Yatra Online LimitedHospitality & TourismYATRA
Q1 FY27 earnings callYatra Online Limited
Yatra posted mixed Q1 results with strong gross booking growth offset by margin pressure from geopolitical disruptions in MICE and international travel, while investing in new growth initiatives.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Gross Bookings | INR21,007 million | 16.5% | |
| Gross Margin | INR1,227 million | 6.1% | |
| Total Transactions | 12% | 12.2% | |
| Revenue from Operations | INR1,879 million | -10.4% | |
| Adjusted EBITDA | INR151 million | -39.4% | |
| Air Passenger Volume | 1,264,000 | 4.8% | |
| Air Gross Bookings | INR16,579 million | 17.6% | |
| Hotel & Packages Gross Bookings | INR3,876 million | 13% |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹235.26 Cr+113.2% YoY-0.5% QoQ | ₹10.01 Cr+844.3% YoY+37.1% QoQ | ₹0.64+814.3% YoY+39.1% QoQ |
| Q2 FY25 | ₹236.40 Cr+151.1% YoY+134.5% QoQ | ₹7.30 CrTurned profitable YoY+80.7% QoQ | ₹0.46Turned positive YoY+76.9% QoQ |
| Q1 FY25 | ₹100.81 Cr-8.5% YoY-6.4% QoQ | ₹4.04 Cr-32.6% YoY-27.6% QoQ | ₹0.26-50% YoY-27.8% QoQ |
| Q4 FY24 | ₹107.67 Cr— YoY-2.4% QoQ | ₹5.58 Cr— YoY+426.4% QoQ | ₹0.36— YoY+414.3% QoQ |
| Q3 FY24 | ₹110.34 Cr— YoY+17.2% QoQ | ₹1.06 Cr— YoYTurned profitable QoQ | ₹0.07— YoYTurned positive QoQ |
TL;DR
- Gross bookings grew 17% YoY to INR21,007 million, but Adjusted EBITDA fell 39.4% to INR151 million.
- MICE revenue was significantly impacted (INR300 million lower YoY) due to West Asia conflict disrupting international group travel.
- Air passenger volume grew 5% YoY (double the industry rate), but air margins declined.
- Hotel segment performed strongly with gross bookings up 34% and room nights up 30%.
- Added 53 new corporate customers, with over 30 coming from the new MSME-focused Travel Pro offering.
- Investments continue in RECAP (expense management) and the Kanoo partnership for Middle East expansion.
Said on the call
“Periods of turbulence have often been periods in which Yatra has done some of its important building. We believe this period will be no different.”
From the Q&A
| Topic | What management said |
|---|---|
| Air Segment Margins | Margins were pressured due to open airline incentive deals (PLBs) from Middle East carrier disruptions; management expects a catch-up and improvement in H2 FY27 as capacity normalizes. |
| Business Mix (B2B vs B2C) | The B2B share moved from 'late 60s' to 'mid-60s' due to weaker corporate travel, with B2C and travel agency business gaining. |
| MICE Recovery Timeline | The MICE business transformation (from international to domestic) is over; Q2 pipeline is 50% higher than Q1 with better margins, signaling a quick recovery. |
| Travel Pro Traction & Contracts | Of the 53 new logos, 30+ came via Travel Pro (MSME offering), contributing ~INR800 million of the ~INR2,223 million annual potential. Contracts are typically annual versus longer-term for Elite customers. |
| International Business Mix | International share has come down to under 30% from late 30s-40% due to the higher mix of corporate and MICE travel being impacted. |
| Margin Outlook (30%+) | The 30%+ Adjusted EBITDA margin is a mid-term target; near-term focus is on returning to 20%+ in H2 FY27 as MICE recovers, air margins stabilize, and Kanoo investments scale. |
| Employee Expense Increase | The Q1 increase in employee expenses as a % of revenue is due to hiring/training for the Kanoo partnership; costs will remain but revenue contribution will start in Q2. |
| Business Reliance on MICE | MICE is high-margin (~40% operating margin) and lumpy, but accounts for ~20-25% of annual business; the Q1 profit drop had three components: MICE, air margins, and Kanoo setup costs. |
Guidance
- Expects MICE impact to normalize as travel patterns stabilize.
- Targets rebuilding Adjusted EBITDA margins towards 20% plus, progressing to 30% range over the mid-term as corporate travel normalizes and growth initiatives scale.
- Air margins expected to improve in the second half of the fiscal year.
- Strategy to achieve a 50/50 gross margin mix between air and hotels over the next 2 to 3 years remains on track.
- No specific guidance issued for FY27; may provide one next quarter.
Source
Summary written from the transcript filed by Yatra Online Limited for the call held on 13 Aug 2026; published 19 Aug 2026, 20:23 IST.