Yatra Online (NASDAQ:YTRA) reported higher full-year revenue and adjusted earnings for fiscal 2026, while management said fourth-quarter results were pressured by geopolitical disruption that affected MICE and international corporate group travel bookings.
Co-Founder Dhruv Shringi said fiscal 2026 was “the most profitable year in the company’s 20-year history,” despite macro headwinds that affected three months of the year. Revenue from operations rose 27% year over year to INR 10,074 million, or about $107 million. Revenue less service cost, which the company defines as gross margin, increased 22.6% to INR 4,801 million. Adjusted EBITDA rose 64% to INR 564 million, or about $6 million.
Fourth Quarter Pressured by International Travel Disruption
For the fiscal fourth quarter, the company said consolidated revenue from operations fell 14% year over year to INR 1,890 million, or about $20 million. Gross margin rose 1% to INR 1,101 million, or about $12 million. Gupta said adjusted EBITDA declined 49% year over year to INR 46 million, or about $0.5 million, while the financial review noted an EBITDA loss of INR 102 million, or about $1 million.
Shringi said escalating conflict affected energy prices and disrupted travel in the Middle East and broader international markets. He said several MICE and international corporate group travel bookings in the fourth quarter were canceled or deferred into fiscal 2027.
“Barring the impact of this, it was quite likely that we would have reported stronger results ahead of last year’s performance,” Shringi said.
Despite those pressures, Yatra reported 8% year-over-year growth in fourth-quarter gross bookings. Air passenger volumes increased 9.6% year over year, which management said was roughly twice the industry growth rate. Total transactions rose 15.2%.
Corporate Travel Remains a Key Growth Driver
Yatra added 163 new corporate customers during fiscal 2026, with annual billable value of about INR 9,568 million, or approximately $102 million. That compared with 148 new customers and INR 7,475 million in annual billable value in fiscal 2025.
In the fourth quarter, the company added 55 new corporate clients with annual billable potential of INR 2,709 million, or about $29 million, according to Shringi. Gupta said corporate wins typically take three to six months to go live and reach full trading potential, providing visibility into future revenue contribution.
Management emphasized that online penetration of managed corporate travel in India remains below 25%. Shringi said Yatra is well positioned as the market moves further online, citing the company’s corporate customer retention rate of nearly 97%.
Gupta said Yatra has also begun targeting India’s mid-market corporate travel segment. The company built a dedicated mid-market sales team during the third quarter, and Gupta said early contributions were visible in the fourth quarter.
Air and Hotel Segments Show Margin Improvement
For the full year, Yatra’s air ticketing passenger volume increased 2% year over year to 5.4 million. Gross air bookings grew 12% to INR 61,874 million. Air gross margin rose 30% to INR 2,449 million, with margins improving to 3.96% from 3.4%.
Gupta said air margins have improved from about 2.7% in fiscal 2024 to nearly 4% in fiscal 2026, describing the trend as a structural improvement in business mix.
In hotels and packages, room nights grew 16% year over year to 193,600. Gross bookings increased 27% to INR 1,658 million, while gross margin expanded 34% to INR 1,052 million. Margin in the segment improved to 9.25% from 8.06%.
Shringi said Yatra’s domestic hotel supply leaves it well positioned to benefit from India’s focus on domestic tourism and infrastructure investment across rail, aviation and highways. He also said the company’s enhanced API infrastructure and migration to Google Cloud have improved its ability to distribute hotel content to domestic and international travelers.
Management Expects Stronger Second Half of Fiscal 2027
Management said the current travel disruption does not represent a structural change in demand. Shringi described it as a “short-term blip” and said corporate travel demand in India remains resilient.
Gupta said MICE run rates in the first quarter were trending about 20% above fourth-quarter levels. He added that some customer preferences were shifting from international to domestic programs, partially offsetting disruption in the category.
Yatra also pointed to continued investment in AI and automation across consumer and corporate channels. Gupta said AI-powered servicing capabilities are seeing adoption and that the company’s collaboration with Google supports product innovation in customer acquisition and servicing.
Yatra ended March 31, 2026, with cash, cash equivalents and term deposits of INR 2,512 million, or approximately $26.7 million. Management reiterated its medium-term targets of 20% compound annual growth in revenue less service cost and 30% compound annual growth in adjusted EBITDA.
No analysts asked questions during the call’s question-and-answer session.
About Yatra Online (NASDAQ:YTRA)
Yatra Online, Inc operates as an online travel company in India and internationally. It operates in Air Ticketing, and Hotels and Packages, and Other Services segments. The company provides travel-related services, including domestic and international air ticketing, hotel bookings, homestays, holiday packages, bus ticketing, rail ticketing, cab bookings, and ancillary services for leisure and business travelers. It also offers various services, including exploring and searching comprises web and mobile platforms that enable customers to explore and search flights, hotels, holiday packages, buses, trains, and activities through its website, www.yatra.com.
