Yatra Online, Inc. Announces Results for the Three Months Ended December 31, 2025

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GURUGRAM, India & NEW YORK--(BUSINESS WIRE)-- Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), India’s leading corporate travel services provider and one of India’s leading online travel companies, today announced its unaudited financial and operating results for the three months ended December 31, 2025.

“I am pleased to report that the third quarter marked a period of robust financial and operational performance, with results exceeding our initial full-year growth guidance, despite disruptions in India’s domestic aviation sector and geopolitical developments impacting international travel, particularly traffic to and through the Middle East region. Our performance was driven by balanced growth across business travel demand, affiliate-sourced business, and our consumer segment, underpinned by sustained momentum and effective execution across our platforms.

“For the three months ended December 31, 2025, we reported revenue of INR 2,576.9 million (USD 28.7 million) registering growth of 9.6% YoY. This growth was driven by a stronger consumer and affiliate travel mix, continued expansion in Air, and improved profitability in Hotels and Packages.

“Our Corporate Travel segment continues to serve as a key growth pillar. During the third quarter, we onboarded 40 new corporate clients, expanding annual billing potential by INR 2,234 million (USD 24.9 million). While the third quarter is typically a lean period for corporate travel due to year-end holidays, we proactively accelerated growth in our consumer and affiliate channels. This included an aggressive focus on Air revenues while maintaining pricing discipline and margins in Hotels, without resorting to discounting.

“The integration of Globe Travels has progressed well, delivering supplier synergies, technology enhancements, and cross-selling opportunities that further strengthen our client value proposition.

“As part of our ongoing efforts around restructuring, the Company believes it has a viable structure to pursue. The Company is progressing on its restructuring efforts to unlock shareholder value, with timelines subject to regulatory intricacies.

“Looking ahead, we remain focused on scaling high-margin segments, deepening our technology capabilities, and driving sustainable long-term value for all stakeholders.

“I extend my sincere thanks to our dedicated team, trusted partners, and supportive shareholders.” – Siddhartha Gupta, CEO.

Financial and operating highlights for the three months ended December 31, 2025:

• Revenue of INR 2,576.9 million (USD 28.7 million), representing an increase of 9.6% year-over-year basis (“YoY”).
• Adjusted Margin⁽¹⁾ from Air Ticketing of INR 1,195.8 million (USD 13.3 million), representing an increase of 39.4% YoY.
• Adjusted Margin⁽¹⁾ from Hotels and Packages of INR 502.1 million (USD 5.6 million), representing an increase of 14.6% YoY.
• Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)⁽³⁾ of INR 21,761.9 million (USD 242.2 million), representing an increase of 20.9% YoY.
• Loss for the period was INR 129.3 million (USD 1.4 million) versus a profit of INR 39.8 million (USD 0.4 million) for the three months ended December 31, 2024, reflecting negative swing of INR 169.1 million (USD 1.8 million) YoY.
• Results from operations were a loss of INR 120.2 million (USD 1.3 million) versus a profit of INR 14.8 million (USD 0.2 million) for the three months ended December 31, 2024, reflecting negative swing of INR 135.0 million (USD 1.5 million) YoY.
• Adjusted EBITDA⁽²⁾ was INR 99.7 million (USD 1.1 million) reflecting a decrease by 17.9% YOY.

		Three months ended December 31,
		2024				2025				2025
		Unaudited				Unaudited				Unaudited				YoY Change
(In thousands except percentages)		INR				INR				USD				%
Financial Summary as per IFRS
Revenue			2,350,740				2,576,946				28,684				9.6	%
Results from operations			14,799				(120,203	)			(1,337	)			(912.2	)%
(Loss)/ Profit for the period			39,769				(129,258	)			(1,438	)			(425.0	)%
Financial Summary as per non-IFRS measures
Adjusted Margin (1)
Adjusted Margin - Air Ticketing			857,599				1,195,810				13,310				39.4	%
Adjusted Margin - Hotels and Packages			438,035				502,058				5,588				14.6	%
Adjusted Margin - Other Services			72,843				82,855				922				13.7	%
Others (Including Other Income)			185,956				168,428				1,875				(9.4	)%
Adjusted EBITDA (2)			121,458				99,703				1,110				(17.9	)%
Operating Metrics
Gross Bookings (3)			17,997,061				21,761,945				242,230				20.9	%
Air Ticketing			13,828,120				16,931,280				188,460				22.4	%
Hotels and Packages			3,603,122				4,305,989				47,930				19.5	%
Other Services (6)			565,819				524,676				5,840				(7.3	)%
Adjusted Margin% (4)
Air Ticketing			6.2	%			7.1	%
Hotels and Packages			12.2	%			11.7	%
Other Services			12.9	%			15.8	%
Quantitative details (5)
Air Passengers Booked			1,314				1,491								13.5	%
Stand-alone Hotel Room Nights Booked			418				508								21.5	%
Packages Passengers Travelled			18				23								27.1	%

Note:

	(1)	As certain parts of our revenue are recognized on a “net” basis and other parts of our revenue are recognized on a “gross” basis, we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure.
	(2)	See the section below titled “Certain Non-IFRS Measures.”
	(3)	Gross Bookings represent the total amount paid by our customers for travel services, freight services and products booked through us, including taxes, fees and other charges, and are net of cancellation and refunds.
	(4)	Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings.
	(5)	Quantitative details are considered on a gross basis.
	(6)	Other Services primarily consists of freight business, IT services, bus, rail and cab and others services.

As of December 31, 2025, 63,929,922 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary Shares”) were issued and outstanding.

For complete financial tables and results, please see our 6-K filed with the SEC and on our website: https://investors.yatra.com/financial-information/sec-filings/default.aspx

Conference Call

The Company will host a conference call to discuss its unaudited results for the three months ended December 31, 2025 beginning at 8:00 AM Eastern Daylight Time (or 6:30 PM India Standard Time) on February 12, 2026. Dial in details for the conference call is as follows: US/International dial-in number: +1 646 844 6383. Confirmation Code: 724399 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code). The conference call will also be available via webcast at https://events.q4inc.com/attendee/325177156.

Safe Harbor Statement

This earnings release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “project,” “seek,” “should” similar expressions and the negative forms of such expressions. Such statements include, among other things, statements regarding the long-term growth trajectory for the Indian travel market; growth of the MICE business and corporate travel business; our expectations regarding the benefits of utilizing AI-enabled services; statements concerning management’s beliefs as well as our strategic and operational plans; our ability to simplify our corporate structure and operations and enhance shareholder value; our expectations regarding sustained margin expansion as a result of simplifying our legal and corporate structure; our future financial performance; our ability to meet our financial guidance; and our ability to comply with Nasdaq’s continued listing requirements for our Ordinary Shares to remain listed on Nasdaq. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel industry in particular, including disruptions caused by safety concerns, flight cancellations as a result of airline staffing shortages or regulatory noncompliance, terrorist attacks, regional conflicts (including the ongoing conflict between Ukraine and Russia, the evolving events in the Middle East, pandemics, macroeconomic factors, including tariff and trade issues, and natural calamities; our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our Revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry, on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, and our ability to successfully implement any new business initiatives; our ability to effectively integrate artificial intelligence, machine learning and automated decision-making tools; non-compliance with Nasdaq’s continued listing requirements and consequent delisting of our ordinary shares from Nasdaq; and our ability to simplify our multi-jurisdictional corporate structure or reduce resources and management time devoted to compliance requirement. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this earnings release is provided as of the date of issuance of this earnings release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Yatra Online, Inc.

Yatra Online, Inc. is the ultimate parent company of Yatra India, a public listed company on the National Stock Exchange of India Limited and BSE Limited, whose corporate office is based in Gurugram, India. Yatra India is India’s largest corporate travel services provider in terms of number of corporate clients with over 1,300 large corporate customers and approximately 58,983 registered SME customers and the third largest online travel company in India among key online travel agency (“OTA”) players in terms of gross booking revenue and operating revenue for Fiscal 2023 (Source: CRISIL Report). Leisure and business travellers use Yatra India’s mobile applications, its website, www.yatra.com, and its other offerings and services to explore, research, compare prices and book a wide range of travel-related services. These services include domestic and international air ticketing on nearly all Indian and international airlines, as well as bus ticketing, rail ticketing, cab bookings and ancillary services within India. With approximately 80,685 hotels and homestays in approximately 1,500 cities and towns in India as well as more than 2.5 million hotels around the world, Yatra India has the largest hotels inventory amongst key Indian OTA players.

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For more information, please contact:

Bill Zima

ICR Inc.

Email: bill.zima@icrinc.com

Source: Yatra Online, Inc.