Yatra Online (YTRA) Q4 2025 earnings summary

Executive summary

• FY25 revenue reached INR 7,957.3 million ($93.1 million), up 90% year-over-year, driven by strong corporate travel and MICE business momentum, and Globe Travels acquisition.

• Adjusted EBITDA for FY25 rose 28.3% to INR 343.8 million ($4 million), with adjusted profit up 106.5% to INR 24 million.

• Q4 FY25 revenue was INR 2,192.5 million ($25.7 million), up 114% year-over-year, with significant MICE growth and Globe Travels impact.

• Net profit for FY25 was INR 23.9 million ($0.3 million), reversing a prior year loss.

• Integration of Globe Travels exceeded expectations, delivering synergies in supplier consolidation, technology, and cross-selling.

Financial highlights

• Q4 gross margin (revenue less service cost) increased 34% year-over-year to INR 1,100 million ($12.8 million).

• Q4 FY25 Adjusted Margin from Air Ticketing fell 23.5% YoY to INR 925.8 million ($10.8 million); Hotels and Packages Adjusted Margin rose 23.3% YoY to INR 357.8 million ($4.2 million).

• FY25 Adjusted Margin from Air Ticketing declined 20.3% YoY to INR 3,588.2 million ($42 million); Hotels and Packages Adjusted Margin increased 29.2% YoY to INR 1,473.1 million ($17.2 million).

• Cash and equivalents plus term deposits stood at INR 1,960 million ($23 million) as of March 31, 2025.

• Gross debt reduced to INR 546 million ($6.4 million) from INR 638 million ($7.5 million) year-over-year.

Outlook and guidance

• FY26 guidance: 20% growth in revenue-led service costs/gross margin and 30% Adjusted EBITDA growth.

• Growth to be driven by expansion in corporate travel, scaling of MICE and Hotels & Packages, and Globe Travels synergies.

• Continued investment in proprietary technology, including AI-powered personalization and booking tools.

• MICE business expected to remain seasonal, with Q2 as the strongest quarter.