Q1 2026 Yatra Online Ltd Earnings Call Transcript
Key Points
- Gross bookings increased 17% year-over-year to INR21,007 million, driven by strong growth in air and hotel segments.
- Air passenger volume grew 5% year-over-year, nearly double the industry growth rate, indicating market share gains.
- Added 54 new corporate customers with an expected annual billable potential of INR2,273 million, including 30+ through Travel Pro.
- Hotel and packages segment showed robust growth, with room nights up 30% and gross margins expanding to 9.9%.
- Q2 MICE bookings are trending approximately 50% higher than Q1, signaling a strong recovery and improved margin profile.
- Revenue from operations declined 10.4% year-over-year to INR1,879 million, impacted by geopolitical disruptions and lower MICE volumes.
- Adjusted EBITDA fell 39.4% year-over-year to INR151 million, with margins compressed to 12.29% of gross margin.
- MICE gross margins were hit by approximately INR60 million due to lower international group travel and competitive pressures.
- Air margins declined from 4.6% to 4.2% due to elevated fares and unresolved airline incentive programs.
- International travel mix dropped to under 30% from late 30s, reflecting the negative impact of the West Asia conflict on outbound demand.
Ladies and gentlemen, good day, and welcome to Yatra Online Q1 FY27 Earnings Conference Call. (Operator Instructions)
Please note that this conference is being recorded. I now hand the conference over to Ms. Sagarika Chetty from Antique Stock Broking Limited. Thank you, and over to you, ma'am.
Thank you. Good morning, everyone. On behalf of Antique Stock Broking, we welcome you all to the Q1 FY27 Earnings Call for Yatra Online Limited. Today, we have with us the management of the company is represented by Mr. Dhruv Shringi, Executive Chairperson and Whole-Time Director; CEO, Mr.
Siddhartha Gupta; and Chief Financial Officer, Anuj Kumar Sethi. Thank you all for joining.
Over to you, Dhruv, Siddhartha and Anuj.
Thank you, Sagarika, and good morning, everyone. Thank you for joining us on this conference call to discuss our first quarter fiscal year ended 2027 earnings. As you
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