Yatra Online, Inc. reported unaudited results for the three months ended December 31, 2025, showing revenue of INR 2,576.9 million (USD 28.7 million) – a 9.6% year‑over‑year increase – while adjusted EBITDA fell 17.9% to INR 99.703 million (USD 1.11 million). The revenue growth was driven by a stronger mix of consumer and affiliate bookings and a continued expansion in air ticketing, but the company’s profitability was eroded by higher operating costs and one‑time restructuring charges that pushed the margin lower.
The corporate travel segment was a key growth engine, adding 40 new clients and boosting the segment’s annual billing potential by INR 2.234 billion (USD 24.9 million). This expansion reflects Yatra’s strategic focus on high‑margin corporate and MICE travel, a market that is projected to reach $20 billion by FY27. The segment’s performance helped offset headwinds in other areas, underscoring the company’s shift toward more profitable business travel.
Yatra’s integration of Globe Travels, completed in September 2024, continues to deliver supplier synergies and technology enhancements. The acquisition, valued at INR 128 crore (≈$15.25 million), has accelerated the company’s ability to serve corporate clients with a hybrid offline‑online platform, reinforcing its competitive position in the corporate travel market.
Margin compression in the quarter was largely attributable to increased operating expenses and the impact of restructuring charges. Adjusted EBITDA dropped from INR 175 million in Q3 FY25 to INR 99.703 million in Q3 FY26, a decline of 43% year‑over‑year, even as revenue grew. The company’s management highlighted that the restructuring effort is intended to unlock shareholder value, but it has introduced short‑term earnings pressure.
Comparing the quarter to the prior year’s results, Yatra’s revenue grew from INR 2,353 million in Q3 FY25 to INR 2,576.9 million in Q3 FY26, while adjusted EBITDA fell from INR 175 million to INR 99.703 million. The shift from a 113% YoY revenue increase in FY25 to a 9.6% increase in FY26, coupled with a sharp EBITDA decline, signals a transition from aggressive growth to a focus on profitability and cost discipline.
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