YATRA - Yatra Online
📢 Recent Corporate Announcements
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.
- 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.
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.
- 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.
Yatra Online Limited has released the audio recording of its earnings conference call for the third quarter ended December 31, 2025. The call was held on February 12, 2026, to discuss the company's financial performance and strategic outlook. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all stakeholders. Investors can access the recording via the company's official website to hear management's detailed commentary on the quarter's results.
- Audio recording of the Q3 FY26 earnings call is now available for public review.
- The conference call was conducted on February 12, 2026, following the quarterly results announcement.
- Disclosure made in compliance with SEBI Regulation 30(6) and 46 of the Listing Obligations.
- The recording provides management's perspective on the financial performance for the period ending December 31, 2025.
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.
- 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
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.
- 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.
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.
- 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.
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.
- 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.
Yatra Online Limited has scheduled its earnings conference call to discuss the financial results for the quarter ended December 31, 2025 (Q3FY26). The call is set for Thursday, February 12, 2026, at 11:00 AM IST. Key management personnel, including the Executive Chairperson, CEO, and CFO, will be present to address analyst queries and provide business outlook. This event is a standard procedure following the quarterly financial disclosure.
- Earnings conference call for Q3FY26 scheduled for February 12, 2026, at 11:00 AM IST
- Management participants include Executive Chairperson Dhruv Shringi and CEO Siddhartha Gupta
- Call hosted by DAM Capital Advisors Ltd with universal dial-in numbers +91 22 6280 1384
- Discussion will focus on financial performance for the quarter ended December 31, 2025
Yatra Online Limited has officially relocated its registered office from Mumbai, Maharashtra, to Vasant Kunj, New Delhi, effective January 12, 2026. The Board of Directors approved this change via a circular resolution on January 14, 2026. This move follows a series of prior intimations regarding the relocation process that began in May 2025. The shift is an administrative change and does not impact the company's business operations or financial standing.
- Registered office moved from Lower Parel, Mumbai to Vasant Kunj, New Delhi
- Relocation became effective starting from January 12, 2026
- Board approval was finalized via circulation on January 14, 2026
- The process involved multiple regulatory intimations dating back to May 29, 2025
Yatra Online Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by Registrar and Share Transfer Agent MUFG Intime India Private Limited, covers the period from October 1, 2025, to December 31, 2025. The company confirmed that it received zero requests for dematerialization or rematerialization of securities during this timeframe. This filing is a standard procedural requirement to ensure the accuracy of electronic share records.
- Compliance certificate filed for the quarter ended December 31, 2025
- Zero requests received for dematerialization of securities during the period
- Zero requests received for rematerialization of securities during the period
- Certificate issued by Registrar MUFG Intime India Private Limited (formerly Link Intime)
Yatra Online Limited has received formal approval from the Regional Director, Mumbai, to relocate its registered office from Maharashtra to the National Capital Territory (NCT) of Delhi. This administrative change follows a special resolution passed by shareholders on July 03, 2025, and a subsequent regulatory application filed on September 26, 2025. The company confirmed receipt of the official order on December 30, 2025. This shift is a procedural relocation and is not expected to impact the company's business operations or financial performance.
- Approval granted by the Regional Director, Mumbai, to shift the registered office to NCT of Delhi.
- Shareholders previously approved the relocation via a Special Resolution on July 03, 2025.
- The formal application (e-form INC-23) for the state change was filed on September 26, 2025.
- The official order dated December 24, 2025, was physically received by the company on December 30, 2025.
Yatra Online Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This routine regulatory action is taken in compliance with SEBI Prohibition of Insider Trading Regulations for the upcoming Q3 and nine-month financial results ending December 31, 2025. The window will remain closed until 48 hours after the financial results are officially declared. The specific date for the board meeting to approve these results will be communicated at a later date.
- Trading window closure effective from Thursday, January 01, 2026
- Closure pertains to financial results for the quarter and nine months ended December 31, 2025
- Window to remain closed until 48 hours post-declaration of financial results
- Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015
- Board meeting date for results approval to be announced in due course
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.
- 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.
Yatra Online Limited has announced the successful passage of an ordinary resolution via postal ballot for the appointment of Mr. Roshan Chanaka Nirmal Mendis as a Non-Executive, Non-Independent Director. The resolution received overwhelming support, with 99.9354% of the 12.17 crore valid votes cast in favor. The voting process was conducted through remote e-voting between November 19 and December 18, 2025. This appointment follows the recommendation of the Nomination and Remuneration Committee and the Board of Directors to strengthen the company's leadership.
- Shareholders approved the appointment of Mr. Roshan Chanaka Nirmal Mendis as a Non-Executive, Non-Independent Director.
- The resolution passed with a significant majority of 99.9354% votes in favor (12,16,48,329 votes).
- Only 0.0646% of votes (78,590) were cast against the resolution.
- Total valid votes polled amounted to 12,17,26,919, representing approximately 77.57% of the total shares held by the voting categories.
Yatra Online Limited has announced an upcoming meeting with investors/analysts at the Investec AI Unmasked Conference in Bengaluru on December 16, 2025. The discussion will be based on publicly available information, and no unpublished price sensitive information (UPSI) will be discussed. This event is part of the company's regular investor relations activities to maintain transparency and provide updates.
- Meeting with Investec on December 16, 2025
- Meeting is an In-Person Group Meeting (Fireside Chat)
- CIN NO: L63040MH2005PLC158404
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 48% YoY to INR 3,509 million in Q2 FY26. For FY 2024-25, the revenue mix shifted significantly: Hotel & Packages (including MICE) grew to 69.97% of total revenue (up from 46.74% in FY24), while Air Ticketing decreased to 25.72% (down from 48.82% in FY24). Others contributed 4.31%.
Geographic Revenue Split
Not specifically disclosed by region, but the company reported foreign exchange earnings of INR 64.90 Cr and a foreign exchange outgo of INR 50.78 Cr for FY 2024-25, indicating significant international transaction volume.
Profitability Margins
Net Profit Margin improved to 4.6% in FY25 from -1.1% in FY24, a 532% increase driven by the acquisition of Globe All India Services. Operating Profit Margin rose 56% YoY to 2.8% in FY25. PAT for Q2 FY26 was INR 143 million, representing a PAT margin of 11% on revenue less service cost.
EBITDA Margin
Adjusted EBITDA margin for Q2 FY26 was 20%, up from 15% in Q2 FY25. Adjusted EBITDA grew 88% YoY to INR 255 million. The company targets an EBITDA to gross margin ratio of 30% through operating leverage.
Capital Expenditure
While specific total CAPEX was not totaled, the company utilized IPO funds, contributing to a 17% decrease in the current ratio (from 2.3 to 1.9). Significant investment was noted in technology migration to the Google Cloud platform, costing approximately INR 5 crore.
Credit Rating & Borrowing
The Debt-Equity ratio remained stable and low at 0.1 times. Interest Coverage Ratio improved by 990% to 5.03 times in FY25 due to increased EBIT and lower interest costs. Finance costs for Q2 FY26 were INR 22 million, down 8% YoY.
Operational Drivers
Raw Materials
As a service-based OTA, primary costs are 'Cost of Services' (INR 403.90 Cr in FY25, up from INR 86.40 Cr) and 'People Cost' (which increased by INR 1.5 Cr sequentially in Q2 FY26).
Import Sources
Not applicable for travel services; however, technology infrastructure is sourced via global providers like Google Cloud.
Key Suppliers
Key suppliers include airlines, hotel chains, and technology partners like Google Cloud Platform for infrastructure migration.
Capacity Expansion
The company expanded its corporate travel capacity through the acquisition of Globe All India Services Limited (effective September 11, 2024). It is also undergoing a corporate restructuring to amalgamate subsidiaries like TSI Yatra Private Limited and Globe All India Services into the parent company.
Raw Material Costs
Cost of services as a percentage of total income was approximately 49% in FY25 (INR 403.90 Cr out of INR 823.27 Cr). Procurement strategies focus on direct API integrations with hotels to ensure best-rate guarantees.
Manufacturing Efficiency
Efficiency is measured by 'Revenue Less Service Cost' (RLSC), which reached INR 3,875 million in FY25. Operating leverage is being achieved as revenue grows faster than people costs (INR 10 Cr revenue growth vs INR 1.5 Cr people cost increase).
Logistics & Distribution
Distribution is handled via digital channels (B2C) and SaaS platforms for B2B corporate clients.
Strategic Growth
Expected Growth Rate
35-40%
Growth Strategy
Growth will be achieved by raising Adjusted EBITDA guidance to 35-40% (up from 30%) through improved operating leverage, scaling the high-margin MICE and hotel businesses, and integrating the 'healthily profitable' Globe All India Services acquisition.
Products & Services
Air ticketing, hotel room bookings, holiday packages, MICE (Meetings, Incentives, Conferences, and Exhibitions) services, and corporate travel SaaS solutions.
Brand Portfolio
Yatra, Yatra Online, Globe All India Services.
New Products/Services
Expansion of the MICE business and enhanced corporate travel SaaS features are expected to be primary contributors to the 35-40% EBITDA growth target.
Market Expansion
Focusing on the Indian corporate travel landscape and rising digital adoption in leisure travel; strengthening the corporate brand presence on platforms like LinkedIn.
Market Share & Ranking
Yatra is positioned as one of India's leading corporate travel service providers with a 19-year brand history.
Strategic Alliances
Partnerships with major airlines and hotel aggregators; acquisition of Globe All India Services Limited to dominate the B2B travel segment.
External Factors
Industry Trends
The industry is seeing a shift toward high-margin non-air segments (Hotels/MICE) and increased digital adoption. Yatra is positioning itself by pivoting its revenue mix toward these segments (now 69.97% of revenue).
Competitive Landscape
Faces intense competition from other OTAs and traditional travel agents; competes by offering a comprehensive B2B and B2C value chain.
Competitive Moat
Moat is built on a 19-year brand legacy, a sticky corporate client base, and a scalable SaaS platform. This is sustainable due to high switching costs for corporate clients integrated into their travel management systems.
Macro Economic Sensitivity
Highly sensitive to consumer discretionary spending and corporate travel budgets, which are influenced by GDP growth and inflation.
Consumer Behavior
Increasing preference for online bookings and integrated travel-and-stay packages rather than standalone air tickets.
Geopolitical Risks
Travel demand is susceptible to international geopolitical tensions and changes in visa regulations.
Regulatory & Governance
Industry Regulations
Subject to Ministry of Civil Aviation guidelines, GST regulations for travel intermediaries, and data privacy laws for consumer information.
Environmental Compliance
The company maintains a CSR policy focused on serving society, though specific ESG compliance costs in INR were not disclosed.
Taxation Policy Impact
Effective tax rate impacted by deferred tax; Q2 FY26 tax expense was INR 26 million.
Legal Contingencies
The company paid fines to NSE and BSE for non-compliance with Regulation 17(1) regarding Board composition for the quarter ended September 30, 2025. Internal auditors identified weaknesses in financial controls over vendor master updates and package payment documentation in FY25.
Risk Analysis
Key Uncertainties
Integration risks associated with the amalgamation of subsidiaries and potential misstatements due to identified internal financial control weaknesses (e.g., vendor reconciliation issues).
Geographic Concentration Risk
Primarily concentrated in the Indian market, with significant operations in major hubs like Mumbai and Gurugram.
Third Party Dependencies
Dependent on Google Cloud for infrastructure and various airlines/hotels for inventory; migration costs recently increased 'other expenses' by INR 5 crore.
Technology Obsolescence Risk
Risk of falling behind in UI/UX or mobile-first features; mitigated by continuous investment in the Google Cloud platform and technology innovation.
Credit & Counterparty Risk
Trade receivables increased to INR 5,453 million in FY25, leading to a 23% decrease in the Debtors Turnover Ratio to 13.0 times, indicating a slight slowdown in collections.