Yatra Online, Inc. Q3 FY2026 earnings call

• Industry Trends: Third quarter had leisure travel headwinds due to airline disruptions, but international travel remained strong. Union budget positive for travel sector.
• Business Performance: B2C growing profitably, Corporate and MICE business on track. AI-driven platforms driving industry shift. Focus on scaling Corporate Travel, with growth in corporate bookings and higher-margin segments.
• CEO Introduction: Siddhartha Gupta joined as CEO, bringing SaaS experience. Discussed Air Ticketing growth, Hotels and Packages performance, impact of flight disruptions on MICE, and positive signs in expense management solution.

For the Air Ticketing segment, passenger volume grew 13% year-on-year to 1,491,000. Gross bookings grew 22% year-on-year to INR 16,931 million, and adjusted margins rose 40% year-on-year to INR 1,195 million with adjusted margin percentage improving from 6.2% to 7.1%. In the Hotels and Packages segment, hotel room nights grew by 22% year-on-year to 508,000. Gross bookings increased 20% year-on-year to INR 4,306 million, with adjusted margins expanded 15% year-on-year to INR 502 million.

• Consumer-focused business returning to growth with margin improvement.
• Corporate value proposition has huge growth headroom, with online penetration around 23%.
• Sharpening go-to-market strategy with separate teams for large enterprises, SMEs, and key account management.

• Airline disruptions leading to cancellations and operational challenges in Q3.
• Uncertainties in travel demand due to external factors like flight disruptions.

Q: Revenue growth deceleration, structural or seasonal?

A: Scott, this is largely seasonal in nature. Quarter 3 is one of the lowest quarters for business travel due to holidays, and compounded by flight disruptions this year. It's not structural.

Q: Impact of macro challenges on MICE?

A: No significant headwinds. MICE has growth potential with Indian economy growing and corporates preferring large vendors like Yatra.

Q: Low-hanging fruit in corporate partners?

A: Huge headroom. Initial mapping suggested 13,000 organizations to target, and we're just over 1,000. Go-to-market strategy includes separate teams for large enterprises, SMEs, and upselling to existing accounts.