Yatra Online Limited – Investor Presentation Summary

Key Operational Highlights

  • Gross bookings grew 11% YoY to INR 42,661 Mn for H1 FY27 and 6% YoY to INR 21,655 Mn for Q2 FY27.
  • Corporate business added 54 new corporate customers in Q2 FY27, representing an annual billable potential of INR 2,035 Mn.
  • Corporate bookings grew 18% YoY and 10% QoQ, with 54% of existing corporate clients increasing their spending.
  • Personal travel bookings by corporate employees increased 36% YoY.
  • Gross air bookings grew 15% YoY to INR 17,006 Mn in Q2 FY27.
  • Air passenger volumes declined 2% against a 6% decline in domestic air traffic, indicating market outperformance.
  • Standalone hotel gross bookings grew 20% YoY.
  • MICE bookings recovered 37% QoQ.
  • Total transactions were 3,759 ('000) for H1 FY27, up 7% YoY.
  • Air passengers were 2,561 ('000) for H1 FY27, up 1% YoY.

Key drivers of operational performance: Growth and improved monetisation across the core Air and Hotel businesses; strong corporate client additions; deeper cross-selling within the corporate client base; continued hotel additions to expand the addressable market.

Segment-wise Performance

| Segment | Q2 FY27 Gross Bookings (INR Mn) | YoY Growth | Q2 FY27 Gross Margin (INR Mn) | YoY Growth | Gross Take % |

| Air Ticketing | 17,006 | 15% | 757 | 29% | 7.2% |

| Hotel & Package | 4,054 | 20% | 299 | -34.4% | 9.4% |

| Other services | 595 | 8.2% | 72 | -20.9% | 12.0% |

*Calculated based on provided data

Explanation of significant changes in segment performance: Significant growth in Air gross margin (29% YoY) driven by improved monetization; decline in Hotel & Package gross margin due to change in mix or monetization.

Financial Highlights

Revenue: Rs. 4,015 Mn (H1 FY27); Rs. 2,136 Mn (Q2 FY27)

EBITDA: Rs. 263 Mn (H1 FY27); Rs. 132 Mn (Q2 FY27)

PAT: Rs. (4) Mn (H1 FY27); Rs. (7) Mn (Q2 FY27)

EPS: Rs. (0.03) (H1 FY27); Rs. (0.05)* (Q2 FY27)

Margins: EBITDA Margin 11% (H1 FY27), 10% (Q2 FY27); PAT Margin (0.2)% (H1 FY27), (0.6)% (Q2 FY27)

YoY/QoQ comparison: H1 FY27 Revenue declined 28.4% YoY; Q2 FY27 Revenue declined 39.1% YoY but grew 13.7% QoQ; H1 FY27 PAT declined 101.3% YoY; Q2 FY27 PAT declined 105.2% YoY

Drivers of financial performance: Decline in revenue from operations; increase in operating expenses (14.1% YoY for H1 FY27); significant increase in finance cost (124.8% YoY for H1 FY27); higher ESOP cost (163.6% YoY for H1 FY27)

Key Risks: Industry headwinds; raw material price hikes and regulatory risks not explicitly disclosed.

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Regional Breakdown: Not Specified

Balance Sheet Snapshot

Net Debt/Equity: Not Specified

Reserves: Not Specified (Other Equity: INR 8,144 Mn as of H1 FY27)

Current Assets/Liabilities: Not Specified

Working Capital/Leverage Metrics: Not Specified

Financial Health Insights: Cash and cash equivalents including term deposits stood at INR 2,180 Mn as of September 30, 2026; working capital deployment of INR (488) Mn in H1 FY27.

Capex & Cash Flow Health

Capital Expenditure: Not Specified

Free Cash Flow: Not Specified

Operating Cash Flow: Rs. (147) Mn (H1 FY27)

Net Debt Movement: Not Specified

Investment Rationale: Not Specified

Strategic & R&D Initiatives

Investments in Innovation: Real-time integrated technology platform; self-book platform for corporate clients; multi-channel experience across desktop and mobile.

Expected impact on growth: Technology integration drives customer retention and operating leverage; self-book platform leads to higher operating leverage.

Strategic Rationale: Expanding addressable market through hotel additions; cross-selling other travel products to large corporate base; scaling deeper into tier II/III markets.

Industry Trends & Business Environment

Macro/Industry Trends: India's consumption story and revenge travel; temporary shift towards smaller corporate group programs affecting MICE business; domestic air traffic declined 6%.

Impact on Company: Resilient underlying business performance despite industry headwinds; MICE shows encouraging sequential recovery with 37% QoQ growth in bookings.

Management Commentary & Growth Outlook

Strategic Outlook: Company highlights multiple levers for sustainable growth including sticky corporate business, strong brand recall, industry-leading hotel supply, and ability to cross-sell to corporate base.

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Short-term headwinds in MICE business showing signs of improvement; resilient corporate travel demand.