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- **Q2 FY26 Revenue Surges 48.5% YoY to $39.5M, EBITDA +218% to $2.4M**
- **Corporate Travel Bookings +29% YoY, adding $29.5M annualized potential
- **Diya AI & Transparent Pricing UI Drive Conversion, 33% of bookings now Hotels & Packages
- **Restructuring Aims for Share Fungibility, targeting <12-month timeline
- **Consumer Segment Bottoming Out, 33% of bookings, 8-9% market growth vs 13-20% Yatra growth
- **GST Reductions & Digital Adoption Fueling MICE Expansion
- **Air Ticketing Margins +14.7% YoY, Hotels +28.6% YoY, total gross bookings +16.2% YoY to $231M
- **$24.9M cash reserves support FY26+ growth


**【CEO Summary Section】**
- **Revenue Growth and Profitability**: Q2 FY26 revenue rose 48.5% YoY to INR 3.51 billion ($39.5 million), driven by Hotels & Packages (40.4% YoY growth) and MICE segment expansion. Adjusted EBITDA surged 218% YoY to INR 212 million ($2.4 million), with corporate travel bookings up 29% YoY, adding INR 2.6 billion ($29.5 million) annualized potential from 34 new corporate clients onboarded.
- **Market Positioning**: Corporate travel market size ~$20 billion by FY27, with online penetration at 20% vs 45% for overall travel, creating headroom for digital adoption.
- **Technology & Customer Experience**: Diya AI enables seamless flight/hotel booking, while new hotel UI features transparent pricing and best price guarantees.
- **Restructuring Update**: Streamlining corporate structure across Cayman, Cyprus, and India, aiming for fungibility between U.S. and Indian share prices post-regulatory approvals.

**【CFO Financial Commentary】**
- **Segment Performance**: Air ticketing margins +14.7% YoY to INR 1.02 billion ($11.4 million), Hotels & Packages margins +28.6% YoY to INR 514.5 million ($5.8 million). Total gross bookings +16.2% YoY to INR 20.5 billion ($231 million), with cash reserves at INR 2.21 billion ($24.9 million).
- **Consumer Business**: 33% of gross bookings, with mid-single-digit growth targeting profitable scaling post-Q1-Q2 recovery.

**【Q&A Highlights】**
- **Corporate Travel Momentum**: Growing 2x industry rate (8-9% market growth vs 13-20% Yatra growth), driven by digital adoption and expense management solutions.
- **M&A Strategy**: Evaluating acquisitions to accelerate MICE expansion, building on past successful integrations.
- **Valuation Alignment**: U.S. entity discount due to liquidity, aiming for fungibility with Indian shares post-restructuring.
- **Consumer Segment**: 33% of bookings, bottoming out with profitable growth, no negative CoAC, targeting mid-single-digit growth.
- **Tax Benefits**: Reduced GST and income tax rates to boost discretionary spending, supporting FY26+ growth.
- **Regulatory Timeline**: Restructuring expected <12 months, prioritizing shareholder value alignment.


Yatra Online, Inc. (YTRA) Q2 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

YTRA

YTRA fundamentals

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