YATRABSEQ3 FY26February 18, 2026

YATRA ONLINE LIMITED

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Management on call

Dhruv Shringi

EXECUTIVE CHAIRPERSON AND

Siddhartha Gupta

CHIEF EXECUTIVE OFFICER, YATRA ONLINE LIMITED

Anuj Kumar Sethi

CHIEF FINANCIAL OFFICER, YATRA ONLINE LIMITED

Anmol Garg

DAM CAPITAL ADVISORS LIMITED

Key numbers — 40 extracted

y sector. Key measures, such as the rationalization of TCS on overseas tour packages to a uniform 2% rate, are expected to lower up-front costs for consumers and improve the demand patterns for the

22%

s supported by seasonally strong B2C travel demand. Gross bookings in the air-ticketing increased 22% year-on-year, supported by 14% growth in air passengers, which far exceeds the industry growth of

14%

g B2C travel demand. Gross bookings in the air-ticketing increased 22% year-on-year, supported by 14% growth in air passengers, which far exceeds the industry growth of about 1%. Take rates also impr

rs,

bookings in the air-ticketing increased 22% year-on-year, supported by 14% growth in air passengers, which far exceeds the industry growth of about 1%. Take rates also improved from 6.2% to 7.1% on a

n-year, supported by 14% growth in air passengers, which far exceeds the industry growth of about 1%. Take rates also improved from 6.2% to 7.1% on account of the quarter being more B2C-focused. I

6.2%

air passengers, which far exceeds the industry growth of about 1%. Take rates also improved from 6.2% to 7.1% on account of the quarter being more B2C-focused. In the hotels and packages segment, o

7.1%

sengers, which far exceeds the industry growth of about 1%. Take rates also improved from 6.2% to 7.1% on account of the quarter being more B2C-focused. In the hotels and packages segment, our overa

20%

by a continued strength in underlying corporate travel demand. Gross bookings in the segment grew 20% year-on-year, excluding the impact of deferment of the MICE business, hotels would have grown 30%

30%

20% year-on-year, excluding the impact of deferment of the MICE business, hotels would have grown 30% on a stand-alone basis supported by strong growth in our corporate business and in our affiliate

12.2%

corporate business and in our affiliate business, with gross take rates moderating slightly from 12.2% to 11.7% year-on-year on account of change in business mix. Gross margins improved further from 9

11.7%

e business and in our affiliate business, with gross take rates moderating slightly from 12.2% to 11.7% year-on-year on account of change in business mix. Gross margins improved further from 9.7% to

9.7%

% to 11.7% year-on-year on account of change in business mix. Gross margins improved further from 9.7% to 10.2% year-on-year, reflecting prudent discounting in B2C and better margin realizations fro

Guidance — 20 items

Dhruv Shringi

opening

“Supporting this demand in the outbound sector, we expect increased emphasis on destination connectivity through infrastructure enhancement, and also on the domestic front, see high-speed rail corridors and waterways building out further domestic hospitality industry capabilities.”

Dhruv Shringi

opening

“Our business was well on track to deliver our strongest 3rd Quarter ever, however, the disruptions in the aviation market led to large-scale cancellation of business travel which had an impact on revenue, as well as increased the working capital deployed in the business.”

Siddhartha Gupta

opening

“This resulted in a modest one-time impact on the quarter, part of which we expect to roll over into Quarter 4, supported by a continued strength in underlying corporate travel demand.”

Siddhartha Gupta

opening

“Just a few thoughts on what you can expect from Yatra in quarters ahead.”

Siddhartha Gupta

opening

“You can expect us to further add gaps between us and what's available in the market.”

Anuj Kumar Sethi

opening

“Importantly, both our RLSC and EBITDA remained comfortably above our stated guidance.”

Siddhartha Gupta

“You will hear more about end-to-end automation of the entire value proposition from Yatra going forward.”

Anmol Garg

“So, going ahead, could we expect that the corporate side of the business will grow faster with the sales initiatives that we are taking and increasing larger focus in that part of the business?”

Siddhartha Gupta

“So, you can expect that going forward in a couple of quarters, you will see an increase in conversion and faster growth in the B2E space and that has been aligned to our larger strategy as well.”

Keshav Sureka

“And you can guide and can we expect some increased revenue coming from FY27?”

Risks & concerns — 8 flagged

AI and predictive analytics platforms can automate travel procurement by forecasting demand, optimizing costs, enforcing policies, and enhancing risk management in real time.

— Dhruv Shringi

Gross bookings in the segment grew 20% year-on-year, excluding the impact of deferment of the MICE business, hotels would have grown 30% on a stand-alone basis supported by strong growth in our corporate business and in our affiliate business, with gross take rates moderating slightly from 12.2% to 11.7% year-on-year on account of change in business mix.

— Siddhartha Gupta

Wanted to understand that we have seen very strong growth in the Air segment despite the impact of Indigo and weaker seasonality on the corporate travel side.

— Anmol Garg

We do not see AI as a risk from a corporate platform point of view.

— Dhruv Shringi

So, there is not really any working capital pressure that comes on account of this.

— Dhruv Shringi

So, you are seeing some base effect impact of that.

— Dhruv Shringi

So, we do not see any change in that trend happening and we expect that this margin decline which happened in the current quarter will correct itself in the coming quarters.

— Dhruv Shringi

Looking at a commentary of a particular hotel or a hotel chain or a property and trying to democratize that and try and look at overall trends in the entire subsegment will be a very difficult one.

— Siddhartha Gupta

Q&A — 19 exchanges

Thanks for the opportunity and congrats on good performance in the Air segment. So, my first question is on the Air segment itself. Wanted to understand that we have seen very strong growth in the Air segment despite the impact of Indigo and weaker seasonality on the corporate travel side. So, what has led to this? Have we increased our focus on the B2C side of the business, particularly on the Air side of things?

Dhruv Shringi

Thank you for that question, Anmol. So, in terms of our Air business, we have seen growth both across B2C and on the corporate side. On the corporate side, it's more a question of new customer additions which have been done and there is volume benefit which is accruing from the new customer adds that have happened and this is on account of the pipeline that we are carrying forward from the previous quarters. In terms of B2C, there is some tech innovation work that we have been working towards which is helping us drive demand with positive unit economics. You would recall that on the B2C side,

Congrats on the good set of numbers. I have a question on the expense management solution. You mentioned that you have added 8 new clients for that platform. If you could share some early metrics of the number pilot flights and the conversion rate and what could be the average lead price that you are seeing? And you can guide and can we expect some increased revenue coming from FY27?

Dhruv Shringi

So, in terms of the expense management solution, our focus is two-pronged on this. One, to use this as a retention tool and two, to use this as a tool where we are able to get a foot in the door and customers who typically might not have been Yatra corporate travel customers. So, the pricing strategy that we have adopted for the time being on expense is more of a price led approach to acquire customers and enable greater retention. Our expectation and the feedback on the product is exceptional at this point of time. The feedback we have from some of the large customers that we have pitched it

Good morning, everyone. And congratulations on the continued good performance. So, three questions. One is on the AI related things you have explained well. But recently there was a lot of news and noise on AI, how it is impacting us. So just wondering, is there any real threat of AI on OTA business? That is the question number one. Question number two is the status on the US structure collapsing. Where are we now? And the third question is, how is the momentum of business in January? And do we think we will be able to meet our guidance or the same business momentum that we have seen in the la

Dhruv Shringi

Sure. Thank you for those, Biplab. I will address the first two and then request Sid to comment on the January Quarter. In terms of the AI, there are two parts to this that we look at. For us, we look at AI as a great opportunity for us to be able to deliver to our customers a much more seamless and uniform experience. And also, be able to personalize the kind of service delivery that we are doing to our corporate customers. We do not see AI as a risk from a corporate platform point of view. On the corporate platform, we think we are today very well entrenched and as the market leader, we have

Thanks for taking the question. Just continuing on the conversation about AI, as you mentioned that you do not see AI as a threat on the corporate side. Can you elaborate a bit more just from the context of how you would have seen in the last 3 years how Anthropic and its update has created a lot of turmoil globally. The capabilities of these companies are like expanding way beyond where software companies are under threat, SaaS companies are under threat, and a lot of enterprises could potentially create solutions on their own. I just want to understand from that context.

Dhruv Shringi

I think that's an excellent question. Just in terms of how the model is evolving on the corporate travel side. So, if we dig a bit deeper on the corporate travel front, you will see this is more of a managed service which goes from end-to-end policy compliance to putting in place the kind of limits that need to be there to integrating within the ERP systems and the HRMS systems of the organizations to then from there providing working capital credit as well. Now, this is a fairly comprehensive solution which is at times tailor made to each organization. The way cost centres are allocated, the

Sir, I have just one question. If your US related issue get addressed, then what cost saving and margin expansion possible for the India visa entity?

Dhruv Shringi

Chirag, those costs which are related to the US entity do not come into the India books. Those costs sit at the US HoldCo level only. But yes, in terms of management bandwidth and time, that will be a significant saving from a management bandwidth and time point of view. And I think that definitely has a lot of advantage for the company given that it will increase the focus and the bandwidth that Siddhartha and I would have on the core operations. But from a pure number perspective, there is not really any cost related to that entity that sits in the India books. There is incremental time and

I had two questions. One, that in the press release and even on the call you mentioned that almost 300 million worth of revenue has slipped into the subsequent quarters. So, is it possible to gauge as to how much of that will flow through into Q4? And my second question is pertaining to rationalizing the headcount. In the last quarter concall, you had mentioned that you will rationalize the headcount to the extent of 75 personnel by the end of the financial year with a potential of almost 200 employees by next year. So where are we on this plan? And will it aid our margins going forward? Anyth

Siddhartha Gupta

On my slippages, as Dhruv commented earlier as well, this disruption came as a fairly sudden event for the entire industry. And especially corporate travellers had planned for some of these groups, and these are large groups that need to travel together. And a sudden shrinkage in supply kind of put a spanner and it was more perception as well. They thought there is a lot of chaos on Indian airports and hence many people said it is better to shift these events. So, we cannot give you a number right now in terms of how much is coming into Q4. But we are fairly confident that in the range of 70%

My question is on the working capital. Can you please let us know what is your working capital days in airlines and in hotels and how is this being funded? Because we see an increment of almost INR 1.4 crores in your interest cost Q-on-Q. And you guys have a cash of close to INR 69 crores in your bank, so I just wanted to understand that part.

Dhruv Shringi

Sure. So, I will give you what the standard working capital model is, and then we can talk specifically about what factors led to this increase in cost in the current quarter. And those are more one-off in nature. So, if you look at our standard working capital cycle, we have on average a 28-day DSO from our customers. And we get about effectively seven days of credit from our suppliers. So net 21 days of working capital is what we end up funding in our own corporate business. In terms of what has transpired in the current quarter, and I think Siddhartha mentioned in his opening remarks, becau

Thank you.

Management

Hi, thanks for the opportunity again. I have just one question. Dhruv, we have spoken about leveraging our hotel APIs for generating revenue. On that aspect, just wanted to understand, are we giving this hotel APIs to some of the other OTA players? And would this mean that overall, our gross take rate in the hotel segment will come down while the overall net take rate might increase or the overall profitability might increase in the segment?

Dhruv Shringi

Anmol, that's, I think you have in a way answered your own question as well. And your analysis is spot on. We are seeing very strong traction on the hotel side from our affiliate network as well. Obviously, the base is still relatively small, and there is a lot of headroom for growth over there. But the trend from a growth point of view is excellent in that part of the business. It will impact the take rate, maybe adversely, but it will improve the net gross margin pretty significantly because that business comes in with extremely high contribution margin. We will continue to see improvement h

Sir, my question was on the B2C part. Like 40% of gross bookings was B2C in Quarter 3, which is around 870. My question was, what percentage of this 870 would be from B2B cross selling side?

Dhruv Shringi

No, this number is directly coming in from the B2C part only. Out of the total B2C gross booking, 0% is from the cross selling from B2B, right? Yes, the B2B part is separately within B2B. There is no B2B coming in this. So, if your question is more on the personal travel of the employees of the organization, Harsh, is that what you were asking? Yes. Okay, so that sits within our B2B side of things. And if I look at that effectively, that is today adding to about somewhere in the range of 6% to 7% of our B2B business and will effectively about to be about 10% to 12% of our B2C business. But tha

Hi Dhruv. Greetings. This is Pratik from Subh Labh Research. Thank you for the opportunity. Dhruv, I have my first question on the B2E and B2C, rather B2B and B2C mix. So, if we look at the numbers for the past 6-7-8 quarters, I think numbers have gone up from roughly 60% to 68%. I am not taking Q3 in account because that is an abnormal quarter for us. Now this shift from around 60% to 68% when we were so much focused on B2E part and probably in most of the quarters we have alluded that the retail is showing some degrowth also or rather some conscious degrowth which we have taken. Now if I say

Dhruv Shringi

See, the good thing which and I look at this while I understand your point on the mix, I also look at this as a good thing that we today have a situation where all boats are literally rising. That is the way we should look at this. It's not one at the expense of the other. Our B2C business, yes, has been through a bit of a transition over the course of the last few quarters and now is at a stage where it's able to drive growth organically and with profitable unit economics. That's not to in any way suggest that our focus on our B2E business, on our corporate business is diminishing in any mann

Hi, just a very quick clarification. In the numbers that are put out in the presentation every quarter for new corporate customers that will add, 220 odd crores, is that a gross number or a net revenue number?

Dhruv Shringi

That's a gross number, please. Okay. So about 6%-7% of that is what would be net? That is absolutely right. Thank you.

Hi Dhruv and Siddhartha. So basically, just one question that we have a very good corporate base now, (+1300) corporates and adding a lot of customers every quarter. So as per my understanding, a lot of customers are just booking air travel right now and hotel booking is something which, most of the corporates are not doing both the things right now. So wanted to understand that, if the hotel booking from the existing base also increases a lot, it would be a very good operating leverage that will come into our system. So what strategy are we adopting right now because that number would be very

Dhruv Shringi

Sure. So Gunjan, maybe I will give you a bit of color and then Siddhartha will add to that. I mean, that has been one of the core focus areas for us over the course of the last 2 years. There is an inertia, initial amount of inertia that you face from organizations because you have got their own procurement teams who have close relationships with hotels which have been built over the years. And based on that, they are a bit reluctant to move. So, one of the big changes that we made in our system, and we retooled our entire platform, was to open out corporate rates as well. So, the inertia was

Hi, thank you for taking my question. So, firstly, I think a few quarters back, when we were around 21% sort of margins, the commentary, it will move that to say 25% and then in less than 3 years, it would be near 30%. Since then, obviously, the margins are sort of tapered off. Obviously, there is some sort of seasonality over there in the last 6 months. But directionally, are we still on the path to achieve those sorts of profitability going ahead?

Dhruv Shringi

Yes, so if you look at this quarter, because of these two one-off events which happened, which is one, the deferment of the MICE, which is a highly profitable segment for us, and secondly, absorbing some incremental costs related to the cancellations that happened on the B2C side, we have seen margin taper off a bit into close to about 19% at the moment. That trend that we spoke about remains the same. So, we do not see any change in that trend happening and we expect that this margin decline which happened in the current quarter will correct itself in the coming quarters. So, we do not see an

Sonal Minhaj

Hi, this is Sonal Minhaj. Thanks for taking my question. I had two-three questions. First was a clarification question when you were talking about implementation of your AI tools with the corporates and making it more personalized. Do you have access to the data and the booking patterns of employees of corporates? Just trying to understand that for your intelligence to be better than anything which is on the right.

Dhruv Shringi

I think, we have got one of the richest bases from a data point of view today when it comes to corporate travel. We would have details around what level the employees are at, what are their current spend patterns, what are their preferred programs like hotel programs or air mileage programs that they are members of other details around their preferences. So, there is a lot of data which is available with us when it comes to corporate travel. So, you visualize a booking engine which is integrated with the HRMS system of the customer. So, we know which employee at what level is allowed, what cat

Hi, Dhruv. Just two data points. Your DIYA downloads in this quarter were how many and how have they grown from the quarter prior to this? And what is the MICE contribution as a percentage of your total B2B sales?

Dhruv Shringi

So, DIYA would not be an incremental download. DIYA is definitely integrated within the app itself and within the desktop. So, there is no incremental download that a customer needs to do for DIYA. It's something which is now available and accessible to everyone. But that is for B2B, you are talking? Yes, for B2B and for B2C. For both of them, DIYA would be available. So, B2C also doesn't need to download? No. B2C, if you download the app, then DIYA comes pre-embedded in it. And MICE as a contribution? So, MICE while we do not call it out separately, if I look at for the quarter and this would

Hi, thank you for this opportunity. I had a couple of questions regarding our working capital. I know in the call you had said that we have receivable days around 21 to 28 days, but I wanted to understand from the payables side that we had around INR 277 crores of payables in FY25. And I wanted to understand towards whom are these payables owed? Are these airlines or hotels? Some more clarity on that. And on the same front, what should we view them as a percentage gross booking value, RLSC or revenue? So that's the first question for me.

Dhruv Shringi

Sure. So, the payables are linked firstly, just simply to the gross bookings and not to RLSC. That's the simpler question and clarification. In terms of the amount, these are amounts which are due typically to airlines, especially the international airlines and airlines which form a part of the BSP cycle, which is a banking settlement plan that some of the airlines are a part of. So, this would be payable to them and it would be payable to hotels for future bookings. And then there might be some G&A suppliers as well, but vastly it will pertain to air and hotel suppliers. Thank you. Understood

Thank you for taking my question. A quick one on the expense management offering. There are established players who are offering a wide range of expense management platforms, which have a lot more to offer to a customer than a pure play travel expense. Wouldn't it be better to tie up with them instead of incurring expense on a pure play travel expense platform?

Siddhartha Gupta

We evaluated before taking up any project, there is a very thorough review mechanism wherein we look at, first of all, whether that particular product could be in the periphery of what we offer as a core offering from Yatra. And then post that, we look at what's available in the market versus whether it's meeting our customer's requirements or not. And you would see that in the expense space, either there are global players who are too expensive for extensive adoption in India or there would be older technologies where they are looking at OCR kind of recognition of bills and things like that,

Thank you, Operator. And we would like to thank all of you for taking out the time today to participate in this call and what's been an extremely engaging discussion. We look forward to interacting with you on a one-on-one basis as well as we move forward. If there is anything that you require further clarification on, please feel free to reach out to us or our IR team, which is Valorem Advisors. Thank you once again. And with that, we would like to conclude today's call. Thank you.

Management

Speaking time

Dhruv Shringi

Moderator

Siddhartha Gupta

Anmol Garg

Harsh

Vinay Nadkarni

Naeem Patel

Sonal

Pratik

Rajit Aggarwal

Opening remarks

Anmol Garg

Thanks, Anushka. Good morning everyone. On behalf of DAM Capital, we welcome you all to Yatra's Q3 and 9-month FY26 Post Result Earnings Call. Before we begin, let me mention a short cautionary statement. Some of the statements made in today's call may be forward-looking in nature and some forward-looking statements are subject to risk and uncertainties which could cause results to differ from those anticipated. On the call, we have the management. We have with us Mr. Dhruv Shringi – Executive Chairperson and Whole-Time Director, Mr. Siddhartha Gupta – Chief Executive Officer, and Mr. Anuj Kumar Sethi – Chief Financial Officer of the company. Now, I hand over the call to Mr. Dhruv for his opening remarks. Thank you and over to you, Mr. Dhruv.

Dhruv Shringi

Good morning everyone. Thank you for joining us in this conference call to discuss our 3rd Quarter and 9 months ended of Fiscal Year 2026 Earnings. Let me start by briefing you first on the events that happened during the quarter and how it has impacted the industry. Then our new CEO – Mr. Siddhartha Gupta, will tell you about the operational performance for the period under review, following which our CFO, Mr. Anuj Sethi, will brief you on the financial performance in detail. The 3rd Quarter, which is typically a strong period for leisure travel in India, witnessed healthy demand across the industry in the first two months of the Quarter. This was supported by the festive season and multiple long weekends which drove higher travel activity and improved customer sentiment during the quarter. December, however, saw significant disruption in the first two weeks of the month. This was following the implementation of the stricter flight duty travel limitation norms which led to operational

Siddhartha Gupta

Thank you, Dhruv, for giving a preamble on our Quarter performance and the industry trends. A very good morning, everyone. Adding to Dhruv's comments, despite an industry-wide disruption in the airline during the quarter, Yatra continued to deliver growth in its air-ticketing business supported by seasonally strong B2C travel demand. Gross bookings in the air-ticketing increased 22% year-on-year, supported by 14% growth in air passengers, which far exceeds the industry growth of about 1%. Take rates also improved from 6.2% to 7.1% on account of the quarter being more B2C-focused. In the hotels and packages segment, our overall performance during the quarter remained healthy. However, we did see some temporary impact in the MICE and corporate events sub- segment with a few bookings getting deferred due to flight disruptions. This resulted in a modest one-time impact on the quarter, part of which we expect to roll over into Quarter 4, supported by a continued strength in underlying corpo

Anuj Kumar Sethi

Thank you, Siddhartha. Good morning, everyone. For the 3rd Quarter of Financial Year 2026, on a consolidated basis, our revenue from operations grew 9% year-on-year to INR 2,568 million, driven by steady demand across key segments with robust growth from air-ticketing business. Our gross margin, defined as revenue less service cost, rose 23% year-on-year to INR 1,277 million, driven by better direction in air-booking and continued momentum in hotels and packages. Adjusted EBITDA surged 41% year-on-year to INR 247 million, translating to a healthy 19.34% adjusted EBITDA to gross margin ratio. Profit after tax stood at INR 83 million, down 17% year-on-year, largely reflecting a one-time charge of INR 38 million related to implementation of new labour codes. For the 9 months ended of the Financial Year 2026, on a consolidated basis, our revenue from operations grew 43% year-on-year to INR 8,175 million. Our gross margin increased 33% year- on-year to INR 3,691 million. Adjusted EBITDA gre

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