Yatra reported mixed fiscal Q4 performance as geopolitical disruptions notably impacted its MICE and international corporate travel segments, resulting in largely muted investor response with the stock unchanged post-earnings.

• Full-year FY26 revenue grew 27% YoY to INR 10,074 million (~$107 million), with gross margin (revenue less service costs) up 22.6% to INR 4,801 million.
• Adjusted EBITDA increased 64% YoY to INR 564 million (~$6 million), driven by operating leverage and cost discipline despite only nine months of full operations.
• Corporate customer additions remained steady with 163 new clients in FY26 generating billable value of INR 9,568 million (~$102 million), up from 148 clients last year.
• Airline business delivered 12% TTV growth with air passenger volume up 9.6% in Q4, about double industry growth, supporting margin improvement to nearly 4% in FY26.
• Significant cancellation and deferral of MICE and international corporate group bookings due to geopolitical conflict weighed on Q4 results, masking otherwise resilient air and hotel segments.