May 25 : Yatra Online Limited., India’s 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.
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% |
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% |
Net Profit INR 82 Mn YoY Growth: (46.1)% |
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.
- Gross Margin (RLSC) for the year grew 24.5% YoY to INR 4,824 Mn, ahead of the revised guidance of 22.5%
- 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%.
- 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:
- Gross bookings grew 8.3% YoY
- Gross margin grew 3.6% YoY
- Total transactions increased 15.2% YoY
- Air passengers grew 9.6% YoY, roughly 2x industry growth, reflecting further market share expansion.
- 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.
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.