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Yatra Online (NASDAQ: YTRA) grows FY 2026 revenue 26.6% but swings to loss

Filing Impact
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Form Type
6-K

Rhea-AI Filing Summary

Yatra Online, Inc. reported strong full-year growth but moved back into loss for the year ended March 31, 2026. Revenue rose to INR 10,074.0 million (USD 107.4 million), up 26.6% year-over-year, driven mainly by Hotels and Packages, MICE business and the full-year impact of the GAISL acquisition. Full-year loss was INR 66.0 million (USD 0.7 million) versus a profit of INR 23.5 million a year earlier, as personnel, operating and depreciation expenses increased and other income declined. Even so, Adjusted EBITDA grew 64.2% to INR 563.8 million (USD 6.0 million), showing improved underlying profitability after adjusting for share-based compensation, financing, tax and depreciation. In the fourth quarter, revenue fell 13.7% to INR 1,890.2 million (USD 20.1 million) and loss widened to INR 145.5 million (USD 1.6 million), reflecting weakness in Hotels and Packages amid Middle East disruptions, higher share-based compensation and increased operating costs, partly offset by 27.3% Adjusted Margin growth in Air Ticketing. The company ended March 31, 2026 with INR 2,512.1 million (USD 26.8 million) in cash and term deposits and is exploring potential restructuring alternatives while investing in AI and data science to improve efficiency.

Positive

  • Strong FY 2026 growth and margin expansion: Revenue increased 26.6% year-over-year to INR 10,074.0 million and Adjusted EBITDA rose 64.2% to INR 563.8 million, supported by higher gross bookings and improved adjusted margins in both Air Ticketing and Hotels and Packages.
  • Balanced operating momentum across segments: FY 2026 Total Gross Bookings grew 13.6% to INR 80,535.8 million, with Air Ticketing up 11.9% and Hotels and Packages up 27.0%, indicating broad-based demand despite macro and sector disruptions.

Negative

  • Return to statutory losses despite growth: The company reported an FY 2026 loss of INR 66.0 million versus a prior-year profit of INR 23.5 million, and Q4 loss widened to INR 145.5 million from INR 15.2 million, reflecting higher operating costs and lower Hotels and Packages revenue.
  • Soft Q4 and rising cost base: Q4 2026 revenue declined 13.7% year-over-year, Adjusted EBITDA fell 48.8%, and personnel, other operating, and finance costs all increased, suggesting profitability remains sensitive to demand shocks and expense growth.

Insights

Fast top-line and adjusted EBITDA growth but a swing to statutory losses.

Yatra Online delivered robust FY 2026 growth, with revenue up 26.6% to INR 10,074.0 million and Adjusted EBITDA up 64.2% to INR 563.8 million. Air and Hotels & Packages adjusted margins rose on higher gross bookings and optimized discounting.

However, the company moved from a prior-year profit to a INR 66.0 million loss, as personnel, other operating, and depreciation expenses increased, while other income declined. Q4 was particularly soft: revenue fell 13.7% and loss widened sharply, largely due to Middle East-related disruptions hitting Hotels and Packages.

Management highlights AI- and data science-led efficiency initiatives and is exploring potential restructuring alternatives, but timing and regulatory outcomes are uncertain. Investors may focus on whether strong adjusted metrics and cash of INR 2,512.1 million as of March 31, 2026 can translate into sustained statutory profitability.

FY 2026 Revenue INR 10,074.0 million (USD 107.4 million) Year ended March 31, 2026; up 26.6% YoY
FY 2026 Profit/Loss INR 66.0 million loss (USD 0.7 million) Year ended March 31, 2026; versus INR 23.5 million profit prior year
FY 2026 Adjusted EBITDA INR 563.8 million (USD 6.0 million) Year ended March 31, 2026; up 64.2% YoY
Q4 2026 Revenue INR 1,890.2 million (USD 20.1 million) Three months ended March 31, 2026; down 13.7% YoY
Q4 2026 Loss INR 145.5 million (USD 1.6 million) Three months ended March 31, 2026; wider than INR 15.2 million loss prior year
FY 2026 Gross Bookings INR 80,535.8 million (USD 858.3 million) Total Gross Bookings; up 13.6% year-over-year
Cash and term deposits INR 2,512.1 million (USD 26.8 million) Cash and cash equivalents plus term deposits as of March 31, 2026
Shares outstanding 63,990,178 ordinary shares Issued and outstanding as of March 31, 2026, on an as-converted basis
Adjusted EBITDA financial
"Adjusted EBITDA (2) was INR 45.9 million (USD 0.5 million) reflecting a decrease by 49% YOY."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted Margin financial
"Adjusted Margin (1) from Air Ticketing of INR 1,178.3 million (USD 12.6 million), representing an increase of 27.3% YoY."
Adjusted margin measures a company’s profitability after removing or altering certain charges or gains that management believes obscure its regular results, such as one‑time costs, unusual gains, or accounting items. Investors care because it aims to show the business’s recurring profit rate — like looking at a household budget but ignoring a single big, unexpected expense — which helps compare performance across periods and between companies more fairly.
Gross Bookings financial
"Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services) (3) of INR 20,211.2 million (USD 215.4 million), representing an increase of 8.0 % YoY."
Gross bookings is the total dollar value of transactions a company records from sales, reservations, or orders before subtracting cancellations, refunds, taxes, or fees. Think of it as the full amount put into a shopping cart at checkout rather than the final receipt; it shows raw customer demand and sales momentum but does not equal actual revenue or profit, so investors use it to gauge growth and market interest while also watching conversion to net revenue.
non-IFRS measures regulatory
"we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure."
Non-IFRS measures are financial figures that companies create on their own to show aspects of their performance, beyond what standard accounting rules require. They can help investors better understand how a company is really doing by highlighting information that might be more relevant or easier to interpret, much like a sports coach emphasizes certain stats to showcase team strengths not captured by official scores.
MICE (Corporate Group Travel) financial
"The MICE (Corporate Group Travel) segment faced significant headwinds, as many corporates chose to defer or cancel group travel plans."
share-based compensation costs financial
"Excluding employee share-based compensation costs of INR 148.2 million (USD 1.6 million) in the three months ended March 31, 2026..."
Revenue INR 10,074.0 million (USD 107.4 million) +26.6% YoY
Profit/Loss for the period INR 66.0 million loss (USD 0.7 million) from INR 23.5 million profit prior year
Adjusted EBITDA INR 563.8 million (USD 6.0 million) +64.2% YoY
Total Gross Bookings INR 80,535.8 million (USD 858.3 million) +13.6% YoY
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Form 6-K: How Foreign Companies Report to the SEC →

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

 

May 22, 2026

 

Commission File Number: 001-37968

 

YATRA ONLINE, INC.

 

Gulf Adiba, Plot No. 272,

4th Floor, Udyog Vihar, Phase-II,

Sector-20, Gurugram-122008, Haryana

India

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

 

 

 

 

 

 

Other Events

 

On May 22, 2026, Yatra Online, Inc. issued an earnings release announcing its unaudited financial and operating results for the three months and year ended March 31, 2026. A copy of the earnings release is attached hereto as Exhibit 99.1.

 

This Report on Form 6-K is hereby incorporated by reference into Yatra Online, Inc.’s registration statement on Form F-3 (Registration Statement No. 333-256442) filed with the Securities and Exchange Commission (“SEC”) on May 24, 2021 (and subsequently amended on July 7, 2021) and Form S-8 (Registration Statement No. 333-218498) filed with the SEC on June 5, 2017, to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

 

Exhibit Index

 

Exhibit No.   Description
     
99.1   Earnings release of Yatra Online, Inc. dated May 22, 2026

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  YATRA ONLINE, INC.
     
Date: May 22, 2026 By: /s/ Siddhartha Gupta
    Siddhartha Gupta
    Chief Executive Officer

 

3

 

 

Exhibit 99.1

 

YATRA ONLINE, INC. ANNOUNCES RESULTS FOR

THE THREE MONTHS AND YEAR ENDED MARCH 31, 2026

 

Gurugram, India and New York May 22, 2026 — 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 and year ended March 31, 2026.

 

“I am pleased to report that the fourth quarter marked a period of robust financial and operational performance, enabling us to meet our revised full-year growth guidance. This year’s performance can be described as resilient, given the multiple severe disruptions that created a turbulent environment for India’s aviation sector. Disruptions in domestic aviation, coupled with geopolitical developments in the Middle East, significantly impacted the industry. It is important to note that air traffic to and through the region constitutes a substantial proportion of India’s outbound air capacity.

 

Our performance during the quarter remained well balanced across business travel demand, affiliate-sourced business, and the consumer segment. While air travel volumes were slightly depressed, elevated average air ticket prices helped key business lines navigate the challenging environment. The MICE (Corporate Group Travel) segment faced significant headwinds, as many corporates chose to defer or cancel group travel plans to and through the region due to schedule uncertainty and safety concerns arising from the ongoing conflict.

 

For the three months ended March 31, 2026, we reported revenue of INR 1,890.2 million (USD 20.1 million), representing a decline year-over-year of 13.7%. This is due to a decline in the Hotels and Packages business which was severely impacted due to disruption in the Middle East impacting international aviation routes.

 

Our Corporate Travel segment continues to serve as a key growth pillar. During the fourth quarter, we onboarded 55 new corporate clients, expanding our annual billing potential by INR 2,709 million (USD 28.9 million). While the fourth quarter is typically strong for corporate travel due to financial year-end activity, weaker performance in the MICE (Corporate Group Travel) segment impacted the overall growth of this line of business. At the same time, our consumer and affiliate channels benefited from the strength of India’s domestic consumption story and delivered robust growth.

 

We remained focused on driving growth in Air and Hotel revenues while maintaining pricing discipline and margins across both segments, without resorting to discounting.

 

Looking ahead, we remain focused on scaling our high-margin Hotel segment, deepening our technology capabilities—particularly through the use of AI and Data Science to automate processes and improve operational efficiencies—and driving sustainable long-term value for all stakeholders.

 

We continue to explore potential restructuring alternatives and believe there may be a viable structure to pursue. Discussions remain ongoing and are subject to regulatory considerations and timing uncertainties.

 

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 March 31, 2026:

 

● Revenue of INR 1,890.2 million (USD 20.1 million), representing a decrease of 13.7% year-over-year basis (“YoY”).
● Adjusted Margin (1) from Air Ticketing of INR 1,178.3 million (USD 12.6 million), representing an increase of 27.3% YoY.
● Adjusted Margin (1) from Hotels and Packages of INR 365.2 million (USD 3.9 million), representing an increase of 2.2% YoY.
●

Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 20,211.2

million (USD 215.4 million), representing an increase of 8.0% YoY.

● Loss for the period was INR145.5 million (USD 1.6 million) versus a loss of INR 15.2 million (USD 0.2 million) for the three months ended March 31, 2025, reflecting negative swing of INR 130.3 million (USD 1.4 million) YoY.
● Result from operations were a loss of INR 214.2 million (USD 2.3 million) versus a loss of INR 33.3 million (USD 0.4 million) for the three months ended March 31, 2025, reflecting negative swing of INR 180.9 million (USD 1.9 million) YoY.
● Adjusted EBITDA(2) was INR 45.9 million (USD 0.5 million) reflecting a decrease by 49% YOY.

 

Financial and operating highlights for the year ended March 31, 2026:

 

● Revenue of INR 10,074.0 million (USD 107.4 million), representing an increase of 26.6% YoY.
● Adjusted Margin (1) from Air Ticketing of INR 4,372.7 million (USD 46.6 million), representing an increase of 21.9% YoY.
● Adjusted Margin (1) from Hotels and Packages of INR 1,761.9 million (USD 18.8 million), representing an increase of 19.6% YoY.
● Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 80,535.8 million (USD 858.3 million), representing an increase of 13.6% YoY.
● Loss for the period was INR 66.0 million (USD 0.7 million) versus a profit of INR 23.5 million (USD 0.3 million) for the years ended March 31, 2025, reflecting negative swing of INR 89.52 million (USD 1.0 million) YoY.
● Result from operations were a loss of INR 125.3 million (USD 1.3 million) versus a loss of INR 90.3 million (USD 1.0 million) for the year ended March 31, 2025, reflecting negative swing of INR 35.0 million (USD 0.4 million) YoY.
● Adjusted EBITDA(2) was INR 563.8 million (USD 6.0 million) reflecting an increase by 64.2% YOY.

 

 

 

 

    Three months ended March 31,        
    2025     2026     2026     YoY Change  
    Unaudited     Unaudited     Unaudited        
(In thousands except percentages)   INR     INR     USD     %  
Financial Summary as per IFRS                                
Revenue     21,89,739       18,90,250       20,146       (13.7 )%
Results from operations     (33,292 )     (2,14,163 )     (2,283 )     (543.3 )%
Loss for the period     (15,210 )     (1,45,470 )     (1,551 )     (856.4 )%
Financial Summary as per non-IFRS measures                                
Adjusted Margin (1)                                
Adjusted Margin - Air Ticketing     9,25,776       11,78,283       12,558       27.3 %
Adjusted Margin - Hotels and Packages     3,57,382       3,65,222       3,892       2.2 %
Adjusted Margin - Other Services     92,161       78,665       838       (14.6 )%
Others (Including Other Income)     1,93,681       1,34,138       1,430       (30.7 )%
Adjusted EBITDA (2)     89,625       45,921       489       (48.8 )%
Operating Metrics                                
Gross Bookings (3)     1,87,13,890       2,02,11,170       2,15,401       8.0 %
Air Ticketing     1,46,64,296       1,60,28,926       1,70,829       9.3 %
Hotels and Packages     33,89,955       36,96,653       39,397       9.0 %
Other Services (6)     6,59,639       4,85,591       5,175       (26.4 )%
Adjusted Margin% (4)                                
Air Ticketing     6.3 %     7.4 %                
Hotels and Packages     10.5 %     9.9 %                
Other Services     14.0 %     16.2 %                
Quantitative details (5)                                
Air Passengers Booked     1,248       1,368               9.6 %
Stand-alone Hotel Room Nights Booked     367       500               36.3 %
Packages Passengers Travelled     20       16               (19.6 )%

 

    Year ended March 31,        
    2025     2026     2026     YOY Change  
(In thousands except percentages)   INR     INR     USD     %  
Financial Summary as per IFRS                        
Revenue     79,54,522       1,00,74,030       1,07,364       26.6 %
Results from operations     (90,295 )     (1,25,318 )     (1,337 )     38.8 %
Profit/(loss) for the period     23,501       (66,018 )     (705 )     (380.9 )%
Financial Summary as per non-IFRS measures                                
Adjusted Revenue 1                                
Adjusted Margin - Air Ticketing     35,88,182       43,72,656       46,602       21.9 %
Adjusted Margin - Hotels and Packages     14,72,705       17,61,897       18,778       19.6 %
Adjusted Margin - Other Services     3,13,057       3,28,392       3,500       4.9 %
Others (Including Other Income)     6,80,015       5,81,410       6,196       14.5 %
Adjusted EBITDA 2     3,43,391       5,63,834       6,009       64.2 %
Operating Metrics                                
Gross Bookings 3     7,09,10,166       8,05,35,823       8,58,316       13.6 %
Air Ticketing     5,52,72,782       6,18,74,829       6,59,435       11.9 %
Hotels and Packages     1,30,53,414       1,65,77,607       1,76,677       27.0 %
Other Services (6)     25,83,970       20,83,387       22,204       (19.4 )%
Net Revenue Margin% 4                                
Air Ticketing     6.5 %     7.1 %                
Hotels and Packages     11.3 %     10.6 %                
Other Services     12.1 %     15.8 %                
Quantitative details 5                                
Air Passengers Booked     5,269       5,394               2.4 %
Stand-alone Hotel Room Nights Booked     1,663       1,935               16.4 %
Packages Passengers Travelled     61       91               49.7 %

 

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 March 31, 2026, 63,990,178 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary Shares”) were issued and outstanding.

 

 

 

 

Convenience Translation

 

The unaudited condensed consolidated financial statements are stated in INR. However, solely for the convenience of readers, the unaudited condensed consolidated statement of profit or loss and other comprehensive loss for the three months and year ended March 31, 2026, the unaudited condensed consolidated statement of financial position as at March 31, 2025, the unaudited condensed consolidated statement of cash flows for the year ended March 31, 2026 and discussion of the results of the three months and year ended March 31, 2026 compared with three months and year ended March 31, 2025, were converted into U.S. dollars at the exchange rate of 93.83 INR per USD, which is based on the noon buying rate as at March 31, 2026, in The City of New York for cable transfers of Indian rupees as certified for customs purposes by the Federal Reserve Bank of New York. This arithmetic conversion should not be construed as representation that the amounts expressed in INR may be converted into USD at that or any other exchange rate as well as that such numbers are in compliance as per the requirements of the International Financial Reporting Standards (“IFRS”).

 

Results of Three Months Ended March 31, 2026

 

Revenue. We generated Revenue of INR 1,890.2 million (USD 20.1 million) in the three months ended March 31, 2026, a decrease of 13.7% compared with INR 2,189.7 million (23.3 million) in three months ended March 31, 2025. Decrease in revenue is mainly driven by a decrease in our Hotel and Packages business.

 

Service cost. Our Service cost decreased to INR 789.3 million (USD 8.4 million) in the three months ended March 31, 2026, compared to Service cost of INR 1,096.1 million (USD 11.7 million) in the three months ended March 31, 2025. The decrease in Service cost due to decrease in our Hotel and Packages business.

 

The following table reconciles our Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure), for further details, see section below titled “Certain Non-IFRS Measures.”

 

Reconciliation of Revenue (an IFRS measure) to Adjusted Revenue (a non-IFRS measure)

 

    Reportable Segments  
    Air Ticketing     Hotels and Packages     Other Services  
    Three months ended March 31,  
Amount in INR thousands (Unaudited)   2025     2026     2025     2026     2025     2026  
Revenue as per IFRS - Rendering of services     5,74,766       6,06,295       13,90,277       10,86,931       89,129       75,997  
Customer promotional expenses     3,51,010       5,71,988       63,191       67,565       3,032       2,668  
Service cost     -       -       (10,96,086 )     (7,89,274 )     -       -  
Other income     -       -       -       -                  
Adjusted Margin     9,25,776       11,78,283       3,57,382       3,65,222       92,161       78,665  

 

 

 

 

Air Ticketing. Revenue from our Air Ticketing business was INR 606.3 million (USD 6.5 million) in the three months ended March 31, 2026 as compared to INR 574.8 million (USD 6.1 million) in the three months ended March 31, 2025, reflecting an increase of 9.3% mainly due to an increase in gross bookings.

 

Adjusted Margin (1) from our Air Ticketing business increased to INR 1,178.3 million (USD 12.6 million) in the three months ended March 31, 2026, as compared to INR 925.8 million (USD 9.9 million) in the three months ended March 31, 2025. In the three months ended March 31, 2026, Adjusted Margin (1) for Air Ticketing includes the add-back of INR 572 million (USD 6.1 million) of customer promotional expenses, which had been reduced from Revenue as per IFRS 15, against an add-back of INR 351.0 million (USD 3.7 million) in the three months ended March 31, 2025. The increase in Adjusted Margin – Air Ticketing was largely due to higher gross booking on account of optimization of discounts.

 

Hotels and Packages. Revenue from our Hotels and Packages business was INR 1,086.9 million (USD 11.6 million) in the three months ended March 31, 2026, as compared to INR 1,390.3 million (USD 14.8 million) in the three months ended March 31, 2025, reflecting a decrease of 21.8%.

 

Adjusted Margin (1) for this segment increased by 2.2% to INR 365.2 million (USD 3.9 million) in the three months ended March 31, 2026 from INR 357.4 million (USD 3.8 million) in the three months ended March 31, 2025. In the three months ended March 31, 2026, Adjusted Margin (1)l for Hotels and Packages includes the add-back of customer promotional expenses, which had been reduced from Revenue as per IFRS 15 of INR 67.60 million (USD 0.7 million) against an add-back of INR 63.2 million (USD 0.7 million) in the three months ended March 31, 2025. The increase in adjusted margin is driven by increase in gross bookings of our Hotel and Packages business during the quarter.

 

Other Services. Our Revenue from Other Services was INR 76.0 million (USD 0.8 million) in the three months ended March 31, 2026, a decrease from INR 89.1 million (USD 0.9 million) in the three months ended March 31, 2025.

 

Adjusted Margin for this segment decreased by 14.6%% to INR 78.7 million (USD 0.8 million) in the three months ended March 31, 2026, from INR 92.2 million (USD 1.0 million) in the three months ended March 31, 2025. In the three months ended March 31, 2026, Adjusted Margin includes the add-back of customer promotional expenses, which had been reduced from Revenue of INR 2.7 million (USD 0.1 million) against an add-back of INR 3.0 million (USD 0.1 million) in the three months ended March 31, 2025 pursuant to IFRS 15.

 

  (1) See the section titled “Certain Non-IFRS Measures.”

 

Other Revenue. Our Other Revenue was INR 121.0 million (USD 1.3 million) in the three months ended March 31, 2026, a decrease from INR 135.6 million (USD 1.4 million) in the three months ended March 31, 2025.

 

Other Income. Our Other Income decreased to INR 13.1 million (USD 0.1 million) in the three months ended March 31, 2026 from INR 58.1 million (USD 0.6 million) in the three months ended March 31, 2025 due to a decrease in write back of liabilities no longer required to be paid.

 

Personnel Expenses. Our personnel expenses increased by 17.2% to INR 545.3 million (USD 5.8 million) in the three months ended March 31, 2026 from INR 465.1 million (USD 5.0 million) in the three months ended March 31, 2025. Excluding employee share-based compensation costs of INR 148.2 million (USD 1.6 million) in the three months ended March 31, 2026, compared to INR 22.6 million (USD 0.2 million) in the three months ended March 31, 2025, personnel expenses decreased by 10.3 % in the three months ended March 31, 2026 on account of an impact of our annual appraisal cycle.

 

 

 

 

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses decreased by 66.9% to INR 35.5 million (USD 0.4 million) in the three months ended March 31, 2026 from INR 107.2 million (USD 1.1 million) in the three months ended March 31, 2025. Adding back the expenses for customer promotional expenses, which have been deducted from Revenue per IFRS 15, our marketing spend would have been INR 677.7 million (USD 7.2 million) in the three months ended March 31, 2026 against INR 524.4 million (USD 5.6 million) in the three months ended March 31, 2025, increased by 29.2% on a YoY basis.’

 

Other Operating Expenses. Other operating expenses increased by 24.0% to INR 635.6 million (USD 6.8 million) in the three months ended March 31, 2026 from INR 512.5 million (USD 5.5 million) in the three months ended March 31, 2025 primarily due to increases in commission and communication.

 

Depreciation and Amortization. Our depreciation and amortization expenses increased by 11.5 % to INR 111.9 million (USD 1.2 million) in the three months ended March 31, 2026 from INR 100.3 million (USD 1.1 million) in the three months ended March 31, 2025.

 

Results from Operations. As a result of the foregoing factors, our Results from Operations were a loss of INR 214.2 million (USD 2.3 million) in the three months ended March 31, 2026. Our results from operations for the three months ended March 31, 2025 was a loss of INR 33.3 million (USD 0.4 million). Excluding the employee share-based compensation costs, Adjusted Results from Operations(1) would have been a loss of INR 65.9 million (USD 0.7 million) for three months ended March 31, 2026 as compared to a loss of INR 10.7 million (USD 0.1 million) for three months ended March 31, 2025.

 

  (1) See the section titled “Certain Non-IFRS Measures.”

 

Finance Income. Our finance income increased to INR 87.9 million (USD 0.9 million) in the three months ended March 31, 2026 from INR 31.5 million (USD 0.3 million) in the three months ended March 31, 2025. This increase was primarily on account of an increase in interest income from tax refunds from statutory authorities.

 

Finance Costs. Our finance costs of INR 44.2 million (USD 0.5 million) in the three months ended March 31, 2026 which includes interest on the lease liability of INR 9.0 million (USD 0.1 million) increased by INR 13.0 million (USD 0.1 million) from finance cost of INR 31.2 million (USD 0.3 million) in the three months ended March 31, 2025, which includes interest on the lease liability of INR 8.8 million (USD 0.1 million). This increase is majorly driven by an increase in our borrowings from 545.9 million (USD 5.8 million) in the three months ended March 31, 2025 to 716.2 million (USD 7.6 million) in the three months ended March 31, 2026.

 

Income Tax Expense. Our income tax expense during the three months ended March 31, 2026 was INR 25.1 million (USD 0.3 million) compared to income tax expense of INR 17.8 million (USD 0.2 million) during the three months ended March 31, 2025.

 

Loss for the Period. As a result of the foregoing factors, our loss in the three months ended March 31, 2026 was INR 145.5 million (USD 1.6 million) as compared to a loss of INR 15.20 million (USD 0.2 million) in the three months ended March 31, 2025. Excluding the employee share based compensation costs, the Adjusted profit(1) would have been INR 2.8 million (USD 0.03 million) for the three months ended March 31, 2026 against an Adjusted Profit(1) of INR 7.4 million (USD 0.1 million) for the three months ended March 31, 2025. Adjusted EBITDA(1) decreased to INR 45.9 million (USD 0.5 million) in the three months ended March 31, 2026 from an Adjusted EBITDA (1) of INR 89.6 million (USD 1.0 million) in the three months ended March 31, 2025.

 

Basic Earnings/(Loss) per Share. Basic Loss per Share was INR 2.54 (USD 0.03) in the three months ended March 31, 2026 as compared to Basic Earning per share of INR 1.13 (USD 0.01) in the three months ended March 31, 2025. After excluding the employee share-based compensation costs, Adjusted Loss Earnings per Share(1) would have been INR 0.87 (USD 0.01) in the three months ended March 31, 2026, as compared to Adjusted Basic Earnings per share of INR 0.88 (USD 0.01) in the three months ended March 31, 2025.

 

 

 

 

Diluted Earnings/(Loss) per Share. Diluted Loss per Share was INR 2.54 (USD 0.03) in the three months ended March 31, 2026 as compared to Diluted Earnings per share of INR 1.13 (USD 0.01) in the three months ended March 31, 2025. After excluding the employee share-based compensation costs, Adjusted Diluted Earnings per Share(1) would have been INR 0.87 (USD 0.01) in the three months ended March 31, 2026 as compared to Adjusted Diluted Earnings of INR 0.88 (USD 0.01) in the three months ended March 31, 2025.

 

Liquidity. As of March 31, 2026, the balance of cash and cash equivalents and term deposits on our balance sheet was INR 2,512.1 million (USD 26.8 million).

 

  (1) See the section titled “Certain Non-IFRS Measures.”

 

Results of Year ended March 31, 2026 Compared to Year ended March 31, 2025

 

Revenue. We generated revenue of INR 10,074.0 million (USD 107.4 million) in the year ended March 31, 2026, an increase of 26.6% compared with 7,954.5 million (USD 84.8 million) in year ended March 31, 2025. Increase in revenue is mainly a combination of increase in our Hotels and Packages business on account of our Meetings, Incentives, Conferences, and Exhibitions (“MICE”) business and full year impact of acquisition of Globe All India Services Limited (“GAISL”) in year ended March 31, 2025.

 

Service Cost. Our service cost increased to INR 5,273.5 million (USD 56.2 million) in the year ended March 31, 2026 from INR 4,039.0 million (USD 43.0 million) in the year ended March 31, 2025 primarily on account of increase in our Hotels and Packages business due to MICE business and full year impact of acquisition of GAISL in year ended March 31, 2025

 

The following table reconciles our Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure), For further details, see section below titled “Certain Non-IFRS Measures.”

 

    Reportable Segments  
    Air Ticketing     Hotels and Packages     Other Services  
    Year ended March 31,  
Amount in INR thousands   2025     2026     2025     2026     2025     2026  
Revenue as per IFRS - Rendering of services     19,25,254       24,49,428       51,38,044       67,75,312       3,20,165       3,14,438  
Customer promotional expenses     16,62,928       19,23,228       3,50,741       2,60,059       15,858       13,954  
Service cost     -       -       (40,16,080 )     (52,73,474 )     (22,966 )     -  
Other income     -       -       -       -                  
Adjusted Margin     35,88,182       43,72,656       14,72,705       17,61,897       3,13,057       3,28,392  

 

Air Ticketing. Revenue from our Air Ticketing business was INR 2,449.4 million (USD 26.1 million) in the year ended March 31, 2026 against INR 1,925.3 million (USD 20.5 million) in the year ended March 31, 2025.

 

Adjusted Margin (1) from our Air Ticketing business increased to INR 4,372.7 million (USD 46.6 million) in the year ended March 31, 2026 against INR 3,588.2 million (USD 38.2 million) in the year ended March 31, 2025. In the year ended March 31, 2026, Adjusted Margin (1) for Air Ticketing includes the addition of INR 1,923.2 million (USD 20.5 million) in the year ended March 31, 2026 against INR 1,662.9 million (USD 17.7 million) in the year ended March 31, 2025 of customer promotional expenses, which reduced revenue as per IFRS 15. This increase in Adjusted Margin is on account of increase in air gross booking value by 11.9 % in the year ended March 31, 2026 as compared to year ended March 31, 2025.

 

Hotels and Packages. Revenue from our Hotels and Packages business was INR 6,775.3 million (USD 72.2 million) in the year ended March 31, 2026 against INR 5,138.0 million (USD 54.8 million) in the year ended March 31, 2025.

 

 

 

 

Adjusted Margin (1) for this segment increased by 19.6% to INR 1,761.9 million (USD 18.8 million) in the year ended March 31, 2026 from INR 1,472.7 million (USD 15.7 million) in the year ended March 31, 2025. In the year ended March 31, 2026, Adjusted Margin (1) for Hotels & Packages includes the add-back of INR 260.1 million (USD 2.8 million) against INR 350.7 million (USD 3.7 million) in the year ended March 31, 2025, of customer promotional expenses, which had been reduced from revenue as per IFRS 15. The increase in Adjusted Margin is driven by increase in gross bookings of our Hotels and Packages business on account of MICE business and full year impact of acquisition of GAISL in year ended March 31, 2025.

 

Other Services. Our income from Other Services was INR 314.4 million (USD 3.4 million) in the year ended March 31, 2026, a decrease from INR 320.2 million (USD 3.4 million) in the year ended March 31, 2025.

 

Adjusted Margin for this segment increased by 4.9% to INR 328.4 million (USD 3.5 million) in the year ended March 31, 2026 from INR 313.1 million (USD 3.3 million) in the year ended March 31, 2025. In the year ended March 31, 2026, Adjusted Margin includes add-back of INR 14.0 million (USD 0.1 million) in the year ended March 31, 2026 against INR 15.9 million (USD 0.2 million) in the year ended March 31, 2025 of customer promotional expenses, which had been reduced from revenue as per IFRS 15. The increase in Adjusted Margin on account of full year impact of acquisition of GAISL in year ended March 31, 2025.

 

Other Revenue. Our Other Revenue was INR 534.9 million (USD 5.7 million) in the year ended March 31, 2026, a decrease from INR 571.1 million (USD 6.1 million) in the year ended March 31, 2025 due to a decrease in advertising revenue.

 

Other Income. Our other income increased to INR 46.6 million (USD 0.5 million) in the year ended March 31, 2026 from INR 109.0 million (USD 1.2 million) in the year ended March 31, 2025.

 

Personnel Expenses. Our personnel expenses increased by 24.6% to INR 1988.9 million (USD 21.2 million) in the year ended March 31, 2026 from INR 1,596.3 million (USD 17.0 million) in the year ended March 31, 2025. Excluding employee share-based compensation costs of INR 277.6 million (USD 3.0 million) in the year ended March 31, 2026 from INR 124.8 million (USD 1.3 million) in the year ended March 31, 2025, personnel expenses increased by 31.7% in the year ended March 31, 2025 on account of increase in head count, impact of GAISL acquisition and an impact of our annual appraisal cycle.

 

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses decreased by 48.9% to INR 220.0 million (USD 2.3 million) in the year ended March 31, 2026 from INR 430.1 million (USD 4.6 million) in the year ended March 31, 2025. Adding back the expenses for customer promotional expenses, which have been reduced from revenue per IFRS 15, our marketing spend would have been INR 2,417.2 million (USD 25.8 million) against INR 2,459.6 million (USD 26.2 million) in the year ended March 31, 2025, a decrease of 1.7% year-over-year on account of optimization of discount across all the businesses.

 

Other Operating Expenses. Other operating expenses increased by 32.2% to INR 2,352.1 million (USD 25.1 million) in the year ended March 31, 2026 from INR 1,779.5 million (USD 19.0 million) in the year ended March 31, 2025. The increase is mainly on account of GAISL acquisition.

 

Depreciation and Amortization. Our depreciation and amortization expenses increased by 33.2% to INR 411.5 million (USD 4.4 million) in the year ended March 31, 2026 from INR 308.9 million (USD 3.3 million) in the year ended March 31, 2025 largely on account of capitalization of intangible assets during the year and impact of GAISL acquisition partially offset by full depreciated and amortized assets in the year ended March 31, 2026.

 

Results from Operations. As a result of the foregoing factors, our result from operating activities were a loss of INR 125.3 million (USD 1.3 million) in the year ended March 31, 2026. Our loss for the year ended March 31, 2025 was INR 90.3 million (USD 1.0 million). Excluding the employee share-based compensation costs, Adjusted Results from Operations(1) would have been profit of INR 152.3 million (USD 1.6 million) for year ended March 31, 2026 as compared to profit of INR 34.5 million (USD 0.4 million) for year ended March 31, 2025.

 

 

 

 

Finance Income. Our finance income decreased to INR 206.8 million (USD 2.2 million) in the year ended March 31, 2026 from INR 207.8 million (USD 2.2 million) in the year ended March 31, 2025.

 

Finance Costs. Our finance costs increased to INR 127.7 million (USD 1.4 million) includes interest on the lease liability of INR 38.1 million (USD 0.4 million) in the year ended March 31, 2026 as compared to INR 106.9 million (USD 1.1 million) includes interest on the lease liability of INR 32.6 million (USD 0.3 million) in the year ended March 31, 2025. This increase in interest on borrowing is majorly driven by an increase in our borrowings on account of re-payments of our certain loans and working capital facilities.

 

Income Tax Expense. Our income tax benefit during the year ended March 31, 2026 was INR 19.8 million (USD 0.2 million) compared to a expense of INR 12.8 million (USD 0.1 million) during the year ended March 31, 2025.

 

Profit for the Period. As a result of the foregoing factors, our loss in the year ended March 31, 2026 was INR 66.0 million (USD 0.7 million) as compared to a profit of INR 23.5 million (USD 0.3 million) in the year ended March 31, 2025. Excluding the employee share-based compensation costs and listing and related expenses, the Adjusted Profit(1) would have been INR 211.6 million (USD 2.3 million) for year ended March 31, 2026 and Adjusted Profit(1) INR 148.3 million (USD 1.6 million) for year ended March 31, 2025. Adjusted EBITDA Profit(1) increased by 64.2% to INR 563.8 million (USD 6.0 million) in the year ended March 31, 2026 from Adjusted EBITDA Profit(1) of INR 343.4 million (USD 3.7 million) in the year ended March 31, 2025.

 

Basic Loss per Share. Basic Loss per Share was INR 3.53 (USD 0.04) in the year ended March 31, 2026 as compared to basic loss per share of INR 1.73 (USD 0.02) in the year ended March 31, 2025. After excluding the employee share-based compensation costs, impairment of loan to joint venture and listing and related expenses, Adjusted Basic Loss per Share(1) would have been INR 1.60 (USD 0.02) in the year ended March 31, 2026, as compared to Adjusted Basic Loss of INR 0.34 (USD 0.01) in the year ended March 31, 2025.

 

Diluted Loss per Share. Diluted Loss per Share was INR 3.53 (USD 0.04) in the year ended March 31, 2026 as compared to Diluted Loss per share of 1.73 (USD 0.02) in the year ended March 31, 2025. After excluding the employee share-based compensation costs, impairment of loan to joint venture, listing and related expenses and net change in fair value of warrants, Adjusted Diluted Loss per Share(1) would have been INR 1.60 (USD 0.02) in the year ended March 31, 2026 as compared to Adjusted Diluted Loss INR 0.34 (USD 0.01) in the year ended March 31, 2025.

 

Conference Call

 

The Company will host a conference call to discuss its unaudited results for the three months ended March 31, 2026, beginning at 9:00 AM Eastern Daylight Time (or 6:30 PM India Standard Time) on May 25, 2026. Dial in details for the conference call is as follows: US/International dial-in number: +1 585-542-9983. Confirmation Code: 280401239 (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/280401239.

 

Certain Non-IFRS Measures

 

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.

 

We believe that Adjusted Margin provides investors with useful supplemental information about the financial performance of our business and more accurately reflects the value addition of the travel services that we provide to our customers. The presentation of this non-IFRS information is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). Our Adjusted Margin may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

 

 

 

 

In addition to referring to Adjusted Margin, we also refer to Adjusted EBITDA, Adjusted Results from Operations, Adjusted Profit/(Loss) for the Period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share which are also non-IFRS measures. For our internal management reporting, budgeting and decision-making purposes, including comparing our operating results to that of our competitors, these non-IFRS financial measures exclude employee share-based compensation cost. Our non-IFRS financial measures reflect adjustments based on the following:

 

  ● Employee share-based compensation cost - The compensation cost to be recorded is dependent on varying available valuation methodologies and subjective assumptions that companies can use while valuing these expenses especially when adopting IFRS 2 “Share-based Payment”. Thus, the management believes that providing non-IFRS financial measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies.
     
  ● Finance income - These primarily reflect income on the bank deposit.
     
  ● Finance cost - These primarily reflect income on the borrowings and interest in lease liability.
     
  ● Depreciation and amortization - These primarily reflect depreciation and amortization on tangible and intangible assets.
     
  ● Tax expense - These primarily reflect income tax and deferred tax.

 

We evaluate the performance of our business after excluding the impact of the above measures and believe it is useful to understand the effects of these items on our results from operations, Profit/(Loss) for the period and Basic and Diluted Earnings/(Loss) Per Share. The presentation of these non-IFRS measures is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

 

A limitation of using Adjusted EBITDA, Adjusted Results from Operations, Adjusted Profit/(Loss) for the period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share as against using measures in accordance with IFRS as issued by the IASB are that these non-IFRS financial measures exclude share-based compensation cost, depreciation and amortization, finance income, finance costs, and tax expenses in case of Adjusted EBITDA. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted EBITDA, Adjusted Results from Operations, Adjusted Profit/(Loss) for the Period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share.

 

The following table reconciles our Profits/(Losses) for the periods (an IFRS measure) to Adjusted EBITDA (a non-IFRS measure) for the periods indicated:

 

Reconciliation of Adjusted EBITDA (unaudited)   Three months ended     Year ended  
Amount in INR thousands   March 31, 2025     March 31, 2026     March 31, 2025     March 31, 2026  
Profit/(Loss) for the period as per IFRS     (15,210 )     (1,45,470 )     23,501       (66,018 )
Employee share-based compensation costs     22,628       1,48,227       1,24,787       2,77,648  
Depreciation and amortization     1,00,289       1,11,857       3,08,899       4,11,505  
Finance income     (31,495 )     (87,872 )     (2,07,824 )     (2,06,761 )
Finance costs     31,191       44,229       1,06,877       1,27,692  
Tax expense     (17,778 )     (25,050 )     (12,849 )     19,768  
Adjusted EBITDA     89,625       45,921       3,43,391       5,63,834  

 

 
 

 

Reconciliation of Adjusted Results from Operations (unaudited)   Three months ended     Year ended  
Amount in INR thousands   March 31, 2025     March 31, 2026     March 31, 2025     March 31, 2026  
Results from operations (as per IFRS)     (33,292 )     (2,14,163 )     (90,295 )     (1,25,319 )
Employee share-based compensation costs     22,628       1,48,227       1,24,787       2,77,648  
Adjusted Results from Operations     (10,664 )     (65,936 )     34,492       1,52,329  

 

Reconciliation of Adjusted Profit/(Loss) (unaudited)   Three months ended     Year ended  
Amount in INR thousands   March 31, 2025     March 31, 2026     March 31, 2025     March 31, 2026  
Profit/(Loss) for the period (as per IFRS)     (15,210 )     (1,45,470 )     23,501       (66,018 )
Employee share-based compensation costs     22,628       1,48,227       1,24,787       2,77,648  
Adjusted Profit/(Loss) for the period     7,418       2,757       1,48,288       2,11,630  

 

    Three months ended     Year ended  
Reconciliation of Adjusted Basic Earnings/(Loss) (Per Share) (unaudited)   March 31, 2025     March 31, 2026     March 31, 2025     March 31, 2026  
Basic Earnings/Loss per share (as per IFRS)     (1.13 )     (2.54 )     (1.73 )     (3.53 )
Employee share-based compensation costs     0.25       1.67       1.39       1.93  
Adjusted Basic Earnings/(Loss) Per Share     (0.88 )     (0.87 )     (0.34 )     (1.60 )

 

    Three months ended     Year ended  
Reconciliation of Adjusted Diluted Loss (Per Share) (unaudited)   March 31, 2025     March 31, 2026     March 31, 2025     March 31, 2026  
Diluted Earnings/(Loss) per share (as per IFRS)     (1.13 )     (2.54 )     (1.73 )     (3.53 )
Employee share-based compensation costs     0.25       1.67       1.39       1.93  
Adjusted Diluted Earnings/(Loss) Per Share     (0.88 )     (0.87 )     (0.34 )     (1.60 )

 

 

 

 

The following table reconciles our Revenue (an IFRS measure), to Adjusted Margin (a non-IFRS measure):

 

Reconciliation of Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure)

 

    Reportable Segments  
    Air Ticketing     Hotels and Packages     Other Services  
    Three months ended March 31,  
Amount in INR thousands (Unaudited)   2025     2026     2025     2026     2025     2026  
Revenue as per IFRS - Rendering of services     5,74,766       6,06,295       13,90,277       10,86,931       89,129       75,997  
Customer promotional expenses     3,51,010       5,71,988       63,191       67,565       3,032       2,668  
Service cost     -       -       (10,96,086 )     (7,89,274 )     -       -  
Other income     -       -       -       -                  
Adjusted Margin     9,25,776       11,78,283       3,57,382       3,65,222       92,161       78,665  

 

    Reportable Segments  
    Air Ticketing     Hotels and Packages     Other Services  
    Year ended March 31,  
Amount in INR thousands   2025     2026     2025     2026     2025     2026  
Revenue as per IFRS - Rendering of services     19,25,254       24,49,428       51,38,044       67,75,312       3,20,165       3,14,438  
Customer promotional expenses     16,62,928       19,23,228       3,50,741       2,60,059       15,858       13,954  
Service cost     -       -       (40,16,080 )     (52,73,474 )     (22,966 )     -  
Other income     -       -       -       -                  
Adjusted Margin     35,88,182       43,72,656       14,72,705       17,61,897       3,13,057       3,28,392  

 

 

 

 

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 and freight 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, , including the conflict in Iran, austerity measures implemented or recommended by the Indian government, pandemics, macroeconomic factors, including tariff and trade issues, and natural calamities; fluctuations in exchange rates between the Indian rupee and the U.S. dollar, Euro, British pound sterling or other major currencies; 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 Online India, a public listed company on the National Stock Exchange of India Limited and BSE Limited (hereinafter referred to as “Yatra India”), 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 59K 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 travelers 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 80K 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.

 

For more information, please contact:

 

Stephanie Oshchepkov

ICR Inc.

Email: stephanie.oshchepkov@icrinc.com

 

 

 

 

Yatra Online, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS FOR YEAR MARCH 31, 2026

(Amount in thousands, except per share data and number of shares)

 

    Three months ended March 31,     Year ended March 31,  
    2025     2026     2025     2026  
    INR     INR     USD     INR     INR     USD  
    Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited  
Revenue                                                
Rendering of services     20,54,173       17,69,223       18,856       73,83,464       95,39,178       1,01,664  
Other revenue     1,35,566       1,21,027       1,290       5,71,058       5,34,852       5,700  
Total revenue     21,89,739       18,90,250       20,146       79,54,522       1,00,74,030       1,07,364  
Other income     58,114       13,111       140       1,08,957       46,558       496  
                                                 
Service cost     10,96,086       7,89,274       8,412       40,39,046       52,73,474       56,202  
Personnel expenses     4,65,129       5,45,295       5,812       15,96,258       19,88,886       21,197  
Marketing and sales promotion expenses     1,07,183       35,523       379       4,30,106       2,19,987       2,345  
Other operating expenses     5,12,458       6,35,575       6,774       17,79,465       23,52,055       25,067  
Depreciation and amortization     1,00,289       1,11,857       1,192       3,08,899       4,11,505       4,386  
Results from operations     (33,292 )     (2,14,163 )     (2,283 )     (90,295 )     (1,25,319 )     (1,337 )
                                                 
Finance income     31,495       87,872       936       2,07,824       2,06,761       2,204  
Finance costs     (31,191 )     (44,229 )     (471 )     (1,06,877 )     (1,27,692 )     (1,361 )
Profit/(Loss) before taxes     (32,988 )     (1,70,520 )     (1,818 )     10,652       (46,250 )     (494 )
Tax (expense)/benefit     17,778       25,050       267       12,849       (19,768 )     (211 )
Profit/(Loss) for the period     (15,210 )     (1,45,470 )     (1,551 )     23,501       (66,018 )     (705 )
                                                 
Other comprehensive income/ (loss)                                                
Items not to be reclassified to profit or loss in subsequent periods (net of taxes)                                                
Remeasurement gain on defined benefit plan     (2,533 )     2,394       26       (3,061 )     (3,688 )     (38 )
Items that are or may be reclassified subsequently to profit or loss (net of taxes)                                                
Foreign currency translation differences loss     1,27,270       1,48,662       1,584       2,02,414       (64,430 )     (686 )
Other comprehensive profit/(loss) for the period, net of tax     1,24,737       1,51,056       1,610       1,99,353       (68,118 )     (724 )
Total comprehensive profit/(loss) for the period, net of tax     1,09,527       5,586       59       2,22,854       (1,34,136 )     (1,429 )
                                                 
Profit/(loss) attributable to :                                                
Owners of the Parent Company     (70,541 )     (1,63,946 )     (1,745 )     (1,06,925 )     (2,22,041 )     (2,366 )
Non-Controlling interest     55,331       18,476       194       1,30,426       1,56,025       1,661  
Profit/(Loss) for the period     (15,210 )     (1,45,470 )     (1,551 )     23,501       (66,018 )     (705 )
                                                 
Total comprehensive profit/(loss) attributable to :                                                
Owners of the Parent Company     55,090       (13,678 )     (146 )     93,510       (2,88,782 )     (3,076 )
Non-Controlling interest     54,437       19,264       205       1,29,344       1,54,646       1,647  
Total comprehensive profit/(loss) for the period     1,09,527       5,586       59       2,22,854       (1,34,136 )     (1,429 )
                                                 
Earnings/(Loss) per share                                                
Basic     (1.13 )     (2.54 )     (0.03 )     (1.73 )     (3.53 )     (0.04 )
Diluted     (1.13 )     (2.54 )     (0.03 )     (1.73 )     (3.53 )     (0.04 )
                                                 
Weighted average no. of shares                                                
Basic     6,20,10,929       6,44,89,255       6,44,89,255       6,18,75,719       6,29,06,916       6,29,06,916  
Diluted     6,20,10,929       6,44,89,255       6,44,89,255       6,18,75,719       6,29,06,916       6,29,06,916  

 

*rounded off

 

 

 

 

Yatra Online, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS MARCH 31, 2026  

(Amounts in thousands, except per share data and number of shares)

 

    March 31, 2025     March 31, 2026     March 31, 2026  
    INR     INR     USD  
    Audited     Unaudited  
Assets                  
Non-current assets                        
Property, plant and equipment     1,36,824       1,40,656       1,499  
Right-of-use assets     1,83,029       2,57,291       2,742  
Intangible assets and goodwill     23,44,983       24,83,450       26,468  
Investment in equity accounted investee     -       -       -  
Prepayments and other assets     610       3,696       39  
Other financial assets     90,714       55,556       592  
Term deposits     44,770       32,032       341  
Other non-financial assets     1,68,883       1,29,210       1,377  
Deferred tax assets     22,519       30,648       327  
Total non-current assets     29,92,332       31,32,539       33,385  
                         
Current assets                        
Inventories     54       -       -  
Trade and other receivables     55,68,241       54,10,219       57,660  
Prepayments and other assets     21,63,456       18,35,763       19,565  
Income tax recoverable     5,04,131       5,25,136       5,597
Other financial assets     64,722       79,871       851  
Term deposits     13,09,400       14,76,004       15,731  
Cash and cash equivalents     6,05,802       10,04,077       10,701  
Total current assets     1,02,15,806       1,03,31,070       1,10,104  
                         
Total assets     1,32,08,138       1,34,63,609       1,43,489  
                         
Equity and liabilities                        
Equity             `          
Share capital     863       880       9  
Share premium     2,05,95,068       2,07,97,747       2,21,653  
Treasury shares     (4,18,555 )     (4,18,555 )     (4,461 )
Other capital reserve     4,12,232       4,22,790       4,506  
Accumulated deficit     (2,03,74,549 )     (2,05,98,903 )     (2,19,534 )
Non-controlling interest reserve     50,32,282       50,32,282       53,632  
Foreign currency translation reserve     1,56,353       91,923       980  
Total equity attributable to equity holders of the Company     54,03,694       53,28,164       56,785  
Total Non-controlling interest     25,01,141       30,21,728       32,204  
Total equity     79,04,835       83,49,892       88,990  
                         
Non-current liabilities                        
Borrowings     20,744       16,473       176  
Deferred tax liability     1,42,468       1,28,885       1,374  
Employee benefits     65,830       1,03,723       1,105  
Lease liability     1,86,339       2,28,583       2,436  
Other financial liabilities     -       720       8  
Total non-current liabilities     4,15,381       4,78,384       5,098  
                         
Current liabilities                        
Borrowings     5,25,120       6,99,744       7,458  
Trade and other payables     29,53,069       27,48,081       29,288  
Employee benefits     62,550       86,011       917  
Deferred revenue     2,390       2,511       27  
Income taxes payable     1,723       3,241       35  
Lease liability     51,810       84,920       905  
Other financial liabilities     93,924       67,082       715  
Other current liabilities     11,97,336       9,43,743       10,058  
Total current liabilities     48,87,922       46,35,333       49,401  
Total liabilities     53,03,303       51,13,717       54,500  
Total equity and liabilities     1,32,08,138       1,34,63,609       1,43,489  

 

 
 

 

Yatra Online, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2026

(Amount in INR thousands, except per share data and number of shares)

 

    Attributable to shareholders of the Parent Company  
    Equity share capital     Equity share premium     Treasury shares     Accumulated deficit     Noncontrolling
interest
reserve 		    Other capital reserve     Foreign currency translation reserve     Total     Non-controlling interest     Total Equity  
Balance as at April 1, 2025     863       2,05,95,068       (4,18,555 )     (2,03,74,549 )     50,32,282       4,12,232       1,56,353       54,03,694       25,01,141       79,04,835  
                                                                                 
Loss for the period     -       -       -       (2,22,041 )     -       -       -       (2,22,041 )     1,56,025       (66,016 )
                                                                                 
Other comprehensive loss                                                                                
Foreign currency translation differences     -       -       -       -       -       -       (64,430 )     (64,430 )     -       (64,430 )
Re-measurement gain on defined benefit plan     -       -       -       (2,312 )     -       -       -       (2,312 )     (1,378 )     (3,690 )
Total other comprehensive loss     -       -       -       (2,312 )     -       -       (64,430 )     (66,742 )     (1,378 )     (68,120 )
                                                                                 
Total comprehensive loss     -       -       -       (2,24,353 )     -       -       (64,430 )     (2,88,783 )     1,54,648       (1,34,135 )
                                                                              -  
Share based payments     -       -       -       (1 )     -       2,77,649       -       2,77,648       -       2,77,648  
Vested PSUs net settled for employee’s tax obligation     -       (62,778 )     -       -       -       -       -       (62,778 )     -       (62,778 )
Exercise of options     17       2,65,457       -       -       -       (2,67,091 )     -       (1,617 )     -       (1,617 )
                                                                                 
Total contribution by owners     17       2,02,679       -       (1 )     -       10,558       -       2,13,253       3,65,940       5,79,193  
                                                                                 
Balance as at March 31, 2026     880       2,07,97,747       (4,18,555 )     (2,05,98,903 )     50,32,282       4,22,790       91,923       53,28,164       30,21,729       83,49,892  

 

 
 

 

Yatra Online, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR YEAR ENDED MARCH 31, 2026

(Amount in thousands, except per share data and number of shares)

 

    Year ended March 31, 2026  
    2025     2026     2026  
    INR     INR     USD  
                   
Profit / (Loss) before tax     10,652       (46,250 )     (493 )
Adjustments for non-cash and non-operating items     2,20,933       6,21,345       6,622  
Change in working capital     (5,71,163 )     70,251       749  
Direct taxes paid (net of refunds)     48,490       (61,063 )     (651 )
Net cash flows from operating activities     (2,91,088 )     5,84,283       6,227  
Net cash flows generated from/(used in) investing activities     49,029       (4,45,677 )     (4,750 )
Net cash flows generated from/(used in) financing activities     (10,26,163 )     (3,94,717 )     (4,207 )
Net increase/decrease in cash and cash equivalents     (12,68,222 )     (2,56,111 )     (2,730 )
Cash and Cash Equivalents acquired on Business acquisition     5,896       -       -  
Effect of exchange differences on cash and cash equivalents     69,044       2,70,056       2,878  
Cash and cash equivalents at the beginning of the period     17,41,950       5,48,668       5,847  
Cash and cash equivalents at the end of the period     5,48,668       5,62,613       5,995  

 

* Includes overdraft of INR 441,465 (INR 57,134 as on March 31, 2025)

 

Yatra Online, Inc.

OPERATING DATA

 

The following table sets forth certain selected unaudited condensed consolidated financial and other data for the periods indicated:

 

    For the three months ended March 31,     For the year ended March 31,  
(In thousands except percentages)   2025     2026     2025     2026  
Quantitative details *                                
Air Passengers Booked     1,248       1,368       5,269       5,394  
Stand-alone Hotel Room Nights Booked     367       500       1,663       1,935  
Packages Passengers Travelled     20       16       61       91  
Gross Bookings                                
Air Ticketing     1,46,64,296       1,60,28,926       5,52,72,782       6,18,74,829  
Hotels and Packages     33,89,955       36,96,653       1,30,53,414       1,65,77,607  
Other Services     6,59,639       4,85,591       25,83,970       20,83,387  
Total     1,87,13,890       2,02,11,170       7,09,10,166       8,05,35,823  
Adjusted Margin                                
Adjusted Margin - Air Ticketing     9,25,776       11,78,283       35,88,182       43,72,656  
Adjusted Margin - Hotels and Packages     3,57,382       3,65,222       14,72,705       17,61,897  
Adjusted Margin - Other Services     92,161       78,665       3,13,057       3,28,392  
Others (Including Other Income)     1,93,681       1,34,138       6,80,015       4,12,983  
Total     15,69,000       17,56,308       60,53,959       68,75,928  
Adjusted Margin%**                                
Air Ticketing     6.3 %     7.4 %     6.5 %     7.1 %
Hotels and Packages     10.5 %     9.9 %     11.3 %     10.6 %
Other Services     14.0 %     16.2 %     12.1 %     15.8 %

 

* Quantitative details are considered on Gross basis.

** Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings.

 

 

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Yatra Online (YTRA) perform financially in FY 2026?

Yatra Online reported FY 2026 revenue of INR 10,074.0 million (USD 107.4 million), up 26.6% year-over-year. Despite this growth, it posted a loss of INR 66.0 million (USD 0.7 million) versus a profit of INR 23.5 million in FY 2025.

What were Yatra Online (YTRA)’s key profitability metrics for FY 2026?

For FY 2026, Yatra Online’s Adjusted EBITDA rose to INR 563.8 million (USD 6.0 million), a 64.2% year-over-year increase. Adjusted Results from Operations improved to a profit of INR 152.3 million (USD 1.6 million), highlighting stronger underlying performance despite the reported net loss.

How did Yatra Online (YTRA) perform in the fourth quarter ended March 31, 2026?

In Q4 2026, Yatra Online generated revenue of INR 1,890.2 million (USD 20.1 million), down 13.7% year-over-year. The company recorded a loss of INR 145.5 million (USD 1.6 million), compared with a loss of INR 15.2 million in the prior-year quarter.

How are Yatra Online (YTRA)’s core segments performing?

For FY 2026, Air Ticketing Adjusted Margin increased 21.9% to INR 4,372.7 million (USD 46.6 million), while Hotels and Packages Adjusted Margin rose 19.6% to INR 1,761.9 million (USD 18.8 million). Total Gross Bookings climbed 13.6% to INR 80,535.8 million (USD 858.3 million).

What impacted Yatra Online (YTRA)’s Hotels and Packages business in Q4 2026?

In Q4 2026, Hotels and Packages revenue fell 21.8% to INR 1,086.9 million (USD 11.6 million), mainly due to disruptions in Middle East aviation routes. Despite this, Adjusted Margin for the segment increased 2.2% to INR 365.2 million (USD 3.9 million).

What is Yatra Online (YTRA)’s liquidity position as of March 31, 2026?

As of March 31, 2026, Yatra Online held INR 2,512.1 million (USD 26.8 million) in cash and cash equivalents plus term deposits. This liquidity provides financial flexibility while the company manages sector volatility and explores potential restructuring alternatives.

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