National, May 25, 2026: Yatra Online Limited. {BSE: 543992 & NSE: YATRA}, India’s largestcorporate travel services provider and the third largest online travel company in India among key OTA players* announces its results for the fourth quarter of the financial year 2025-26.
* Note: Largest in terms of gross booking revenue and operating revenue, for Fiscal Year 2023. (Source: CRISIL Report)
FY26 Consolidated Financial Performance:
Revenue INR 10,065 Mn YoY Growth: 27.2% | Gross Margin (RLSC) INR 4,824 Mn YoY Growth 24.5% | Adj. EBITDA* INR 917 Mn YoY Growth: 37.5% | EBITDA* INR 855 Mn YoY Growth: 53.2% | EBITDA Margin** 17.73%
| Net Profit INR 468 Mn YoY Growth: 28.1% EOI*** INR 38 Mn 38.5% YoY |
Q4-FY26 Consolidated Financial Performance:
Revenue INR 1,890 Mn YoY Growth: (13.7)% | Gross Margin (RLSC) INR 1,133 Mn YoY Growth 3.6% | Adj. EBITDA* INR 166 Mn YoY Growth: (33.8)% | EBITDA* INR 126 Mn YoY Growth: (45.5)% | EBITDA Margin** 11.15%
| Net Profit INR 82 Mn YoY Growth: (46.1)% |
*Adj. EBITDA and EBITDA includes other income of INR 17 Mn for Q4’26 and INR 52 Mn for FY26
**EBITDA as a percentage of RLSC (Gross Margin)
*** It refers to the one-time effect of change in Labour code -
FY 2026 Business Highlights:
Yatra reported its most profitable year in its history despite some very significant macro headwinds that impacted 3 out of the 12 months of the year.
- Gross Margin (RLSC) for the year grew 24.5% YoY to INR 4,824 Mn, ahead of the revised guidance of 22.5%
- Adjusted EBITDA of INR 917 Mn, a YoY growth of 37.5% came in line with revised guidance while EBITDA improved to INR 855 Mn, a YoY growthof 53.2%.
- PAT improved to INR 468 Mn, a YoY growth of 28.1%. The PAT growth for the year was adversely impacted by the introduction of the newwage code in Q3, excluding the effect of which the PAT for the year would have been INR 506 Mn, a YoY growth of 38.5%.
Q4-FY26 Business Highlights:
Despite disruption from the war-related environment, Yatra reported resilient operating performance:
- Gross bookings grew 8.3% YoY
- Gross margin grew 3.6% YoY
- Total transactions increased 15.2% YoY
- Air passengers grew 9.6% YoY, roughly 2x industry growth, reflecting further market share expansion.
- The Corporate business maintained strong momentum, adding 55 new corporate customers during the quarter, representing an annual billablepotential of INR 2,709 Mn. This compares favourably with 40 closures worth INR 2,234 million in Q3
However, the war-related disruption significantly affected the company’s MICE (Meetings, Incentives, Conferences & Exhibitions) business, particularly international corporategroup travel. Several Q4 bookings were either cancelled or deferred into FY27.
Management Comments:
Commenting on the results, Chief Executive Officer, Mr. Siddhartha Gupta stated:
“Yatra delivered a strong FY26, with execution remaining strong despite a volatile macro and geopolitical backdrop. Performance was broadly in line with revised guidance,supported by 24.5% RLSC growth and 37.5% Adjusted EBITDA growth, reflecting operating leverage and disciplined cost control.
