Yatra Online Limited · NSE:YATRA
Yatra Online — Q2/H1 FY26 Earnings Presentation
30 slides from Yatra Online's earnings presentation, Nov 11, 2025
Slide 1: Exchange filing cover letter
CIN NO: L63040MH2005PLC158404 November 11, 2025 Listing Manager, Manager - CRD National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1 Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra (E) Dalal Street, Mumbai – 400051, India Mumbai – 400001, India Symbol: YATRA Scrip C
Slide 2: Yatra Online Limited Earnings Presentation Q2/H1-FY26
Yatra Online Limited Earnings Presentation Q2/H1-FY26
Slide 3: Company Overview
Company Overview • Established in 2006, Yatra has a strong track record of building a scalable and sustainable travel Revenue & Revenue Less Service Cost (Gross Margin) (INR Mn) business. 7,914 • The company follows a multi-channel approach with a go-to-market strategy that spans the entire 5,607 tr
Slide 4: Business Segments
Business Segments Corporate Business Consumer Business Yatra is India’s leading B2B Corporate platform Yatra is one of the most well recognized travel by total spend and number of customers brands in India, having won numerous awards >1,300 ~97% ~15.6M ~59% Large & Medium Corporate Customer Retentio
Slide 5: India Total Travel Market & Online Penetration
India- Total Travel Market & Online Penetration India Total Travel Market($Bn) & Online Penetration FY24-FY27 Total Travel Market 78.4 47 .0 % Online Penetration 46 .0 % 70.5 63.1 46.3% 45 .0 % 56.3 44.6% 44 .0 % 42.7% 43 .0 % 42 .0 % 40.5% 41 .0 % 40 .0 % 39 .0 % The corporate 38 .0 % 37 .0 % FY24
Slide 6: Multiple Levers to Deliver Sustainable Growth
Multiple Levers to Deliver Sustainable Growth Levers to Deliver Sustainable Growth 1 2 3 4 Sticky Corporate Business Strong Brand Recall Ability to Cross-sell to Large Industry Leading Supply of Domestic ▪ Market leader in large corporate travel ▪ Benefitting from India’s Corporate Base Hotels manag
Slide 7: Financial Overview Q2/H1-FY26
Financial Overview Q2/H1-FY26
Slide 8: Q2-FY26 Financial Performance
Q2-FY26 Financial Performance Gross Margins Gross Bookings Revenue from (Revenue less Adjusted EBITDA EBITDA Net Profit Operations Service Cost) INR 20,503 Mn INR 3,509 Mn INR 1,257 Mn INR 255 Mn INR 248 Mn INR 143 Mn +16% YoY +48% YoY + 34% YoY +88% YoY +125% YoY +96% YoY EBITDA/ Gross PAT/ Gross D
Slide 9: H1-FY26 Financial Performance
H1-FY26 Financial Performance Gross Margins Gross Bookings Revenue from (Revenue less Adjusted EBITDA EBITDA Net Profit Operations Service Cost) INR 38,541 Mn INR 5,607 Mn INR 2,414 Mn INR 504 Mn INR 490 Mn INR 303 Mn +13% YoY +66% YoY + 39% YoY +109% YoY +171% YoY +168% YoY EBITDA/ Gross PAT/ Gross
Slide 10: Trailing Twelve Months Performance
Trailing Twelve Months Performance Revenue RLSC Financial Highlights (TTM Q2 FY26 10,149 4,549 vs TTM Q2 FY24) 9,004 4,228 • Revenue increased by 28%, reflecting strong momentum 7,914 across key segments and 3,875 effective navigation of seasonal challenges Q4'25-Q1'25 Q1'26-Q2'25 Q2'26-Q3'25 Q4'25-
Slide 11: Quarterly Operational Performance
Quarterly Operational Performance Revenue (INR Mn) Gross Margins (Revenue Less Service Cost) (INR Mn) & Gross Margins (%) YoY 48% YoY 34% 3,509 1,257 1,094 1,156 1,041 2,364 2,353 QoQ 67% 936 QoQ 9% 2,190 2,098 5.32% 5.80% 5.86% 6.41% 6.10% Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q3 FY25 Q4
Slide 12: Quarterly Operational Performance – Air
Quarterly Operational Performance – Air Air Passenger Volumes (‘000) Gross Air Bookings (INR Mn) YoY (3)% YoY 12% 14,664 14,103 14,811 13,260 13,828 QoQ 10% QoQ 5% 1,377 1,314 1,329 1,248 1,206 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Air - Gross Margins (Reven
Slide 13: Quarterly Operational Performance – H&P
Quarterly Operational Performance – H&P Gross H&P Bookings (INR Mn) Hotel Room Nights (‘000) YoY 9% YoY 40% 5,142 QoQ 19% 3,662 3,390 QoQ 50% 3,603 3,433 461 504 418 423 367 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY25 Q2 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 H&P - Gross Margins (%) H&P - Gross Margins (R
Slide 14: Financial KPIs trends
Financial KPIs trends PARTICULARS (INR Mn) FY'23 FY'24 FY'25 H1 FY’26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Gross bookings 67,372 75,884 70,733 38,545 17,609 17,951 18,663 18,038 20,503 Air Ticketing 56,408 64,950 55,273 28,951 13,260 13,828 14,664 14,103 14,811 Hotel & Package 8,153 8,740 13,053 8,579 3,66
Slide 15: Q2/H1-FY26 Operational Highlights
Q2/H1-FY26 Operational Highlights • Revenue from operations grew by 48% YoY to INR 3,509 million in Q2 FY’26, with continued momentum across key segments, including growth in Hotels and Packages business and contribution from the MICE segment. • Revenue less Service Costs (RLSC) (Gross Margin) grew
Slide 16: Tech Updates
Tech Updates DIYA AI New UI design for Hotels Best Price Guarantee • Seamless flight and hotel search booking • Transparent per-room, per-night pricing model • Customers have access to the best hotel • Generative AI-powered travel assistant built to • Upfront display of taxes and fees to eliminate r
Slide 17: Sales and Marketing Updates
Sales and Marketing Updates Yatra 19th Anniversary Campaign | Big Outing Fest Yatra celebrated its 19th Anniversary with a high decibel sales event amplified across Digital, Social, Outdoor & Print
Slide 18: Sales and Marketing Updates
Sales and Marketing Updates Strengthening the Corporate Travel Brand on Linkedin
Slide 19: Quarterly Consolidated Financial Performance
Quarterly Consolidated Financial Performance Particulars (INR Mn) Q2-FY26 Q2-FY25 Y-o-Y Q1-FY26 Q-o-Q Revenue from Operations (A) 3,509 2,364 48% 2,098 67% Revenue less service cost (B) 1,257 936 34% 1,156 9% Other Income* (C) 9 19 (49)% 11 (13)% Operating Expenses* (D) 1,012 819 24% 918 10% Adjuste
Slide 20: Half Yearly Consolidated Financial Performance
Half Yearly Consolidated Financial Performance Particulars (INR Mn) H1-FY26 H1-FY25 Y-o-Y Revenue from Operations (A) 5,607 3,372 66% Revenue less service cost (B) 2,414 1,740 39% Other Income* (C) 20 38 (46)% Operating Expenses* (D) 1,930 1,537 26% Adjusted EBITDA (E=B+C-D) 504 241 109% Adjusted EB
Slide 21: Consolidated Historical Income Statement
Consolidated Historical Income Statement Particulars (INR Mn) FY23 FY24 FY25 H1-FY26 Revenue from Operations (A) 3,802 4,223 7,914 5,607 Revenue less service cost (B) 3,157 3,359 3,875 2,414 Other Income* (C) 145 102 114 20 Operating Expenses* (D) 2,632 2,928 3,322 1,930 Adjusted EBITDA (E=B+C-D) 67
Slide 22: Consolidated Historical Balance Sheet
Consolidated Historical Balance Sheet Particulars (INR Mn) FY23 FY24 FY25 H1-FY26 Particulars (INR Mn) FY23 FY24 FY25 H1-FY26 Assets Equity and Liabilities 1. Non Current Assets 1,753 2,022 3,641 3,71 1. Equity 1,695 7,475 7,838 8,136 Property, Plant and Equipment's 46 74 137 130 Equity Share Capita
Slide 23: Historical Cash flow
Historical Cash flow Particulars (INR Mn) FY23 FY24 FY25 H1-FY26 Profit Before Tax 122 (13) 351 340 Non Cash and Non operating expenses 245 42 121 171 Cash flow from operations before working capital 367 29 473 511 Deployment in Working Capital (including payment of taxes) (1,898) (1,453) (400) 402
Slide 24: Annual Key Performance Metrics
Annual Key Performance Metrics Gross Margins (Revenue Less Service Cost) (INR Gross Bookings (INR Mn) Air Passenger Volumes (‘000) Hotel Room Nights (‘000) Mn) & Gross Margins (%) 75,884 70,733 67,373 6,945 38,541 5,601 5,269 3,875 3,157 3,359 5.48% 2,414 1,753 1,692 1,663 4.69% 4.43% 2,535 928 6.26
Slide 25: Consolidated Historical Financial Performance
Consolidated Historical Financial Performance Revenues (INR Mn) EBITDA (INR Mn) and EBITDA Margins (%) PAT (INR Mn) and PAT Margins (%) 7,914 1,000 25 % 25% 900 800 20 % 20% 5,607 700 20% 558 600 15 % 13% 4,223 512 490 366 15% 3,802 500 16% 400 14% 10 % 303 273 10% 300 8% 9% 200 5% 100 5% 100 3% 9 -
Slide 26: Capital Market Data
Capital Market Data Stock Performance (Up to 30th September, 2025) 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% -40.0% -50.0% -60.0% Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 Apr/25 May/25 Jun/25 Jul/25 Aug/25 Sep/25 Yatra.com Sensex Shareholding Pattern as on 30th September, 2025 Price Data (A
Slide 27: Scheme of Amalgamation
Scheme of Amalgamation • On August 12, 2024, the Board of Directors of Yatra Online Limited (“Yatra India”), approved a Composite Scheme of Amalgamation (“Scheme”) involving Yatra India (the “Amalgamated Company”) and its five wholly-owned subsidiaries i.e. Travel.Co.In Private Limited, Yatra For Bu
Slide 28: Glossary
Glossary Term Description Term Description Gross booking revenue is defined as the total amount paid by customers for travel B2B Business to Business Gross Booking services and products booked through the OTAs including taxes, fees and other Revenue charges, and is net of cancellations, discounts an
Slide 29: Disclaimer
Disclaimer Yatra Online Limited Disclaimer: No representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in al
Slide 30: Thank You
Thank You