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Yatra Online Inc. Earnings Presentation Q3/9M-FY26
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Disclaimer This presentation is for informational purposes only and does not constitute an offer to sell, a solicitation of any offer to buy, or a recommendation to purchase any securities of or any of its affiliates (as such term is defined under the U.S. federal securities laws). The presentation shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities. This presentation shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended Forward-Looking Statements The statements in this presentation that are not historical facts are “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “project”, “budget”, “forecast”, “intend”, “plan”, “may”, “will”, “could”, “should”, “predicts”, “potential”, “continue”, and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Yatra operates. Yatra’s beliefs and assumptions are made by its management and are not predictions or guarantees of actual performance. Accordingly, actual results and performance may materially differ from results or performance expressed or implied by the forward-looking statements. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any forward-looking statements or other information contained herein. Factors that could cause future results and performance to differ from the forward- looking statements include but are not limited to: (1) Yatra’s history of operating losses; (2) competition in the Indian travel industry; (3) declines or disruptions in the Indian economy; (4) risks relating to any unforeseen liabilities of Yatra;(5) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, losses and future prospects; businesses and management strategies and the expansion and growth of the operations of Yatra; (6) the limited liquidity and trading of Yatra’s securities; (7) changes in applicable laws or regulations; (8) the possibility that Yatra may be adversely affected by other economic, business, and/or competitive factors; and (9) other risks and uncertainties indicated from time to time in Yatra’s filings with the Securities and Exchange Commission (the “SEC”). Yatra cautions that the foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in Yatra’s most recent filings with the SEC. All subsequent written and oral forward looking statements or other matters are expressly qualified in their entirety by the cautionary statements above. Yatra cautions readers not to place undue reliance upon forward looking statements, which speak only as of the date made. Yatra undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Non-IFRS Financial Measures In addition to the IFRS financial measures, this presentation includes certain non-IFRS financial measures, including Adjusted Revenue, Adjusted EBITDA (Loss), Net Revenue Margin and Gross Bookings. The non-IFRS measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under IFRS as issued by the IAB. The Company considers these non-IFRS financial measures to be important because they provide useful measures of the operating performance of the Company, exclusive of unusual events or factors that do not directly affect what we consider to be our core operating performance and are used by the Company's management for that purpose. All non-IFRS financial measures are reconciled to their directly comparable IFRS financial measures. These reconciliations are presented in the Appendix at the end of this presentation. Industry and Market Data Industry and market data used in this presentation have been obtained from industry publications and sources as well as from research reports prepared for other purposes. While Yatra believes such information to be reliable, it has not independently verified the data obtained from these sources. Other All years are calendar years unless otherwise noted as “fiscal year” or “FY”. Yatra Investor Relations Email: investors@yatra.com Yatra Online, Inc. 2Investor Presentation
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Company Overview Revenue & Revenue Less Service Cost (Gross Margin) (INR Mn) 3,827 4,190 7,954 8,184 3,157 3,324 3,915 3,700 FY23 FY24 FY25 9M FY26 Revenue RLSC • Established in 2006, Yatra has a strong track record of building a scalable and sustainable travel business. • The company follows a multi-channel approach with a go-to-market strategy that spans the entire travel and hospitality value chain, covering both B2C and B2B segments. • Yatra is India’s largest managed corporate travel services provider, catering to over 1,300 large & medium corporates and approximately 58,000 SME clients, with an addressable employee base of more than 9 Mn. • It is also one of India’s largest OTA platforms and serves as a one-stop shop for leisure travel needs, with ~81% of total traffic driven by direct and organic channels. • The diversified customer base is supported by a real-time integrated technology platform designed to meet the evolving needs of both corporate and consumer travellers. • Yatra offers a seamless, multi-channel experience across desktop and mobile, backed by robust technologycapabilities that enhance accessibility and drives customer retention. • The experienced management team brings over 90 years of cumulative industry experience, who are guided by a diverse group of experienced and reputed board of directors underlining a strong corporate governance model. 3Investor Presentation
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Business Segments ~58K SME customers(1) ~97% Customer Retention(1) >1,300 Large & Medium Corporate Customers(1) 73% of Top 100 Customers with tenure > 5 years ~55K Travel Agents(1) 80% of Top 100 Customers with tenure > 3 years Corporate Business ~15.6M Registered Customers(2) ~59% Business from Repeat Customers(4) ~106M (24% YoY) Total Consumer Visits(3) ~81% Direct and Organic traffic(4) ~80K Largest Hotel Listings among all OTAs(4) 97.3% Booking Success rate(4) ~21M Mobile App Downloads Consumer Business ~41% Business from New Customers(4) 1. Data as of 31 March 2025 2. Cumulative as of March 31, 2025; does not include data for B2B businesses 3. For the period April 2024 to March 2025 4. For the period Fiscal year FY25 Yatra is India’s leading B2B Corporate platform by total spend and number of customers Yatra is one of the most well recognized travel brands in India, having won numerous awards 4Investor Presentation
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14.8 16.3 18.1 20.3 20.4% 21.6% 22.4% 23.0% 19.0 % 19.5 % 20.0 % 20.5 % 21.0 % 21.5 % 22.0 % 22.5 % 23.0 % 23.5 % FY24 FY25 FY26 FY27 Total Corporate Market Online penetration India Total Corporate Travel Market($Bn) & Online Penetration FY24-FY27 India- Total Travel Market & Online Penetration 56.3 63.1 70.5 78.4 40.5% 42.7% 44.6% 46.3% 37.0 % 38.0 % 39.0 % 40.0 % 41.0 % 42.0 % 43.0 % 44.0 % 45.0 % 46.0 % 47.0 % FY24 FY25 FY26 FY27 Total Travel Market Online Penetration India Total Travel Market($Bn) & Online Penetration FY24-FY27 The corporate travel market has significant headroom for increased online penetration. *Data based on Videc report
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6Investor Presentation Strong Management Team Management Team Siddhartha Gupta Chief Executive officer ▪ Post Graduate Diploma in Business Management (PGDBM) from the Xavier Institute of Management ▪ Former President of Mercer India and CEO of Mercer Mettl also held leadership roles in SAP and HP Manish Amin Chief Information and Technology Officer ▪ Holds a general certificate in business studies from Business Technician and Education Counsel ▪ Associated with eBookers and Flight bookers Limited Dhruv Shringi Whole-time Director and Chairman ▪ Chartered accountant and master’s degree in business administration from INSEAD ▪ Previously associated with Fords Motor Company, Arthur Andersen & Co. and eBookers Sabina Chopra COO (Corporate) ▪ Brings over 32 years of experience in Travel & Hospitality ▪ Prior to joining the company, she headed India based operations of eBookers Anuj Sethi CFO ▪ Appointed as the CFO in April 2025 and brings more then 25 years of experience in travel ▪ A cost accountant and has also served the Company for more than a decade in the senior finance and accounts role including as CFO. Jyoti Chawla Company Secretary ▪ Previously associated with Sundrop Brands Limited ▪ A Company Secretary and holds a Law degree. ▪ Brings over 18 years of experience in compliances, governance and legal matters
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Multiple Levers to Deliver Sustainable Growth 41 2 3 Sticky Corporate Business ▪ Market leader in large corporate travel management segment ▪ High retention rates driven by deep tech integration ▪ Self book platform leads to higher operating leverage ▪ Best in class corporate travel management platform Strong Brand Recall ▪ Benefitting from India’s consumption story & revenge travel ▪ Ability to scale deeper into tier II/III markets Ability to Cross-sell to Large Corporate Base ▪ Other travel products like hotels, cabs, insurance, etc. And software services e.g. Expense management solutions ▪ Personnel travel for employees Industry Leading Supply of Domestic Hotels ▪ Supplier of choice for other players in the industry (within and outside India) Levers to Deliver Sustainable Growth 7Investor Presentation
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Financial Overview Q3-FY26
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Q3-FY26 Financial Performance *Expected Annual Volumes of business INR 2,577 Mn Revenue from Operations 10% YoY INR 1,286 Mn Gross Margins (Revenue less Service Cost) 24% YoY Gross Bookings 21% YoY INR 21,762 Mn Adjusted EBITDA INR 100 Mn (18)% YoY 9Investor Presentation INR 1,781 Mn Adjusted Revenue 30% YoY 2,022 Total Transactions (‘000) 16% YoY Corporate Client Wins** INR 2,234 Mn 1,491 Air Pax (‘000) 14% YoY 40INR (129) Mn Profit 8% Adj EBITDA Margin
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Q3-FY26 Highlights 10Investor Presentation • Q3 marked another strong performance for Yatra, with results exceeding guidance. • RLSC grew 24% YoY and Adjusted EBITDA decline by (18) % YoY . • Q3 is typically a strong quarter for leisure travel in India, while remaining seasonally weak for corporate travel. • Our overall Gross Bookings grew 21% aided by a healthy recovery in the Consumer business supported by our Corporate business and growth in our affiliate network partners for hotels. Our B2C business is now beginning to deliver healthy growth with positive unit economics • The Corporate business has maintained momentum, with 40 new corporate customers added, representing an annual revenue potential of INR 2,234 Mn. • In a seasonally soft quarter, focus remained on margin optimization, driving YoY improvement in both air and hotel margins.
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Quarterly Operational Performance 2,351 2,577 5,764 8,184 Q3 FY25 Q3 FY26 9M FY25 9M FY26 1,039 1,286 2,822 3,700 Q3 FY25 Q3 FY26 9M FY25 9M FY26 121 100 254 518 Q3 FY25 Q3 FY26 9M FY25 9M FY26 40 -129 39 79 Q3 FY25 Q3 FY26 9M FY25 9M FY26 Revenue (INR Mn) Adjusted EBITDA (INR Mn) Gross Margins (Revenue Less Service Cost) (INR Mn) Profit (INR Mn) 1 1 Investor Presentation 10% 42% 24% 31% (18)% 104% (425)% 105%
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Operational Performance – Air 1,314 1,491 4,021 4,027 Q3 FY25 Q3 FY26 9M FY25 9M FY26 13,828 16,931 40,608 45,845 Q3 FY25 Q3 FY26 9M FY25 9M FY26 Air Passenger Volumes (‘000) Gross Air Bookings (INR Mn) 3.40% 3.60% 3.33% 4.02% Q3 FY25 Q3 FY26 9M FY25 9M FY26 Air - Gross Margins (%) 12Investor Presentation 464 611 1350 1843 Q3 FY25 Q3 FY26 9M FY25 9M FY26 Air - Gross Margins (Revenue Less Service Cost) (INR Mn) 14% Flat 22% 13% 32% 37%
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Operational Performance – H&P 418 508 1,296 1,436 Q3 FY25 Q3 FY26 9M FY25 9M FY26 3,603 4,306 9,664 12,881 0 2,00 0 4,00 0 6,00 0 8,00 0 10,0 00 12,0 00 14,0 00 Q3 FY25 Q3 FY26 9M FY25 9M FY26 Gross H&P Bookings (INR Mn)Hotel Room Nights (‘000) 13Investor Presentation 350 438 828 1,204 Q3 FY25 Q3 FY26 9M FY25 9M FY26 H&P - Gross Margins (Revenue Less Service Cost) (INR Mn) 9.70% 10.17% 8.57% 9.34% Q3 FY25 Q3 FY26 9M FY25 9M FY26 H&P - Gross Margins (%) 22% 11% 20% 33% 25% 46%
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Financial Overview 9M-FY26
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9M-FY26 Financial Performance 3% YoY Flat YoY 1 5 Investor Presentation *Expected Annual Volumes of business INR 8,184 Mn Revenue from Operations 42% YoY INR 3,700 Mn Gross Margins (Revenue less Service Cost) 31% YoY Gross Bookings 16% YoY INR 60,325 Mn Adjusted EBITDA INR 518 Mn 104% YoY INR 4,841 Mn Adjusted Revenue 21% YoY 5,537 Total Transactions (‘000) Corporate Client Wins* INR 6,776 Mn 4,027 Air Pax (‘000) 103INR 80 Mn Profit 105% YoY 14% Adj EBITDA Margin
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Key Operating & Financial Metrics Air Passenger Volumes (‘000) 5,601 6,945 5,269 4,027 FY23 FY24 FY25 9M FY26 Hotel Room Nights (‘000) 1,753 1,692 1,663 1435 FY23 FY24 FY25 9M FY26 Gross Air Bookings (INR Mn) 56,408 64,950 55,273 45,845 FY23 FY24 FY25 9M FY26 Gross H&P Bookings (INR Mn) 8,178 8,758 13,053 12,881 FY23 FY24 FY25 9M FY26 Investor Presentation 719 7,760 7,905 7,830 FY23 FY24 FY25 9M FY26 Net Worth (INR Mn) 3,827 4,190 7,954 8,184 FY23 FY24 FY25 9M FY26 Revenues (INR Mn)
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Glossary Term Description B2B Business to Business B2C Business to Consumer CAGR Compounded Annual Growth Rate (as a %): (End Year Value/ Base Year Value) ^ (1/No. of years between Base year and End year) –1 [^ denotes ‘raised to’] ROE Return on Equity EBITDA EBITDA is calculated as profit for the year/period plus income tax expense/(credit), finance cost, depreciation and amortisation expense less finance income EBITDA Margin EBITDA as a percentage of revenue from operations less Service Cost ERP Enterprise Resource Planning GDS Global Distribution System Adjusted EBITDA Adjusted EBITDA is calculated as profit for the year/period plus income tax expense/(credit), finance cost, depreciation and amortisation expense less finance income Less ESOP cost and listing expenses Revenue Less Service Cost Revenue from Operations less Service Cost Term Description Gross Booking Revenue Gross booking revenue is defined as the total amount paid by customers for travel services and products booked through the OTAs including taxes, fees and other charges, and is net of cancellations, discounts and/or refunds. HRIS Human Resource Information System ROCE Return on Capital Employed OFS Offer for Sale OTA Online Travel Agency PAT Profit After Tax SaaS Software as a Service TTA Traditional Travel Agent PAT Margin Net profit as a percentage of revenue from operations less Service Cost Total Transactions Total Transactions include Air passenger count, Hotel room nights and Holiday packages passengers travelled. 17Investor Presentation
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Thank You