Yatra Online Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Yatra Online Ltd filed with BSE on 01 Jun 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 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.
Numbers mentioned
Revenue from operations: INR 10,065 million (FY26)
p. 3
“Our revenue from operations grew 27% year over yearto INR 10,065 million”
Dhruv Shringi, page 3 of the filed PDF · View the filing
Revenue less service cost (gross margin): INR 4,824 million (FY26)
p. 3
“while revenue less service cost, which is our gross margin, increased to INR 4,824 million, a growth of 24.5% year over year, ahead of the revised guidance that we issued in Q3 of 22%”
Dhruv Shringi, page 3 of the filed PDF · View the filing
Adjusted EBITDA: INR 917 million (FY26)
p. 3
“Adjusted EBITDA grew to INR 917 million, in line with our revised guidance of 37.5%, reflecting strong operating leverage”
Dhruv Shringi, page 3 of the filed PDF · View the filing
Cash flow from operations: INR 761 million (FY26)
p. 3
“During the year, cash flow from operations also increased almost tenfold year over year to INR 761 million for the year”
Dhruv Shringi, page 3 of the filed PDF · View the filing
New corporate customers added: 163 customers, INR 9,568 million annual billable value (FY26)
p. 3
“we added during FY26, 163 new corporate customers with annual billable value of approximately INR 9,568 million, up from 148 customers and INR 7,475 million in FY25”
Dhruv Shringi, page 3 of the filed PDF · View the filing
Gross bookings growth: 8.3% (Q4 FY26)
p. 4
“Gross bookings grew 8.3% year over year.”
Dhruv Shringi, page 4 of the filed PDF · View the filing
Air passenger volume growth: 9.6% (Q4 FY26)
p. 4
“Air passenger volumes grew 9.6% year over year, roughly 2x the industry growth rate, reflecting continued market share gains.”
Dhruv Shringi, page 4 of the filed PDF · View the filing
Hotel room nights growth: 36% (Q4 FY26)
p. 4
“Our hotels business continued its strong momentum with room nights growing 36% in the quarter and gross bookings growing 9% despite the significant disruption in MICE.”
Dhruv Shringi, page 4 of the filed PDF · View the filing
Total transactions growth: 16.6% (Q4 FY26)
p. 4
“Total transactions increased 16.6% year over year, a strong indicator of platform activity and engagement.”
Dhruv Shringi, page 4 of the filed PDF · View the filing
New corporate clients added: 55 clients, INR 2,709 million annual billable potential (Q4 FY26)
p. 5
“Our corporate business added 55 new clients during the quarter with an annual billable potential of INR 2,709 million, which is higher than the 40 closures worth INR 2,234 million in Q3”
Dhruv Shringi, page 5 of the filed PDF · View the filing
Revenue from operations: INR 1,890 million, down 14% YoY (Q4 FY26)
p. 8
“our revenue from operations decreased 14% year on year to INR 1,890 million”
Anuj Sethi, page 8 of the filed PDF · View the filing
Gross margin (revenue less service cost): INR 1,133 million, up 4% YoY (Q4 FY26)
p. 8
“A gross margin defined as revenue less service cost rose 4% year on year to INR 1,133 million.”
Anuj Sethi, page 8 of the filed PDF · View the filing
EBITDA: INR 126 million, down 46% YoY (Q4 FY26)
p. 8
“Our EBITDA decreased 46% year on year to INR 126 million, translating to a healthy 11.15% EBITDA to gross margin ratio.”
Anuj Sethi, page 8 of the filed PDF · View the filing
Profit after tax: INR 82 million, down 46% YoY (Q4 FY26)
p. 8
“As a result, a profit after tax decreased 46% year on year to INR 82 million.”
Anuj Sethi, page 8 of the filed PDF · View the filing
Profit after tax: INR 468 million, up 28% YoY (FY26)
p. 8
“Profit after tax for the period increased 28% year on year to INR 468 million.”
Anuj Sethi, page 8 of the filed PDF · View the filing
Air gross margin: 3.96% (FY26)
p. 8
“Air gross margin rose 30% year on year to INR 2,449 million with margins improving from 3.42% to 3.96%.”
Anuj Sethi, page 8 of the filed PDF · View the filing
Hotel gross booking margin: 9.25% (FY26)
p. 8
“While the gross booking margins expanded 37% year on year to INR 1,534 million, with margins improving from 8.60% to 9.25%.”
Anuj Sethi, page 8 of the filed PDF · View the filing
Cash and cash equivalents plus term deposits: INR 2,230 million (as of March 31, 2026)
p. 8
“cash and cash equivalent and term deposits stood at INR2,230 million as of 31st March 2026”
Anuj Sethi, page 8 of the filed PDF · View the filing
ROCE: close to 6% (FY26)
p. 21
“This year, you know, we are closing close to about 6.”
Dhruv Shringi, page 21 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.
Revenue less service cost CAGR — 20% · medium term
stated as an aspiration by Dhruv Shringi
p. 5
“we remain confident of our medium-term growth CAGR of revenue-less service cost of 20% and adjusted EBITDA of 30%”
Dhruv Shringi, page 5 of the filed PDF · View the filing
Second half FY27 performance — H2 FY27
stated as an aspiration by Siddhartha Gupta
p. 7
“Accordingly, we expect the second-half of FY 27 to be materially stronger than the first half.”
Siddhartha Gupta, page 7 of the filed PDF · View the filing
Discount to gross margin ratio for hotels — 75% or lower · second half of the year
stated conditionally by Dhruv Shringi
p. 23
“we feel, you know, in the second-half of the year, we'll be again back to the 75% or lower kind of number only”
Dhruv Shringi, page 23 of the filed PDF · View the filing
Air discount to gross take ratio — closer to 45% · next year or so
stated as an aspiration by Dhruv Shringi
p. 13
“So if you look at just the way our business is trending more and more towards corporate with enterprise travel growth outpacing B2C travel growth, mathematically itself, it's likely that in the next year or so, this number will become closer to 45% and continue to optimize.”
Dhruv Shringi, page 13 of the filed PDF · View the filing
ROCE — high teens · next three to four years
stated as an aspiration by Dhruv Shringi
p. 21
“So we would expect that in the next three to four years, we want to get to a high teens kind of number when it comes to ROCE .”
Dhruv Shringi, page 21 of the filed PDF · View the filing
Corporate credit card product launch — within a quarter or two
stated conditionally by Dhruv Shringi
p. 28
“This is something which we are hopeful that within, let's say, a quarter or two, on the very outside, we will have a product which will be ready to go to market, right?”
Dhruv Shringi, page 28 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 explained that international MICE transactions have roughly 3-3.5x the value of domestic ones, and destinations like Dubai and Abu Dhabi saw heavy disruption during a peak MICE period in March.
Answered by Dhruv Shringi
Asked by Ankush Agrawal: How much of the MICE business is driven by international versus domestic travel, and why was Q4 more impacted than Q3?
p. 9
“So in terms of our MICE business, firstly, just to put that in context, the average MICE transaction domestically versus an average MICE transaction internationally has almost a 1 is to 3 ratio, almost a 1 is to 3,3.5 ratio, right?”
Dhruv Shringi, page 9 of the filed PDF · View the filing
Management said IT services now account for a much smaller share of the B2E business than in the past, having diversified into consulting, pharma, and automobile clients.
Answered by Siddhartha Gupta
Asked by Ankush Agrawal: How much of the corporate business is driven by IT services companies, given AI-related concerns for that sector?
p. 10
“IT services constitute only about 10 to 11% of overall B2E business that Yatra has, and other industries have got a much larger share now”
Siddhartha Gupta, page 10 of the filed PDF · View the filing
Management said net take rates have been improving due to enterprise mix shift, and that while gross discounting looks higher, net take rate has continued to improve.
Answered by Dhruv Shringi
Asked by Madhur Rathi: How will take rates change with adoption of offer/order model versus GDS, and why has discounting as a percentage of gross take increased?
p. 11
“we are, if you look at us amongst the OTAs, going to be the only one who's actually over the last three years consistently improved their take rates”
Dhruv Shringi, page 11 of the filed PDF · View the filing
Management confirmed the process is ongoing across multiple jurisdictions and said the recent stake sale should cover the full cost of the process without further sales expected.
Answered by Dhruv Shringi
Asked by Dhruv Sitlani: What is the status of the holding company restructuring (collapsing Cayman/Cyprus layers) and will there be further stake sales?
p. 15
“See, to the best of our knowledge and understanding, what we have sold at this point of time from the holding company should take care of the entire cost of the process.”
Dhruv Shringi, page 15 of the filed PDF · View the filing
Management said advertisement revenue is a small component of overall revenue and the enterprise business sits behind a walled garden, limiting disruption risk from agentic AI on bookings.
Answered by Dhruv Shringi
Asked by Nirvan: How important is agentic AI to advertising revenue and could AI disintermediate the platform?
p. 15
“Advertisement revenue for us is a relatively small component compared to a lot of our peers.”
Dhruv Shringi, page 15 of the filed PDF · View the filing
Management said B2C accounts for roughly early 30s percent of gross bookings and is profitable with mid to high single digit operating margins.
Answered by Dhruv Shringi
Asked by Dheeraj: How much of the business is B2C and is it profitable?
p. 18
“So in terms of gross bookings for the full year, B2C would be roughly about 30 in the early 30s from an overall business mix point of view. And it's definitely not loss making. It's profitable.”
Dhruv Shringi, page 18 of the filed PDF · View the filing
Management clarified the 20-30 model is a medium-term CAGR view rather than firm quarterly guidance, and said Q1 would remain muted with recovery expected in the second half.
Answered by Dhruv Shringi
Asked by Sonal: Is the 20% revenue growth guidance likely to hold in Q1 given soft demand?
p. 20
“So just to be clear on the guidance that we are giving out, it's not even a hard guidance that we are giving out, right?”
Dhruv Shringi, page 20 of the filed PDF · View the filing
Management attributed the decline to a mix shift toward affiliate and domestic business (lower transaction values) versus disrupted MICE business, which normally carries higher realisations.
Answered by Dhruv Shringi
Asked by Aditya Kumar: Why have hotel average realisations per room night and gross margins dropped this quarter, and why did discounts jump?
p. 22
“The average realisation which has come down is also on account of part of the mixed change where we've seen in the current quarter more affiliate business, more domestic business coming in, as opposed to MICE business, which has got disrupted.”
Dhruv Shringi, page 22 of the filed PDF · View the filing
Management said the initiative is a priority with a dedicated team, expects a product within a quarter or two, but noted implementation depends on airline partnerships to avoid absorbing credit card fee costs.
Answered by Dhruv Shringi
Asked by Nirvan: What is the status of the corporate credit card initiative and will it affect take rates/ROCE?
p. 28
“There is a certain mix of customers who will have a particular airline mix, and then we have to partner with those airlines to make sure that the airlines are giving us relief on the credit card fees.”
Dhruv Shringi, page 28 of the filed PDF · View the filing
Risks flagged
Middle East conflict disrupted MICE and international corporate travel bookings
p. 4
“That said, the escalating conflict significantly impacted our MICE and some parts of our international corporate travel business, weighing in on the Q4 results.”
Dhruv Shringi, page 4 of the filed PDF · View the filing
Several Q4 MICE and international travel group bookings were cancelled or deferred
p. 4
“Several Q4 MICE and international travel group bookings were either cancelled or deferred into FY27.”
Dhruv Shringi, page 4 of the filed PDF · View the filing
Rising airfares due to conflict increased input costs for MICE travel, negatively impacting margins
p. 9
“as airfares rose on account of the conflict, mice travel, which was happening in certain parts of Europe, right, that became more expensive and that also then negatively impacted margins”
Dhruv Shringi, page 9 of the filed PDF · View the filing
Structural shift of airlines going direct on B2C side of air distribution
p. 11
“You rightly pointed out that there is obviously a bit of a structural shift which is happening in the air distribution where the airlines on the B2C side trying to go more and more direct so you do face that scenario more on the B2C side of things.”
Dhruv Shringi, page 11 of the filed PDF · View the filing
Possible shift of B2C demand patterns to bot/agentic AI platforms away from Google and Meta
p. 15
“On the B2C side, yes, there is a likelihood that we might see demand patterns shift from the likes of Google and the Meta platforms, which are today the primary drivers of demand, onto the bot platforms from where the traffic will come in.”
Dhruv Shringi, page 15 of the filed PDF · View the filing
Complexity of implementing corporate credit card solution due to airline fee arrangements
p. 28
“Because if we don't get relief from the airlines on the credit card fee and we end up absorbing them, then it does impact the numerator as well.”
Dhruv Shringi, page 28 of the filed PDF · View the filing
Q1 FY27 expected to remain muted due to macro disruption
p. 20
“So, you know, to your point on Q1, Q1, given that we've already seen two months of the quarter play out, would remain a bit muted.”
Dhruv Shringi, page 20 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.