Yatra Online (YTRA) investor relations material

Executive summary

• Q3 FY26 delivered strong results, surpassing guidance, with robust growth in both B2C and B2B segments, and positive unit economics in the consumer business.

• Achieved revenue of INR 2,576.9 million (USD 28.7 million), up 9.6% year-over-year, driven by growth in Air Ticketing and Hotels and Packages despite aviation sector disruptions and geopolitical headwinds impacting international travel.

• Onboarded 40 new corporate clients, expanding annual billing potential by INR 2,234 million (USD 24.9 million).

• Outbound and long-haul travel is in a structural upcycle, benefiting organized travel platforms, supported by government policy and infrastructure investments.

• AI-driven platforms and digitization are transforming travel procurement, with self-booking and expense management solutions gaining traction.

Financial highlights

• Revenue from operations grew 10% year-on-year to INR 2,577 million ($29 million), driven by robust air ticketing growth.

• Gross bookings rose 20.9% year-over-year to INR 21,761.9 million (USD 242.2 million), with strong contributions from business travel, affiliate, and consumer segments.

• Adjusted Margin from Air Ticketing increased 39.4% year-over-year to INR 1,195.8 million (USD 13.3 million); Hotels and Packages Adjusted Margin rose 14.6% to INR 502.1 million (USD 5.6 million).

• Adjusted EBITDA for Q3 FY26 was INR 99.7 million (USD 1.1 million), down 17.9% year-over-year; loss for the period was INR 129.3 million (USD 1.4 million).

• Cash and equivalents stood at INR 2,042 million (USD 22.7 million) as of December 31, 2025; gross debt increased to INR 583 million (USD 6.5 million).

Outlook and guidance

• Management expects continued growth in both corporate and consumer segments, leveraging technology, cross-selling, and new sales initiatives.

• Corporate travel segment has significant headroom for growth, with online penetration at 23% and a sharpened go-to-market strategy targeting both large and SME clients.

• Focus remains on scaling high-margin segments, deepening technology capabilities, and driving sustainable long-term value.