Yatra Online's Q3 2025: Key Contradictions in MICE Market Insights and Corporate Strategy

These are the key contradictions discussed in Yatra Online's latest 2025 Q3 earnings call, specifically including: MICE Market Size Estimation, Corporate Client Onboarding Process, and Product Launch Timelines:



Revenue and Segment Growth:
- Yatra reported revenue from operations of INR 2.35 billion for the quarter ended December 31, 2024, representing a 113% year-over-year increase.
- The growth was primarily driven by strong performance in the Hotels and Packages segment, particularly in the Corporate Travel segment, including the Meetings, Incentives, Conferences and Exhibitions (MICE) business.

MICE Segment Expansion:
- The MICE segment saw robust year-over-year adjusted margin increase of 65.8%, with hotel gross bookings up 83%.
- The growth was driven by strategic focus on cross-selling standalone hotels to the existing corporate client base and growth in the new MICE business, along with improved conversion rates due to enhanced platform features and strategic supplier relationships.

Profitability and EBITDA:
- Yatra's adjusted EBITDA surged 75% year-over-year to INR 12.1 million.
- This strong performance was fueled by continued cost optimizations, a shift towards higher-margin segments, and disciplined operational execution, despite competitive pressures in the B2C segment.

Corporate Client Onboarding:
- The company onboarded 50 new corporate clients collectively adding an annual billing potential of INR 2.8 billion, approximately $32.2 million.
- This expansion of the corporate client portfolio provided access to new industries, allowing Yatra to build deeper into those market segments.