Yatra Online Q4 2025 Earnings Report

Yatra Online EPS Results

• Actual EPS: -$0.01
• Consensus EPS: $0.03
• Beat/Miss: Missed by -$0.04
• One Year Ago EPS: N/A

Yatra Online Revenue Results

• Actual Revenue: $25.66 million
• Expected Revenue: $2.26 billion
• Beat/Miss: Missed by -$2.23 billion
• YoY Revenue Growth: N/A

Yatra Online Announcement Details

• Quarter: Q4 2025
• Date: 5/29/2025
• Time: Before Market Opens
• Conference Call Date: Friday, May 30, 2025
• Conference Call Time: 8:30AM ET

Yatra Online (NASDAQ:YTRA) operates as an online travel company in India and internationally. It operates in Air Ticketing, and Hotels and Packages, and Other Services segments. The company provides travel-related services, including domestic and international air ticketing, hotel bookings, homestays, holiday packages, bus ticketing, rail ticketing, cab bookings, and ancillary services for leisure and business travelers. It also offers various services, including exploring and searching comprises web and mobile platforms that enable customers to explore and search flights, hotels, holiday packages, buses, trains, and activities through its website, www.yatra.com. In addition, the company provides its services through mobile applications that comprise Yatra, a mobile interface; Yatra Web Check-In, an application for flight check-in process for travelers; and Yatra Corporate, a self-booking application for business customers. Further, it offers tours, sightseeing, shows, and event services; rail and cab services, and other ancillary travel services; and sells travel vouchers and coupons. The company was incorporated in 2005 and is based in Gurugram, India.

Yatra Online Q4 2025 Earnings Call Transcript

Key Takeaways

• Yatra reported FY 2025 revenue of INR 7.9 billion (USD 93.1 million), up 90% YoY, with adjusted EBITDA up 28% and adjusted profit up 106.5%.
• In Q4, revenue grew 114% YoY to INR 2.2 billion (USD 25.7 million) and adjusted EBITDA increased 23% driven by MICE growth and Globe Travel acquisition.
• The MICE segment, boosted by the Globe Travel acquisition, handled over 600 trips and 80,000 travelers in nine months, positioning Yatra among the top three players in India.
• For FY 2026, Yatra is guiding for 20% growth in revenue less service cost (gross margin) and 30% growth in adjusted EBITDA, driven by corporate travel, MICE scaling, and Globe synergies.
• Geopolitical tensions along the India–Pakistan border temporarily disrupted about 30% of travel volumes in northern India, though bookings have promptly recovered.

Presentation

[Operator]

Hello, everyone, and welcome to the Yatra 4Q twenty twenty five and FY twenty twenty five Earnings Conference Call. My name is Ezra, and I will be your coordinator today. I will now hand you over to your host, Manish Hemrajani, VP, Investor Relations to begin. Manish, please go ahead.

[Manish Hemrajani, Vice President of Corporate Development & Investor Relations at Yatra Online]

Thank you. Good morning, everyone, and welcome to our fourth quarter and full year FY twenty twenty five earnings conference call for the period ended 03/31/2025. I'm pleased to be joined on the call today by Yatra's CEO and Co Founder, Dhruv Srangi and CFO, Anuj Sethi. Before we begin, I would like to remind you that certain statements made on today's call may constitute forward looking statements. These statements are based on management's current expectations and beliefs and are subject to various risks and uncertainties that could cause actual results to differ materially.

[Manish Hemrajani, Vice President of Corporate Development & Investor Relations at Yatra Online]

For a detailed discussion of these risks, please refer to our filings with the SEC and the press release we issued yesterday, which is available on the IR section of our website. With that, I'll turn the call over to Dhruv. Dhruv, go ahead.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

Thank you, Manish. Good morning, everyone, and welcome to our fourth quarter and full year fiscal twenty five earnings conference call for the year ended 03/31/2025. I'm pleased to be joined on the call with my colleague, Amit Sethi, as well, who is our CFO. As we reflect on fiscal year twenty twenty five, I'm thrilled to present our performance that demonstrates a story of resilience, strategic growth and unwavering momentum, but solidifies Yatra's position as India's premier corporate travel service provider. For FY 2025, we are pleased to report annual revenues of INR 7,900,000,000.0, which is approximately USD 93,100,000.0, up 90% year over year.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

Our full year revenue reflects the momentum we have built across our Corporate Travel and Life businesses. These have been pivotal in navigating a competitive landscape. Notably, our profitability metrics underscore our disciplined execution. Adjusted EBITDA for the year was up 28% and adjusted profit was up 106.5% year over year to INR24 million. On a quarterly basis for the March, we reported revenues of INR2.2 2,000,000,000, which is approximately USD 25,700,000.0, up 114% year over year, driven by the growth in our MICE business and the inorganic contribution from the Globe Travel acquisition.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

Our revenue less service costs for the quarter came in at INR 1,100,000,000.0, approximately $12,800,000 up 34 year over year. Adjusted EBITDA of INR 90,000,000, approximately $1,100,000 was up 23% year over year. Now let's take a broader view of the landscape in India. India's travel industry is in a transformative stage. I'm ARC forecast corporate travel in India, which is currently at $42,000,000,000 will hit $80,000,000,000 by 02/1933, driven by globalization of business operations, which has encouraged multinational companies to expand their businesses in India.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

Add to that rising investments by public and private agencies for improving travel infrastructure and growing online penetration. Other factors include rapid digitization, the rising partnership between businesses and airlines, the increasing trend for business leisure travel, continuous improvement in the airline, hospitality and tourism industries and the developing of meetings, incentive, conference and events segment. These are all positive influences which are helping the Indian market grow exponentially. India's GDP also is valued at almost 4,000,000,000,000 now, making it currently the fourth largest economy and it's on track to become the third largest by 2028. This economic ascent is boosting individual prosperity with GDP per capita reaching $2,700 in 2024, which is a six fold increase over the past two decades.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

Rising incomes are unlocking new opportunities for travel as more Indians prioritize leisure and business travel. Our corporate travel business remains a key growth engine for us. In Q4, we added 35 new corporate clients contributing to INR 1,400,000,000.0 in expected annual volumes. For fiscal year twenty twenty five, we secured 148 new clients contributing to INR7.5 billion in expected annual volumes, reinforcing our market partnership. We continue to expand our corporate sales team across India targeting high growth sectors like IT, manufacturing, FMCG and consulting.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

This effort has quadrupled our sales pipeline reflecting strong momentum. Our MICE business has emerged as a standout performer with significant growth and margin expansion in the fourth quarter building on the strong foundation laid throughout fiscal year twenty twenty five. Globe has long been recognized for its deep domain expertise and strong client relationships in the MICE sector. By leveraging our expanded capabilities and Globe's expertise, we've captured a larger share of this high margin segment, positioning Yatra as a dominant player in India's MICE market. The Globe acquisition also expanded our reach into a diverse and largely non overlapping client base, enhancing our exposure across multiple industries.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

This broader portfolio opens up meaningful cross sell opportunities across our hotel inventory and expense management solutions, allowing us to deliver more integrated and customized travel programs to corporate customers. In just the last nine months of fiscal year twenty twenty five, our combined MICE platform handled over 600 trips and serves more than 80,000 travelers, a testament to the growing demand and our ability to execute at scale. The Indian mice market is estimated at 3,300,000,000 in 2023 and is expected to grow to $10,000,000,000 by 02/1930, representing a CAGR of 18%. We see a significant runway ahead and remain fully committed to aggressively expanding our presence in this high growth segment. When we set up our MICE business about fifteen months ago, we set ourselves a target of becoming one of the top three players over the next three years in this segment.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

I'm happy to share that I strongly believe that on current run rate, Globe and Yatra combined would become one of the top three players in this fast run segment in the current fiscal year itself. On the expense management side, our expense management platform, Recap, continues to gain traction with multiple customers now live and actively using the solution. Early feedback has been very encouraging, validating Recap's relevance as a contentory offering to our core travel services. We see strong cross sell potential within our existing client base and the broader opportunities in the expense management space remain significant both in India and select international markets. As adoption scales, Recap is poised to drive deeper customer engagement while building meaningfully to our margin profile.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

We are focused on accelerating this momentum and building Recap into a core pillar of our enterprise offering over the coming years. I'm also pleased to share that in FY 2025, Vyatra became one of the first management companies in India to integrate the new distribution capabilities that the airlines are offering. This is a transformative technology developed in conjunction with Ayaka by the airlines. Some of the key benefits of this for corporate travelers is that it provides them more flight options and better pricing. You would all have seen a trend over the last few years that increasingly airlines are only sharing the cheapest fare on certain exclusive channels, including their own websites.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

The NDC is one such channel that allows you to access these special fares, which might otherwise not be available in traditional distribution platforms. The real time seat availability and dynamic pricing of this is a key enabler for cost saving for large corporate organizations. This also allows us to offer more personalized and richer content and making sure that policy compliance is even tighter. This will include things like the third seating, extra baggage, or bundled offers being brought forward to the corporate travelers through our own technology solution. This smoother and more transparent booking experience enhances Yatra's self booking tool and aims to provide a more seamless and transparent booking experience to our clients.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

Overall, Yatra's move to integrate NDC with its self booking tool for corporate travel aims to enhance the booking experience, improve cost efficiency and streamline travel planning even further for our customers. This reinforces our commitment to innovation and leadership in the corporate travel market, ensuring that we remain at the forefront of technology advances that benefit our customers. In our B2C Air business, we were able to arrest some of the decline in gross bookings. And in q four, our gross bookings were only 6%. The silver lining is that we've seen stabilization in our b two c air business now despite facing competitive headwinds.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

And the stabilization in q four has been achieved through optimization of our discounts, SEO improvements and increased personal travel attach rates through our corporate channel. Based on the current trends, we expect to start seeing gradual growth in B2C starting in the second quarter of the current fiscal year. This would most likely have been the situation in the current quarter as well, had it not been for the disruption caused for about ten to fifteen days due to the warlike situation in India. Thankfully, things have normalized pretty quickly and business is back on track. On the AI side as well, we continue to embrace AI, enhancing our customer experience both on the corporate and on the consumer side.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

On the corporate front, last quarter, we introduced our AI enabled low fare finding, a smart post booking fare optimization tool that underscores our continued investment in customer centric innovation. Built using machine learning algorithms, this tool continuously stands for fare drops even after a customer has completed their booking. If a lower fare becomes available on the same flight up to six hours before departure, the system automatically alerts the traveler, giving them the option to rebook at a reduced price. This delivers tangible value to the customer while reinforcing trust in our platform. By integrating real time pricing intelligence into the post purchase experience, we are not just helping users save, We are also using technology to redefine what proactive travel service can look like.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

We've also been building intelligent bots to automate customer service email queries and calls. These bots will continue to improve as the LLMs evolve at a rapid pace and we'll be able to significantly drive down the cost of servicing in the near term. I'm pleased to highlight a few recent accolades as well that Yatra has received from international airlines and our supply partners. This underscores the strength of the brand and the trust that we built with them. Singapore Airlines recently acknowledged Yatra or recognized Yatra as its top travel partner in India and acknowledgment of our strong booking volume, efficient operations, and alignment in the region.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

Air Canada honored Yatra with its prestigious Circle of Excellence Award, and we received similar accolades from Etihad Airways as well for being one of their top partners in the Asian region. These recognitions reflect our ongoing commitment to delivering value not only to our customers, but also to our partners. They reinforce our position as a preferred travel platform in the eyes of leading global airlines. Now let me update you on the convertibility of the shares. We've made substantial progress on our path to convertibility into India shares.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

We've defined a structure that we believe works and allows for this convertibility. While there are still some hurdles to overcome, we are confident in the structure's viability. We've now focused on navigating the necessary process and procedures across multiple jurisdictions. Given the complexity involved, we can't commit to a specific timeline, but rest assured we are dedicating all our efforts to making this a reality. This transition is a critical step for Yatra and our shareholders, aligning us with the market and unlocking value.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

We'll provide updates as we continue to make progress. As we look ahead to fiscal twenty twenty six, we are encouraged by the momentum across our business. Strong corporate client acquisition, continued growth in our MICE segment and ongoing investment in our proprietary technology platform including AI powered personalization and booking tools position us well for the next phase of growth. For FY 2026, we are introducing preliminary guidance of twenty percent growth in revenue less service cost or gross margin and 30% adjusted EBITDA growth driven by three pillars expansion in corporate travel, continued scaling of MICE and hotels and full cost synergies from Globe Travel. I would just like to highlight that the MICE business does have a certain amount of seasonality with fiscal Q2 being the strongest quarter followed by Q3, Q4 and then Q1.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

So the margins and the profit will get appropriately seasonalized as well. But on the whole, we are confident of achieving the guidance that we are setting ourselves. Before I close, I'd also like to provide a quick update on recent geopolitical developments that briefly impacted the travel demand in India. April began on a strong note for us, but following the unfortunate incident in Peralta, One of India's key summer travel destinations and the subsequent escalation of tensions between India and Pakistan, we experienced a temporary disruption in travel activity. This led to a short term dip in both leisure and corporate travel, particularly in the Northern part of India.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

During this period, we worked proactively with our airline and hotel partners to support customers through flexible cancellation and rebooking options. I'm pleased to report that with the situation now stabilizing and a ceasefire in effect, we've seen a prompt recovery in booking volumes across the country, excluding the directly impacted areas where demand is gradually expected to normalize. In closing, we believe Yatra is well positioned for sustained success. Our emphasis is on high margin growth, operational excellence and strategic innovation. Thank you for your support, and I'll now request our CFO, Anuj, to brief you on the financial details. Anuj, over to you.

[Anuj Sethi, CFO at Yatra Online]

Thank you, Dhruv, and good morning, everyone. Let me brief you on our financial performance for the periods under review. For the fourth quarter of financial year twenty twenty five, revenue from operations grew 114% year on year to INR $200,192,000,000, approximately US25.7 million dollars driven by a 54% increase in Hotels and Packages, growth in miles and inorganic globe contribution. More notably, our gross margins, revenue less service cost jumped 34% year on year to INR1094 million, approximately US12.8 million dollars driven by our focus on higher margin areas like corporate travel and MICE. Adjusted EBITDA was up 28% year on year to INR90 million, approximately USD1.1 million, yielding an 8.2% adjusted EBITDA to gross margin.

[Anuj Sethi, CFO at Yatra Online]

For the annual results of financial year 2025, revenue from operations grew by 90% year on year to INR7957 million, approximately USD93.1 million, fueled by stellar growth in overall corporate travel business. Adjusted EBITDA rose 28% to INR344 million, approximately USD4 million, and net profit turned positive to reaching INR 24,000,000, approximately USD 300,000.0, a 106.5% improvement from last year. Looking at liquidity, the cash and cash equivalent and term deposit standard INR 190,600,000,000.0, approximately USD 23,000,000 as on thirty first March twenty twenty five, while gross debt reduced from INR $638,000,000 approximately USD7.5 million as of thirty first March twenty twenty four to INR5406 million, approximately USD6.4 million as of thirty first March twenty twenty five. This strong financial foundation provides us with ample flexibility to pursue growth initiatives and strategic investments. Dhruv, handing over back to you.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

Thank you, Anuj. And we would now like to open the call for questions.

[Operator]

Thank you very much. Our first question comes from Scott Buck with H. C. Wainwright. Scott, your line is now open. Please go ahead.

[Scott Buck, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co., LLC]

Good morning guys. Thanks for taking my questions. Dhruv, if the situation were to further deteriorate along the Pakistan border, how much of the business has historically been tied to that region?

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

So Scott, about the Northern Part of India accounts for almost about 35 to 30% of our overall business volumes. But what ends up happening is while that might be the origination of the business, it's also the the travel endpoint for travelers coming into this region. So on an overall basis, I think, you know, it's safe to say that 30 plus percent of the business would get impacted if something was to escalate a bit further.

[Scott Buck, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co., LLC]

Okay. That's helpful. And then I understand it's a little early given your prepared remarks, but what can you tell us about the proposed corporate structure? And what does that mean for share fungibility?

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

As I've put in the remarks, we've got, I think, a structure in place that now we think works. Given that the structure itself took a bit of time given the multiple jurisdictions involved, I think that in itself is a is a key achievement that we have a structure that according to all jurisdictions seems to work. Now it's the process of, you know, just going through and making sure that all the procedures are associated with that structure gets put in place over the course of the next couple of months.

[Scott Buck, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co., LLC]

Okay. Perfect. I appreciate

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

and the positive out of that is that at least there is a defined structure in place now.

[Scott Buck, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co., LLC]

Yeah. Okay. And we should get even more clarity over the over the next, you know, two, three, four months

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

That's right. Yeah.

[Scott Buck, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co., LLC]

It sounds like.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

Yeah.

[Scott Buck, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co., LLC]

Yeah. Perfect. Perfect. Appreciate that. And then on on mice, you you guys have made some really nice progress there.

[Scott Buck, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co., LLC]

Are there acquisition opportunities out there that could help you even accelerate that further?

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

Sure. So we continue to evaluate that, you know, opportunities. We've done one about six months back, six, seven months now, and we are in the process of fully integrating that. I think that should get done in the current quarter itself and that will then free us up to start looking at other opportunities going forward.

[Scott Buck, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co., LLC]

Okay. That's helpful. And then last one for me. The guide for fiscal year twenty twenty six suggests some operating leverage. But how much capacity do you have for future revenue growth before you have to make some significant investments in the OpEx?

[Scott Buck, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co., LLC]

I guess, can you grow the business 50% from here without having to add meaningfully on the cost side?

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

We think we can at least grow 30 to 40% without needing to change the cost structure significantly. That much growth we should be able to achieve. In the numbers that you see, the escalation in operating costs, which is there, is largely due to legal and professional fees, which is associated with the the collapse of the structure that we are working on. Otherwise, you know, our cost structure has changed year over year only because of the addition of Globe's numbers for the first time in the full fiscal year. Cost, otherwise, has remained fairly constant.

[Scott Buck, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co., LLC]

Yep. Perfect. Well, I appreciate the added color, guys. It's very helpful.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

Thank you.

[Operator]

Thank you very much. We currently have no further questions. So I will hand back over to Manish for any closing remarks.

[Manish Hemrajani, Vice President of Corporate Development & Investor Relations at Yatra Online]

Thank you, Ezra. Thank you, everyone, for joining the call today. As always, we are available for follow ups. Thank you.

[Anuj Sethi, CFO at Yatra Online]

Thank you.

[Dhruv Shringi, Co-Founder, CEO & Director at Yatra Online]

Thank you

[Operator]

very much, Puneet. And thank you, Dhruv and Anuj, for being today's speakers. That concludes our conference call. We appreciate everyone for joining. You may now disconnect your lines.

Participants

Executives

• Manish Hemrajani, Vice President of Corporate Development & Investor Relations
• Dhruv Shringi, Co-Founder, CEO & Director
• Anuj Sethi, CFO

Analysts

• Scott Buck, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co., LLC