Yatra Online, Inc. Q1 FY2026 earnings call

• Strong first quarter financial and operational results with revenue up 99.7% Y/Y and adjusted EBITDA up 214% Y/Y, ahead of annual guidance.
• Momentum driven by corporate business and higher-margin hotels/packages due to MICE and cross-selling.
• Onboarded 34 new corporate clients in Q1 with annual billing potential of approx. INR 2 billion.
• B2C bookings impacted by macro events but progress on cost rationalization.
• Technology initiatives: refined UI, AI assistant DIYA, expense management solution with GenAI features.
• Sales and marketing: amplified partner offers, content marketing, brand collaborations.
• Restructuring of fare convertibility strategy with focus on multiple jurisdictions.

Air ticketing: Passenger volumes declined 9% year-over-year to INR 1.206 million. Gross share bookings grew 4% year-over-year to INR 14,103 million. NRA gross margin rose 54% year-over-year to INR 647 million with margin improving from 3.10% to 4.60%. Hotels and Packages: Hotel room nights grew marginally by 1% year-over-year to about INR 423,000. Gross bookings increased 43% year-over-year to INR 3,433 million. Gross margin expanded 74% year-over-year to INR 311 million or USD 40 million with margins improving from 7.46% to 9.05%. Revenue for Q1 FY '26 was INR 2.098 billion (approx. USD 24.5 million), up 99.7% year-over-year. Gross margin for the quarter was INR 1.15 billion (approx. USD 13.5 million), up 36.6% year-over-year. Adjusted EBITDA was INR 206 million (approx. USD 2.4 million), up 214% year-over-year. Profit for the quarter was INR 110 million (approx. USD 1.3 million) vs loss of INR 0.8 million in prior year.

• Strong sustained growth opportunities driven by rising digital adoption in leisure and corporate travel.
• Well-positioned to capture growth through expanding corporate client base, enhanced technology, and high-margin segments.
• Committed to disciplined cost management and profitable scaling.

• Regulatory complexities in fare convertibility restructuring across multiple jurisdictions.
• Macro events (cross-border tension, air crash) impacting B2C travel sentiment.
• Potential material impact on travel volumes and business due to external disruptions.

Q: Congrats on the quarter, Dhruv, curious about appetite for MICE deals and restructuring steps.

A: Dhruv says they look for interesting MICE opportunities, restructuring is a regulatory process with work across multiple regulators and law firms, time-consuming but top of mind.

Q: What's the share of corporate to consumer business and on restructuring savings?

A: Anuj says corporate is about 2/3 and consumer is 1/3; restructuring will bring tax savings of approx. $0.5 million plus a year.