Yatra Online Limited. {BSE: 543992 & NSE: YATRA}, India’s largest corporate travel services provider and the third largest online travel company in India among key OTA players* announces its results for the fourth quarter of the financial year 2025-26.
*Note: Largest in terms of gross booking revenue and operating revenue, for Fiscal Year 2023. (Source: CRISIL Report)
FY26 Consolidated Financial Performance:
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Revenue INR 10,065 Mn YoY Growth: 27.2% |
Gross Margin (RLSC) INR 4,824 Mn YoY Growth 24.5% |
Adj. EBITDA* INR 917 Mn YoY Growth: 37.5% |
EBITDA* INR 855 Mn YoY Growth: 53.2% |
EBITDA Margin** 17.73%
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Net Profit INR 468 Mn YoY Growth: 28.1% EOI*** INR 38 Mn 38.5% YoY |
Q4-FY26 Consolidated Financial Performance:
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Revenue INR 1,890 Mn YoY Growth: (13.7)% |
Gross Margin (RLSC) INR 1,133 Mn YoY Growth 3.6% |
Adj. EBITDA* INR 166 Mn YoY Growth: (33.8)% |
EBITDA* INR 126 Mn YoY Growth: (45.5)% |
EBITDA Margin** 11.15%
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Net Profit INR 82 Mn YoY Growth: (46.1)% |
*Adj. EBITDA and EBITDA includes other income of INR 17 Mn for Q4’26 and INR 52 Mn for FY26
**EBITDA as a percentage of RLSC (Gross Margin)
*** It refers to the one-time effect of change in Labour code –
FY 2026 Business Highlights
Yatra reported its most profitable year in its history despite some very significant macro headwinds that impacted 3 out of the 12 months of the year.
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Gross Margin (RLSC) for the year grew 24.5% YoY to INR 4,824 Mn, ahead of the revised guidance of 22.5%
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Adjusted EBITDA of INR 917 Mn, a YoY growth of 37.5% came in line with revised guidance while EBITDA improved to INR 855 Mn, a YoY growth of 53.2%.
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PAT improved to INR 468 Mn, a YoY growth of 28.1%. The PAT growth for the year was adversely impacted by the introduction of the new wage code in Q3, excluding the effect of which the PAT for the year would have been INR 506 Mn, a YoY growth of 38.5%.
Q4-FY26 Business Highlights
Despite disruption from the war-related environment, Yatra reported resilient operating performance:
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Gross bookings grew 8.3% YoY
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Gross margin grew 3.6% YoY
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Total transactions increased 15.2% YoY
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Air passengers grew 9.6% YoY, roughly 2x industry growth, reflecting further market share expansion.
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The Corporate business maintained strong momentum, adding 55 new corporate customers during the quarter, representing an annual billable potential of INR 2,709 Mn. This compares favourably with 40 closures worth INR 2,234 million in Q3
However, the war-related disruption significantly affected the company’s MICE (Meetings, Incentives, Conferences & Exhibitions) business, particularly international corporate group travel. Several Q4 bookings were either cancelled or deferred into FY27.
Management Comments
Commenting on the results, Chief Executive Officer, Mr. Siddhartha Gupta stated, “Yatra delivered a strong FY26, with execution remaining strong despite a volatile macro and geopolitical backdrop. Performance was broadly in line with revised guidance, supported by 24.5% RLSC growth and 37.5% Adjusted EBITDA growth, reflecting operating leverage and disciplined cost control.
Across businesses, Yatra strengthened its competitive position. The Air segment delivered healthy TTV growth while maintaining margin discipline, with passenger growth outpacing industry levels throughout the quarter and the full year. The Hotels & Packages business also gained momentum, led by strong growth in standalone hotels and margin expansion driven by a better mix and improved monetization.
The Corporate (B2E) business remained a key growth driver. During FY26, Yatra added 163 new corporate customers with an annual billable value of about INR 9,568 Mn, up from 148 customers and INR 7,475 Mn in FY25, underscoring continued traction in the enterprise travel market.
Q4 was affected by geopolitical disruptions and war-related uncertainty, which weighed on international travel demand, particularly in MICE. Some corporate bookings were deferred or cancelled, though management expects a meaningful portion of this demand to return as conditions normalize.
Despite these temporary headwinds, Yatra continued to post healthy growth in gross bookings and transactions, supported by market share gains, improving take rates, and a strong corporate pipeline.
While macro challenges are likely to persist in the first half of the year, Management remains optimistic about FY27. Backed by structural growth in India’s travel and corporate mobility markets and Yatra’s continued investment in AI technology, customer acquisition, hotel supply, and its B2E platform. Management remains confident of its medium-term growth CAGR of 20% RLSC growth and 30% Adj EBITDA growth.”
Financial Statements
Results for the quarter ended March 31, 2026, prepared under Ind AS, along with segment results, are available in the Investor Relations section of our website investors.yatra.com/Investor-Relations-India
Quarterly Conference Call
The earnings conference call will be held on Monday, May 25, 2026 at 10:00 AM (IST) to discuss the Financial Results and performance of the company for the quarter ended March 31, 2026. The earnings conference call will be accessible from all networks and countries through: Microsoft Teams Link Further, the analyst(s)/institutional investor(s) presentation will be submitted to Stock Exchanges and shall also be hosted on the Company’s website at investors.yatra.com/Investor-Relations-India
Safe Harbor Statement
This press release may contain forward-looking statements relating to the business, financial performance, strategy and results of the Company and/or the industry in which it operates that involve risks and uncertainties. Forward-looking statements are statements concerning future circumstances and results, and any other statements that are not historical facts, generally identified by the words “aim”, “anticipate”, “believe”, “expect”, “estimate”, “intend”, “likely to”, “objective”, “plan”, “project”, “propose”, “will”, “will continue”, “seek to”, “will pursue” or other words or phrases of similar import. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Although the Company believes that such forward looking statements are based on reasonable assumptions, forward looking statements contained in this press release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Neither the Company nor its affiliates or advisors or representatives nor any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors, nor do any such persons or entities accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecast developments. There is no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. It can give no assurance that such expectations will be met. Representative examples of factors that could affect the accuracy of forward-looking statements include (without limitation) the condition of and changes in India’s political and economic status, government policies, applicable laws, and international and domestic events having a bearing on the Company’s business, and such other factors beyond control of the Company.
About Yatra Online Limited
Yatra Online Limited (BSE: 543992, NSE: YATRA) is India’s Largest Corporate Travel services provider and one of India’s leading consumer travel companies. Through the website, www.yatra.com, mobile applications, Corporate SaaS platform, and other associated platforms, leisure and business travelers can explore, research, compare prices and book a wide range of services. which include domestic and international air ticketing, hotel bookings. homestays, holiday packages, bus ticketing, rail ticketing. activities and ancillary services catering to the travel needs. Experience of being a NASDAQ listed company and managing public shareholders. Experienced management team and strong corporate governance comprising industry executives with deep roots in the travel industry with 90+ years of accumulated experience.
