MICE Recovery Trajectory
Q2 MICE bookings are trending approximately 50% higher than Q1 levels with improved margin profile as international-to-domestic shift normalizes and group bookings recover.
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Keep management guidance in view.
Yatra Online · forward-looking guidance across the available source record.
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Guidance tracker
What management said would happen.
revenue
Margin Recovery to 20%+
Expect margins to reach 20%+ in H2 FY27 as MICE recovers, air margins stabilize with capacity normalization, and CANU becomes contribution-positive.
Medium-term Margin Aspiration of 30%
Medium-term target of 30%+ adjusted EBITDA margins as corporate business scales with ~50% net contribution margin per incremental customer and operating leverage compounds.
Air-Hotel Mix Evolution
Continue targeting 50/50 mix between air and hotel on gross margin basis within 2-3 years; currently at ~60/40 with hotel growing at 30%+ vs air at early double-digits.
FY26 Revenue Less Service Cost Growth: ~22%
Company reaffirmed revised full-year guidance of approximately 22% RLSC growth, having achieved 78% of target at 9-month stage with Q4 targets considered moderate.
FY26 Adjusted EBITDA Growth: ~37.5%
Reaffirmed revised guidance of ~37.5% adjusted EBITDA growth for FY26, having achieved 82% of target at 9-month stage.
FY27 Expense Management Revenue: INR 5-7 Crore
Management expects expense management solution to generate INR 5-7 crore revenue in FY27 as focus remains on customer adoption and scaling the platform.
FY28 Adjusted EBITDA Margin Target: 1.5% of Gross Bookings
Company targets 1.5% adjusted EBITDA margin as percentage of gross bookings by FY28, up from current 1.1-1.2%, driven by operating leverage and mix shift to higher-margin corporate/hotels segments.