Yatra Online Ltd — earnings calls

Yatra reported Q1 FY27 gross bookings up 17% year-on-year to INR21,007 million while revenue from operations declined about 10% due to weaker MICE volumes tied to international travel disruption. Adjusted EBITDA fell to INR151 million from INR249 million a year earlier, with management attributing the decline to MICE disruption, competitive pressure on air margins, and incremental investment in the Kanoo Travel partnership. Management described continued growth in air passenger volumes, hotel bookings and corporate customer additions during the quarter.

Yatra reported FY26 revenue from operations growth of 27% year over year to INR 10,065 million, with adjusted EBITDA growing 37.5% to INR 917 million, though management noted the year reflected only nine months of full operations. Q4 results were impacted by conflict-related disruption in the Middle East that affected MICE and international corporate travel bookings, with revenue declining 14% year on year to INR 1,890 million and EBITDA down 46% to INR 126 million. Management said corporate customer additions continued, with 55 new clients added in Q4 with annual billable potential of INR 2,709 million, and cited early signs of recovery in Q1 run rates trending approximately 20% above Q4 levels.