Q1 2027 Yatra Online Inc Earnings Call Transcript
Key Points
- Gross bookings grew 16.3% year-over-year to INR21,007 million, with air passenger volumes growing 4.8%, nearly double the industry rate, indicating market share gains.
- The hotels and packages segment showed strong performance, with standalone hotel gross bookings up 34%, revenues up 62%, and room nights up 30% year-over-year.
- Corporate customer acquisition momentum remained robust, adding 53 new corporate clients with an expected annual billable potential of INR2.2 billion, including 30+ through TravelPro.
- Adjusted EBITDA increased 4.9% year-over-year to INR216 million, with a 17.6% adjusted EBITDA to gross margin ratio, despite challenging conditions.
- The MICE pipeline for Q2 is significantly stronger, with bookings trending approximately 50% higher than Q1, indicating a recovery from temporary disruptions.
- Strategic investments in AI, TravelPro, Recap, and the Kanu partnership are expanding the company's addressable market and future growth potential.
- Revenue from operations decreased 10.4% year-over-year to INR1,879 million, primarily due to lower MICE top-line from geopolitical disruptions.
- MICE gross margins were negatively impacted by approximately INR60 million year-over-year, due to lower international group travel and increased competitive pressures from domestic shifts.
- Air margins remained under pressure, with air gross margins declining from 4.6% to 4.2% year-over-year, despite growth in bookings.
- International and outbound travel demand was weak, with industry-wide inquiries for international destinations declining by 10-15% during the peak, disproportionately affecting Yatra's business mix.
- The company is investing in capacity ahead of revenues, which is visible in the cost base and may pressure near-term profitability.
- Corporate travel demand was impacted by elevated airfares and timing of airline incentive programs, creating additional near-term headwinds.
Hello, everyone, and welcome to Yatra's first quarter fiscal 2027 financial results call for the period ended June 30, 2026. I am pleased to be joined on the call today by Yatra's Executive Chairman Dhruv Sringi, CEO Siddhartha Gupta, and CFO Anuj Sethi. The following discussion, including responses to your questions, reflects the management's views as of today, August 13, 2026. We do not undertake any obligation to update or revise the information. Before we begin our formal remarks, 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 are subject to several risks and uncertainties that could cause actual results to differ materially.
Of these risks, please refer to our filings with the SEC and our press release filed earlier this morning on the IR section of our website. With that, let me turn the call over to Dhruv. please go ahead.
Thank you, Ellen,
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