Yatra Online Limited has made the audio recording of its earnings conference call for the quarter ended June 30, 2026 available on its corporate website. The company conducted the conference call on Thursday, August 13, 2026.

The disclosure was made pursuant to Regulations 30(6) read with Schedule III and Regulation 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The audio file can be accessed directly via the link provided in the exchange filing.

Jyoti Chawla, Company Secretary and Compliance Officer of Yatra Online Limited, signed the intimation letter addressed to the Listing Managers of the National Stock Exchange of India Limited and BSE Limited. The filing serves to inform investors and market participants that the recording is now part of the public record for the first quarter of fiscal year 2026-27.

Yatra Online reported a significant contraction in profitability for the first quarter of FY27, with net profit falling to ₹3.5 Mn from ₹160 Mn in the same period last year. Consolidated revenue declined to ₹1.88 Bn (USD 19.9 Mn) from ₹2.1 Bn, reflecting headwinds from geopolitical disruptions and competitive intensity in the travel sector. The profit drop was primarily attributed to weaker international MICE (Meetings, Incentives, Conferences, and Exhibitions) volumes and margins, as well as lower airline-related income due to regional airlines delaying incentive finalizations.

Despite the bottom-line pressure, top-line volume metrics showed resilience. Gross bookings grew 16.3% YoY to ₹21,007 Mn (USD 221.9 Mn), supported by a 4.8% increase in air passengers and nearly 30% growth in room nights. The company added 53 new corporate customers during the quarter, representing an annual billable potential of ₹2,223 Mn. Total transactions increased 12.2% YoY to 1,828,000.

Financial Performance

The company’s adjusted EBITDA rose 4.7% YoY to ₹216 Mn (USD 2.3 Mn), indicating underlying operational strength despite revenue declines. However, reported EBITDA fell to ₹125 Mn from ₹231 Mn YoY, with the EBITDA margin contracting to 6.63% from 11%. Result from operations dropped significantly, contributing to the sharp decline in net profit. The EBITDA margin stood at 6.63% of revenue less service charges (RLSC). Gross margin (RLSC) grew 6.1% YoY to ₹1,227 Mn, indicating that while transaction volumes increased, the conversion to operating profit was hampered by margin compression. Operating expenses rose 18.1% YoY to ₹1,084 Mn, outpacing revenue growth.

Business Highlights

• Air & Hotels: Air passenger growth outpaced broader industry trends despite elevated competition. Room nights grew nearly 30% YoY due to expanded hotel supply. Gross air bookings rose 17.6% YoY to ₹16,579 Mn, while H&P bookings grew 12.9% YoY to ₹3,876 Mn. Standalone Hotels continued its strong performance, with Gross Bookings increasing approximately 34% and revenue approximately 66%, reinforcing the strategy of scaling Hotels as a higher-margin component.
• Corporate Travel: The corporate segment added 53 new customers with an annual billable potential of ₹2,223 Mn. The MSME-focused go-to-market team secured over 30 new logos. Yatra serves over 1,300 large and medium corporates with a ~97% retention rate.
• Technology: RECAP, the AI-powered expense management solution, reached a cumulative customer base of 20.
• International Expansion: Yatra announced a seven-year strategic partnership with Kanoo Travel to expand its enterprise travel technology platform in the Middle East.

What the Numbers Show

A key divergence exists between volume growth and profitability. While gross bookings surged 16.3% and adjusted EBITDA grew 4.7%, reported EBITDA fell sharply to ₹125 Mn from ₹231 Mn, and net profit collapsed to ₹3.5 Mn from ₹160 Mn. This suggests that the cost structure or margin mix deteriorated significantly, likely driven by the stated impact of Middle East conflicts on high-margin international MICE volumes and reduced airline-related income. The company noted that several Q1 MICE bookings were deferred to subsequent quarters, with the Q2 pipeline showing signs of recovery. Additionally, a change in mix in air volumes across lines of business resulted in lower margins together with competitive market conditions and delays in certain airline incentive arrangements, contributing to lower Air take rates during the quarter.

Management Commentary

Siddhartha Gupta, Chief Executive Officer, attributed the profit impact to heightened competitive intensity in air travel and geopolitical disruptions affecting international MICE volumes. He highlighted that the MICE pipeline for Q2 is more than 50% higher than Q1 levels, indicating a potential revival in activity. Gupta also emphasized the strategic importance of the Kanoo Travel partnership as a step toward international market expansion. Commercial discussions with regional airlines regarding incentives are ongoing, with positive outcomes expected in Q2.

The company will hold an earnings conference call on August 13, 2026, at 11:00 am to discuss the financial results.