Yatra Online Ltd

AGM notice and access

• The 20th AGM is scheduled for 15 September 2026 at 4:30 PM IST.
• The AGM will be held via Video Conferencing or Other Audio-Visual Means.
• Notice and Annual Report FY2025-26 are emailed to registered members.
• Unregistered recipients will access notices and the Annual Report via web links.
• Shareholders without registered emails should update their contact details with the depository or MUFG Intime RTA.
• The Annual Report web link is accessible at investors.yatra.com/Annual-Report-FY-2025.
• Queries can be directed to MUFG Intime India Private Limited, the RTA.

Overview

• Standalone BRSR for FY2025-26; reporting entity is Yatra Online Limited.
• Core business: online travel agency offering air tickets, hotels/packages, and advertising revenue.
• Reporting boundary is standalone, disclosures cover the entity only, not consolidated.
• Revenue mix: Air Ticketing 30.87%, Hotels/Packages 60.75%, Advertising 8.38%.
• CSR applicability not standalone; CSR contribution of INR 22,04,474 moved from amalgamated subsidiary.
• Six wholly owned subsidiaries amalgamated into Yatra Online Limited; NCLT order approved; effective Dec 1, 2025.

Key ESG Risks & Opportunities

• Information security and data privacy risk; mitigated via ERM, policies, and breach response.
• DPDP compliance is critical; risks include penalties and reputational harm from data misuse.
• Talent attraction and development risk due to skill gaps and attrition; HR monitors, trains, and inducts.
• Diversity and Inclusion is an opportunity; supports innovation and broader customer reach.
• Climate change and travel emissions risk; mitigated by online meetings and partner sustainability.
• Quality customer experience and AI governance present growth opportunities.
• Robust governance practices are a key opportunity for trust and sustainable growth.
• Responsible AI and AI governance can improve transparency, accountability, and regulatory compliance.

Governance & Policy Highlights

• Sustainability oversight exists within the existing governance framework; no dedicated board committee yet.
• Amalgamation of six subsidiaries approved; NCLT order in 2025; effective Dec 2025.
• Policies include Anti-Bribery, Code of Conduct, Whistleblower, POSH, Privacy, Information Security, CSR.
• Policies translated into procedures; ongoing updates and extension to value chain partners.
• CSR policy approved by the Board; CSR contributions consolidated under Yatra Online Limited.
• External assurance on BRSR data provided by Sustainability Actions (P) Ltd for FY2025-26.
• Web-links for key policies referenced; board oversight of governance and risk management.

Social Responsibility & Workforce

• Total employees: 1,233; 957 male and 276 female; 0 differently-abled.
• Board female representation: 16.7%; Key Management Personnel female representation: 20%.
• Permanent employee turnover: ~31.6% male, 30.8% female (total 31.4%) in FY2025-26.
• LTIFR: 0; total recordable injuries: 0; no fatalities.
• Well-being measures include POSH training, health checks, fire drills, yoga, and access control.
• Grievances: 1 wage-related complaint filed in 2025-26; 2 pending; other HR issues 0.
• Accessibility: offices are accessible to differently-abled individuals; equal opportunity policy in place.
• HR training on human rights: 61% of employees covered; ICCs and reporting channels established.
• Parental leave: return-to-work rates and retention monitored; 100% male return-to-work, 79% female.
• Internal ICCs with Convercent and wecare@yatra.com for grievance redressal; Employee Governance Committee.
• Wage and benefits: median remuneration patterns reported; gender pay practices reflected in disclosed data.

Environmental Performance

• Energy: non-renewables electricity 3,686.98 GJ; fuel 1,065.25 GJ; total 4,752.23 GJ.
• Energy intensity: 7.48 GJ per INR turnover; PPP intensity: 15.43 GJ per million USD turnover.
• GHG emissions: Scope 1 141.40 tCO2e; Scope 2 727.16 tCO2e; total 868.56 tCO2e.
• Emissions intensity: 1.37 tCO2e per crore turnover; PPP 2.82 tCO2e per million USD turnover.
• Waste: total 0.86 tonnes; E-waste 0.86 tonnes; other waste not tracked; 0% hazardous.
• Water: 536.40 KL withdrawal and consumption; water intensity 0.7 KL per crore turnover; PPP 1.7 KL/USD turnover.
• External assurance on environmental data provided by Sustainability Actions (P) Ltd; no Zero Liquid Discharge.
• No specific GHG reduction projects due to service-based operations.

Stakeholder Engagement & Complaints

• Stakeholders include employees, investors, customers, suppliers, government/regulators, communities, and media.
• Engagement channels: surveys, meetings, investor calls, CSR activities, and online portals.
• Customer complaints: 10,758 filed in 2025-26; 0 pending resolution; other categories tracked.
• Investors: quarterly/adhoc engagement; shareholders have access to updates and disclosures.
• Employees/workers: internal channels (ICC, Convercent, WeCare) for grievances; non-retaliation policy in place.
• Community engagement includes CSR-led green plantation project; broader environmental benefits.

Other Notable Metrics

• Related party transactions: purchases from related parties 2.36%; sales 1.85%; loans to related parties 100%; investments 0%.
• Supply chain: suppliers include airlines, hotels, travel agents, and technology/service providers; MSME breakdown not computed.
• Affiliations: seven trade/industry associations; no autonomous public policy advocacy reported.
• Cybersecurity: data privacy policy in place; no data breaches in FY2025-26; external assurance on data.
• CSR and environmental disclosures reflect governance practices and value chain risk management.

FY25-26 Highlights

• Revenue from operations: INR 10,065 Mn, up 27% YoY.
• Adjusted EBITDA: INR 917 Mn, up 37.5% YoY.
• Air passenger volumes grew 9.6% YoY in Q4.
• PAT: INR 468 Mn, up 28% YoY.
• Diluted EPS: INR 2.98, up 27.9% YoY.
• Operating cash flow: INR 761 Mn.
• 163 new corporate clients added.
• Globe acquisition completed.
• YMHL acquisition: 49% stake acquired.
• Amalgamation of six subsidiaries completed; effective Dec 1, 2025.

Financial Performance

• Revenue from operations: INR 1,879 million; down 10.4% YoY.
• Gross margin: INR 1,227 million; +6.1% YoY.
• Adjusted EBITDA: INR 151 million; -39.4% YoY; 12.29% of gross margin.
• PAT: INR 3.4 million.
• Gross bookings: INR 21,007 million; YoY growth 16.5% (Siddhartha).
• Air passenger volume: 1,264,000; YoY +4.8%.
• Air gross bookings: INR 16,579 million; YoY +17.6%.
• Air gross margin: INR 699 million; margin 4.2%.
• Hotels & Packages: room nights 548,000.
• Hotels & Packages: gross bookings 3,876 million; gross margins 386 million; margin 9.95%.
• Hotels standalone revenue growth: +62% YoY.
• Hotels & Packages gross bookings growth: +13% YoY.
• MICE: roughly INR 60 million gross-margin impact YoY; normalization expected.
• International mix share: under 30%.
• Cash & deposits: INR 1,976.9 million as of 30 Jun 2026.
• Kanoo-related costs: higher employee costs; revenue contribution from Q2 onwards.
• Travel Pro: 53 new corporate customers; annual billable potential INR 2,223 million.
• Travel Pro: 30+ logos; ~INR 800 million potential.
• Air/Hotel mix: currently ~60/40; target 50/50 in 2–3 years.

Operating Update

• Air: passenger volume 1,264,000; gross bookings INR 16,579 million; air margin 4.2%.
• Hotels & Packages: stand-alone hotels bookings up ~34%; revenues +62%; room nights ~30% YoY.
• MICE: Q1 disruption; Q2 pipeline stronger; margins improving; transformation largely completed.
• Corporate travel: 53 new customers; wallet share expansion; net retention ~97%.
• Kanoo: global-ready platform; Middle East expansion; capacity growing ahead of revenue.

Liquidity and Balance Sheet

• Cash and cash equivalents + term deposits: INR 1,976.9 million as of 30 Jun 2026.

Guidance and Outlook

• No current-year guidance; update likely next quarter.
• EBITDA margins targeted at 20%+ mid-term; 30% range as scale improves.
• Air margins to stabilize; MICE margins to improve; hotels to sustain growth.
• Kanoo investment to contribute from Q2; long-term expansion remains a priority.

Q&A Highlights

• MICE recovery: Q2 volumes ~50% higher than Q1; margins improving; momentum stabilizing.
• Travel Pro traction: 53 new logos; larger pipeline expected; annual contract tendency around 1 year for Travel Pro.
• International mix: under 30%; domestic demand strength supports shifts to hotels.
• Corporate card/working-capital: banks exploring low-MDR products; long lead times.
• Restructuring merger: timeline uncertain; regulators vary; work ongoing.
• Promotions: hotel discounts elevated due to more B2C mix; normalization expected as MICE recovers.

Meeting Details

• Date: August 13, 2026.
• Type: earnings conference call; Mode: virtual.
• Organizer: Yatra Online Limited.
• Recording: audio recording available on company website.

Purpose

• Purpose: Earnings call for the quarter ended June 30, 2026.

Business Overview

• Multi-channel travel platform with B2B corporate and B2C OTA offerings.
• Largest managed corporate travel provider in India; 1,300+ corporates and ~60k SMEs.
• OTA platform with 80% traffic from direct/organic channels.
• Strategic focus includes international expansion and cross-sell across hotels, transport, and services.
• Strong governance and experienced leadership with 90+ years of industry experience.
• Management team includes Dhruv Shringi (Chairman) and Siddhartha Gupta (CEO).

Operational Highlights

• Q1 FY27 gross bookings grew 16.5% YoY to INR 21,007 Mn.
• Air & H&P transactions +12.2% YoY; air passengers +4.8%.
• Hotels: room nights up ~30% YoY with hotel-supply expansion.
• 53 new corporate customers; annual billables potential INR 2,223 Mn.
• MSME GTM added 30+ new logos.
• MICE pipeline 50%+ higher than Q1; Kanoo Travel marks first international expansion.

Financial Performance

• Q1 FY27 revenue from operations 1,879 Mn; down 10.4% YoY.
• Q1 FY27 EBITDA 132 Mn; EBITDA margin 11%.
• FY26 revenue from operations 10,065 Mn; up 27.2% YoY.
• FY26 Adjusted EBITDA 917 Mn; margin 19%.
• FY26 EBITDA 855 Mn; margin 18%.

Capital Structure & Liquidity

• Equity up to INR 8,302 Mn by FY26; share capital INR 157 Mn.
• Borrowings: current INR 704 Mn; non-current INR 12 Mn; total 716 Mn.
• Cash & cash equivalents INR 724 Mn; term deposits INR 1,508 Mn; total cash incl. deposits INR 2,230 Mn.
• Cash flow from operations turned positive in FY25 (73 Mn) and FY26 (761 Mn); financing cash flow -544 Mn in FY26.

Strategic Priorities & Outlook

• International expansion underway; Kanoo Travel seven-year partnership marks first significant enterprise expansion.
• MICE pipeline growth; recovery expected to improve margins.
• Cross-sell focus to large corporates and continued hotel/transport services.
• Technology-driven platform with ongoing scalability and direct/organic channel growth.

Risks & Mitigation

• Headwinds include weaker international MICE volumes and delays in airline incentives.
• Higher ticket prices muted corporate travel spend; management expects Q2 rebound.

Governance & Leadership

• Sabina Chopra appointed CFO in April 2025.
• Management team includes Dhruv Shringi (Chairman) and Siddhartha Gupta (CEO).

Financials

• Q1-FY27 revenue: INR 1,879 Mn; YoY decline 10.4%.
• Adjusted EBITDA: INR 151 Mn; YoY decline 39.4%.
• EBITDA: INR 132 Mn; YoY decline 45.6%.
• Net profit: INR 3 Mn; YoY decline 97.9%.
• EBITDA margin: 10.72%.

Operational highlights

• Gross bookings INR 21,007 Mn, +16.5% YoY.
• Total transactions across Air and H&P +12.2%.
• Air passengers +4.8% YoY.
• Room nights grew ~30% YoY.
• Gross Margin (RLSC) INR 1,227 Mn, +6.1% YoY.

Strategic developments

• Seven-year strategic partnership with Kanoo Travel to expand internationally.
• RECAP adoption; cumulative customer base reached 20.

Outlook & pipeline

• MICE pipeline for Q2 more than 50% higher than Q1.
• 53 new corporate customers; annual billable potential INR 2,223 Mn.
• MSME segment added over 30 new logos.