Q2 2026 Yatra Online Inc Earnings Call
I'm pleased to be joined.
On the call today by the Archer, CEO and co-founder drug stringy and CFO Anu cevey.
We don't take any obligation to update or revise the information.
Let me remind you that certain statements made. On today's call, May constitute forward-looking statements, which are based on Management's, current expectations, and beliefs, and our subject, to several risks and uncertainties that could cause actual results to differ materially.
With that, let me turn the call over to truth truth. Please go ahead.
Thank you and good morning everyone.
Thank you for joining us on this conference call to discuss our second quarter and first half of this clear 2026 earnings. Let me start by briefing. You first on the operational performance for the period under review after which our CFO Miss Cheri will beat you on the financial performance in detail.
As you would have seen from our results and presentations that have been uploaded, it has been a remarkable quarter for Yatra. We have not only delivered strong financial and operational performance well ahead of guidance, but we also celebrated 19 incredible years as one of India's most trusted travel brands.
For second quarter of fiscal year 26, our Revenue group 48.5 years, over the year to INR.
3,588 million, which is approximately 39.5 million.
Adjusted revenue grew significantly year-over-year as well.
This also reflects the momentum we have gained in our corporate business and the higher-margin hotels and packages business, as well as continued momentum in the MY segment.
Notably, our profitability metrics, underscores are disciplined execution, adjusted debit cards 218% year-over-year.
To INR 212 million or USD 2.4 million and profit for the period. Increased significantly to inrs 98.8 million or USD 1.1 million versus the loss of INR 0.3 million or USD 0.1 million. In the prior year, went ahead upon earlier Guidance. The cockpit travel Market is expected to reach around, USC, 20 billion by Phi 27, however, online penetration in the segment remains low. At just about 20% in fi2 24 compared to almost 45% for the overall travel Market in India.
This indicates substantial agreement for digital adoption across the corporate travel industry.
Online penetration is excavating, driven by rapid adoption of digital booking platforms and the uptake of self-booking tools and integrated expense management solutions.
In the lodging space branded hotels and created packages are witnessing increasing demand for both Leisure and life Travelers supported by improving Supply, better service, standards and a growing preference for experiential State. Overall this large and expanding Market coupled with increasing digital penetration. So then a significant opportunity for yatra, particularly in the underpenetrated corporate segment,
Our corporate travel segment represents.
A meaningful part of our overall business and delivers a strong momentum for yat.
In Q2, we onboarded 34 new corporate clients, collectively adding an annual billing potential.
Of INR 2.6 billion or USD 29.5 million.
In rationalizing, our cost of acquisition and finding Avenues to scale profitably.
Bookings, which were impacted in the previous quarter due to macro events, have now started to show signs of recovery. Additionally, the recent reduction in income tax and GST rates in India is expected to further boost travel consumption and discretionary spending, supporting a stronger growth outlook in the quarters ahead.
On the technology front, we continue to enhance our digital platforms to deliver a more seamless and intelligent travel experience.
Our the AI are generative AI, powered Travel Assistance. Now, enables seamless flight and hotel. Search bookings.
Streamlining, the entire travel Journey from planning to payment. We have also introduced a new user interface design for hotels with a transparent for room for Life, pricing model, along with upfront, display of taxes and fees to eliminate surprises for users.
The optimized interface is designed to improve usability and drive higher conversion rates.
Additionally, our best price guarantees customers can be assured to access the lowest available. Hotel rates on yapa.
If they find a lower price elsewhere, we match it or offer a better rate for the same booking.
In sales and marketing, we celebrated our 19th year.
With a big outing test, a high-impact sales campaign that was amplified across digital, social, outdoor, and print platforms.
As far as part of our ongoing efforts around restructuring, the company believes, it has a viable structure to pursue while some hurdles. Germaine we are actively navigating processes across jurisdictions. The timeline is uncertain due to complexity, but we are fully committed. This transition is key for yatra and its shareholders aligning us with the market. And unlocking value, we'll share more updates as we move forward.
As we look ahead, we see strong sustained growth opportunities driven by Rising digital adoption across both Leisure and corporate travel segments. The after is well positioned to capture this growth through our expanded profit client base, enhance technology offerings and a growing share of high margin hotels and my services. These remain committed to discipline cost management profitable scaling and delivering long-term value to our shareholders while strengthening our Competitive Edge in the globe.
Probably in the Global Travel ecosystem.
Thank you, everyone. I'll now request our CFO to brief you on the financial performance for the quarter under review.
Thank you, D. Good morning, everyone.
For the second quarter of financial year 2026 on a Consolidated basis, our revenue from operations grew 48.5% year on year to INR, 358.7 million or equivalent to USD 39.5 million driven by a continued momentum. Across key segments, including robust growth in our hotels and packages business and a meaningful contribution from my segment.
Our adjusted. Mar margins performed stock strongly across segments.
Are ticketing adjusted margin increased 14.7% year, on year to INR 1016 million equivalent to USD 11.4 million photos and packages. Adjusted margin Rose 28.6% year on year to 514 INR 514.5 million or USD 5.5 million. 5.8 million and other services adjusted margin group 25.1 year on year to INR, 95 million or USD 1.1 million. Underscoring, the 10th of our Diversified business models.
Adjusted a betta search 2177 year on year to Ina 212 million.
Or USD 2.4 million as a result profit after tax increase significantly to Ana 98.8 million or USD 1.1 million process. A loss of 0.3 million or USD 0.1 million in the prior year. In the, in terms of segment performance, our ticketing passenger volumes declined 3.5% year on year to 1329. However, our cross are booking crew 11.7% year on year to INR 14811.4 million or or USD 1666.8 million and our registered margins Rose 14.7% year on year to 1016 million or USD 11.4 million with adjusted margin, percentage, improving from 6.7% to 6.9%.
9.54% year-on-year, gross bookings increased to $50,400.
Year on year to innard 5141.6.
Million or USD 57.
9 million while we adjusted margins expanded to uh 28.6 year on year to INR 514.5 million or USD 5.8 million with the adjusted margin percentage at 10% compared to 10.9% in the previous year. Total gross bookings across all segments increased 16.2% year on year to 2050, 4.8 million or USD 2 to 2 231.0 million on the liquidity, front cash and cash equivalents and term deposits. To that 2207.8 million or USD 24.9 million as of September 30th 2025 with this. I would like to hand it back to moderator and open the floor for for the question and answer session. Thank you.
Thank you. We will now begin the question and answer session, and if you would like to ask a question, please press star. Followed by 1 on your telephone key pad. Now
If you change your mind, please press star followed by 2.
And as a reminder that the staff followed by 1 to register for any questions.
We have the first question on the phone lines from Scott back with HC way. Martin Co please go ahead.
Hi. Good morning, guys. Thank you for taking my questions. Um, I was hoping you might be able to provide a little bit more color around corporate travel trends that you're seeing in the Indian market and maybe how much of your momentum there is driven by, you know, just kind of industry tailwinds versus your market share gains.
Good morning, Scott.
Scott to answer your question, I think today, the corporate travel Market in India is growing approximately at about, uh, 8 to 9%. Uh, we are growing almost at like, 2x of that rate. Uh, the reason we are growing that much faster than the industry is because what we've seen over the last few years now last couple of years, at least, is that there is an increasing drive on the part of corporates, in India to adopt digital technology to automate their business processes. And as part of that being the market leader in this segment,
Our teams along with their own, you know, execution capabilities are growing at a rate, which is faster than the market. So Market itself is growing your right, but within the market as well, given the technology solution that we offer, we are able to gain market share as well.
Great. I I appreciate the added color there, and Drew, I'm curious. How are you guys thinking about, uh, m&a in the potential to accelerate the the mice business? Uh, even even more through acquisition is, is that on the table?
So, you know, we continue to evaluate opportunities, uh Scott.
At this point in time, I think it's hard for me to give any more direct color on that. But just as an organization, if you look at the track record that we've had over the last few years, we've successfully made some acquisitions that we've been able to integrate within the Yatra platform. So we continue to evaluate these kinds of opportunities.
Perfect. And then last 1, I know you touched on it in the prepared remarks.
But the, uh, restructuring efforts. Can you give us a little more color on on? Maybe where you are or are you waiting for for Regulators at this point? Or are there more steps that you need to to complete on your end?
I think there are a few more steps that we need to complete at our end, but, you know, along with and these given the nature of this work in time number of The Regulators as well.
Um, we are hoping that in the near term we can.
Give some more concrete information, right? And but you know, given that there are multiple jurisdictions multiple Regulators involved in the process. Uh the timeline is a is slightly uncertain, but we are so confident that we are moving in the right direction with this.
Okay, perfect. I I appreciate the attitude orgasm and congrats on all the progress.
Stop, thank you.
Thank you. If you would like to ask any further questions, please press star followed by 1 on your telephone keypad now.
I can confirm that. That's completely question and answer session here. And I'd like to hand it back to jav 2 force and Final close. Oh, I apologize. We do have a question.
on the line from
Aman Jain with P MB security.
Please go ahead when you're ready.
Hello.
Hi, please go ahead.
Uh, just wanted to check uh uh specifically on your consumer business. Uh, how profitable is it? Uh, reservations, our corporate travel business.
And uh, how do you see it trending? I understand in the last quarter, or probably with you for you guided that, uh, we should be bought in many out around q1, Q2 in the, uh, consumer business and then we should start picking it up. Um, how is it trending? Now,
I can give you a business.
And what percentage of your overall business is going to be or not contribute. Now,
so the consumer, let me just work backwards. The consumer data is now is accounting for about a third of our overall jobs, bookings,
and, uh, in terms of the trending of the consumer business, the consumer business,
Has, uh, I definitely bought them out and we've seen profitability improve over there. We would expect, you know, a gradual kind of increase.
In the consumer business as well while we would expect the corporate business to grow. You know, between 13 to 20%. We would expect the consumer business to grow in the mid to high single digits.
And this growth that you're looking at in the consumer business is all profitable growth. Only, we are not looking at doing any negative cost of acquisition.
So whatever growth rate, we are projecting out here on the consumer business that is all going to be implemented to and a creative from a bottom line point of view.
Yeah, very good. Uh, next is, uh, you just on the call on the PDF question. Uh, you mentioned uh, towards your effort towards, uh, streamlining, the corporate structure, uh, you said you are doing some, uh,
Uh, some approvals. Can you just throw some more light? Exactly where we are and how you see it progressing? By when do we expect it to be completed?
It's hard to get an exact timeline on that, but it Remains the key priority for us as an organization.
As you might be aware if we have you know, our corporate structure entails entities in Cayman Islands, Cyprus and Singapore. So it is a multi-jurisdiction transaction that has to go through. So to that extent there are multiple Regulators that will get involved in this process. That's the reason why it's difficult to give an exact timeline in all this. But I think from a commitment point of view, the organization is fully committed to this.
Should be expected to be completed in the year’s time, or it could be longer.
As I said, it's hard for me to give a
A timeline to this. But, you know, I if I was to give it my best estimate, I don't think it should take as long as a year, and that's my best estimate of it, but it's all obviously subject to regulatory approvals across the different jurisdictions.
And how do you, how are you planning? It will it involve.
Listing of the US company, merger with the Indian company. Uh, I mean, merger with the upper online. How exactly are you in? Discharging it currently.
I think it'll be a bit premature to talk about that at this stage, you know, when we have the exact plan, which is signed off by all regulatory elements.
We will publish that out for shareholders. I think it will be difficult for me to really articulate that at this point.
I, uh,
Okay. But, uh, but so my key takeaway is it should take place in a year, but that is the best estimate. Uh, there's no comment from your side. All right? Yeah, that's it. Thank you. Thanks a lot. That's that was my question. Thank you. Thank you.
Thank you.
Thank you. Final reminder that it's time for "Up by 1" to register for any questions.
And we have a follow-up question.
From amen.
In the USS MMD and the valuation Gap. Uh, is quite considerable.
Uh, to MMD uh, versus what we trade at, uh, any plans on, uh, on how can we fix it?
Yeah, I think in terms of the U.S. entity, uh, the holding company today,
As you rightly pointed out trades are the meaningful discount to peers part of it is also driven by the much smaller market cap and the lack of liquidity. 1 of the ways that we are trying to solve for all of the key way that we are trying to solve for is to introduce some kind of a fungibility. Because in India, The Entity is trading at a much better multiple than where is trading in the US. So, that's the entire reason for taking on this exercise of trying to streamline the corporate structure and put in place, some kind of a fungibility to the shares. That's definitely, 1 way that we are looking at doing it and in India, uh, we've been, you know, based on the strong performance that we have interacting with analysts large amount of investor community, and that's what's driving, the momentum behind the stock in India.
Okay. Uh, just for mentality. What exactly. Do you mean the fundability?
I mean, the ability of a US shareholder at some point to get the same price or similar price to what exists in India.
Okay, so that that that means getting the engine share.
As I said, uh, to you earlier as well.
That's something that, once the plan is concretely approved and adopted by the board.
We will share that out, transparency with all shareholders.
Thank you. Thank you. Thank you.
Thank you. I can confirm
That wraps up the question-and-answer session here. I'd like to hand it back to you for some final closing comments.
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Thank you. This does conclude today's conference call.
With the Archer. Thank you. Thank you for your participation.
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