Yatra FY26 results: Revenue up 27%, PAT rises 28%

What Yatra reported for FY26

Yatra Online said FY26 was its most profitable year so far, even as macro headwinds affected three months of the year. The company reported strong growth across revenue, gross margin, EBITDA, and profit after tax (PAT). It also highlighted resilient operating performance despite disruption linked to a war-related environment. Management pointed to customer additions in corporate travel and higher transaction volumes as key business drivers. At the same time, FY26 profitability was partly weighed down by a one-time impact linked to the introduction of a new wage code in Q3.

The disclosures include figures from the company’s FY26 highlights and an earnings call transcript. Two consolidated revenue figures were cited for the year ended March 31, 2026, both around INR 10.07 billion, along with consistent profitability metrics. The company also said it remained above its guidance on key profitability measures such as gross margin (RLSC) and EBITDA.

FY26 financial performance: revenue, margin, EBITDA, PAT

For FY26, Yatra Online reported consolidated revenue of INR 10,065 million, a year-on-year increase of 27.2%, and EBITDA of INR 855 million, up 53.2%. The company also disclosed revenue of INR 10,074.0 million for the year ended March 31, 2026, representing an increase of 26.6% year-on-year, along with a USD equivalent of $107.4 million.

Gross margin (RLSC) for FY26 grew 24.5% year-on-year to INR 4,824 million, which the company said was ahead of its revised guidance of 22.5%. Adjusted EBITDA was reported at INR 917 million, a year-on-year rise of 37.5%, and the company separately noted adjusted EBITDA growth of 64% year-over-year in the earnings call transcript. PAT for FY26 was reported at INR 468 million, up 28.1%.

Wage-code impact on FY26 profit

Yatra said the PAT growth for FY26 was adversely impacted by the introduction of the new wage code in Q3. Excluding this one-time effect, FY26 PAT would have been INR 506 million, which the company said implies a 38.5% year-on-year growth.

This disclosure matters for investors assessing underlying earnings momentum, because it provides a comparable view of profit trends without the one-off cost. The company’s FY26 narrative repeatedly emphasised profitability and operating leverage, but also acknowledged that specific regulatory or compliance-related changes can flow through to near-term earnings.

Operating trends: bookings, transactions, and passengers

Despite what it described as disruption from a war-related environment, Yatra reported several operating metrics that improved year-on-year. Gross bookings increased 8.3%, while gross margin grew 3.6%. The company said total transactions rose 15.2%.

A key travel-industry indicator, air passengers, grew 9.6% year-on-year, which Yatra described as roughly two times industry growth, pointing to market share expansion. In another part of the disclosures, the company said air passenger growth of 14% during a quarter far exceeded industry growth of about 1%, alongside 22% growth in air ticketing gross bookings.

Corporate travel: new customer wins and retention

Yatra highlighted momentum in its enterprise travel business. The company said it added 163 new corporate customers in FY26, with annual billable value of approximately INR 9,568 million (also cited as $102 million). This was described as an increase from 148 customers and INR 7,475 million (also cited as $10 million) in FY25.

The company also reported a customer retention rate of nearly 97%, which it positioned as evidence of a sticky corporate franchise. In Q3 commentary, Yatra said it added 40 new corporate customers, representing an annual revenue potential of INR 2,234 million. These metrics are relevant because corporate travel often contributes steady repeat volumes and can support margins through negotiated arrangements and higher wallet share.

Hotels and packages: momentum in consumer travel

Yatra’s management commentary also pointed to improving trends in the hotels and packages business. According to remarks attributed to a senior executive, the segment recorded TTV growth of 27%. Separately, the company disclosed adjusted margin from Hotels and Packages of INR 1,761.9 million (USD $18.8 million) for the year ended March 31, 2026, up 19.6% year-on-year.

It also reported adjusted margin from Air Ticketing of INR 4,372.7 million (USD $16.6 million), up 21.9% year-on-year. These disclosures help frame how the company’s margin pool is split between air and non-air businesses.

Q4 impact: geopolitical disruption and revenue decline

While FY26 was positioned as a record year, Yatra said quarterly performance in Q4 was affected by geopolitical disruption in the Middle East. It stated that revenue from operations decreased 14% year-on-year in Q4, with the impact especially visible in MICE and international corporate travel, leading to cancellations and deferrals into FY2027.

Even with this disruption, operational trends cited in the earnings call remained positive in specific indicators, including Q4 air passenger volumes up 9.6% year-over-year and hotel room nights up 36%. The disclosures did not provide an absolute Q4 revenue number in the provided text, but the stated percentage decline indicates a meaningful short-term shock in an otherwise growth year.

Technology upgrades: API infrastructure and cloud migration

The company said it enhanced its API infrastructure and migrated to Google Cloud. It linked this to improved ability to distribute hotel content and indicated this capability is expected to scale further over coming years. While the statement did not quantify cost savings or revenue impact, it positions technology investment as a support layer for hotel supply distribution and partner integrations.

For investors, such disclosures typically matter because travel platforms rely on uptime, speed, and integration depth across airlines, hotels, and corporate tools. Any improvements that raise conversion or reduce friction can feed into volumes, but the provided text does not quantify this outcome.

Conference call and investor communication

Yatra said its earnings conference call would be held on Monday, May 25, 2026 at 10:00 AM (IST) to discuss financial results and performance for the quarter ended March 31, 2026. The company said the call would be accessible via a Microsoft Teams link and that its analyst or institutional investor presentation would be submitted to stock exchanges and hosted on the company’s investor relations website.

Key FY26 numbers at a glance

Why the FY26 update matters

Yatra’s FY26 numbers combine strong full-year profitability with evidence of how external shocks can hit quarterly performance. The company’s disclosures show a margin-led narrative, with gross margin (RLSC) growing faster than bookings in some periods, alongside EBITDA expansion. At the same time, the wage-code impact and the Q4 geopolitical disruption highlight that regulatory and geopolitical factors can directly affect reported earnings and near-term revenue.

The company’s corporate customer addition and retention metrics, plus the stated annual billable value for new accounts, provide tangible indicators of enterprise traction. Investors typically track these measures as leading indicators of future transaction volumes and revenue stability, though the provided text does not give FY27 guidance.

Conclusion

Yatra Online closed FY26 with revenue around INR 10.07 billion, EBITDA of INR 855 million, and PAT of INR 468 million, while flagging wage-code and geopolitical impacts during the year. The next formal checkpoint for investors is management commentary around quarterly disruption and business momentum, as discussed on the scheduled May 25, 2026 earnings call and the accompanying investor presentation.