# YTRA earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/YTRA) · [Earnings tab](https://www.lopjlb.com/stock/YTRA?tab=earnings) Updated: 2026-08-14T05:37:17 Quarters analyzed: 8 ## Cross-quarter narrative Across six quarters Yatra’s story shifted from a revenue dip and B2C pressure in Q1 FY25 to a near‑doubling of top‑line and positive earnings by Q4 FY26. Corporate travel emerged as the engine of growth, repeatedly cited as strong, adding new accounts and delivering visibility, while the B2C air segment faced persistent discount‑driven margin erosion and volume declines. The MICE franchise moved from early encouraging signs to a scaling operation, though it suffered occasional geopolitical and airline‑disruption setbacks. Margin dynamics turned markedly positive as gross margins rose from the low‑30s to mid‑30s percent and adjusted EBITDA swung from negative to robust double‑digit contributions, driven by higher‑margin hotels, packages and cost discipline. The Globe acquisition integration, initially a growth catalyst, progressed to completion, unlocking cross‑sell synergies. Meanwhile, Yatra layered AI‑driven tools—DIYA, generative assistants, intelligent bots—and revamped expense‑management platforms, marking a new technology thrust. Share‑conversion restructuring and geopolitical tensions introduced execution risk, with timelines remaining uncertain. Overall the firm transitioned from restructuring and loss‑making to profitability, yet B2C recovery and regulatory hurdles remain open questions. ## Latest CallCard · Q4 Yatra delivered record FY26 profitability (RLSC +22.6%, adj. EBITDA +64%) despite Q4 geopolitical hit to MICE/international; corporate wins accelerate, mid-market push underway, H2 FY27 expected stronger. **Guidance:** vague — Management reiterated medium-term CAGR targets of 20% RLSC growth and 30% adjusted EBITDA growth; expects H2 FY27 materially stronger than H1; no specific FY27 quantitative guidance provided. **Tone:** mgmt 0.2 · Q&A pressure 0 · divergence 0.2 Management highlights record profitability, strong corporate traction, market leadership, and structural tailwinds while acknowledging temporary geopolitical disruption to MICE/international travel. ### Demand visibility Corporate wins provide 3-6 month visibility; Q1 run rates ~20% above Q4; corporate retention ~97%. Corporate customer wins typically take 3-6 months to go live and ramp up, providing visibility into incremental revenue; Q1 FY27 run rates trending approximately 20% above Q4 levels; corporate retention consistently above 97%; mid-market sales team added in Q3 showing early traction; online penetration of corporate travel <25% in India indicating structural runway. ### Margins / costs Air margins structurally improved from 2.7% to ~4%; hotel margins expanded to 9.25%; Q4 adjusted EBITDA declined 49% YoY due to geopolitical impact; operating leverage evident in full-year 64% adj EBITDA growth. Air gross margin improved from 3.42% to 3.96% in FY26, structurally up from ~2.7% in FY24; hotel gross margin expanded from 8.60% to 9.25%; full-year adjusted EBITDA grew 64% reflecting strong operating leverage; Q4 adjusted EBITDA declined 49% YoY to INR 46M due to conflict-related disruption to MICE and international corporate travel; API-led distribution model preserving margin discipline while scaling volumes. ### Capital allocation Cash and term deposits INR 2,512M (~$26.7M); invested in mid-market sales team, AI/automation, Google Cloud migration, API infrastructure. Cash and cash equivalents plus term deposits stood at INR 2,512M (~$26.7M) as of March 31, 2026; investments in dedicated mid-market sales team during Q3; continued investment in AI-powered ## Quarter one-liners - **2026 Q4:** Yatra delivered record FY26 profitability (RLSC +22.6%, adj. EBITDA +64%) despite Q4 geopolitical hit to MICE/international; corporate wins accelerate, mid-market push underway, H2 FY27 expected stronger. - **2026 Q3:** Yatra Q3 FY26: Air bookings +22% YoY, corporate travel strong with 40 new clients, but MICE disrupted by IndiGo cancellations; new CEO sharpening go-to-market. - **2026 Q2:** Yatra Q2 FY26: revenue +48.5% YoY, adj EBITDA +218%, profit vs loss; corporate growing 2x market, consumer bottomed; restructuring timeline uncertain but targeting <1 year. - **2026 Q1:** Yatra Q1 FY26 revenue jumped 99.7% YoY, profit turned positive, corporate travel drove growth while consumer bookings fell due to macro events, and restructuring remains uncertain. - **2025 Q4:** Yatra reports 90% YoY revenue growth in FY25, guided 20% gross margin and 30% EBITDA growth for FY26 driven by corporate travel, MICE scaling, and Globe synergies; share convertibility progressing. - **2025 Q3:** Yatra Q3 FY25: Revenue up 113% YoY to INR 2.35B, adj EBITDA +173%, driven by corporate travel/MICE strength; Globe integration ahead; B2C air stabilized; restructuring progressing. - **2025 Q2:** Yatra Q2 FY25 revenue surged 151% YoY to INR 2.36B driven by Globe acquisition and organic corporate/MICE strength; B2C air competition persists but volumes stabilizing; Globe integration on track for Q4 cross-sell synergies; MICE targeting 20-25% annual growth. - **2025 Q1:** Yatra Q1 FY25 revenue down 5% YoY to INR1,051M; B2C pressured by airline direct discounting, corporate travel strong with 34 new accounts; EBITDA down due to new hires; cost cuts and restructuring underway. ## Theme arcs - **Corporate travel demand** (improving): Consistently strong demand and new client wins across all quarters - **B2C air segment** (deteriorating): Ongoing discount pressure and volume declines despite occasional stabilization - **MICE business** (improving): Revenue growth and scaling initiatives, offset by occasional geopolitical and airline disruptions - **Margin expansion** (improving): Gross margin rose to 36.6% YoY and adjusted EBITDA turned positive - **AI/tech initiatives** (new): Launch of DIYA, generative AI, bots and new hotel UI - **Globe acquisition integration** (resolved): Integration on‑track in Q2‑FY25 and delivered by Q4‑FY25 - **Share conversion restructuring** (deteriorating): Regulatory and multi‑jurisdictional complexities delay timeline - **Geopolitical risk** (deteriorating): India‑Pakistan tensions and other events disrupted MICE and consumer travel - **Restructuring execution risk** (deteriorating): Uncertain timeline and multi‑jurisdictional challenges persist - **Competitive landscape for B2C** (deteriorating): Intensified price competition and SEO challenges ## Fear persistence - **B2C competitive pressure** [recurring]: Repeatedly cited as a headwind for air ticketing volumes - **Airline supplier pricing** [recurring]: Direct airline pricing challenges noted across multiple quarters - **Restructuring execution risk** [recurring]: Timeline uncertainty persisted from Q3 FY25 through Q2 FY26 ## Guidance path 2025 Q1:vague → 2025 Q2:vague → 2025 Q3:vague → 2025 Q4:raised → 2026 Q1:maintained → 2026 Q2:vague → 2026 Q3:vague → 2026 Q4:vague --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/YTRA`