Yatra Online · Material risks, their source context, and severity in the latest available quarter.
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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.
