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Latest filing: 2026-08-12 23:47
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Yatra Q1-FY27: PAT drops 98% to ₹0.3 Cr despite 16.5% Gross Booking growth
Yatra reported a weak Q1-FY27 with Net Profit (PAT) crashing 98% YoY to ₹0.3 Cr and EBITDA declining 45.6% to ₹13.2 Cr, primarily due to delayed airline incentives and weak international MICE volumes. Despite the bottom-line hit, Gross Bookings grew 16.5% YoY to ₹2,100.7 Cr, and the company added 53 new corporate clients with a potential annual volume of ₹222.3 Cr. Revenue from operations fell 10% YoY to ₹187.9 Cr, though Gross Margins (Revenue less Service Cost) improved by 6% to ₹122.7 Cr. Management expects a recovery in Q2 as airline incentive discussions conclude and corporate travel demand rebounds from high ticket price impacts.
Confidence: HIGH
What changedSignificant margin compression occurred in Q1 due to external headwinds (airline incentives and MICE) despite healthy volume growth in bookings.
Why it mattersThe results highlight Yatra's high sensitivity to airline incentive structures and the volatility of the MICE segment, which can offset gains in the core corporate booking business.
Q1-FY27 PAT: ₹0.3 CrGross Bookings: ₹2,100.7 CrNew Corporate Potential vs TTM Revenue: ~22%EBITDA (Q1): ₹13.2 CrAir Passenger Growth: 5% YoY
📅 Short termThe sharp drop in profitability is likely to weigh on the stock price in the near term as investors digest the impact of delayed incentives.
📈 Long termLong-term prospects depend on the company's ability to scale its high-margin MICE and hotel businesses and successfully execute its international expansion.
⚠ Risk flags
- Dependency on airline incentive finalization
- Sensitivity to high airfare pricing impacting corporate spend
- Competition in the OTA sector squeezing margins
Key Highlights
Gross Bookings increased 16.5% YoY to ₹2,100.7 Cr in Q1-FY27
Net Profit (PAT) fell 98% YoY to ₹0.3 Cr from ₹16.0 Cr in the year-ago quarter
Added 53 new corporate customers with ₹222.3 Cr annual billable potential
Hotel room nights grew ~30% YoY, supported by expanded supply
EBITDA margin contracted significantly to 10.72% from 20.90% YoY
👀 What to Watch
Watch for the recovery of airline-related income in Q2 results and the progress of the 7-year international partnership with Kanoo Travel.
Q1FY27: PAT drops 97.9% to ₹0.3 Cr; Revenue down 10.4% YoY to ₹187.9 Cr
Yatra Online reported a weak Q1FY27 with Net Profit crashing 97.9% YoY to ₹0.3 Cr, down from ₹14.3 Cr in the previous year. Revenue declined 10.4% YoY to ₹187.9 Cr, primarily due to geopolitical disruptions in the high-margin MICE (Meetings, Incentives, Conferences, and Exhibitions) segment and intense competition in air ticketing. Despite the profit slump, gross bookings grew 16.5% YoY to ₹2,100.7 Cr, and the company added 53 new corporate clients with a potential annual billing of ₹222.3 Cr. Management expects a recovery in Q2, noting a MICE pipeline that is already 50% higher than Q1 levels.
Confidence: HIGH
What changedYatra experienced a sharp decline in profitability and revenue due to the Middle East conflict impacting international corporate travel and higher competitive intensity in the domestic air segment.
Why it mattersThe results highlight the company's high sensitivity to geopolitical events and margin pressure in its core air ticketing business, despite successful corporate client acquisition.
Q1 Revenue: ₹187.9 CrQ1 Net Profit: ₹0.3 CrYoY Revenue Growth: -10.4%New Corporate Potential vs TTM Revenue: ~22.1%Gross Bookings Growth: 16.5%
📅 Short termThe stock may face downward pressure in the short term due to the significant earnings miss and the sharp contraction in net margins.
📈 Long termLong-term recovery depends on scaling the high-margin MICE and SaaS (RECAP) businesses and successfully executing the Middle East expansion to offset domestic margin pressure.
⚠ Risk flags
- Geopolitical sensitivity (Middle East conflict)
- High competitive intensity in Air ticketing
- Significant margin compression
Key Highlights
Net Profit plummeted 97.9% YoY to ₹0.3 Cr (INR 3 Mn) for the quarter ended June 30, 2026.
Gross bookings increased 16.5% YoY to ₹2,100.7 Cr, indicating volume growth despite revenue contraction.
Added 53 new corporate customers with an estimated annual billable potential of ₹222.3 Cr.
MICE business pipeline for Q2FY27 is reported to be over 50% higher than Q1 levels following geopolitical deferrals.
Signed a 7-year strategic partnership with Kanoo Travel to expand enterprise travel technology into the Middle East.
👀 What to Watch
Investors should monitor the actual conversion of the Q2 MICE pipeline and the impact of the Kanoo Travel partnership on international margins. Key focus remains on whether the company can maintain its 35-40% EBITDA growth guidance for the full year after a significantly weak first quarter.
Yatra Online Approves Q1 FY27 Results and Re-appoints EY as Internal Auditors
Yatra Online Limited's Board of Directors met on August 12, 2026, to approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The meeting, which lasted 5.5 hours, also resulted in the re-appointment of Ernst & Young LLP as the company's internal auditors for the 2026-27 financial year. While the specific quarterly figures were not detailed in the cover letter, the company enters this period with a TTM revenue of ₹1,007 Cr and a TTM PAT of ₹47 Cr.
Confidence: HIGH
What changedThe board has officially approved the first quarter's financial performance and ensured continuity in internal audit oversight by re-appointing EY.
Why it mattersQuarterly results are critical for assessing the company's trajectory toward its high-growth EBITDA targets; the auditor re-appointment maintains institutional governance standards.
Quarter Ended: June 30, 2026TTM Revenue: ₹1007 CrTTM PAT: ₹47 CrAuditor Tenure: FY 2026-27
📅 Short termThe stock may react based on the specific revenue and margin trends revealed in the full Q1 filing compared to the ₹209.8 Cr revenue reported in the same quarter last year.
📈 Long termLong-term value depends on Yatra's ability to scale its high-margin MICE and corporate travel SaaS businesses while managing cloud migration and competition costs.
⚠ Risk flags
- Dependency on Global Distribution Systems (GDS)
- Intense competition in the OTA sector impacting margins
- Execution risk in amalgamating multiple subsidiaries
Key Highlights
Approved unaudited financial results for the quarter ended June 30, 2026.
Re-appointed Ernst & Young LLP as Internal Auditors for the Financial Year 2026-27.
Board meeting duration was 5 hours and 30 minutes, concluding at 07:45 P.M. IST.
Company maintains a TTM revenue base of ₹1,007 Cr as of the previous fiscal year end.
Restructuring continues with the amalgamation of wholly-owned subsidiaries like TSI Yatra Private Limited.
👀 What to Watch
Investors should examine the detailed Q1 FY27 financial tables to see if the company is maintaining its 35-40% EBITDA growth guidance and how the integration of Globe All India Services is impacting margins.
7-Year Strategic MoU with Kanoo Travel for Middle East Expansion
Yatra Online has entered into a 7-year Memorandum of Understanding (MoU) with Kanoo Travel, a major Middle East travel management company, marking its first significant international expansion. Under the agreement, Kanoo Travel will deploy Yatra's enterprise travel and expense management SaaS platform across its regional operations. Yatra will also establish a dedicated Global Operations Centre to provide 24x7 multilingual support. While the financial value is not yet quantified, the partnership targets the high-growth Middle East business travel market using Yatra's existing technology stack.
Confidence: HIGH
What changedYatra has transitioned from a domestic-focused travel provider to an international SaaS platform provider by partnering with a leading Middle Eastern travel group.
Why it mattersThis validates Yatra's proprietary technology for global markets and provides a scalable, asset-light revenue stream outside of the competitive Indian OTA landscape.
Contract Term: 7 YearsKanoo Travel Network: 100+ officesExisting Enterprise Clients: 1,300+TTM Revenue: Rs 1007 CrAgreement Size: not disclosed
📅 Short termThe announcement is likely to be viewed positively by the market as a strategic milestone, though immediate financial impact is pending quantification.
📈 Long termIf successful, this partnership could re-rate Yatra as a global travel-tech SaaS player, diversifying revenue away from the Indian market and improving operating margins.
⚠ Risk flags
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- Execution risk in international markets
- Revenue value not yet quantified
- Dependency on partner's regional market share
Key Highlights
7-year contract term for the strategic partnership with Kanoo Travel
Kanoo Travel operates a network of over 100 offices across Saudi Arabia, Bahrain, UAE, Oman, and Egypt
Yatra's platform currently supports over 1,300 large and mid-sized enterprises in India
Establishment of a new Kanoo Global Operations Centre for 24x7 multilingual support
Strategic entry into the Middle East, one of the world's fastest-growing business travel markets
👀 What to Watch
Watch for the transition from MoU to revenue generation in upcoming quarterly reports and monitor the scaling of the Global Operations Centre as a proxy for international demand.
Yatra Denies Reports of 20% Stake Sale to Ixigo Promoters
Yatra Online Limited has officially clarified that recent media reports regarding a potential stake sale are inaccurate. The reports, originally aired on CNBC Awaaz, suggested that Ixigo's promoters were in the final stages of acquiring up to a 20% stake in Yatra. The company has formally stated that these claims are based on market rumors and that there are currently no disclosable events under SEBI Regulation 30. This clarification follows specific inquiries from both the NSE and BSE on June 19, 2026.
Key Highlights
Exchange sought clarification on June 19, 2026, regarding reports of a 20% stake sale to Ixigo promoters.
Yatra Online Limited officially labeled the news item as 'inaccurate' and based on 'market rumours' on June 22, 2026.
The company confirmed there are no disclosable events under Regulation 30 of SEBI LODR Regulations at this time.
The response aims to clear market speculation that suggested a deal was in the final stages.
👀 What to Watch
Investors should treat the recent M&A rumors as speculative and rely on official company disclosures for investment decisions. The denial suggests that no immediate change in shareholding structure is imminent.
Yatra Online Reports Record FY26 Profit; Revenue Up 27% to INR 10,065 Million
Yatra Online Limited achieved its most profitable year in its 20-year history for FY26, with revenue from operations growing 27% YoY to INR 10,065 million. Adjusted EBITDA rose 37.5% to INR 917 million, while cash flow from operations surged nearly tenfold to INR 761 million. Despite Q4 headwinds from geopolitical conflicts affecting international travel and MICE segments, the company added 163 new corporate customers during the fiscal year with a billable value of INR 9,568 million. Management remains confident in a medium-term revenue-less service cost CAGR of 20% and EBITDA growth of 30%.
Key Highlights
FY26 revenue from operations grew 27% YoY to INR 10,065 million with record profitability
Adjusted EBITDA increased 37.5% YoY to INR 917 million, reflecting strong operating leverage
Added 163 new corporate customers in FY26 with an annual billable value of INR 9,568 million
Cash flow from operations grew tenfold to INR 761 million from INR 73 million in the previous year
Air passenger volumes in Q4 grew 9.6% YoY, approximately 2x the industry growth rate
👀 What to Watch
Investors should monitor the company's ability to maintain its 97% corporate retention rate and the ramp-up of its new mid-market sales team. The stock offers exposure to the structural growth in Indian corporate mobility and domestic tourism with improving margin profiles.
Yatra Reports Record FY26 Profit with 28% PAT Growth and Strong Corporate Momentum
Yatra Online reported its most profitable year in FY26, with PAT rising 28.1% YoY to INR 468 Mn despite macroeconomic headwinds. Full-year Gross Margins grew 24.5% to INR 4,824 Mn, exceeding management guidance, while Adjusted EBITDA rose 37.5% to INR 917 Mn. Although Q4 FY26 PAT saw a 46% decline due to higher operating costs and ESOP expenses, the company maintained strong operational momentum by adding 55 new corporate clients with an annual potential of INR 2,709 Mn. Cash flow from operations improved significantly to INR 761 Mn from INR 73 Mn in the previous fiscal year.
Key Highlights
Full-year FY26 PAT reached INR 468 Mn, a 28.1% YoY increase, despite a one-time statutory impact from new labour codes.
Gross Margin (RLSC) for FY26 grew 24.5% YoY to INR 4,824 Mn, outperforming the revised guidance of 22.5%.
Added 55 new corporate customers in Q4 FY26 alone, representing an annual billable potential of INR 2,709 Mn.
Air passenger volumes in Q4 grew by 9.6% YoY, approximately double the industry growth rate.
Cash flow from operations surged to INR 761 Mn in FY26, a massive jump from INR 73 Mn in FY25.
👀 What to Watch
Investors should look past the Q4 PAT dip and focus on the record annual profitability and the robust acquisition of high-value corporate clients. The significant improvement in operating cash flow and market share gains in the air segment suggest a strong competitive position.
Yatra FY26 PAT Rises 28% to INR 468 Mn; Records Most Profitable Year Despite Q4 Headwinds
Yatra Online reported its most profitable year ever in FY26, with full-year PAT rising 28.1% to INR 468 million despite significant macroeconomic headwinds. While annual revenue grew to INR 10,065 million, Q4 FY26 saw a 14% YoY decline in revenue and a 46% drop in PAT, reflecting a challenging final quarter. The company demonstrated strong operational efficiency with a significant turnaround in cash flow from operations, generating INR 761 million compared to a loss of INR 886 million in FY25. The corporate segment remains a key growth driver, adding 55 new clients in Q4 with an annual billable potential of INR 2,709 million.
Key Highlights
Full-year FY26 Gross Margin (RLSC) grew 24.5% YoY to INR 4,824 million, exceeding revised guidance.
Adjusted EBITDA for FY26 increased by 37.5% YoY to INR 917 million, driven by operational efficiency.
Air passenger volumes grew 9.6% YoY in Q4, outperforming industry growth by approximately 2x.
Generated positive cash flow from operations of INR 761 million in FY26 vs a cash outflow of INR 886 million in FY25.
Added 55 new corporate customers in Q4 representing an annual billable potential of INR 2,709 million.
👀 What to Watch
Investors should weigh the record annual profitability and positive cash flow turnaround against the sharp decline in Q4 YoY earnings. Monitor the company's ability to sustain market share gains in the air segment and the conversion of its strong corporate pipeline into realized revenue.
Yatra Reports Record FY26 Profit with 28% PAT Growth; Q4 Impacted by Geopolitical Headwinds
Yatra Online reported its most profitable year in FY26, with Net Profit rising 28.1% YoY to INR 468 Mn and Revenue increasing 27.2% to INR 10,065 Mn. However, Q4-FY26 performance saw a significant slowdown, with PAT declining 46.1% YoY to INR 82 Mn due to geopolitical disruptions affecting the high-margin MICE (Meetings, Incentives, Conferences & Exhibitions) segment. Despite these headwinds, the company added 163 new corporate customers during the year with an annual billable potential of INR 9,568 Mn. Management has maintained a positive medium-term outlook with a 30% Adjusted EBITDA growth CAGR target.
Key Highlights
FY26 Revenue grew 27.2% YoY to INR 10,065 Mn, while EBITDA surged 53.2% to INR 855 Mn.
Q4-FY26 PAT fell 46.1% YoY to INR 82 Mn, primarily due to war-related disruptions in international MICE travel.
Corporate business added 163 new customers in FY26, representing an annual billable potential of INR 9,568 Mn.
Air passenger growth of 9.6% YoY in Q4 was approximately 2x the industry average, indicating market share gains.
Management issued medium-term guidance of 20% Gross Margin (RLSC) growth and 30% Adjusted EBITDA growth.
👀 What to Watch
Investors should monitor the recovery of the MICE segment and international travel in H1 FY27, as geopolitical tensions have temporarily dampened Q4 margins. The strong corporate client acquisition pipeline and market share gains in the air segment provide a solid foundation for long-term growth.
Yatra Online FY26 Net Profit Rises 36% to ₹376.5 Million; Revenue Up 4.7%
Yatra Online reported a standalone net profit of ₹376.5 million for FY26, a 36% increase from ₹276.2 million in the previous year. Annual revenue from operations grew modestly by 4.7% to reach ₹6,356.5 million. While the bottom-line growth is strong, the company is currently addressing queries from SEBI and NSE regarding the utilization of ₹3,391.4 million from IPO proceeds. The Q4 FY26 performance was also positive, with a 23% YoY increase in net profit to ₹135.1 million.
Key Highlights
Standalone Net Profit for FY26 grew 36% YoY to ₹376.5 million.
Annual Revenue from operations increased to ₹6,356.5 million, up 4.7% from FY25.
Q4 FY26 standalone profit rose to ₹135.1 million compared to ₹109.8 million in the same quarter last year.
Auditors highlighted regulatory queries regarding ₹3,391.44 million of IPO proceeds used for deposits/advances.
Total expenses for the full year FY26 stood at ₹6,255.3 million versus ₹6,131.6 million in FY25.
👀 What to Watch
Investors should maintain a cautious outlook until the regulatory queries regarding IPO fund utilization are fully resolved. While earnings growth is healthy, the modest revenue growth indicates a highly competitive landscape in the online travel agency sector.
Yatra Shareholders Approve Director Dhruv Shringi's Remuneration with 87.7% Majority
Yatra Online Limited has successfully passed a special resolution via postal ballot to approve the remuneration for Mr. Dhruv Shringi, Whole-Time Director. The resolution received 87.74% support from the total votes cast, ensuring leadership compensation continuity for the period April to December 2026. However, there was notable dissent from public institutional investors, with 73.18% of their votes cast against the resolution. The approved gross remuneration is set at INR 12.50 lakh per month plus additional benefits including ESOPs.
Key Highlights
Special resolution passed with 103.68 million votes (87.74%) in favor and 14.49 million votes (12.26%) against.
Public institutional investors showed high dissent, with 14.48 million votes (73.18% of their category) cast against the proposal.
Approved gross remuneration for Mr. Dhruv Shringi is INR 12,50,000 per month for the period April 1, 2026, to December 7, 2026.
Remuneration includes additional benefits such as Gratuity, Mediclaim, ESOPs, and a company-provided car.
Promoter and promoter group voted 100% in favor of the resolution with 98.31 million shares.
👀 What to Watch
Investors should monitor the high level of institutional dissent regarding executive pay as it may indicate governance concerns, though the resolution's passage ensures management stability. No immediate action is required as this is a routine yet significant governance matter.
Yatra Online Wins Major Tax Relief; CESTAT Sets Aside Demands Over Rs. 154 Crore
Yatra Online Limited and its subsidiary TSI Yatra have secured a major legal victory as CESTAT Chandigarh set aside tax and penalty demands totaling over Rs. 154 crore. The tribunal ruled in favor of the company on key issues including service tax on CRS incentives and fuel surcharges. This decision removes a significant financial overhang and resolves long-standing litigation that could have impacted cash flows. The total relief includes approximately Rs. 113.24 crore in duty and Rs. 41.46 crore in penalties, plus applicable interest.
Key Highlights
Total duty demand of Rs. 111.25 crore and penalty of Rs. 39.47 crore set aside for Yatra Online Limited.
Subsidiary TSI Yatra received relief of Rs. 1.99 crore in duty and Rs. 1.99 crore in penalty.
Tribunal ruled that CRS/GDS incentives are not subject to service tax, resolving a key industry-wide dispute.
The ruling confirmed that fuel surcharges are not part of the 'basic fare' for service tax calculations, favoring the company's accounting position.
👀 What to Watch
This ruling significantly strengthens the company's financial position by removing large contingent liabilities. Investors should view this as a positive development that reduces legal risk and potential future cash outflows.
Yatra Online Q3 FY26: Adjusted EBITDA Surges 41% YoY to ₹247M; 40 New Corporate Clients Added
Yatra Online reported a 9% YoY growth in Q3 FY26 revenue to ₹2,568 million, while Adjusted EBITDA grew significantly by 41% to ₹247 million. Despite industry-wide flight disruptions in December, the company saw a 22% increase in air ticketing gross bookings and added 40 new corporate clients with a ₹2.2 billion billing potential. Net profit for the quarter fell 17% to ₹83 million, primarily due to a one-time ₹38 million charge related to new labor codes. The company's B2C segment has turned profitable, and the new expense management solution is seeing early traction with 8 new customers.
Key Highlights
Adjusted EBITDA for Q3 FY26 rose 41% YoY to ₹247 million with a 19.34% margin to gross margin.
Air ticketing gross bookings grew 22% YoY, significantly outperforming the industry growth of 1%.
Onboarded 40 new corporate clients during the quarter with an estimated annual billing potential of ₹2.2 billion.
9-month FY26 PAT increased by 81% YoY to ₹386 million, despite a one-time labor code charge in Q3.
B2C business turned profitable with unit economics improving through prudent discounting and affiliate partnerships.
👀 What to Watch
Investors should focus on the strong growth in the high-margin corporate segment and the successful turnaround of the B2C business. The temporary disruption in December appears to be an operational blip rather than a structural demand issue.
Yatra Online Promoter Sells 1.8% Stake (28.33 Lakh Shares) via Open Market
Promoter entity THCL Travel Holding Cyprus Limited sold 28,33,000 shares, representing approximately 1.8% of Yatra Online Limited's equity, on February 17, 2026. The sale was conducted in the open market to fund legal and compliance expenses for the promoter group and its Nasdaq-listed parent, Yatra Online, Inc. Although the transaction was below the 2% mandatory disclosure threshold, the company made a voluntary disclosure to the exchanges. The promoter has explicitly stated they do not foresee any further sales in the near future.
Key Highlights
Promoter THCL Travel Holding Cyprus Limited sold 28,33,000 equity shares representing a 1.8% stake.
The transaction was executed in the open market on February 17, 2026.
Proceeds are earmarked for legal and compliance expenses of the promoter group and US-listed Yatra Online, Inc.
The promoter has indicated that no further share sales are expected in the near future.
Disclosure was made on a voluntary basis as the change did not exceed the 2% regulatory threshold.
👀 What to Watch
Investors should remain cautious as open market sales by promoters can create short-term price pressure. Monitor the stock for stability and watch for any further changes in promoter shareholding patterns in the next quarter.
Yatra Q3 FY26: Adj. EBITDA Grows 41% YoY to ₹247 Mn; PAT Impacted by One-time Statutory Costs
Yatra Online reported a robust 41% YoY growth in Adjusted EBITDA for Q3 FY26, reaching ₹247 million, despite seasonal softness in corporate travel. Revenue from operations grew 9% YoY to ₹2,568 million, while Gross Margins (RLSC) improved by 23% to ₹1,277 million. Reported PAT saw a 17% YoY decline to ₹83 million, primarily due to a one-time ₹38 million impact from new labor code implementations. The company added 40 new corporate clients with a potential annual revenue of ₹2,234 million, indicating strong future growth prospects.
Key Highlights
Adjusted EBITDA rose 41% YoY to ₹247 million, exceeding company guidance of 37.5%
Gross Bookings reached ₹21,759 million, a 21% increase driven by recovery in the consumer segment
Added 40 new corporate customers in Q3 with an estimated annual revenue potential of ₹2,234 million
Air segment gross margins grew 32% YoY to ₹611 million, while Hotels & Packages grew 25% to ₹438 million
One-time statutory impact of ₹38 million due to new labor codes reduced reported PAT growth
👀 What to Watch
Investors should focus on the strong operational performance and margin expansion in both Air and Hotel segments. The PAT decline is non-recurring, and the robust corporate pipeline suggests continued momentum.
Yatra Online Q3-FY26: EBITDA Surges 64% to INR 239 Mn; Revenue Up 9%
Yatra Online reported a robust 64% YoY growth in EBITDA to INR 239 Mn for Q3-FY26, driven by margin optimization in air and hotel segments. While revenue grew 9% to INR 2,568 Mn, reported PAT fell 17% to INR 83 Mn due to a one-time INR 38 Mn impact from new labor code implementations. The company added 40 new corporate clients with an annual revenue potential of INR 2,234 Mn. Despite airline operational disruptions impacting bookings by INR 480 Mn, the 9-month performance remains strong with PAT up 81% YoY.
Key Highlights
EBITDA grew 64% YoY to INR 239 Mn with margins improving to 18.7% of Gross Margin (RLSC).
Revenue increased 9% YoY to INR 2,568 Mn, while Gross Margin (RLSC) rose 23% to INR 1,277 Mn.
Added 40 new corporate customers during the quarter with an annual revenue potential of INR 2,234 Mn.
Reported PAT of INR 83 Mn was impacted by a one-time labor code adjustment of INR 38 Mn; proforma PAT growth was +21%.
Airline disruptions and FDTL norms impacted Air Gross Bookings by approximately INR 480 Mn, pushing INR 300 Mn of MICE revenue to future quarters.
👀 What to Watch
Investors should look past the reported PAT decline as it was driven by a one-time labor code adjustment and focus on the strong operational EBITDA growth. The healthy pipeline of new corporate clients and the deferral of MICE revenue suggest a potentially strong performance in the coming quarters.
Yatra Online Q3 FY26 Standalone Profit Falls to ₹48.4M; Revenue Down 29% QoQ
Yatra Online Limited reported a sequential decline in its standalone financial performance for the quarter ended December 31, 2025. Standalone revenue from operations dropped 29% to ₹1,445.15 million compared to ₹2,037.37 million in the previous quarter. Net profit followed a similar trend, falling to ₹48.40 million from ₹71.34 million in Q2 FY26. Additionally, auditors highlighted an ongoing regulatory matter involving SEBI and NSE queries regarding the utilization of ₹3,391.44 million from IPO proceeds.
Key Highlights
Standalone Revenue from operations decreased 29% QoQ to ₹1,445.15 million.
Standalone Net Profit for Q3 FY26 stood at ₹48.40 million, down from ₹71.34 million in the preceding quarter.
Earnings Per Share (EPS) declined to ₹0.31 from ₹0.45 on a sequential basis.
Auditors raised a 'Matter of Emphasis' regarding ₹3,391.44 million of IPO proceeds used for deposits/advances currently under SEBI/NSE review.
Total standalone expenses were reduced to ₹1,429.82 million from ₹2,036.83 million in the previous quarter.
👀 What to Watch
Investors should remain cautious given the sharp sequential decline in both top-line and bottom-line figures. The regulatory overhang regarding the utilization of IPO proceeds remains a key risk factor to monitor in upcoming disclosures.
Yatra Online Q3 FY26: Revenue Drops 29% QoQ to ₹1,445M; Profit Declines to ₹48.4M
Yatra Online Limited reported a significant sequential decline in its financial performance for the quarter ended December 31, 2025. Revenue from operations fell by approximately 29% to ₹1,445.15 million compared to ₹2,037.37 million in the preceding quarter. Net profit followed a similar downward trend, decreasing to ₹48.40 million from ₹71.34 million in Q2 FY26. Additionally, the company is currently responding to regulatory queries from SEBI and NSE regarding the utilization of ₹3,391.44 million in IPO proceeds.
Key Highlights
Revenue from operations decreased 29% sequentially to ₹1,445.15 million in Q3 FY26.
Net profit for the quarter stood at ₹48.40 million, down from ₹71.34 million in the previous quarter.
Total expenses were reduced to ₹1,429.82 million from ₹2,036.83 million in Q2 FY26, primarily driven by lower service costs.
Ongoing regulatory scrutiny by SEBI and NSE regarding ₹3,391.44 million in deposits/advances from IPO proceeds.
Basic Earnings Per Share (EPS) declined to ₹0.31 from ₹0.45 in the previous quarter.
👀 What to Watch
Investors should exercise caution given the sharp sequential decline in revenue and the overhang of regulatory queries regarding IPO fund utilization. Monitor the company's next earnings call for clarity on the revenue drop and the status of the SEBI investigation.
Yatra Subsidiary TSI Yatra Exits Insolvency Following ₹5 Crore Settlement
Yatra Online's wholly-owned subsidiary, TSI Yatra Private Limited, has successfully exited the Corporate Insolvency Resolution Process (CIRP) after the NCLT allowed the withdrawal of the insolvency petition. The company reached a full and final settlement with Ezeego Travels & Tours Ltd by paying ₹5,00,00,000 along with CIRP costs of ₹6,25,400. Furthermore, a deposit of ₹4,03,19,100 previously held by the NCLAT has been refunded to the subsidiary. This resolution effectively ends the legal threat to the subsidiary's operations.
Key Highlights
NCLT permits withdrawal of Corporate Insolvency Resolution Process (CIRP) against TSI Yatra.
Settlement amount of ₹5,00,00,000 (5 Crore) paid to operational creditor Ezeego Travels.
Refund of ₹4,03,19,100 (4.03 Crore) received by the company from NCLAT registrar.
Additional CIRP costs of ₹6,25,400 cleared as part of the final settlement agreement.
👀 What to Watch
Investors should view this as a positive development as it removes a significant legal overhang and insolvency risk from a wholly-owned subsidiary. The resolution allows the company to focus on core operations without the threat of liquidation proceedings.
Yatra Online: TSI Yatra CIRP Appeal Disposed, ₹4,03,19,100 Refund Ordered
Yatra Online Limited announced that the National Company Law Appellate Tribunal (NCLAT) has disposed of the appeal related to the Corporate Insolvency Resolution Process (CIRP) of its subsidiary, TSI Yatra Private Limited. The NCLAT directed a refund of ₹4,03,19,100 deposited under a stay order to TSI. The Interim Resolution Professional (IRP) is instructed to file a withdrawal application under Section 12A of the IBC. This follows a settlement where Yatra paid ₹5,00,00,000 plus CIRP costs of ₹6,25,400 to Ezeego Travels.
Key Highlights
NCLAT disposed of the appeal related to TSI Yatra's CIRP.
Refund of ₹4,03,19,100 ordered to TSI.
Settlement involved a payment of ₹5,00,00,000 to Ezeego Travels.
CIRP cost amounted to ₹6,25,400.
👀 What to Watch
Investors should note the positive resolution of the CIRP issue for TSI Yatra, reducing uncertainty. Monitor the withdrawal application process for final closure.
