Yatra Online (YTRA) Q4 25/26 earnings summary

Executive summary

• FY26 was the most profitable year, with revenue from operations up 27% YoY to INR 10,074 million ($107 million) and adjusted EBITDA up 64% to INR 564 million ($6 million), despite macro and geopolitical headwinds.

• Gross bookings increased 14% YoY to INR 80,535.8 million, reflecting robust demand across segments.

• Added 163 new corporate customers in FY26, with 55 onboarded in Q4, expanding annual billable value by INR 9,568 million.

• Despite Q4 disruptions from Middle East conflicts and aviation sector issues, core Air and Hotel segments showed resilience, with Q4 gross bookings up 8% YoY.

• Cash and cash equivalents stood at INR 2,512 million ($26.7 million) as of March 31, 2026.

Financial highlights

• Full-year revenue from operations: INR 10,074 million ($107 million), up 27% YoY; gross margin: INR 4,801 million, up 22.6% YoY.

• Adjusted EBITDA: INR 564 million ($6 million), up 64% YoY; adjusted EBITDA margin reached 11.7%.

• Q4 revenue: INR 1,890 million ($20 million), down 13.7% YoY; Q4 gross bookings: INR 20,211 million, up 8% YoY.

• Q4 adjusted EBITDA: INR 46 million ($0.5 million), down 49% YoY; Q4 loss: INR 145.5 million.

• Full-year net loss: INR 66 million, an improvement from prior periods.

Outlook and guidance

• Management targets a medium-term CAGR of 20% for revenue less service cost and 30% for adjusted EBITDA, with recovery momentum expected to strengthen in H2 FY27.

• Strategic focus on scaling high-margin Hotel segment and investing in AI, automation, and technology innovation.

• Exploring restructuring alternatives, subject to regulatory and timing uncertainties.