Yatra Online's Q4 2025 Earnings Call: Unpacking Contradictions in Corporate Structure, Market Growth, and Geopolitical Impacts

Corporate structure and share fungibility, MICE market size and growth potential, impact of Pakistan border situation on business, share fungibility and corporate structure, international travel growth and capacity expansion are the key contradictions discussed in Yatra Online, Inc.'s latest 2025Q4 earnings call.



Revenue Growth and Segment Performance:
- Yatra Online, Inc. reported annual revenues of INR7.9 billion (approximately USD93.1 million) for fiscal year 2025, up 90% year-over-year.
- Revenue growth was driven by strong performance in corporate travel and MICE businesses, as well as inorganic contributions from the Globe Travels acquisition.

MICE Business Expansion:
- The MICE business emerged as a standout performer with significant growth and margin expansion in the fourth quarter.
- Expansion was attributed to leveraging Yatra's capabilities and Globe's expertise, capturing a larger share of the high-margin MICE segment, and targeting a diverse client base.

India's Travel Market Potential:
- The Indian travel market is expected to grow exponentially, with corporate travel forecasted to reach USD80 billion by 2033 and the MICE market projected to be USD10 billion by 2030.
- The growth is driven by factors such as globalization of business operations, increased investments in travel infrastructure, and advancements in airline, hospitality, and tourism industries.

Cost Efficiency and AI Integration:
- Yatra integrated NDC with its self-booking tool for corporate travel, enhancing the booking experience and improving cost efficiency.
- This integration enables real-time seat availability and dynamic pricing, allowing for better flight options and pricing for corporate travelers.

Profitability and Share Convertibility:
- Yatra reported adjusted EBITDA of INR344 million (approximately USD4 million) for fiscal year 2025, up 28% year-on-year.
- The company is focused on achieving convertibility into Indian shares to align with the market, unlock value, and potentially enhance shareholder value.