Feb 12: Yatra Online Limited. , India’s largest corporate travel services provider and the third largest online travel company in India among key OTA players announces its results for the third quarter of the financial year 2025-26.

Q3-FY26 Business Highlights:

  • Q3 marked another strong performance for company, with results exceeding guidance for the quarter.
  • Revenue Less Service Cost grew 23% year-on-year (vs. revised guidance of 22%), while Adjusted EBITDA increased 41% year-on-year (vs. revised guidance of 37.5%).
  • Q3 is typically a strong quarter for leisure travel in India, while remaining seasonally weaker for corporate travel.
  • Overall Gross Bookings grew 21% year-on-year, supported by a healthy recovery in the Consumer (B2C) business, continued strength in the corporate segment, and growth in affiliate network partners for hotels. B2C business is now beginning to deliver healthy growth with positive unit economics.
  • The Corporate business maintained strong momentum, adding 40 new corporate customers during the quarter, representing an annual revenue potential of INR 2,234 Mn.
  • Despite being a seasonally soft quarter for corporate travel, the Company remained focused on margin optimization, resulting in year-on-year improvement in both air and hotel margins.
  • The catch-up impact from the implementation of new labour codes reduced PAT by INR 38 Mn in Q3, lowering PAT growth from +21% year-on-year on a proforma basis to reported (17%) YoY for the quarter.
  • The implementation of stricter Flight Duty Time Limitation (FDTL) norms in December led to airline operational disruptions, resulting in elevated cancellations and delays, particularly in early December.
  1. These disruptions had an estimated Air Gross Bookings impact of approximately INR 480 Mn, disproportionately affecting December corporate travel and having a material impact on the MICE business.
  2. Over INR 300 Mn of MICE revenue slipped into subsequent quarters due to deferred group bookings amid travel uncertainty.
  3. Last-minute cancellations, where advance vendor payments had already been made, resulted in working capital blockage and higher finance costs during the quarter.

Management Comments:

Commenting on the results, Executive Chairperson cum Whole Time Director, Mr. Dhruv Shringi stated: “I am pleased to report another strong quarter despite significant disruption in the airline industry in India during the quarter. We continue to deliver results ahead of our revised guidance with RLSC growth coming in at 23% and Adjusted EBITDA grew 41% YoY. During the period ended 31st December 2025 our Adjusted EBITDA and PAT exceeded our full year FY 2025 performance, positioning us well for a strong FY 2026.

During the quarter we also strengthened our management team with the appointment of Siddhartha Gupta as our CEO. Siddhartha brings with him a wealth of B2B experience having led large B2B SAAS businesses.

I extend my sincere thanks to our dedicated team, trusted partners, and supportive shareholders.”

Commenting on the results, Chief Executive Officer, Mr. Siddhartha Gupta stated: “Our B2C business continued its recovery trajectory during the quarter backed by strong seasonal tailwinds. This business now is demonstrating steady growth with profitable unit economics. Our corporate and MICE businesses both got impacted by the disruption in the domestic aviation industry in India with significant amount of MICE business getting pushed into Q4’26 and Q1’27. Our focused execution enabled us to improve our Gross Margins across Air and Hotels & Packages despite tough macro environment.