Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), India’s leading corporate travel services provider and one of India’s leading online travel agencies, today announced its unaudited financial and operating results for the three months ended September 30, 2026.

“In the second quarter of fiscal year 2027, Yatra continued to grow and outperform a softer travel market. Gross Bookings increased 5.7% year-over-year and 3.2% sequentially to INR 21,681.2 million (USD 226.2 million), even as industry domestic air traffic declined approximately 6% year-over-year and 16% sequentially, amid the conflict in the Middle East, elevated fuel prices, higher airfares and airline capacity rationalization.

Revenue from operations was INR 2,099.3 million (USD 21.9 million), up 11.7% sequentially. The 40.2% year-over-year decrease mainly reflects lower MICE revenue, which is recognized on a gross basis; total Adjusted Margin was stable year-over-year. Profitability was affected by higher personnel and operating expenses, including investments in strategic initiatives.

Air was a key highlight: Gross Bookings grew approximately 14.8% year-over-year and Adjusted Margin grew 17.2%, improving to 7.0% of Gross Bookings from 6.9%, as better take rates in our consumer and corporate businesses offset a higher share of distribution volumes and competitive promotions. Air passenger volumes grew sequentially despite a sharp decline in industry traffic.

In Hotels and Packages, standalone Hotels grew Gross Bookings approximately 20% year-over-year, supporting our strategy of scaling this higher-margin business. Segment Gross Bookings declined approximately 20.7%, driven by headwinds to our MICE business, where higher travel costs led corporates to defer and resize programs; activity improved during the quarter as deferred programs began to be rescheduled.

Corporate Travel remains a key growth pillar. We continue to expand our corporate customer base and wallet share, and to broaden our addressable market through Travel Pro for MSMEs, RECAP for expense management, and new technology and global partnerships.

Looking ahead, while geopolitical and aviation-related uncertainties persist, we believe the structural drivers of travel remain compelling. We remain focused on rebuilding MICE as corporate demand recovers, scaling Hotels, strengthening profitability across Air and Hotels and Packages, and using technology, AI and automation to improve customer experience and efficiency, in pursuit of disciplined, profitable growth. I thank our team, partners, customers and shareholders for their continued support.” — Siddhartha Gupta, CEO.

Financial and operating highlights for the three months ended September 30, 2026:

  • Revenue of INR 2,136.0 million (USD 22.3 million), representing a decrease of 39.1% year-over-year basis (“YoY”).

  • Adjusted Margin (1) from Air Ticketing of INR 1,227.5 million (USD 12.8 million), representing an increase of 20.8% YoY.

  • Adjusted Margin (1) from Hotels and Packages of INR 381.1 million (USD 4.0 million), representing a decrease of 25.9% YoY.

  • Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 21,654.6 million (USD 226.0 million), representing an increase of 5.6% YoY.

  • Loss for the period was INR 235.3 million (USD 2.5 million) versus a profit of INR 98.8 million (USD 1.0 million) for the three months ended September 30, 2025, reflecting a decrease of INR 334.1 million (USD 3.5 million) YoY.

  • Result from operations was a loss of INR 207.6 million (USD 2.2 million) versus a profit of INR 104.7 million (USD 1.1 million) for the three months ended September 30, 2025, reflecting a decrease of INR 312.3 million (USD 3.3 million) YoY.

  • Adjusted EBITDA(2) loss was INR 32.2 million (USD 0.3 million) reflecting a decrease of 115.2% YoY.

 

Three months ended September 30,

2025

 

2026

 

2026

 

YoY Change

Unaudited

 

Unaudited

 

Unaudited

 

 

(In thousands except percentages)

INR

 

INR

 

USD

 

%

Financial Summary as per IFRS

Revenue

35,08,690

 

21,36,029

 

22,290

 

(39.1)%

Results from operations

1,04,671

 

(2,07,638)

 

(2,166)

 

(298.4)%

Profit/(Loss) for the period

98,771

 

(2,35,310)

 

(2,455)

 

(338.2)%

Financial Summary as per non-IFRS measures

 

 

 

 

 

 

 

Adjusted Margin (1)

 

 

 

 

 

 

 

Adjusted Margin – Air Ticketing

10,16,046

 

12,27,493

 

12,809

 

20.8%

Adjusted Margin – Hotels and Packages

5,14,468

 

3,81,126

 

3,977

 

(25.9)%

Adjusted Margin – Other Services

94,967

 

71,855

 

750

 

(24.3)%

Others (Including Other Income)

1,37,843

 

1,38,834

 

1,449

 

0.7%

Adjusted EBITDA (2)

2,11,985

 

(32,199)

 

(336)

 

(115.2)%

Operating Metrics

 

 

 

 

 

 

 

Gross Bookings (3)

2,05,04,854

 

2,16,54,583

 

2,25,969

 

5.6%

Air Ticketing

1,48,11,400

 

1,70,06,075

 

1,77,461

 

14.8%

Hotels and Packages

51,41,643

 

40,53,570

 

42,300

 

(21.2)%

Other Services (6)

5,51,811

 

5,94,937

 

6,208

 

7.8%

Adjusted Margin% (4)

 

 

 

 

 

 

 

Air Ticketing

6.9%

 

7.2%

 

 

 

 

Hotels and Packages

10.0%

 

9.4%

 

 

 

 

Other Services

17.2%

 

12.1%

 

 

 

 

Quantitative details (5)

 

 

 

 

 

 

 

Air Passengers Booked

1,329

 

1,298

 

 

 

(2.4)%

Stand-alone Hotel Room Nights Booked

504

 

490

 

 

 

(2.8)%

Packages Passengers Travelled

33

 

142

 

 

 

329.2%

Note:

 

(1)

As certain parts of our revenue are recognized on a “net” basis and other parts of our revenue are recognized on a “gross” basis, we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure.

 

(2)

See the section below titled “Certain Non-IFRS Measures.”

 

(3)

Gross Bookings represent the total amount paid by our customers for travel services, freight services and products booked through us, including taxes, fees and other charges, and are net of cancellations and refunds.

 

(4)

Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings.

 

(5)

Quantitative details are considered on a gross basis.

 

(6)

Other Services primarily consist of freight businesses, IT services, bus, rail and cab and other services.

As of September 30, 2026, 64,064,495 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary Shares”) were issued and outstanding.

For complete financial tables and results, please see our 6-K filed with the SEC and on our website: https://investors.yatra.com/financial-information/sec-filings/default.aspx

Conference Call

The Company will host a conference call to discuss its unaudited results for the three months ended September 30, 2026 beginning at 08:00 AM Eastern Daylight Time (or 06:30 PM India Standard Time) on November 13, 2026. Dial in details for the conference call is as follows: US/International dial-in number: +1 585-542-9983. Confirmation Code: 690821321 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code). The conference call will also be available via webcast at https://events.q4inc.com/attendee/690821321.

Safe Harbor Statement

This earnings release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “project,” “seek,” “should” similar expressions and the negative forms of such expressions. Such statements include, among other things, statements regarding the long-term growth trajectory for the Indian travel market; growth of the MICE business and corporate travel business; statements concerning management’s beliefs as well as our strategic and operational plans; our plans and expectations regarding the growth and scaling of our MICE and Hotels business, including standalone Hotels; our expectations regarding profitability and margin improvement across our Air and Hotels and Packages businesses; our plans to use technology, artificial intelligence and automation to improve customer experience and operating efficiency; our ability to simplify our corporate structure and operations and enhance shareholder value; our expectations regarding sustained margin expansion as a result of simplifying our legal and corporate structure; our future financial performance; our ability to meet our financial guidance; and our ability to comply with Nasdaq’s continued listing requirements for our ordinary shares to remain listed on Nasdaq. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel and freight industry in particular, including disruptions caused by safety concerns, the impact of cyberattacks, security incidents or breaches impacting our business, flight cancellations as a result of airline staffing shortages or regulatory noncompliance, terrorist attacks, regional conflicts (including the ongoing conflict between Ukraine and Russia, the evolving events in Israel, Gaza and the Middle East, including the conflict in Iran, austerity measures implemented or recommended by the Indian government, pandemics, macroeconomic factors, including tariff and trade issues, and natural calamities; fluctuations in exchange rates between the Indian rupee and the U.S. dollar, Euro, British pound sterling or other major currencies, changes in aviation fuel prices, airline capacity and average airfares; our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our Revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry, on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, and our ability to successfully implement any new business initiatives; our ability to effectively integrate artificial intelligence, machine learning and automated decision-making tools; non-compliance with Nasdaq’s continued listing requirements and consequent delisting of our ordinary shares from Nasdaq; and our ability to simplify our multi-jurisdictional corporate structure or reduce resources and management time devoted to compliance requirement. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this earnings release is provided as of the date of issuance of this earnings release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Yatra Online, Inc.

Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited, a public listed company on the NSE and BSE (hereinafter referred to as “Yatra India”), whose corporate office is based in Gurugram, India. Yatra India is one of India’s largest corporate travel services provider in terms of number of corporate clients with over 1,340 large corporate customers and approximately 60,750 registered SME customers and the second-largest player in the TMC and corporate Online Travel Agency (“OTA”) segment in the country in terms of market share for fiscal year 2024 (Videc report). Leisure and business travelers use Yatra India’s mobile applications, its website, www.yatra.com, and its other offerings and services to explore, research, compare prices and book a wide range of travel-related services. These services include domestic and international air ticketing on nearly all Indian and international airlines, as well as bus ticketing, rail ticketing, cab bookings and ancillary services within India. With approximately 81,500 hotels and homestays in approximately 1,550 cities and towns in India as well as more than 2.9 million hotels around the world, Yatra India has the largest hotels inventory amongst key Indian OTA players.

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