Financial Performance Highlights
Yatra Online Limited reported record consolidated financial performance for FY 2025-26 with revenue growth of 27.2% to ₹10,065.10 million and EBITDA growth of 53.2% to ₹855 million. Net profit increased to ₹468.10 million (28% YoY growth) with basic EPS of ₹2.98. The company demonstrated strong operational metrics including 97% corporate customer retention, addition of 163 new corporate clients representing ₹9,568 million in annual billable value, and 9.6% air passenger volume growth significantly outperforming industry averages.
Corporate Restructuring and Business Operations
The company completed a significant corporate restructuring through the amalgamation of six wholly-owned subsidiaries (Yatra TG Stays, Yatra Hotel Solutions, Yatra For Business, Travel.Co.In, Yatra Corporate Hotel Solutions, and Yatra Online Freight Services) effective December 1, 2025, with NCLT approval. This reorganization led to goodwill reallocation of ₹1,414.72 million to two cash-generating units: Air Ticketing (₹526.98 million) and Hotel & Packages (₹887.74 million). Impairment testing using value-in-use methodology with discount rates of 21.73% (Air) and 19.28% (Hotels) showed no impairment required.
Technology and Business Development
Yatra launched several AI-powered initiatives including DIYA 2.0, an end-to-end AI travel planner, and RECAP, an AI-powered expense management platform that added 16 new clients. The company successfully migrated to Google Cloud, enhanced NDC integration for richer airline content, and maintained the largest hotel inventory among OTAs with 81,000+ listings. The MICE business emerged as India's fastest-growing player, now second-largest in the category.
Regulatory and Compliance Matters
Auditors issued an unmodified opinion on the financial statements but provided an adverse opinion on internal financial controls, citing material weaknesses in documentation of control attributes, IT general controls for hotel business, and segregation of duties around manual journal entries. These weaknesses impact multiple financial statement accounts including revenue, receivables, and financial closing processes.
The company received queries from SEBI and NSE regarding classification of ₹3,391.44 million in deposits/advances for airline tickets and hotel bookings as utilization of IPO proceeds under customer acquisition object. Management defended the classification based on legal opinions and reported no further communication after their December 26, 2025 response. The company also paid fines of ₹9,32,200 each to BSE and NSE for temporary non-compliance with board composition requirements.
Corporate Governance and Leadership Changes
Significant management changes occurred during the year: Mr. Dhruv Shringi transitioned from CEO to Executive Chairperson effective November 24, 2025, with Mr. Siddhartha Gupta appointed as new CEO. Other changes included Mr. Rohan Mittal's resignation as CFO and appointments of Mr. Anuj Sethi as Interim CFO and Ms. Jyoti Chawla as Company Secretary. Mr. Roshan Mendis was appointed as Non-Executive Director.
Financial Position and Capital Structure
The company maintained a strong balance sheet with cash and equivalents of ₹723.72 million, though trade receivables remained elevated at ₹5,353.30 million. Borrowings stood at ₹716.22 million with secured facilities including vehicle loans, sales bill discounting, and bank overdrafts. The capital structure remained stable with 156,916,193 equity shares outstanding and 100% dematerialized shareholding.