Yatra Online Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Yatra Online Ltd filed with BSE on 19 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
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.
Numbers mentioned
Gross bookings: INR21,007 million (Q1 FY27)
p. 6
“Gross bookings grew 16.5% year-on-year to INR21,007 million”
Siddhartha Gupta, page 6 of the filed PDF · View the filing
Gross margin: INR1,227 million (Q1 FY27)
p. 6
“Gross margins increased 6.1% year-on-year to INR1,227 million.”
Siddhartha Gupta, page 6 of the filed PDF · View the filing
Adjusted EBITDA: INR151 million (Q1 FY27)
p. 6
“Adjusted EBITDA was INR151 million compared to INR249 million last year.”
Siddhartha Gupta, page 6 of the filed PDF · View the filing
Revenue from operations: INR1,879 million (Q1 FY27)
p. 6
“Revenue from operations stood at INR1,879 million, down approximately 10% year-on-year, primarily reflecting lower MICE top lines during the quarter.”
Siddhartha Gupta, page 6 of the filed PDF · View the filing
Profit after tax: INR3.4 million (Q1 FY27)
p. 9
“As a result, our profit after tax came in at INR3.4 million.”
Anuj Sethi, page 9 of the filed PDF · View the filing
Air passenger volume: 1,264,000, up 4.8% year-on-year (Q1 FY27)
p. 9
“air ticketing passenger volume increased by 4.8% year-on-year to 1,264,000”
Anuj Sethi, page 9 of the filed PDF · View the filing
Gross air bookings: INR16,579 million (Q1 FY27)
p. 9
“our gross air bookings grew 17.6% year-on-year to INR16,579 million”
Anuj Sethi, page 9 of the filed PDF · View the filing
Air gross margin: INR699 million, margin declined from 4.6% to 4.2% (Q1 FY27)
p. 9
“our air gross margin rose 8% year-on-year to INR699 million with margin declining from 4.6% to 4.2%.”
Anuj Sethi, page 9 of the filed PDF · View the filing
Hotel room nights: 548,000, up nearly 30% year-on-year (Q1 FY27)
p. 9
“total room nights grew by nearly 30% year-on-year to 548,000”
Anuj Sethi, page 9 of the filed PDF · View the filing
Hotels and Packages gross bookings: INR3,876 million (Q1 FY27)
p. 9
“Gross bookings increased 13% year-on-year to INR3,876 million, while gross margins expanded 24% year-on-year to INR386 million, while margins improving from 9.05% to 9.95%.”
Anuj Sethi, page 9 of the filed PDF · View the filing
Cash and term deposits: INR1,976.9 million (as of 30th June 2026)
p. 9
“cash and cash equivalents and term deposits stood at INR1,976.9 million as of 30th June 2026.”
Anuj Sethi, page 9 of the filed PDF · View the filing
New corporate customers added: 53, with INR2,223 million annual billable potential (Q1 FY27)
p. 5
“we added 53 new corporate customers with an expected annual billable potential of INR2,223 million”
Dhruv Shringi, page 5 of the filed PDF · View the filing
MICE revenue impact: approximately INR300 million lower year-on-year (Q1 FY27)
p. 6
“MICE top line was approximately INR300 million lower year-on-year, mainly due to disruption in international group travel.”
Siddhartha Gupta, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Q2 MICE bookings — approximately 50% higher than Q1 · Q2 FY27
stated firmly by Dhruv Shringi
p. 5
“in the first half of the current quarter, which is quarter two, our MICE bookings are already trending at approximately 50% higher than Q1.”
Dhruv Shringi, page 5 of the filed PDF · View the filing
Air margins — second half of the year
stated conditionally by Dhruv Shringi
p. 10
“We do expect margins to improve in the second half of the year.”
Dhruv Shringi, page 10 of the filed PDF · View the filing
EBITDA margin — 20% plus
stated conditionally by Siddhartha Gupta
p. 8
“driving operating leverage and rebuilding EBITDA margins towards 20% plus”
Siddhartha Gupta, page 8 of the filed PDF · View the filing
EBITDA margin — 30% range · over time
stated as an aspiration by Siddhartha Gupta
p. 8
“we believe the EBITDA margins can progress into the 30% range over time”
Siddhartha Gupta, page 8 of the filed PDF · View the filing
Air and hotel gross margin mix — 50-50 mix between air and hotels · next 2 to 3 years
stated firmly by Dhruv Shringi
p. 14
“that strategy of getting to a 50-50 mix between air and hotels over the next 2 to 3 years remains perfectly on track.”
Dhruv Shringi, page 14 of the filed PDF · View the filing
Employee costs — second quarter
stated firmly by Dhruv Shringi
p. 15
“The number in absolute terms will remain at similar levels, right?”
Dhruv Shringi, page 15 of the filed PDF · View the filing
EBITDA margin — 20% mark · second half of the year
stated conditionally by Dhruv Shringi
p. 12
“my sense at this point based on what trending we are seeing is that in the second half of the year, we should start being pretty close to the 20% mark before scaling up again from there.”
Dhruv Shringi, page 12 of the filed PDF · View the filing
Full year guidance — next quarter
stated conditionally by Dhruv Shringi
p. 16
“We will evolve and as the market stabilizes, we should hopefully be coming out with the guidance next quarter.”
Dhruv Shringi, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the margin lag to unresolved airline productivity-linked bonus deals and expects catch-up in the second half.
Answered by Dhruv Shringi
Asked by Sagarika Chetty: Will air margins remain subdued for the year given supply cuts and incentive timing?
p. 10
“We do expect margins to improve in the second half of the year.”
Dhruv Shringi, page 10 of the filed PDF · View the filing
Corporate share declined slightly while B2C gained, with the mix moving from late 60s to mid-60s for B2B.
Answered by Dhruv Shringi
Asked by Sagarika Chetty: Has the B2B versus B2C mix shifted given weaker corporate travel?
p. 10
“the mix would have moved from like late 60s to mid-60s right now. It's not very material in terms of the change.”
Dhruv Shringi, page 10 of the filed PDF · View the filing
Management said the demand shift from international to domestic MICE has largely completed and expects normalization.
Answered by Siddhartha Gupta
Asked by Nitin: Will the INR300 million MICE revenue loss be recovered quickly or take longer?
p. 10
“our Q2 volumes are looking 50% better than what we have seen in Q1 and the margin profile of the groups that we have received and are executing are far better as well.”
Siddhartha Gupta, page 10 of the filed PDF · View the filing
Management said Travel Pro is trending 20-30% higher in Q2 and mostly signs annual rather than multi-year contracts.
Answered by Siddhartha Gupta
Asked by Nitin: Is the Travel Pro booking run rate sustainable and does it bring longer-term contracts?
p. 11
“this business is trending nearly 20% to 30% higher in Q2 already.”
Siddhartha Gupta, page 11 of the filed PDF · View the filing
International share has fallen to under 30% from closer to 40% previously.
Answered by Dhruv Shringi
Asked by Anmol Garg: What is the current international versus domestic business mix?
p. 11
“the international share would have come down to less than 30%.”
Dhruv Shringi, page 11 of the filed PDF · View the filing
Management said margin recovery depends on MICE normalizing, air margins stabilizing and corporate growth, targeting 20%-plus first before 30% longer term.
Answered by Dhruv Shringi
Asked by Anmol Garg: What will drive margins to the 30% aspiration and over what timeframe?
p. 12
“we will see margins come back very quickly to the 20-plus percent mark first.”
Dhruv Shringi, page 12 of the filed PDF · View the filing
Management said the elevated promotion cost reflects a temporary shift in business mix toward B2C rather than deliberate higher discounting.
Answered by Dhruv Shringi
Asked by Chirag: Did the company increase discounting in the hotel and packages segment?
p. 14
“it's got to do a little bit with the business mix as well, given that this quarter, a greater part of the business mix is coming from B2C”
Dhruv Shringi, page 14 of the filed PDF · View the filing
Management attributed the increase to hiring and training costs for the Kanoo project ahead of associated revenue.
Answered by Dhruv Shringi
Asked by Chirag: Why did employee expenses rise as a percentage of revenue?
p. 15
“there is a hiring cost of people, training cost of people, all of that which has come in the current quarter.”
Dhruv Shringi, page 15 of the filed PDF · View the filing
Management said MICE typically contributes around 20% of annual profitability, not more than half, though it carries high margins.
Answered by Dhruv Shringi
Asked by Ankush Agrawal: Is the business overly reliant on MICE for profitability?
p. 16
“MICE will account for anywhere between 20% to maybe -- on an annual basis, 20%, you might have quarters where it tends to be closer to 25%, but that's about it.”
Dhruv Shringi, page 16 of the filed PDF · View the filing
Management said no formal guidance was given for the current year and none is being issued now.
Answered by Dhruv Shringi
Asked by Sonal Minhas: Is the company holding to prior full-year guidance?
p. 16
“we haven't given any guidance for the current year, Sonal.”
Dhruv Shringi, page 16 of the filed PDF · View the filing
Management said the Middle East as an endpoint is under 20%, but as a transit point it is over 30% of international travel.
Answered by Dhruv Shringi
Asked by Sonal Minhas: What share of business comes from the Middle East?
p. 17
“Middle East as a transit point, if you were to add all of that, right? That's when you're looking at almost 30% plus of international travel transiting through Middle East.”
Dhruv Shringi, page 17 of the filed PDF · View the filing
Management said work continues with banks to design a lower-MDR product and with card networks to shift credit card costs to supply partners.
Answered by Dhruv Shringi
Asked by Moksh Ranka: What is the update on the corporate card platform and working capital initiatives?
p. 18
“we are working with banks to see if there is a product which can get created with a lower MDR even if it comes with a shorter credit cycle for the corporate customer.”
Dhruv Shringi, page 18 of the filed PDF · View the filing
Risks flagged
International travel and MICE disrupted by West Asia conflict affecting air connectivity
p. 4
“International travel was particularly impacted with the West Asia conflict disrupting air connectivity and affecting MICE activities.”
Dhruv Shringi, page 4 of the filed PDF · View the filing
Decline in industry-wide inquiries for international destinations
p. 4
“Industry-wide inquiries for some international destinations declined by, roughly 10% to 15% during the period.”
Dhruv Shringi, page 4 of the filed PDF · View the filing
Elevated air fares and rerouting due to Middle East disruption
p. 4
“The West Asia conflict and rerouting of flights led to higher airfares, longer routes and uncertainty around certain long-haul destinations, which weighed on outbound sentiment.”
Dhruv Shringi, page 4 of the filed PDF · View the filing
MICE gross margin impact from shift to domestic group travel and competition
p. 6
“the shift from international to domestic group travel increased competitive pressures resulting in further impact of INR30 million on gross margin.”
Siddhartha Gupta, page 6 of the filed PDF · View the filing
Corporate travel demand impacted by elevated air fares and airline incentive timing
p. 6
“Corporate travel demand was also impacted because of elevated air fares, while the timing of airline incentive programs created an additional near-term headwind during the quarter.”
Siddhartha Gupta, page 6 of the filed PDF · View the filing
Air margins under pressure from capacity constraints
p. 7
“Air margins remained under some pressure during the quarter.”
Siddhartha Gupta, page 7 of the filed PDF · View the filing
Elevated European transit fares due to Middle East capacity disruption deterring corporate travel
p. 17
“nonessential corporate travel is being limited at least in certain industries, right? So industries like IT, etc, continue to be very circumspect.”
Dhruv Shringi, page 17 of the filed PDF · View the filing
Uncertain macro environment for travel demand
p. 8
“The macro environment remains uncertain, but the underlying opportunity has not changed.”
Siddhartha Gupta, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.