Yatra Online Q2 FY2027 revenue falls 39.1% to INR 2.14B

Available on EDGAR 11/12/2026 - 04:34 PM EST Accepted by SEC EDGAR 11/12/2026 - 04:34 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Yatra Online, Inc. (YTRA) reported unaudited second-quarter fiscal 2027 results for the three months ended September 30, 2026. Revenue was INR 2,136.0 million, down 39.1% year over year, while Gross Bookings rose 5.6% to INR 21,654.6 million. Net loss was INR 223.1 million versus a profit of INR 98.8 million a year earlier; results from operations were a loss of INR 207.6 million versus a profit of INR 104.7 million, and Adjusted EBITDA was a loss of INR 32.2 million versus profit of INR 212.0 million.

Air Ticketing Adjusted Margin rose 20.8% to INR 1,227.5 million; Hotels and Packages Adjusted Margin fell 25.9% to INR 381.1 million. Yatra attributed the Hotels and Packages decline mainly to MICE, as corporate customers deferred or resized programs amid higher travel costs. Cash and term deposits were INR 2,304.1 million as of September 30, 2026.

For the six months ended September 30, net cash used in operating activities was INR 377.0 million. Nasdaq sent a new minimum bid-price deficiency notice after Yatra had previously regained compliance; it has until May 10, 2027 to regain compliance by closing at $1.00 or more for at least 10 consecutive business days. Yatra said it does not currently believe the November 1 cybersecurity incident materially affected core operations, financial performance or continuity; its investigation continues.

2 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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1 major · 5 points

How the balance works

Positive

• Moderate pointGross Bookings increased 5.6% to INR 21,654.6 million.
• Moderate pointAir Ticketing Adjusted Margin rose 20.8% to INR 1,227.5 million.

Negative

• Major pointNasdaq set May 10, 2027 as a new bid-price compliance deadline.
• Moderate pointRevenue fell 39.1% to INR 2,136.0 million.
• Moderate pointYatra recorded a INR 223.1 million net loss, versus a prior-year profit.
• Moderate pointAdjusted EBITDA turned to a INR 32.2 million loss from a INR 212.0 million profit.
• Moderate pointSix-month operating cash flow was a INR 377.0 million net outflow, versus a prior-year inflow.

Filing Explained

Magna’s offer ended without the proposed 31% ownership acquisition: 414,256 shares, about 0.65% of Yatra’s outstanding shares, were accepted.

Yatra’s 2026-11-12 Form 6-K is incorporated by reference into its F-3 and two S-8 registration statements from submission. The filing also reports that Magna’s partial tender offer has concluded without the proposed 31% acquisition.

Key Figures

Revenue: INR 2,136.0 million Gross Bookings: INR 21,654.6 million Net loss: INR 223.1 million loss +5 more

8 metrics

Revenue INR 2,136.0 million Three months ended September 30, 2026; decreased 39.1% year over year.

Gross Bookings INR 21,654.6 million Three months ended September 30, 2026; increased 5.6% year over year.

Net loss INR 223.1 million loss Three months ended September 30, 2026, versus INR 98.8 million profit in the prior-year quarter.

Air Ticketing Adjusted Margin INR 1,227.5 million Three months ended September 30, 2026; increased 20.8% year over year.

Hotels and Packages Adjusted Margin INR 381.1 million Three months ended September 30, 2026; decreased 25.9% year over year.

Adjusted EBITDA INR 32.2 million loss Three months ended September 30, 2026, versus INR 212.0 million profit in the prior-year quarter.

Net cash from operating activities INR 377.0 million net outflow Six months ended September 30, 2026, versus INR 1,110.3 million net inflow in the prior-year period.

Nasdaq minimum bid price $1.00 per share Yatra has until May 10, 2027 to regain compliance, including a closing bid at or above this price for at least 10 consecutive business days.

Key Terms

Gross Bookings, Adjusted Margin, Adjusted EBITDA, MICE, +1 more

5 terms

Gross Bookings financial

"the total amount paid by our customers for travel services"

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.

Adjusted Margin financial

"we evaluate our financial performance based on Adjusted Margin"

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.

Adjusted EBITDA financial

"Adjusted EBITDA (a non-IFRS measure)"

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.

MICE technical

"Meetings, Incentives, Conferences, and Exhibitions (“MICE”) business"

Mice are small laboratory animals commonly used in preclinical research to test whether new drugs, therapies, or medical devices are safe and effective before human trials. For investors, results from mouse studies act like an early pilot test—positive findings can boost confidence and value by suggesting a treatment may work, while negative or unclear results can signal higher risk, though outcomes in mice do not guarantee human success.

Minimum Bid Price Requirement regulatory

"Minimum Bid Price Requirement pursuant to Nasdaq Listing Rule 5550(a)(2)"

A minimum bid price requirement is a rule that a stock must trade above a set price for a specified period to stay listed on an exchange. It matters to investors because falling below that threshold can trigger warnings or removal from the exchange, which can cut liquidity, reduce visibility, and often lead to sharper declines in share value—think of it like a venue’s minimum dress code that, if not met, can bar a performer from the stage.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were YTRA's second-quarter fiscal 2027 results?

Yatra reported INR 2,136.0 million in revenue and INR 21,654.6 million in Gross Bookings for the three months ended September 30, 2026. Revenue decreased 39.1% year over year, while Gross Bookings increased 5.6%. Net loss was INR 223.1 million, compared with a prior-year profit of INR 98.8 million.

What drove YTRA's revenue decline?

Revenue decreased 39.1% year over year, mainly because of lower Hotels and Packages revenue driven by the MICE business. Hotels and Packages revenue decreased 56.4%; Yatra said higher travel costs led corporate customers to defer and resize MICE programs.

When must YTRA regain Nasdaq's minimum bid-price compliance?

Yatra received a Nasdaq notice on November 10, 2026, stating its ordinary shares had not maintained the $1.00 minimum bid price from September 29 through November 9. The company has until May 10, 2027 to regain compliance by closing at $1.00 or more for at least 10 consecutive business days. Nasdaq said the notice does not result in immediate delisting.

What happened to Magna Holdings' tender offer for YTRA shares?

Magna Holdings Ltd.'s partial tender offer for up to 20 million ordinary shares at $1.10 per share expired on September 25, 2026. A total of 414,256 shares, approximately 0.65% of outstanding share capital, were tendered and accepted; Magna did not acquire the proposed approximately 31% stake.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

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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

November 12, 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 November 12, 2026, Yatra Online, Inc. issued an earnings release announcing its unaudited financial and operating results for the three months ended September 30, 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), Form S-8 (Registration Statement No. 333-218498) filed with the SEC on June 5, 2017 and Form S-8 (Registration Statement No. 333-298000) filed with the SEC on August 5, 2026, 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 November 12, 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: November 12, 2026	By:	/s/ Siddhartha Gupta
		Siddhartha Gupta
		Chief Executive Officer

3

Exhibit 99.1

YATRA ONLINE, INC. ANNOUNCES RESULTS FOR

THE THREE MONTHS ENDED SEPTEMBER 30, 2026

Gurugram, India and New York November 12, 2026— Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), India’s leading corporate travel services provider and one of India’s leading online travel agencies, today announced its unaudited financial and operating results for the three months ended September 30, 2026.

“In the second quarter of fiscal year 2027, Yatra continued to grow and outperform a softer travel market. Gross Bookings increased 5.7% year-over-year and 3.2% sequentially to INR 21,654.6 million (USD 226.0 million), even as industry domestic air traffic declined approximately 6% year-over-year and 16% sequentially, amid the conflict in the Middle East, elevated fuel prices, higher airfares and airline capacity rationalization.

Revenue from operations was INR 2,136.0 million (USD 22.3 million), up 13.7% sequentially. The 39.1% year-over-year decrease mainly reflects lower MICE revenue, which is recognized on a gross basis; total Adjusted Margin was stable year-over-year. Profitability was affected by higher personnel and operating expenses, including investments in strategic initiatives.

Air was a key highlight: Gross Bookings grew approximately 14.8% year-over-year and Adjusted Margin grew 20.8%, improving to 5.6% of Gross Bookings from 6.9%, as better take rates in our consumer and corporate businesses offset a higher share of distribution volumes and competitive promotions. Air passenger volumes grew sequentially despite a sharp decline in industry traffic.

In Hotels and Packages, standalone Hotels grew Gross Bookings approximately 20% year-over-year, supporting our strategy of scaling this higher-margin business. Segment Gross Bookings declined approximately 20.7%, driven by headwinds to our MICE business, where higher travel costs led corporates to defer and resize programmes; activity improved during the quarter as deferred programmes began to be rescheduled.

Corporate Travel remains a key growth pillar. We continue to expand our corporate customer base and wallet share, and to broaden our addressable market through Travel Pro for MSMEs, RECAP for expense management, and new technology and global partnerships.

Looking ahead, while geopolitical and aviation-related uncertainties persist, we believe the structural drivers of travel remain compelling. We remain focused on rebuilding MICE as corporate demand recovers, scaling Hotels, strengthening profitability across Air and Hotels and Packages, and using technology, AI and automation to improve customer experience and efficiency, in pursuit of disciplined, profitable growth. I thank our team, partners, customers and shareholders for their continued support.-” — Siddhartha Gupta, CEO.

Financial and operating highlights for the three months ended September 30, 2026:

●	Revenue of INR 2,136.0 million (USD 22.3 million), representing a decrease of 39.1% year-over-year basis (“YoY”).
●	Adjusted Margin (1) from Air Ticketing of INR 1,227.5 million (USD 12.8 million), representing an increase of 20.8% YoY.
●	Adjusted Margin (1) from Hotels and Packages of INR 381.1 million (USD 4.0 million), representing a decrease of 25.9% YoY.
●	Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 21,654.6 million (USD 226.0 million), representing an increase of 5.6% YoY.
●	Loss for the period was INR 223.1 million (USD 2.3 million) versus a profit of INR 98.8 million (USD 1.0 million) for the three months ended September 30, 2025, reflecting a decrease of INR 321.9 million (USD 3.4 million) YoY.
●	Result from operations was a loss of INR 207.7 million (USD 2.2 million) versus a profit of INR 104.7 million (USD 1.1 million) for the three months ended September 30, 2025, reflecting a decrease of INR 312.3 million (USD 3.3 million) YoY.
●	Adjusted EBITDA(2) loss was INR 32.2 million (USD 0.3 million) reflecting a decrease of 115.2% YoY.

		Three months ended September 30,
		2025				2026				2026				YoY
		Unaudited				Unaudited				Unaudited				Change
(In thousands except percentages)		INR				INR				USD				%
Financial Summary as per IFRS
Revenue			35,08,690				21,36,029				22,290				(39.1	)%
Results from operations			1,04,671				(2,07,638	)			(2,166	)			(298.4	)%
Profit/(Loss) for the period			98,771				(2,33,085	)			(2,327	)			(325.9	)%
Financial Summary as per non-IFRS measures
Adjusted Margin (1)
Adjusted Margin - Air Ticketing			10,16,046				12,27,493				12,809				20.8	%
Adjusted Margin - Hotels and Packages			5,14,468				3,81,126				3,977				(25.9	)%
Adjusted Margin - Other Services			94,967				71,855				750				(24.3	)%
Others (Including Other Income)			1,37,843				1,38,834				1,449				0.7	%
Adjusted EBITDA (2)			2,11,985				(32,199	)			(336	)			(115.2	)%
Operating Metrics
Gross Bookings (3)			2,05,04,854				2,16,54,582				2,25,969				5.6	%
Air Ticketing			1,48,11,400				1,70,06,075				1,77,461				14.8	%
Hotels and Packages			51,41,643				40,53,570				42,300				(21.2	)%
Other Services (6)			5,51,811				5,94,937				6,208				7.8	%
Adjusted Margin% (4)
Air Ticketing			6.9	%			7.2	%
Hotels and Packages			10.0	%			9.4	%
Other Services			17.2	%			12.1	%
Quantitative details (5)
Air Passengers Booked			1,329				1,298								(2.4	)%
Stand-alone Hotel Room Nights Booked			504				490								(2.8	)%
Packages Passengers Travelled			33				142								329.2	%

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 cancellations 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 consist of freight businesses, IT services, bus, rail and cab and other services.

As of September 30, 2026, 64,064,495 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 six months ended September 30, 2026, the unaudited condensed consolidated statement of financial position as at September 30, 2026, the unaudited condensed consolidated statement of cash flows for the six months ended September 30, 2026 and discussion of the results of the three months ended September 30, 2026 compared with three months ended September 30, 2025, were converted into U.S. dollars at the exchange rate of 95.83 INR per USD, which is based on the noon buying rate as at September 30, 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”).

Recent developments

1. The Company received a notification from the Listing Qualifications Department of Nasdaq on June 25, 2026, informing it that its ordinary shares had failed to maintain the minimum closing bid price of USD 1.00 per share, as required under Nasdaq Listing Rule 5550(a)(2). Accordingly, the Company was granted an initial compliance period of 180 calendar days, until December 22, 2026 (“Initial Compliance Period”), to regain compliance by maintaining the minimum bid price for at least 10 consecutive business days.

On September 23, 2026, the Company has received a letter from the Listing Qualifications Department of The Nasdaq Stock Market, Inc. notifying the Company that it has regained compliance with the NASDAQ Capital Market’s minimum bid price continued listing requirement. The letter noted that for last 10 consecutive business days, from September 09, 2026 through September 22, 2026, the closing bid price of the Company’s Ordinary Shares has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2) and NASDAQ considers the matter closed.

Subsequently, on November 10, 2026, we received a letter from the Staff of Nasdaq notifying us that, for the period from September 29, 2026 to November 9, 2026, our ordinary shares had not maintained the Minimum Bid Price Requirement pursuant to Nasdaq Listing Rule 5550(a)(2). The Nasdaq letter does not result in the immediate delisting of our ordinary shares from The Nasdaq Capital Market. In accordance with the Compliance Period Rule, we have been provided an initial period of 180 calendar days, or until May 10, 2027, to regain compliance with the Minimum Bid Price Requirement.

If, at any time during this 180-day period, the closing bid price for our ordinary shares closes at $1.00 or more per share for a minimum of 10 consecutive business days (or such longer period as the Staff may require in its discretion, but generally no more than 20 consecutive business days), as required under the Compliance Period Rule, the Staff will provide written notification to us that we comply with the Minimum Bid Price Requirement and the ordinary shares will continue to be eligible for listing on The Nasdaq Capital Market. If we do not regain compliance with the Minimum Bid Price Requirement by the Compliance Date, we may be eligible for an additional 180 calendar day compliance period.

To qualify, we would have to meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the Minimum Bid Price Requirement, and we would need to provide written notice to Nasdaq of its intention to cure the deficiency during the additional compliance period, by effecting a reverse stock split, if necessary. We intend to monitor the closing bid price of its ordinary shares and may, if appropriate, consider available options to regain compliance with the Minimum Bid Price Requirement, which could include seeking to effect a reverse stock split.

However, there can be no assurance that we will be able to regain compliance with the Minimum Bid Price Requirement, secure a second period of 180 days to regain compliance, or maintain compliance with any of the other Nasdaq continued listing requirements.

2. Magna Holdings Ltd. had made an unsolicited partial tender offer to acquire up to 20 million ordinary shares, representing approximately 31% of the outstanding share capital of the Company, at an offer price of USD 1.10 per share. The Board of Directors of Yatra unanimously recommended that shareholders reject the offer, citing concerns regarding the valuation and other terms of the offer. The offer expired on September 25, 2026, with only 414,256 shares (approximately 0.65% of the outstanding share capital) tendered and accepted by Magna. Accordingly, the tender offer process has concluded without Magna acquiring the proposed 31% stake.

3. On November 1, 2026, the Company experienced a cyber-security incident. We promptly activated our incident response protocols and appropriate remedial and preventive measures were implemented to safeguard the affected systems. We do not currently believe the incident has had a material effect on the Company’s core business operations, financial performance, or business continuity. However, our investigation is ongoing and we cannot provide assurance regarding the ultimate outcome of the investigation.

Results of Three Months Ended September 30, 2026

Revenue. We generated Revenue of INR 2,136.0 million (USD 22.3 million) in the three months ended September 30, 2026, a decrease of 39.1% compared with INR 3,508.7 million (USD 36.6 million) in the three months ended September 30, 2025. The decrease in revenue is mainly on account of decrease in our Hotels and Packages business, driven by our Meetings, Incentives, Conferences, and Exhibitions (“MICE”) business.

Service cost. Our Service cost decreased to INR 881.5 million (USD 9.2 million) in the three months ended September 30, 2026, compared to Service cost of INR 2,251.4 million (USD 23.5 million) in the three months ended September 30, 2025. The decrease in Service cost is driven by a decrease in Hotels and Packages gross bookings on account of our MICE business.

The following table reconciles our Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure). For further details, see the 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 September 30,
Amount in INR thousands (Unaudited)		2025				2026				2025				2026				2025				2026
Revenue as per IFRS - Rendering of services			584,705				756,512				2,706,918				1,180,139				91,310				71,855
Customer promotional expenses			431,341				470,981				58,945				82,476				3,657				-
Service cost			-				-				(2,251,395	)			(881,489	)			-				-
Adjusted Margin			1,016,046				1,227,493				514,468				381,126				94,967				71,855

Air Ticketing. Revenue from our Air Ticketing business was INR 756.5 million (USD 7.9 million) in the three months ended September 30, 2026 as compared to INR 584.7 million (USD 6.1 million) in the three months ended September 30, 2025, reflecting an increase of 23.1%.

Adjusted Margin ⁽¹⁾ from our Air Ticketing business increased to INR 1,227.5 million (USD 12.8 million) in the three months ended September 30, 2026, as compared to INR 1,016.0 million (USD 10.6 million) in the three months ended September 30, 2025. In the three months ended September 30, 2026, Adjusted Margin ⁽¹⁾ for Air Ticketing includes the add-back of INR 471.0 million (USD 4.9 million) of consumer promotion and loyalty program costs, which had been reduced from Revenue as per IFRS 15, against an add-back of INR 431.3 million (USD 4.5 million) in the three months ended September 30, 2025. The increase in Adjusted Margin – Air Ticketing is in line with the increase in gross bookings.

Hotels and Packages. Revenue from our Hotels and Packages business was INR 1,180.1 million (USD 12.3 million) in the three months ended September 30, 2026, as compared to INR 2,706.9 million (USD 28.2 million) in the three months ended September 30, 2025, reflecting a decrease of 56.4%.

Adjusted Margin ⁽¹⁾ for this segment decreased by 25.9% to INR 381.1 million (USD 4.0 million) in the three months ended September 30, 2026 from INR 514.5 million (USD 5.4 million) in the three months ended September 30, 2025. In the three months ended September 30, 2026, Adjusted Margin ⁽¹⁾ for Hotels and Packages includes the add-back of customer promotional expenses, which had been reduced from Revenue as per IFRS 15 of INR 82.5 million (USD 0.9 million) against an add-back of INR 58.9 million (USD 0.6 million) in the three months ended September 30, 2025. The decrease in Adjusted Margin is mainly on account of a decrease in our Hotels and Packages business driven by our MICE business.

Other Services. Our Revenue from Other Services was INR 71.9 million (USD 0.8 million) in the three months ended September 30, 2026, a decrease from INR 91.3 million (USD 1.0 million) in the three months ended September 30, 2025.

Adjusted Margin for this segment decreased by 24.3% to INR 71.9 million (USD 0.8 million) in the three months ended September 30, 2026, from INR 94.9 million (USD 1.0 million) in the three months ended September 30, 2025. In the three months ended September 30, 2026, Adjusted Margin includes the reversal of consumer promotion expenses, which has increased the Revenue of INR Nil million (USD Nil million) against an add-back of INR 3.7 million (USD 0 million) in the three months ended September 30, 2025 pursuant to IFRS 15.

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

Other Revenue. Our Other Revenue was INR 127.5 million (USD 1.3 million) in the three months ended September 30, 2026, an increase from INR 125.8 million (USD 1.3 million) in the three months ended September 30, 2025 due to an increase in advertising revenue.

Other Income. Our Other Income decreased to INR 11.3 million (USD 0.1 million) in the three months ended September 30, 2026 from INR 12.1 million (USD 0.1 million) in the three months ended September 30, 2025 due to an increase in write back of liabilities no longer required to be paid.

Personnel Expenses. Our personnel expenses increased by 9.2% to INR 458.0 million (USD 4.8 million) in the three months ended September 30, 2026 from INR 419.5 million (USD 4.4 million) in the three months ended September 30, 2025. Excluding employee share-based compensation costs of INR 52.1 million (USD 0.5 million) in the three months ended September 30, 2026, compared to INR 8.6 million (USD 0.1 million) in the three months ended September 30, 2025, personnel expenses decreased by 1.2% in the three months ended September 30, 2026 on account of an impact of annual appraisal cycle.

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses decreased by 34.8% to INR 43.3 million (USD 0.5 million) in the three months ended September 30, 2026 from INR 66.5 million (USD 0.7 million) in the three months ended September 30, 2025. Adding back the expenses for consumer promotions and loyalty program costs, which have been deducted from Revenue per IFRS 15, our marketing spend would have been INR 596.8 million (USD 6.2 million) in the three months ended September 30, 2026 against INR 560.4 million (USD 5.8 million) in the three months ended September 30, 2025, an increase of 6.5% on a YoY basis.

Other Operating Expenses. Other operating expenses increased by 46.3% to INR 848.9 million (USD 8.9 million) in the three months ended September 30, 2026 from INR 580.1 million (USD 6.1 million) in the three months ended September 30, 2025.

Depreciation and Amortization. Our depreciation and amortization expenses increased by 24.9% to INR 123.3 million (USD 1.3 million) in the three months ended September 30, 2026 from INR 98.7 million (USD 1.0 million) in the three months ended September 30, 2025 on account of higher capitalization of intangible assets.

Results from Operations. As a result of the foregoing factors, our Results from Operations were a loss of INR 207.6 million (USD 2.2 million) in for the three months ended September 30, 2026. Our results from operations for the three months ended September 30, 2025 were a profit of INR 104.7 million (USD 1.1 million). Excluding the employee share-based compensation costs, Adjusted Results from Operations⁽¹⁾ would have been a loss of INR 155.5 million (USD 1.6 million) for three months ended September 30, 2026 as compared to a profit of INR 113.3 million (USD 1.2 million) for three months ended September 30, 2025.

Finance Income. Our finance income decreased to INR 21.3 million (USD 0.2 million) in the three months ended September 30, 2026 from INR 49.0 million (USD 0.5 million) in the three months ended September 30, 2025. This decrease was primarily on account of a decrease in our term deposits.

Finance Costs. Our finance costs of INR 47.9 million (USD 0.5 million) in the three months ended September 30, 2026 which includes interest on the lease liability of INR 9.9 million (USD 0.1 million) increased by INR 19.7 million (USD 0.2 million) from finance cost of INR 28.2 million (USD 0.3 million) in the three months ended September 30, 2025, which includes interest on the lease liability of INR 9.1 million (USD 0.1 million).

Income Tax Expense. Our income tax expense during the three months ended September 30, 2026 was INR 1.1 million (USD 0 million) compared to income tax expense of INR 26.7 million (USD 0.3 million) during the three months ended September 30, 2025.

Profit/ (Loss) for the Period. As a result of the foregoing factors, our loss in the three months ended September 30, 2026 was INR 223.1 million (USD 2.3 million) as compared to a profit of INR 98.8 million (USD 1.0 million) in the three months ended September 30, 2025. Excluding the employee share based compensation costs, the Adjusted Loss⁽¹⁾ would have been INR 170.9 million (USD 1.8 million) for the three months ended September 30, 2026 against an Adjusted Profit⁽¹⁾ of INR 107.4 million (USD 1.1 million) for the three months ended September 30, 2025. Due to the foregoing factors, Adjusted EBITDA ⁽¹⁾ decreased to INR (32.2 million) (USD 0.3 million) in the three months ended September 30, 2026 from an Adjusted EBITDA ⁽¹⁾ of INR 212.0 million (USD 2.2 million) in the three months ended September 30, 2025.

Basic Earnings/(Loss) per Share. Basic Loss per Share was INR 3.42 (USD 0.04) in the three months ended September 30, 2026 as compared to Basic Earnings per share of INR 0.77 (USD 0.01) in the three months ended September 30, 2025. After excluding the employee share-based compensation costs, Adjusted Basic Loss per Share⁽¹⁾ would have been INR 2.61 (USD 0.03) in the three months ended September 30, 2026, as compared to Adjusted Basic Earnings per share of INR 0.87 (USD 0.01) in the three months ended September 30, 2025.

Diluted Earnings/(Loss) per Share. Diluted Loss per Share was INR 3.42 (USD 0.04) in the three months ended September 30, 2026 as compared to Diluted Earnings per share of INR 0.77 (USD 0.01) in the three months ended September 30, 2025. After excluding the employee share-based compensation costs, Adjusted Diluted Loss Per Share⁽¹⁾ would have been INR 2.61 (USD 0.03) in the three months ended September 30, 2026 as compared to Adjusted Diluted Earnings Per Share of INR 0.87 (USD 0.01) in the three months ended September 30, 2025.

Liquidity. As of September 30, 2026, the balance of cash and cash equivalents and term deposits on our balance sheet was INR 2,304.1 million (USD 24.3 million).

Conference Call

The Company will host a conference call to discuss its unaudited results for the three months ended September 30, 2026 beginning at 08:00 AM Eastern Daylight Time (or 06:30 PM India Standard Time) on November 13, 2026. Dial in details for the conference call is as follows: US/International dial-in number: +1 585-542-9983. Confirmation Code: 690821321 (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/690821321.

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 - This primarily reflects income on the bank deposits.
	●	Finance cost - This primarily reflects income on the borrowings and interest in lease liabilities.
	●	Depreciation and amortization - This primarily reflect depreciation and amortization on tangible and intangible assets.
	●	Tax expense - This primarily reflects 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								Six months ended
Amount in INR thousands		September 30, 2025				September 30, 2026				September 30, 2025				September 30, 2026
Profit/(Loss) for the period as per IFRS			98,771				(2,23,083	)			2,08,712				(1,82,221	)
Employee share-based compensation costs			8,618				52,175				18,957				1,00,529
Depreciation and amortization			98,696				1,23,264				1,90,206				2,34,911
Finance income			(49,012	)			(21,315	)			(84,084	)			(57,434	)
Finance costs			28,215				47,866				46,437				94,299
Tax expense/(benefit)			26,697				(11,104	)			37,985				(6,382	)
Adjusted EBITDA			2,11,985				(32,199	)			4,18,213				1,83,702

Reconciliation of Adjusted Results from Operations (unaudited)		Three months ended								Six months ended
Amount in INR thousands		September 30, 2025				September 30, 2026				September 30, 2025				September 30, 2026
Results from operations (as per IFRS)			1,04,671				(2,07,638	)			2,09,050				(1,51,738	)
Employee share-based compensation costs			8,618				52,175				18,957				1,00,529
Adjusted Results from Operations			1,13,289				(1,55,463	)			2,28,007				(51,209	)

Reconciliation of Adjusted Profit/(Loss) (unaudited)		Three months ended								Six months ended
Amount in INR thousands		September 30, 2025				September 30, 2026				September 30, 2025				September 30, 2026
Profit/(Loss) for the period (as per IFRS)			98,771				(2,23,083	)			2,08,712				(1,82,221	)
Employee share-based compensation costs			8,618				52,175				18,957				1,00,529
Tax impact of non-IFRS adjustments*			-				-				-				-
Adjusted Profit/(Loss) for the period			1,07,389				(1,70,908	)			2,27,669				(81,692	)

		Three months ended								Six months ended
Reconciliation of Adjusted Basic Earnings/(Loss) (Per Share) (unaudited)		September 30, 2025				September 30, 2026				September 30, 2025				September 30, 2026
Basic Earnings/Loss per share (as per IFRS)			0.77				(3.42	)			1.62				(2.89	)
Employee share-based compensation costs			0.10				0.82				0.22				1.57
Tax impact of non-IFRS adjustments*			-				-				-				-
Adjusted Basic Earnings/(Loss) Per Share			0.87				(2.61	)			1.84				(1.32	)

		Three months ended								Six months ended
Reconciliation of Adjusted Diluted Loss (Per Share) (unaudited)		September 30, 2025				September 30, 2026				September 30, 2025				September 30, 2026
Diluted Earnings/(Loss) per share (as per IFRS)			0.77				(3.42	)			1.61				(2.89	)
Employee share-based compensation costs			0.10				0.82				0.22				1.57
Tax impact of non-IFRS adjustments*			-				-				-				-
Adjusted Diluted Earnings/(Loss) Per Share			0.87				(2.61	)			1.83				(1.32	)

*Non-IFRS adjustments, such as employee share-based compensation and listing expenses, are tax-effected using the statutory rates of the jurisdictions in which they arise. The employee share-based compensation and listing expenses adjustments are attributable to a Company subsidiary that currently has a nil tax liability. Accordingly, no income tax adjustment is required for these items.

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 September 30,
Amount in INR thousands (Unaudited)		2025				2026				2025				2026				2025				2026
Revenue as per IFRS - Rendering of services			584,705				756,512				2,706,918				1,180,139				91,310				71,855
Customer promotional expenses			431,341				470,981				58,945				82,476				3,657				-
Service cost			-				-				(2,251,395	)			(881,489	)			-				-
Adjusted Margin			1,016,046				1,227,493				514,468				381,126				94,967				71,855

		Reportable Segments
		Air Ticketing								Hotels and Packages								Other Services
		Six Months ended September 30,
Amount in INR thousands		2025				2026				2025				2026				2025				2026
Revenue as per IFRS - Rendering of services			1,231,677				1,455,340				3,959,474				2,217,568				158,719				140,939
Customer promotional expenses			766,886				841,691				128,390				169,202				8,153				5,737
Service cost			-				-				(3,193,248	)			(1,533,128	)			-				-
Other income			-				-				-				-
Adjusted Margin			1,998,563				2,297,031				894,616				853,642				166,872				146,675

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; statements concerning management’s beliefs as well as our strategic and operational plans; our plans and expectations regarding the growth and scaling of our MICE and Hotels business, including standalone Hotels; our expectations regarding profitability and margin improvement across our Air and Hotels and Packages businesses; our plans to use technology, artificial intelligence and automation to improve customer experience and operating efficiency; 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, the impact of cyberattacks, security incidents or breaches impacting our business, 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 Israel, Gaza and 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, changes in aviation fuel prices, airline capacity and average airfares; 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 Limited, a public listed company on the NSE and BSE (hereinafter referred to as “Yatra India”), whose corporate office is based in Gurugram, India. Yatra India is one of the India’s largest corporate travel services provider in terms of number of corporate clients with over 1,340 large corporate customers and approximately 60,750 registered SME customers and the second-largest player in the TMC and corporate online travel agency (OTA) segment in the country in terms of market share for fiscal year 2024 (Videc 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 81,500 hotels and homestays in approximately 1,550 cities and towns in India as well as more than 2.9 million hotels around the world, Yatra India has the largest hotels inventory amongst key Indian OTA players.

For more information, please contact:

Bill Zima

ICR Inc.

Email: bill.zima@icrinc.com

Yatra Online, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME OR LOSS FOR THREE MONTHS ENDED SEPTEMBER 30, 2026

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

		Three months ended September 30,												Six months ended September 30,
		2025				2026								2025				2026
		INR				INR				USD				INR				INR				USD
		Unaudited				Unaudited				Unaudited				Unaudited				Unaudited				Unaudited
Revenue
Rendering of services			33,82,934				20,08,506				20,959				53,49,870				38,13,846				39,798
Other revenue			1,25,756				1,27,523				1,331				2,56,965				2,01,133				2,099
Total revenue			35,08,690				21,36,029				22,290				56,06,835				40,14,979				41,897
Other income			12,087				11,311				118				21,881				1,75,896				1,836
Service cost			22,51,395				8,81,489				9,198				31,93,248				15,33,127				15,998
Personnel expenses			4,19,472				4,57,974				4,779				8,23,060				9,79,248				10,219
Marketing and sales promotion expenses			66,469				43,325				452				1,14,914				88,126				920
Other operating expenses			5,80,074				8,48,926				8,859				10,98,238				15,07,202				15,728
Depreciation and amortization			98,696				1,23,264				1,286				1,90,206				2,34,911				2,451
Results from operations			1,04,671				(2,07,638	)			(2,166	)			2,09,050				(1,51,738	)			(1,583	)
Finance income			49,012				21,315				222				84,084				57,434				599
Finance costs			(28,215	)			(47,866	)			(499	)			(46,437	)			(94,299	)			(984	)
Profit/(Loss) before taxes			1,25,468				(2,34,189	)			(2,443	)			2,46,697				(1,88,603	)			(1,968	)
Tax (expense)/benefit			(26,697	)			11,104				116				(37,985	)			6,382				67
Profit/(Loss) for the period			98,771				(2,23,085	)			(2,328	)			2,08,712				(1,82,221	)			(1,902	)
Other comprehensive income/ (loss)
Items not to be reclassified to profit or loss in subsequent periods (net of taxes)
Remeasurement gain/(loss) on defined benefit plan			(3,371	)			4,506				47				(4,326	)			2,818				29
Items that are or may be reclassified subsequently to profit or loss (net of taxes)
Foreign currency translation differences (loss)/gain			(39,660	)			53,136				554				(2,62,950	)			62,252				650
Other comprehensive profit/(loss) for the period, net of tax			(43,031	)			57,642				602				(2,67,276	)			65,070				679
Total comprehensive profit/(loss) for the period, net of tax			55,740				(1,65,443	)			(1,726	)			(58,564	)			(1,17,151	)			(1,222	)
Profit/(loss) attributable to :
Owners of the Parent Company			47,898				(2,19,131	)			(2,287	)			1,00,794				(1,84,877	)			(1,929	)
Non-Controlling interest			50,873				(3,954	)			(41	)			1,07,918				2,656				27
Profit/(Loss) for the period			98,771				(2,23,085	)			(2,328	)			2,08,712				(1,82,221	)			(1,902	)
Total comprehensive profit/(loss) attributable to :
Owners of the Parent Company			6,057				(1,63,171	)			(1,703	)			(1,64,944	)			(1,20,859	)			(1,261	)
Non-Controlling interest			49,683				(2,272	)			(23	)			1,06,380				3,708				39
Total comprehensive profit/(loss) for the period			55,740				(1,65,443	)			(1,726	)			(58,564	)			(1,17,151	)			(1,222	)
Earnings/(Loss) per share
Basic			0.77				(3.42	)			(0.04	)			1.62				(2.89	)			(0.03	)
Diluted			0.77				(3.42	)			(0.04	)			1.61				(2.89	)			(0.03	)
Weighted average no. of shares
Basic			6,22,48,772				6,40,13,373				6,40,13,373				6,23,03,232				6,40,01,724				6,40,01,724
Diluted			6,24,88,154				6,40,13,373				6,40,13,373				6,25,42,614				6,40,01,724				6,40,01,724

Yatra Online, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2026

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

		March 31, 2026				September 30, 2026				September 30, 2026
		INR				INR				USD
		Audited				Unaudited
Assets
Non-current assets
Property, plant and equipment			1,00,598				95,524				997
Investment Property			40,058				40,058				418
Right-of-use assets			2,57,291				3,51,379				3,667
Intangible assets and goodwill			24,83,450				24,85,568				25,937
Prepayments and other assets			3,696				3,500				37
Other financial assets			54,659				61,353				640
Term deposits			32,032				32,066				335
Other non-financial assets			1,29,210				46,617				486
Deferred tax asset			30,648				44,771				467
Total non-current assets			31,31,642				31,60,836				32,984
Current assets
Trade and other receivables			53,96,927				62,07,127				64,772
Prepayments and other assets			18,35,763				13,51,704				14,105
Income tax recoverable			5,25,136				4,18,828				4,371
Other financial assets			80,769				96,798				1,010
Term deposits			14,76,004				14,17,579				14,793
Cash and cash equivalents			10,04,077				8,54,416				8,916
Total current assets			1,03,18,676				1,03,46,452				1,07,967
Total assets			1,34,50,318				1,35,07,287				1,40,952
Equity and liabilities
Equity							`
Share capital			879				880				9
Share premium			2,08,49,558				2,08,57,208				2,17,648
Treasury shares			(4,18,555	)			(4,18,555	)			(4,368	)
Other capital reserve			3,70,979				4,63,857				4,840
Accumulated deficit			(2,06,09,852	)			(2,07,92,961	)			(2,16,978	)
Non-controlling interest reserve			53,41,099				53,41,099				55,735
Foreign currency translation reserve			(82,685	)			(20,433	)			(213	)
Total equity attributable to equity holders of the Company			54,51,423				54,31,095				56,674
Total Non-controlling interest			28,13,032				28,16,739				29,393
Total equity			82,64,455				82,47,834				86,067
Non-current liabilities
Borrowings			12,090				10,266				107
Deferred tax liability			1,28,885				1,22,995				1,283
Employee benefits			1,03,723				1,03,367				1,079
Lease liability			2,28,583				3,06,202				3,195
Total non-current liabilities			4,73,281				5,42,830				5,665
Current liabilities
Borrowings			7,04,127				11,04,494				11,526
Trade and other payables			28,21,826				23,35,777				24,374
Employee benefits			86,011				84,064				877
Deferred revenue			2,511				-				-
Income taxes payable			1,641				9,745				102
Lease liability			84,920				96,205				1,004
Other financial liabilities			67,802				31,661				330
Other current liabilities			9,43,744				10,54,677				11,007
Total current liabilities			47,12,582				47,16,623				49,220
Total liabilities			51,85,863				52,59,453				54,884
Total equity and liabilities			1,34,50,318				1,35,07,287				1,40,952

Yatra Online, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR SIX MONTHS ENDED SEPTEMBER 30, 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, 2026			879				2,08,49,558				(4,18,555	)			(2,06,09,852	)			53,41,099				3,70,979				(82,685	)			54,51,423				28,13,032				82,64,455
Loss for the period			-				-				-				(1,84,877	)			-				-				-				(1,84,877	)			2,656				(1,82,220	)
Other comprehensive loss
Foreign currency translation differences			-				-				-				-				-				-				62,252				62,252				-				62,252
Re-measurement gain on defined benefit plan			-				-				-				1,766				-				-				-				1,766				1,052				2,818
Total other comprehensive loss			-				-				-				1,766				-	#			-				62,252				64,018				1,052				65,070
Total comprehensive loss			-				-				-				(1,83,111	)			-				-				62,252				(1,20,859	)			3,708				(1,17,151	)
Share based payments			-				-				-				-				-				1,00,529				-				1,00,529				-				1,00,529
Vested PSUs net settled for employee’s tax obligation			-				-				-				-				-				-				-				-				-				-
Transfer on account of cancellation of shares			-				-				-				-				-				-				-				-				-				-
Exercise of options			1				7,650				-				-				-				(7,651	)			-				-				-				-
Own shares repurchase			-				-				-				-				-				-				-				-				-				-
Cost of issuance of shares			-				-				-				-				-				-				-				-				-				-
Contingent dividend			-				-				-				-				-				-				-				-				-				-
Change in non-controlling interest			-				-				-				-				-				-				-				-				-				-
Total contribution by owners			1				7,650				-				-				-				92,878				-				1,00,529				-				1,00,529
Balance as at September 30, 2026			880				2,08,57,208				(4,18,555	)			(2,07,92,961	)			53,41,099				4,63,857				(20,433	)			54,31,096				28,16,739				82,47,834

Yatra Online, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR SIX MONTHS ENDED SEPTEMBER 30, 2026

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

		Six months ended September 30,
		2025				2026				2026
		INR				INR				USD
Profit before tax			246,697				(188,603	)			(1,968	)
Adjustments for non-cash and non-operating items			187,544				449,635				4,692
Change in working capital			658,887				(738,780	)			(7,709	)
Direct taxes (paid)/ refund (net)			1,749				100,745				1,051
Net cash flows from operating activities			1,110,277				(377,003	)			(3,935	)
Net cash flows used in investing activities			(305,760	)			(100,947	)			(1,052	)
Net cash flows used in financing activities			(528,146	)			371,237				3,875
Net increase/decrease in cash and cash equivalents			276,371				(106,713	)			(1,113	)
Effect of exchange differences on cash and cash equivalents			(249,475	)			65,883				687
Cash and cash equivalents at the beginning of the period*			548,668				562,613				5,871
Cash and cash equivalents at the end of the period			575,564				521,783				5,445

* Includes an overdraft balance of INR 332,634 for the period ended September 30, 2026 and INR 183,208 for the period ended September 30, 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 September 30,								For the six months ended September 30,
(In thousands except percentages)		2025				2026				2025				2026
Quantitative details *
Air Passengers Booked			1,329				1,298				2,535				2,562
Stand-alone Hotel Room Nights Booked			504				490				927				1,038
Packages Passengers Travelled			33				142				52				159
Gross Bookings
Air Ticketing			1,48,11,400				1,70,06,075				2,89,14,623				3,35,84,928
Hotels and Packages			51,41,643				40,53,570				85,74,965				79,29,758
Other Services			5,51,811				5,94,937				10,73,120				11,46,679
Total			2,05,04,854				2,16,54,582				3,85,62,708				4,26,61,365
Adjusted Margin
Adjusted Margin - Air Ticketing			10,16,046				12,27,493				19,98,563				22,97,031
Adjusted Margin - Hotels and Packages			5,14,468				3,81,126				8,94,617				8,53,642
Adjusted Margin - Other Services			94,967				71,855				1,66,871				1,46,675
Others (Including Other Income)			1,37,843				1,38,834				2,78,845				6,25,169
Total			17,63,324				18,19,308				33,38,896				39,22,517
Adjusted Margin%**
Air Ticketing			6.9	%			7.2	%			6.9	%			6.8	%
Hotels and Packages			10.0	%			9.4	%			10.4	%			10.8	%
Other Services			17.2	%			12.1	%			15.6	%			12.8	%

* Quantitative details are considered on a gross basis.

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

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