YTRA — Yatra Online, Inc.

Yatra (YTRA) Q2 2026 Earnings Call Summary

1. Key Financial Results and Metrics:

• Revenue: INR 3,508 million (~$39.5 million), up 48.5% YoY.
• Adjusted EBITDA: INR 212 million (~$2.4 million), a 218% increase YoY.
• Profit After Tax: INR 98.8 million (~$1.1 million), compared to a loss of INR 0.3 million in the prior year.
• Gross Air Bookings: INR 14,811.4 million (~$166.8 million), up 11.7% YoY.
• Corporate Travel Segment: Onboarded 34 new clients, adding annual billing potential of INR 2.6 billion (~$29.5 million).
• Consumer Business Contribution: Accounts for about one-third of overall gross bookings.

2. Strategic Updates and Business Highlights:

• Growth Drivers: Strong performance attributed to the corporate travel market, Hotels and Packages, and MICE segments.
• Digital Adoption: Increased online penetration in corporate travel, currently at 20%, with expectations for growth.
• Technological Enhancements: Introduction of Diya AI for seamless booking experiences and a new hotel pricing interface to improve usability.
• Marketing Initiatives: Celebrated 19 years with a high-impact sales campaign to boost brand visibility.

3. Forward Guidance and Outlook:

• Corporate Travel Growth: Expected to grow between 13% to 20%, while consumer business projected to grow in mid- to high single digits, all profitable.
• Market Potential: Corporate travel market in India expected to reach approximately $20 billion by FY '27, with significant room for digital adoption.
• Cost Management: Continued focus on disciplined cost management and profitable scaling.

4. Bad News, Challenges, or Points of Concern:

• Corporate Structure Restructuring: Ongoing restructuring efforts are complex and involve multiple jurisdictions, making timelines uncertain.
• Consumer Business Recovery: Although the consumer business has bottomed out, it is still recovering from previous impacts, and growth is expected to be gradual.
• Ticketing Volume Decline: Ticketing passenger volumes decreased by 3.5% YoY, which could indicate challenges in the consumer segment.

5. Notable Q&A Insights:

• Corporate Travel Trends: Yatra is growing at nearly double the market rate due to increased digital adoption among corporates.
• M&A Potential: The company is evaluating M&A opportunities to accelerate MICE business growth but no specific plans were disclosed.
• Restructuring Timeline: Management indicated that while they cannot provide a precise timeline, they anticipate completing restructuring efforts in less than a year.
• Valuation Gap: Addressed concerns regarding the valuation gap compared to peers, emphasizing efforts to create share fungibility to align U.S. and Indian market valuations.

Overall, Yatra reported strong financial results driven by robust growth in corporate travel and technological advancements, while also navigating challenges related to restructuring and consumer business recovery.