Yatra Online, Inc. Announces Results for the Three Months and Year Ended March 31, 2026
$YTRA #AirTicketing--Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), India’s leading corporate travel services provider and one of India’s leading online travel companies, today announced i...
GURUGRAM, India & NEW YORK: $YTRA #AirTicketing--Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), India’s leading corporate travel services provider and one of India’s leading online travel companies, today announced its unaudited financial and operating results for the three months and year ended March 31, 2026.
“I am pleased to report that the fourth quarter marked a period of robust financial and operational performance, enabling us to meet our revised full-year growth guidance. This year’s performance can be described as resilient, given the multiple severe disruptions that created a turbulent environment for India’s aviation sector. Disruptions in domestic aviation, coupled with geopolitical developments in the Middle East, significantly impacted the industry. It is important to note that air traffic to and through the region constitutes a substantial proportion of India’s outbound air capacity.
Our performance during the quarter remained well balanced across business travel demand, affiliate-sourced business, and the consumer segment. While air travel volumes were slightly depressed, elevated average air ticket prices helped key business lines navigate the challenging environment. The MICE (Corporate Group Travel) segment faced significant headwinds, as many corporates chose to defer or cancel group travel plans to and through the region due to schedule uncertainty and safety concerns arising from the ongoing conflict.
For the three months ended March 31, 2026, we reported revenue of INR 1,890.2 million (USD 20.1 million), representing a decline year-over-year of 13.7%. This is due to a decline in the Hotels and Packages business which was severely impacted due to disruption in the Middle East impacting international aviation routes.
Our Corporate Travel segment continues to serve as a key growth pillar. During the fourth quarter, we onboarded 55 new corporate clients, expanding our annual billing potential by INR 2,709 million (USD 28.9 million). While the fourth quarter is typically strong for corporate travel due to financial year-end activity, weaker performance in the MICE (Corporate Group Travel) segment impacted the overall growth of this line of business. At the same time, our consumer and affiliate channels benefited from the strength of India’s domestic consumption story and delivered robust growth.
We remained focused on driving growth in Air and Hotel revenues while maintaining pricing discipline and margins across both segments, without resorting to discounting.
Looking ahead, we remain focused on scaling our high-margin Hotel segment, deepening our technology capabilities-particularly through the use of AI and Data Science to automate processes and improve operational efficiencies-and driving sustainable long-term value for all stakeholders.
We continue to explore potential restructuring alternatives and believe there may be a viable structure to pursue. Discussions remain ongoing and are subject to regulatory considerations and timing uncertainties.
I extend my sincere thanks to our dedicated team, trusted partners, and supportive shareholders.”- Siddhartha Gupta, CEO
Financial and operating highlights for the three months ended March 31, 2026:
- Revenue of INR 1,890.2 million (USD 20.1 million), representing a decrease of 13.7% on a year-over-year basis (“YoY”).
- Adjusted Margin(1) from Air Ticketing of INR 1,178.3 million (USD 12.6 million), representing an increase of 27.3% YoY.
- Adjusted Margin(1) from Hotels and Packages of INR 365.2 million (USD 3.9 million), representing an increase of 2.2% YoY.
- Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 20,211.2 million (USD 215.4 million), representing an increase of 8.0% YoY.
- Loss for the period was INR 145.5 million (USD 1.6 million) versus a loss of INR 15.2 million (USD 0.2 million) for the three months ended March 31, 2025, reflecting negative swing of INR 130.3 million (USD 1.4 million) YoY.
- Result from operations were a loss of INR 214.2 million (USD 2.3 million) versus a loss of INR 33.3 million (USD 0.4 million) for the three months ended March 31, 2025, reflecting negative swing of INR 180.9 million (USD 1.9 million) YoY.
- Adjusted EBITDA(2) was INR 45.9 million (USD 0.5 million) reflecting a decrease by 49% YoY.
Financial and operating highlights for the year ended March 31, 2026:
- Revenue of INR 10,074.0 million (USD 107.4 million), representing an increase of 26.6% YoY.
- Adjusted Margin(1) from Air Ticketing of INR 4,372.7 million (USD 46.6 million), representing an increase of 21.9% YoY.
- Adjusted Margin(1) from Hotels and Packages of INR 1,761.9 million (USD 18.8 million), representing an increase of 19.6% YoY.
- Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 80,535.8 million (USD 858.3 million), representing an increase of 13.6% YoY.
- Loss for the period was INR 66.0 million (USD 0.7 million) versus a profit of INR 23.5 million (USD 0.3 million) for the years ended March 31, 2025, reflecting negative swing of INR 89.5 million (USD 1.0 million) YoY.
- Result from operations were a loss of INR 125.3 million (USD 1.3 million) versus a loss of INR 90.3 million (USD 1.0 million) for the year ended March 31, 2025, reflecting negative swing of INR 35.0 million (USD 0.4 million) YoY.
- Adjusted EBITDA(2) was INR 563.8 million (USD 6.0 million) reflecting an increase by 64.2% YoY.
Three months ended March 31, |
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| ||||||||||
2025 |
| 2026 |
| 2026 |
| YoY Change | ||||||
Unaudited |
| Unaudited |
| Unaudited |
|
| ||||||
(In thousands except percentages) | INR |
| INR |
| USD |
| % | |||||
Financial Summary as per IFRS | ||||||||||||
Revenue | 2,189,739 | 1,890,250 | 20,146 |
| (13.7 | )% | ||||||
Results from operations | (33,292 | ) | (214,163 | ) | (2,283 | ) | (543.3 | )% | ||||
Loss for the period | (15,210 | ) | (145,470 | ) | (1,551 | ) | (856.4 | )% | ||||
Financial Summary as per non-IFRS measures |
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Adjusted Margin (1) |
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Adjusted Margin - Air Ticketing | 925,776 | 1,178,283 | 12,558 |
| 27.3 | % | ||||||
Adjusted Margin - Hotels and Packages | 357,382 | 365,222 | 3,892 |
| 2.2 | % | ||||||
Adjusted Margin - Other Services | 92,161 |
| 78,665 |
| 838 |
| (14.6 | )% | ||||
Others (Including Other Income) | 193,681 | 134,138 | 1,430 |
| (30.7 | )% | ||||||
Adjusted EBITDA (2) | 89,625 |
| 45,921 |
| 489 |
| (48.8 | )% | ||||
Operating Metrics |
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| |||||||||
Gross Bookings (3) | 18,713,890 | 20,211,170 | 215,401 | 8.0 | % | |||||||
Air Ticketing | 14,664,296 | 16,028,926 | 170,829 | 9.3 | % | |||||||
Hotels and Packages | 3,389,955 | 3,696,653 | 39,397 |
| 9.0 | % | ||||||
Other Services (6) | 659,639 | 485,591 | 5,175 |
| (26.4 | )% | ||||||
Adjusted Margin% (4) | ||||||||||||
Air Ticketing | 6.3 | % | 7.4 | % | ||||||||
Hotels and Packages | 10.5 | % | 9.9 | % | ||||||||
Other Services | 14.0 | % | 16.2 | % | ||||||||
Quantitative details (5) | ||||||||||||
Air Passengers Booked | 1,248 |
| 1,368 |
| 9.6 | % | ||||||
Stand-alone Hotel Room Nights Booked | 367 |
| 500 |
| 36.3 | % | ||||||
Packages Passengers Travelled | 20 |
| 16 |
| (19.6 | )% | ||||||
Year ended March 31, |
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| ||||||||||
| 2025 |
| 2026 |
| 2026 |
| YoY Change | |||||
(In thousands except percentages) | INR |
| INR |
| USD |
| % | |||||
Financial Summary as per IFRS | ||||||||||||
Revenue | 7,954,522 | 10,074,030 | 107,364 | 26.6 | % | |||||||
Results from operations | (90,295 | ) | (125,318 | ) | (1,337 | ) | 38.8 | % | ||||
Profit/(loss) for the period | 23,501 |
| (66,018 | ) | (705 | ) | (380.9 | )% | ||||
Financial Summary as per non-IFRS measures |
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Adjusted Revenue 1 |
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Adjusted Margin - Air Ticketing | 3,588,182 | 4,372,656 | 46,602 |
| 21.9 | % | ||||||
Adjusted Margin - Hotels and Packages | 1,472,705 | 1,761,897 | 18,778 |
| 19.6 | % | ||||||
Adjusted Margin - Other Services | 313,057 | 328,392 | 3,500 |
| 4.9 | % | ||||||
Others (Including Other Income) | 680,015 | 581,410 | 6,196 |
| 14.5 | % | ||||||
Adjusted EBITDA 2 | 343,391 | 563,834 | 6,009 |
| 64.2 | % | ||||||
Operating Metrics |
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Gross Bookings 3 | 70,910,166 | 80,535,823 | 858,316 | 13.6 | % | |||||||
Air Ticketing | 55,272,782 | 61,874,829 | 659,435 | 11.9 | % | |||||||
Hotels and Packages | 13,053,414 | 16,577,607 | 176,677 | 27.0 | % | |||||||
Other Services (6) | 2,583,970 | 2,083,387 | 22,204 |
| (19.4 | )% | ||||||
Net Revenue Margin% 4 | ||||||||||||
Air Ticketing | 6.5 | % | 7.1 | % | ||||||||
Hotels and Packages | 11.3 | % | 10.6 | % | ||||||||
Other Services | 12.1 | % | 15.8 | % | ||||||||
Quantitative details 5 | ||||||||||||
Air Passengers Booked | 5,269 |
| 5,394 |
| 2.4 | % | ||||||
Stand-alone Hotel Room Nights Booked | 1,663 |
| 1,935 |
| 16.4 | % | ||||||
Packages Passengers Travelled | 61 |
| 91 |
| 49.7 | % | ||||||
Note: | ||
(1) | As certain parts of our revenue are recognized on a “net” basis and other parts of our revenue are recognized on a “gross” basis, we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure. | |
(2) | See the section below titled “Certain Non-IFRS Measures.” | |
