Yatra Online delivered its most profitable year in twenty years for FY 2025-26, with revenue climbing 27.2% to Rs 10,065 million. Strong growth in corporate travel and MICE segments drove the gains. However, the company faces scrutiny as statutory auditors issued a qualified opinion regarding internal financial controls. Management is upgrading its accounting software to address these governance gaps.
Yatra Online Reports Record Annual Profit of Rs 468 Million
Revenue reaches Rs 10,065 million; Adjusted EBITDA surges 37.5% to Rs 917 million
Reader Takeaway: Robust corporate client growth drives record financials, though auditor-flagged internal control issues require immediate management attention.
What just happened
Yatra Online posted its strongest financial performance in its twenty-year history for the fiscal year ending March 2026. Consolidated revenue reached Rs 10,065 million, marking a 27.2% year-on-year increase. The company's profitability saw a sharp rise, with Profit After Tax (PAT) growing 28% to Rs 468 million. Operational efficiency also improved, with cash flow from operations jumping ten-fold to Rs 761 million.
Why this matters
The company’s core corporate travel business saw record expansion, adding 163 new corporate clients with an annual potential billing value of Rs 9,568 million. Yatra has solidified its position as the second-largest player in the Indian corporate MICE sector, successfully executing 500 programs this year. A high customer retention rate of 97% provides a stable foundation for ongoing revenue streams.
Risks to watch
Statutory auditors, M S K A & Associates LLP, issued a qualified opinion on the financial statements. The auditors highlighted material weaknesses in internal controls, specifically regarding documentation for the packages business and IT general controls in the hotel division. While management has proposed a transition to D365 F&O software to automate and strengthen controls, investors should monitor the successful implementation of these upgrades.
Corporate Action
The Board of Directors did not declare a dividend for FY 2025-26. Additionally, the company finalized the amalgamation of six of its wholly-owned subsidiaries on December 1, 2025, to streamline its operational structure.