Yatra Online Limited. {BSE: 543992 & NSE: YATRA}, India’s largest corporate travel services provider and the third largest online travel company in India among key OTA players* announces its results for the third quarter of the financial year 2025-26.

* Note: Largest in terms of gross booking revenue and operating revenue, for Fiscal Year 2023. (Source: CRISIL Report)

Q3-FY26 Consolidated Financial Performance:

9M-FY26 Consolidated Financial Performance:

*EBITDA Includes Other income of INR 14 Mn for Q3’26 and INR 34 Mn for 9M-FY26

**EBITDA as a percentage of RLSC (Gross Margin)

*** It refers to the one-time effect of change in Labour code -

Q3-FY26 Business Highlights:

• Q3 marked another strong performance for company, with results exceeding guidance for the quarter.
• Revenue Less Service Cost grew 23% year-on-year (vs. revised guidance of 22%), while Adjusted EBITDA increased 41% year-on-year (vs. revised guidance of 37.5%).
• Q3 is typically a strong quarter for leisure travel in India, while remaining seasonally weaker for corporate travel.
• Overall Gross Bookings grew 21% year-on-year, supported by a healthy recovery in the Consumer (B2C) business, continued strength in the corporate segment, and growth in affiliate network partners for hotels. B2C business is now beginning to deliver healthy growth with positive unit economics.
• The Corporate business maintained strong momentum, adding 40 new corporate customers during the quarter, representing an annual revenue potential of INR 2,234 Mn.
• Despite being a seasonally soft quarter for corporate travel, the Company remained focused on margin optimization, resulting in year-on-year improvement in both air and hotel margins.
• The catch-up impact from the implementation of new labour codes reduced PAT by INR 38 Mn in Q3, lowering PAT growth from +21% year-on-year on a proforma basis to reported (17%) YoY for the quarter.
• The implementation of stricter Flight Duty Time Limitation (FDTL) norms in December led to airline operational disruptions, resulting in elevated cancellations and delays, particularly in early December.

1. These disruptions had an estimated Air Gross Bookings impact of approximately INR 480 Mn, disproportionately affecting December corporate travel and having a material impact on the MICE business.
2. Over INR 300 Mn of MICE revenue slipped into subsequent quarters due to deferred group bookings amid travel uncertainty.
3. Last-minute cancellations, where advance vendor payments had already been made, resulted in working capital blockage and higher finance costs during the quarter.

Management Comments:

Commenting on the results, Executive Chairperson cum Whole Time Director, Mr. Dhruv Shringi stated:

“I am pleased to report another strong quarter despite significant disruption in the airline industry in India during the quarter.  We continue to deliver results ahead of our revised guidance with RLSC growth coming in at 23% and Adjusted EBITDA grew 41% YoY.  During the period ended 31^st December 2025 our Adjusted EBITDA and PAT exceeded our full year FY 2025 performance, positioning us well for a strong FY 2026.  

During the quarter we also strengthened our management team with the appointment of Siddhartha Gupta as our CEO.  Siddhartha brings with him a wealth of B2B experience having led large B2B SAAS businesses.  

I extend my sincere thanks to our dedicated team, trusted partners, and supportive shareholders.”

Commenting on the results, Chief Executive Officer, Mr. Siddhartha Gupta stated:

“Our B2C business continued its recovery trajectory during the quarter backed by strong seasonal tailwinds.  This business now is demonstrating steady growth with profitable unit economics.  Our corporate and MICE businesses both got impacted by the disruption in the domestic aviation industry in India with significant amount of MICE business getting pushed into Q4’26 and Q1’27. Our focused execution enabled us to improve our Gross Margins across Air and Hotels & Packages despite tough macro environment.

Looking ahead, we remain focused on scaling high-margin segments, deepening technology capabilities, and driving sustainable long-term value for stakeholders.”

Financial Statements:

Results for the quarter ended December 31, 2025, prepared under Ind AS, along with segment results, are available in the Investor Relations section of our website https://investors.yatra.com/Investor-Relations-India    

Quarterly Conference Call:

The earnings conference call will be held on Thursday, February 12, 2026 at 11:00 AM (IST) to discuss the Financial Results and performance of the company for the quarter ended December 31, 2025. The earnings conference call will be accessible from all networks and countries through universal access dial-ins                         +91-22-6280 1384 / +91-22-7115 8285 also accessible at: Diamond Pass Link Further, the analyst(s)/institutional investor(s) presentation will be submitted to Stock Exchanges and shall also be hosted on the Company's website at https://investors.yatra.com/Investor-Relations-India

Safe Harbor Statement:

This press release may contain forward-looking statements relating to the business, financial performance, strategy and results of the Company and/or the industry in which it operates that involve risks and uncertainties. Forward-looking statements are statements concerning future circumstances and results, and any other statements that are not historical facts, generally identified by the words “aim”, “anticipate”, “believe”, “expect”, “estimate”, “intend”, “likely to”, “objective”, “plan”, “project”, “propose”, “will”, “will continue”, “seek to”, “will pursue” or other words or phrases of similar import. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result

of a number of risks, uncertainties and assumptions. Although the Company believes that such forward looking statements are based on reasonable assumptions, forward looking statements contained in this press release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Neither the Company nor its affiliates or advisors or representatives nor any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors, nor do any such persons or entities accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecast developments. There is no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. It can give no assurance that such expectations will be met. Representative examples of factors that could affect the accuracy of forward-looking statements include (without limitation) the condition of and changes in India’s political and economic status, government policies, applicable laws, and international and domestic events having a bearing on the Company’s business, and such other factors beyond control of the Company.