Yatra Online, Inc. Q4 2026 Earnings Recap

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.

Key Takeaways

• 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.