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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.
💼 Action for Investors
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.
💼 Action for Investors
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
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
Investors should note the positive resolution of the CIRP issue for TSI Yatra, reducing uncertainty. Monitor the withdrawal application process for final closure.
Yatra Online: Amalgamation Scheme Effective; MOA Amended
Yatra Online Limited's Composite Scheme of Amalgamation is now effective as of December 01, 2025, following NCLT approval. Six entities, including Yatra TG Stays Private Limited, have been amalgamated into Yatra Online Limited. Consequently, the Memorandum of Association has been amended, with the authorized share capital revised to ₹46,58,00,000 divided into 46,08,00,000 Equity Shares of Re. 1 each and 50,000 Preference Shares of Rs. 100 each. There is no change in the paid-up capital of the Amalgamated Company.
Key Highlights
Scheme effective from December 01, 2025
Authorized Share Capital is ₹46,58,00,000
46,08,00,000 Equity Shares having Face Value of Re. 1
50,000 Preference Shares having Face Value of Rs. 100
💼 Action for Investors
Investors should note the change in the company structure and the revised authorized share capital. Monitor future filings for any impact on financial performance due to the amalgamation.
Yatra Online: Amalgamation Scheme Effective; Revised Authorized Share Capital ₹46.58 Crore
Yatra Online Limited announced that the Composite Scheme of Amalgamation involving several of its subsidiaries is now effective as of December 01, 2025. The Hon’ble National Company Law Tribunal approved the scheme on October 14, 2025. As a result of the amalgamation, the Amalgamating Companies are dissolved without winding up. The authorized share capital of the company is now ₹46.58 Crore divided into 46,08,00,000 Equity Shares and 50,000 Preference Shares.
Key Highlights
Amalgamation scheme effective from December 01, 2025
Authorized Share Capital revised to ₹46.58 Crore
46,08,00,000 Equity Shares with Face Value of Re. 1
50,000 Preference Shares with Face Value of Rs. 100
💼 Action for Investors
Investors should note the change in the company's capital structure following the amalgamation. Monitor Yatra Online's performance and integration of the amalgamated entities for potential synergies.