Yatra Online Limited — Investor Meet, 01-06-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Yatra Online achieved its most profitable year in FY26, despite Q4 headwinds from geopolitical conflicts impacting MICE and international travel. FY26 revenue grew 27% YoY to INR 1,006.5 Cr, with gross margin (RLSC) up 24.5% to INR 482.4 Cr and Adjusted EBITDA surging 37.5% to INR 91.7 Cr. Cash flow from operations increased tenfold to INR 76.1 Cr.

Operationally, Yatra added 163 new corporate customers in FY26, with 97% retention. Air margins improved to 4%, and hotel margins to 9%. Management views Q4 disruptions as temporary, anticipating H2 FY27 to be significantly stronger, akin to post-COVID recovery, driven by domestic tourism. The company maintains a medium-term outlook of 20% RLSC and 30% Adjusted EBITDA CAGR, focusing on AI-driven efficiency, expanding hotel supply, and its diversified corporate client base. Efforts continue to improve working capital, aiming for high-teens ROCE in 3-4 years. The tone is confident in the long-term growth trajectory.