Yatra Online Ltd Reports Record FY26 Performance, Eyes Future Growth

Yatra Online reported its strongest year in its 20-year history for FY26, with revenue from operations reaching ₹1,006.50 crore, a 27% increase year-on-year. Adjusted EBITDA for the full year surged by 37.5% to ₹91.70 crore. The company also added 163 new corporate customers during the fiscal year.

Reader Takeaway: Strong annual growth despite Q4 headwinds; watch MICE segment recovery.

What just happened

Yatra Online announced its financial results for the fiscal year ended March 31, 2026 (FY26). The company achieved record performance, with full-year revenue from operations at ₹1,006.50 crore and Adjusted EBITDA at ₹91.70 crore. This marks a significant year for the company, highlighting robust growth in its enterprise segment with the addition of 163 new corporate customers.

Why this matters

Despite a challenging geopolitical climate impacting international travel, Yatra Online has demonstrated strong annual growth and resilience. The significant increase in revenue and EBITDA for the full year underscores the company's operational efficiency and market position, particularly in attracting and retaining corporate clients. The medium-term outlook, with guidance for 20% Revenue from Legal Saleable Consumption (RLSC) CAGR and 30% Adjusted EBITDA CAGR, signals confidence in sustained expansion.

The backstory

FY26 marked Yatra Online's 20th year in operation. While the full year performance was strong, the fourth quarter (Q4 FY26) experienced headwinds. Geopolitical conflicts in the Middle East led to disruptions in the Meetings, Incentives, Conferences, and Exhibitions (MICE) and international travel segments, causing a 14% year-on-year revenue decline in Q4 FY26. Revenue for Q4 stood at ₹189.00 crore, and Adjusted EBITDA was ₹16.60 crore.

What changes now

Management indicated that the Q4 disruptions were a temporary setback, with recovery underway. The company is focused on leveraging its B2E (Business-to-Enterprise) segment, which generates free cash and provides volume leverage with suppliers without consuming incremental capital. Guidance for high-teens ROCE in 3-4 years through working capital optimization and scale signals a commitment to capital efficiency.

Risks to watch

The primary risk highlighted is the continued volatility from geopolitical events, specifically those affecting the Middle East, which can disrupt international MICE and corporate travel bookings. While the company views the Q4 impact as a short-term issue, prolonged geopolitical instability could pose a recurring threat to short-term performance.

Peer comparison

While specific peer data for FY26 results was not provided in the filing, Yatra Online's reported growth figures of 27% in revenue and 37.5% in Adjusted EBITDA for the full year indicate a strong competitive performance within the online travel agency sector. The company's focus on the B2E segment and its associated growth targets will be key differentiators.

Context metrics (time-bound)

• FY26 Revenue from Operations: ₹1,006.50 crore (up 27% YoY)
• FY26 Adjusted EBITDA: ₹91.70 crore (up 37.5% YoY)
• FY26 Profit After Tax: ₹46.80 crore
• FY26 Cash Flow from Operations: ₹76.10 crore
• Q4 FY26 Revenue from Operations: ₹189.00 crore (down 14% YoY)
• Q4 FY26 Adjusted EBITDA: ₹16.60 crore (down 34% YoY)
• New Corporate Customers added in FY26: 163
• Medium-term Guidance: 20% RLSC CAGR, 30% Adjusted EBITDA CAGR

What to track next

Investors should closely monitor the recovery trajectory of the MICE and international corporate travel segments. The company's ability to sustain its corporate customer acquisition momentum and achieve its medium-term growth guidance will be crucial indicators of future performance. Optimizing ROCE and managing geopolitical risks will also be key areas to watch.