Yatra Online, Inc. (NASDAQ: YTRA) is a digital travel agency and travel services platform that connects travelers with travel inventories such as airline tickets, accommodations, holiday packages, and ground transportation. The company’s core customer value proposition is convenience and comparison: users can browse and book options across domestic and international ...Yatra Online, Inc. (NASDAQ: YTRA) is a digital travel agency and travel services platform that connects travelers with travel inventories such as airline tickets, accommodations, holiday packages, and ground transportation. The company’s core customer value proposition is convenience and comparison: users can browse and book options across domestic and international routes through its website and mobile applications. The platform supports both individual leisure travel needs and broader corporate travel requirements, reflecting its two-sided market approach where demand is aggregated and supplied through travel partners.
From a product and service perspective, Yatra’s offerings span (1) flights, including domestic and international bookings; (2) hotels and alternative lodging such as homestays; (3) vacation packages that bundle multiple travel components; and (4) ancillary services that extend the end-to-end trip experience. Ancillary offerings highlighted in the provided materials include tickets for buses and trains (including access to train booking workflows), taxi/ground transport, tours and cultural experiences, and event ticketing. In addition, Yatra provides travel vouchers and gift coupons, which support gifting and prepaid travel spend.
Yatra also emphasizes self-service corporate travel. Through a dedicated corporate booking interface (Yatra Corporate, as described), business travelers and corporate travel teams can manage bookings with workflows designed for organizations. This segment is complemented by scaled customer relationships, including large enterprises and a large number of registered SME customers (as referenced in the overview text provided).
Cost structure and operational “BOM” (bill of materials) for an online travel agency typically includes: technology and platform costs (web/mobile development, search, booking, payments integration, and customer support systems), marketing and customer acquisition spend (performance marketing, brand spend, and partner promotions), and transaction-related costs (payment processing, customer service operations, and partner commission/settlement). While Yatra’s exact line-item costs are not provided here, the company’s model generally relies on scalable software and distribution rather than owning physical travel assets.
Financially, enterprise value and valuation multiples provided in the source dataset indicate that investors view Yatra as a technology-enabled travel marketplace with working-capital dynamics common in travel bookings and settlement cycles. Liquidity management and risk controls (e.g., refunds, chargebacks, and partner settlement timing) are important operational considerations.
Key people include Dhruv Shringi, identified in the provided materials as Co-Founder and CEO (with a leadership background connected to Yatra’s global listing ambitions). Under his leadership, Yatra has evolved from an early-stage travel startup into a larger organization (with employee count reported as 1,584 in the provided dataset) operating across multiple product lines within travel services.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$10.6B
+33.3%
-0.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-233.6M
-118.5%
+119.7%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+23.8%
-51.6%
-45.7%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-1.7%
-50.3%
+28.2%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-2.2%
-64.0%
+119.7%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$0
+100.0%
—
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
0.0%
+100.0%
—
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
19.3%
+33.2%
+43.3%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.23x
+6.6%
+0.7%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, everyone, and welcome to Yatra's Fiscal Fourth Quarter and Full Year 2026 Financial Results Call for the period ended March 31, 2026. Today's call is hosted by Yatra's Co-Founder, Dhruv Shringi; Yatra's CEO, Siddhartha Gupta; and Yatra's CFO, Anuj Sethi. The following discussion, including responses to your questions, reflect the management's views as of today, May 25, 2026. The company does not take any obligation to update or revise the information. Before they begin their formal remarks, please be reminded that certain statements made on this call may constitute forward-looking statements, which are based on Yatra management's current expectations and beliefs and are subject to several risks and uncertainties that could cause actual results to differ materially. For a description of these risks, please refer to Yatra's filings with the SEC and their press release filed earlier this morning on the IR section of the Yatra website. With that, let me turn the call over to Yatra's Co-Founder, Dhruv Shringi. Dhruv, please go ahead.
Dhruv Shringi: Thank you, operator, and good morning, everyone. Welcome to Yatra's Full Year 2026 and Q4 2026 Earnings Call. Fiscal 2026 has been a landmark year for Yatra. Despite some very significant macro headwinds that impacted 3 out of the 12 months of the year, it is the most profitable year in the company's 20-year history. This strong performance is a testament to the resilience of our business model, our commitment to innovation, the balance in our revenue mix, the quality of our corporate franchise and the dedication of our teams. I'm very proud to announce our FY '26 results. Our revenue from operations grew 27% year-over-year to INR 10,074 million or approximately $107 million, while revenue less service costs, which is our gross margin, increased to INR 4,801 million, a growth of 22.6% year-over-year. Adjusted EBITDA grew to INR 564 million or approximately $6 million, a growth of 64% year-over-year, reflecting strong operating leverage. On the corporate customer acquisition front as well, we added during FY '26 163 new corporate customers with annual billable value of approximately INR 9,568 million or about $102 million, up from 148 customers and INR 7,475 million or $80 million in FY '25. As Siddhartha will delve further in his remarks, you will see that this number has been increasing on a quarterly basis, underscoring the continued traction in our enterprise travel business and the strength of our go-to-market execution. Online penetration of corporate travel is still less than 25% in India in the managed business travel segment. And as the market leader, we are best positioned to capitalize on this as the industry moves up the online penetration curve. We have demonstrated over the years that we not only have the ability to acquire customers but with a retention rate of almost 97%, have the ability to retain them for a very long lifetime value as well. In our assessment, the current …