Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), India’s leading corporate travel services provider and one of India’s leading online travel companies, today announced its unaudited financial and operating results for the three months ended June 30, 2026.
“The first quarter of fiscal year 2027 was characterized by resilient demand and strong growth in Gross Bookings despite a challenging operating environment that pressured revenue and margins. Gross Bookings increased 16.3% year-over-year to INR 21,006.8 million (USD 221.9 million), reflecting continued momentum across our platform.
The conflict in the Middle East and related geopolitical uncertainty, continued to impact the travel environment during the quarter, particularly international travel. Elevated aviation fuel prices, higher airfares and airline capacity rationalization adversely affected travel demand and profitability. Domestic demand remained comparatively resilient.
For the three months ended June 30, 2026, revenue from operations was INR 1,879.0 million (USD 19.9 million), a decline of 10.4% year-over-year.
Our Air Travel segment delivered Gross Bookings growth of approximately 17.6% year-over-year, supported by higher average ticket prices and continued expansion across our distribution channels. A change of mix in air volumes across lines of businesses, resulted in lower margins together with competitive market conditions and delays in certain airline incentive arrangements, contributed to lower Air take rates during the quarter.
Our Hotels and Packages segment delivered Gross Bookings growth of approximately 12.9% year-over-year. Within the segment, standalone Hotels continued its strong performance, with Gross Bookings increasing approximately 34% and revenue approximately 66%. This reinforces our strategy of scaling Hotels as an important higher-margin component of our business.
Hotels and Packages performance was partially offset by weakness in MICE (Corporate Group Travel), where geopolitical uncertainty, particularly in the Middle East, contributed to higher travel costs, delayed corporate travel decisions and a shift in some incentive travel from international to domestic destinations, resulting in lower volumes and margins.
Profitability was also affected by higher personnel and other operating expenses, including planned investments in strategic growth initiatives.
Corporate Travel remains a key strategic growth pillar for Yatra. We continue to focus on expanding our corporate customer base, increasing wallet share and leveraging our technology platform to deliver a differentiated enterprise travel experience.
We are also expanding our addressable market through investments in initiatives like Travel Pro for the MSME segment, RECAP for expense management, new technology-led partnerships and strategic global partnerships.
Looking ahead, while geopolitical and aviation-related uncertainties persist, we believe the structural drivers of travel market remain compelling. We remain focused on scaling our higher-margin Hotels business, strengthening profitability across our Air and Hotels and Packages segments, and leveraging technology, artificial intelligence and automation to improve customer experience and operating efficiency.
Our objective remains disciplined, profitable growth and sustainable long-term value creation for all our stakeholders. I extend my sincere thanks to our dedicated team, trusted partners, customers and shareholders for their continued support.” — Siddhartha Gupta, CEO.
Financial and operating highlights for the three months ended June 30, 2026:
- Revenue of INR 1,879.0 million (USD 19.9 million), representing a decrease of 10.4% year-over-year basis (“YoY”).
- Adjusted Margin (1) from Air Ticketing of INR 1,069.5 million (USD 11.3 million), representing an increase of 8.9% YoY.
- Adjusted Margin (1) from Hotels and Packages of INR 472.5 million (USD 5.0 million), representing an increase of 24.3% YoY.
- Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 21,006.8 million (USD 221.9 million), representing an increase of 16.3% YoY.
- Profit for the period was INR 40.9 million (USD 0.4 million) versus a profit of INR 109.9 million (USD 1.2 million) for the three months ended June 30, 2025, reflecting a decrease of INR 69.1 million (USD 0.7 million) YoY.
- Result from operations was a Profit of INR 55.9 million (USD 0.6 million) versus a profit of INR 104.4 million (USD 1.1 million) for the three months ended June 30, 2025, reflecting a decrease of INR 48.5 million (USD 0.5 million) YoY.
- Adjusted EBITDA(2) was INR 215.9 million (USD 2.3 million) reflecting an increase of 4.7% YoY.
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Three months ended June 30, |
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2025 |
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2026 |
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2026 |
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YoY Change |
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Unaudited |
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Unaudited |
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Unaudited |
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(In thousands except percentages) |
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INR |
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INR |
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USD |
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% |
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Financial Summary as per IFRS |
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Revenue |
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2,098,144 |
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1,878,950 |
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19,850 |
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(10.4 |
)% |
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Results from operations |
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104,378 |
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55,900 |
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592 |
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(46.4 |
)% |
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(Loss)/ Profit for the period |
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109,937 |
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40,861 |
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433 |
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(62.8 |
)% |
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Financial Summary as per non-IFRS measures |
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Adjusted Margin (1) |
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Adjusted Margin – Air Ticketing |
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982,517 |
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1,069,538 |
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11,299 |
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8.9 |
% |
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Adjusted Margin – Hotels and Packages |
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380,148 |
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472,516 |
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4,992 |
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24.3 |
% |
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Adjusted Margin – Other Services |
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71,905 |
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74,821 |
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790 |
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4.1 |
% |
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Others (Including Other Income) |
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141,002 |
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238,195 |
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2,516 |
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68.9 |
% |
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Adjusted EBITDA (2) |
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206,226 |
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215,901 |
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2,281 |
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4.7 |
% |
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Operating Metrics |
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Gross Bookings (3) |
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18,057,854 |
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21,006,783 |
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221,918 |
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16.3 |
% |
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Air Ticketing |
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14,103,223 |
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16,578,853 |
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175,141 |
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17.6 |
% |
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Hotels and Packages |
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3,433,322 |
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3,876,188 |
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40,949 |
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12.9 |
% |
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Other Services (6) |
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521,309 |
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551,742 |
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5,829 |
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5.8 |
% |
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Adjusted Margin% (4) |
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Air Ticketing |
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7.0 |
% |
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6.5 |
% |
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Hotels and Packages |
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11.1 |
% |
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12.2 |
% |
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Other Services |
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13.8 |
% |
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13.6 |
% |
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Quantitative details (5) |
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Air Passengers Booked |
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1,206 |
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1,264 |
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4.8 |
% |
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Stand-alone Hotel Room Nights Booked |
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423 |
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548 |
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29.6 |
% |
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Packages Passengers Travelled |
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19 |
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17 |
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(13.1 |
)% |
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Note: |
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(1) |
As certain parts of our revenue are recognized on a “net” basis and other parts of our revenue are recognized on a “gross” basis, we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure. |
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(2) |
See the section below titled “Certain Non-IFRS Measures.” |
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(3) |
Gross Bookings represent the total amount paid by our customers for travel services, freight services and products booked through us, including taxes, fees and other charges, and are net of cancellation and refunds. |
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(4) |
Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings. |
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(5) |
Quantitative details are considered on a gross basis. |
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(6) |
Other Services primarily consists of freight business, IT services, bus, rail and cab and others services. |
As of June 30, 2026, 63,990,178 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary Shares”) were issued and outstanding.
For complete financial tables and results, please see our 6-K filed with the SEC and on our website: https://investors.yatra.com/financial-information/sec-filings/default.aspx
Conference Call
The Company will host a conference call to discuss its unaudited results for the three months ended June 30, 2026 beginning at 08:30 AM Eastern Daylight Time (or 06:00 PM India Standard Time) on August 13, 2026. Dial in details for the conference call is as follows: US/International dial-in number: +1 585-542-9983. Confirmation Code: 129782492 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code). The conference call will also be available via webcast at https://events.q4inc.com/attendee/129782492.
Safe Harbor Statement
This earnings release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “project,” “seek,” “should” similar expressions and the negative forms of such expressions. Such statements include, among other things, statements regarding the long-term growth trajectory for the Indian travel market; growth of the MICE business and corporate travel business; statements concerning management’s beliefs as well as our strategic and operational plans; our plans and expectations regarding the growth and scaling of our Hotels business, including standalone Hotels; our expectations regarding profitability and margin improvement across our Air and Hotels and Packages businesses; our plans to use technology, artificial intelligence and automation to improve customer experience and operating efficiency; our ability to simplify our corporate structure and operations and enhance shareholder value; our expectations regarding sustained margin expansion as a result of simplifying our legal and corporate structure; our future financial performance; our ability to meet our financial guidance; and our ability to comply with Nasdaq’s continued listing requirements for our ordinary shares to remain listed on Nasdaq. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel and freight industry in particular, including disruptions caused by safety concerns, flight cancellations as a result of airline staffing shortages or regulatory noncompliance, terrorist attacks, regional conflicts (including the ongoing conflict between Ukraine and Russia, the evolving events in Israel, Gaza and the Middle East, including the conflict in Iran, austerity measures implemented or recommended by the Indian government, pandemics, macroeconomic factors, including tariff and trade issues, and natural calamities; fluctuations in exchange rates between the Indian rupee and the U.S. dollar, Euro, British pound sterling or other major currencies, changes in aviation fuel prices, airline capacity and average airfares; our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our Revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry, on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, and our ability to successfully implement any new business initiatives; our ability to effectively integrate artificial intelligence, machine learning and automated decision-making tools; non-compliance with Nasdaq’s continued listing requirements and consequent delisting of our ordinary shares from Nasdaq; and our ability to simplify our multi-jurisdictional corporate structure or reduce resources and management time devoted to compliance requirement. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this earnings release is provided as of the date of issuance of this earnings release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About Yatra Online, Inc.
Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited, a public listed company on the NSE and BSE (hereinafter referred to as “Yatra India”), whose corporate office is based in Gurugram, India. Yatra India is India’s largest corporate travel services provider in terms of number of corporate clients with over 1,340 large corporate customers and approximately 60,750 registered SME customers and the second-largest player in the TMC and corporate OTA segment in the country in terms of market share for fiscal year 2024 (Videc report). Leisure and business travelers use Yatra India’s mobile applications, its website, www.yatra.com, and its other offerings and services to explore, research, compare prices and book a wide range of travel-related services. These services include domestic and international air ticketing on nearly all Indian and international airlines, as well as bus ticketing, rail ticketing, cab bookings and ancillary services within India. With approximately 81,500 hotels and homestays in approximately 1,550 cities and towns in India as well as more than 2.9 million hotels around the world, Yatra India has the largest hotels inventory amongst key Indian OTA players.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260812317806/en/
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