adjusted EBITDA: INR 917 Mn (37.5% YoY growth)
  • EBITDA: INR 855 Mn (53.2% YoY growth)
  • PAT: INR 468 Mn (28.1% YoY growth)
  • EPS: INR 2.98 (28.2% YoY growth)
  • EBITDA Margin: 17.73%
  • PAT Margin: 9.7%

Q4-FY26 Performance:

  • Diluted EPS: INR 0.52
  • EBITDA Margin: 11.15%
  • PAT Margin: 7%

Drivers of financial performance: Higher revenue growth, improved gross margins across segments, and operational efficiencies despite macroeconomic headwinds that impacted 3 months of the year.

Key Risks: Macroeconomic headwinds, introduction of new wage code impacting PAT growth by approximately INR 38 Mn.

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Balance Sheet Snapshot

As of March 31, 2026:

  • Total Assets: INR 13,364 Mn
  • Total Equity: INR 8,302 Mn
  • Cash and Cash Equivalents: INR 724 Mn
  • Other Bank Balances: INR 190 Mn
  • Trade Receivables: INR 5,353 Mn
  • Financial Liabilities (Current): INR 704 Mn
  • Trade Payables: INR 2,148 Mn

Financial Health Insights: Strong cash position with cash and cash equivalents including term deposits of INR 2,230 Mn, improved equity base, and manageable leverage.

Capex & Cash Flow Health

FY26 Cash Flow:

  • Cash flow from operations: INR 761 Mn (compared to INR 73 Mn in FY25)
  • Investing activities: (INR 449) Mn
  • Financing activities: (INR 544) Mn
  • Capital Expenditure: Not Specified
  • Free Cash Flow: Not Specified
  • Operating Cash Flow: INR 761 Mn

Investment Rationale: Focus on maintaining strong cash generation and financial stability.

Strategic & R&D Initiatives

Investments in Innovation: Multi-channel technology platform spanning entire travel and hospitality value chain, real-time integrated technology platform for corporate and consumer travellers.

Expected impact on growth: Technology capabilities enhance accessibility and drive customer retention through seamless multi-channel experience across desktop and mobile.

Strategic Rationale: Expanding market share in both corporate and leisure travel segments through technology-driven solutions.

Industry Trends & Business Environment

Macro/Industry Trends: Dynamically evolving macroeconomic environment, war-related disruptions affecting certain periods.

Impact on Company: Macroeconomic headwinds impacted 3 out of 12 months of the year, but company demonstrated resilient business performance.

Management Commentary & Growth Outlook

Strategic Outlook: Company reported its most profitable year in history despite significant macro headwinds.

FY Guidance: Previously provided revised guidance of 22.5% gross margin growth was exceeded with actual growth of 24.5%.

Market Share Targets: Air passenger growth at 2x industry rate indicates continued market share expansion.

Risks and Opportunities: Macroeconomic environment uncertainties, but strong corporate client addition pipeline provides growth opportunities.

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