Financial Performance - FY26 Consolidated

Revenue Growth: 27.2% Year-over-Year (YoY)

EBITDA Growth: 53.2% YoY

PAT Growth: 28.1% YoY

Gross Margin (RLSC): INR 4,824 million, representing 24.5% YoY growth (exceeded revised guidance of 22.5%)

Adjusted EBITDA: INR 917 million, representing 37.5% YoY growth (in line with revised guidance)

EBITDA: INR 855 million

PAT: INR 468 million

One-time Impact: PAT growth was adversely impacted by the introduction of the new wage code in Q3. Excluding this effect, PAT would have been INR 506 million, representing 38.5% YoY growth.

Financial Performance - Q4 FY26 Consolidated

Revenue: INR 1,890 million (13.7% YoY decline)

Gross Margin (RLSC): INR 1,133 million (3.6% YoY growth)

Adjusted EBITDA: INR 166 million (33.8% YoY decline)

EBITDA: INR 126 million (45.5% YoY decline)

EBITDA Margin: 11.15% (as percentage of RLSC)

Net Profit: INR 82 million (46.1% YoY decline)

Other Income: INR 17 million included in Adjusted EBITDA and EBITDA for Q4'26; INR 52 million for FY26

Business Highlights - FY26

  • Most profitable year in company's history despite significant macro headwinds affecting 3 out of 12 months
  • Gross bookings grew 8.3% YoY in Q4
  • Total transactions increased 15.2% YoY in Q4
  • Air passengers grew 9.6% YoY in Q4, approximately 2x industry growth, indicating market share expansion
  • Corporate business added 163 new corporate customers during FY26 with annual billable value of approximately INR 9,568 million (compared to 148 customers and INR 7,475 million in FY25)

Business Highlights - Q4 FY26

  • Added 55 new corporate customers with annual billable potential of INR 2,709 million (compared to 40 closures worth INR 2,234 million in Q3)
  • MICE (Meetings, Incentives, Conferences & Exhibitions) business significantly affected by war-related disruption, particularly international corporate group travel
  • Several Q4 bookings were either cancelled or deferred into FY27

Management Commentary

Chief Executive Officer Mr. Siddhartha Gupta stated that Yatra delivered strong FY26 performance despite volatile macro and geopolitical backdrop. Key points:

  • Execution remained strong with performance broadly in line with revised guidance
  • Operating leverage and disciplined cost control drove results
  • Air segment delivered healthy TTV growth while maintaining margin discipline
  • Hotels & Packages business gained momentum with strong growth in standalone hotels and margin expansion
  • Corporate (B2E) business remained a key growth driver
  • Q4 affected by geopolitical disruptions and war-related uncertainty impacting international travel demand
  • Management expects meaningful portion of deferred demand to return as conditions normalize
  • Despite headwinds, company posted healthy growth in gross bookings and transactions with market share gains
  • Management remains optimistic about FY27, backed by structural growth in India's travel and corporate mobility markets
  • Continued investment in AI technology, customer acquisition, hotel supply, and B2E platform
  • Maintains medium-term growth guidance of 20% RLSC growth and 30% Adjusted EBITDA growth

Additional Information

Conference Call: Scheduled for Monday, May 25, 2026 at 10:00 AM IST to discuss financial results

Access: Available through Microsoft Teams link

Materials: Analyst/institutional investor presentation will be submitted to stock exchanges and hosted on company website