YATRA Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹256.8 Cr
verified against source
Revenue YoY
9%
reported change
EBITDA
₹24.7 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Yatra Online reported Q3 FY26 revenue from operations of INR 256.8 crore, up 9% YoY, with adjusted EBITDA of INR 24.7 crore growing 41% YoY. PAT stood at INR 8.3 crore, down 17% YoY due to a one-time labor code implementation charge of INR 38 million. The December aviation disruption (Indigo capacity rationalization) caused INR 30 crore of deferred MICE revenue and INR 35-40 crore of incremental working capital deployment. Air ticketing delivered 22% GBV growth, outpacing industry (~1% growth), while hotels grew 30% on standalone basis. The company reaffirmed its revised FY26 guidance of ~22% RLSC growth and ~37.5% adjusted EBITDA growth, having achieved 78% and 82% of targets respectively at 9-month stage. For FY27, management targets double-digit ROC and ~1.5% adjusted EBITDA margin on gross bookings by FY28. Key risks include B2C competitive intensity and potential for MICE deferrals spilling into FY27 beyond the 70-75% recovery expected in Q4.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Reaffirmed revised guidance of ~37.5% adjusted EBITDA growth for FY26, having achieved 82% of target at 9-month stage.
- Management expects expense management solution to generate INR 5-7 crore revenue in FY27 as focus remains on customer adoption and scaling the platform.
- 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.
Risks flagged
- The airline disruption in early December led to MICE booking deferrals with INR 35-40 crore of advances already paid to vendors, temporarily increasing working capital deployment. While management expects normalization before March, any further delays in MICE recovery could pressure cash flows.
- Only 70-75% of the INR 30 crore deferred MICE revenue is expected to recover in Q4 FY26, with the remainder potentially slipping into Q1 FY27. Complex itineraries with limited airline availability may not materialize in the originally planned form.
- Analyst questioned management on timeline and cost savings from US entity collapse. Management deflected, stating only that it remains a priority and that costs do not impact India books. No specific timeline or execution plan was provided.
- Analyst raised concerns about AI chatbots (e.g., Claude, ChatGPT) disrupting B2C travel booking. Management acknowledged jury is still out on B2C AI impact while expressing confidence in corporate segment's managed service complexity providing protection.
Key quotes
- The disruption in the aviation market led to large scale cancellation of business travel which had an impact on revenue as well as increase the working capital deployed in the business. This disruption not only adversely impacted our operating performance but also led to incremental working capital deployment where advances had already been paid to vendors for MICE groups.
- We've seen growth both across B2C and on the corporate side. On the B2C side, some of the tech interventions that we've been doing over the course of the last two quarters have begun to bear results. We are today in a very healthy situation where both B2C and B2B are driving growth for us in a very healthy and profitable manner.
- The jury is still out on the B2C front, but I would look at corporate and B2C very differently when it comes to AI tools and their impact. On the corporate platform, this is more of a managed service which goes from end to end policy compliance to integrating within ERP and HRMS systems. These tools offer a great opportunity for us to differentiate our services versus our offline peers.
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