Core Insights - The recent Union Budget in India is seen as a positive development for the travel and tourism sector, indicating a shift towards a more sustainable ecosystem with a uniform 2% tax rate on overseas tour packages, which may enhance outbound travel demand [1] - International travel remains robust, with a structural upcycle benefiting organized travel platforms, especially those focused on corporate and international travel [2] Industry Overview - The third quarter is typically strong for leisure travel in India, with overall healthy demand reported, although there were short-term challenges in domestic travel due to airline operational issues leading to cancellations [3][4] - Despite disruptions, demand trends in India's travel market remained generally healthy during the fiscal third quarter, with a divergence between domestic and international travel patterns [4] Financial Performance - Yatra Online reported a 10% year-over-year increase in consolidated revenue from operations to INR 2,577 million (approximately $29 million), driven by strong air ticketing growth [5][14] - Air gross bookings rose 22% year-over-year, while hotel and package bookings increased by 20%, with improved adjusted margins noted [5][18] - The company added 40 new corporate clients, contributing an annual billing potential of INR 2.2 billion, and reported early traction for its expense-management platform [10][12] Operational Insights - The airline disruption impacted corporate travel during peak periods, leading to deferred MICE/group bookings, but management indicated that the business is recovering [11][6] - Air ticketing gross bookings increased 22% year-over-year, with a 14% growth in air passengers, surpassing the industry growth rate of about 1% [7][18] - Hotel gross bookings rose 20% year-over-year, with a significant portion of growth expected to continue into the next quarter [8] Strategic Initiatives - Yatra is focusing on enhancing its go-to-market strategy by separating sales efforts for large enterprises and small to medium enterprises, supported by a new inside sales team [13] - Investments in technology and product development are beginning to yield results, with management expressing confidence in the potential for further growth in corporate travel [16]

Financial Data and Key Metrics Changes - For the third quarter of fiscal year 2026, consolidated revenue from operations grew 10% year-on-year to INR 2,577 million (approximately $29 million) driven by steady demand across key segments, particularly in air ticketing [19] - Gross bookings increased 22% year-on-year to INR 16,931 million (approximately $188 million) [20] - Air adjusted margins rose 40% year-on-year to INR 1,195 million (approximately $13 million), with adjusted margin percentage improving from 6.2% to 7.1% [20] - Gross debt increased marginally from INR 546 million as of March 31, 2025, to INR 583 million (approximately $6 million) as of December 31, 2025 [21] Business Line Data and Key Metrics Changes - In the Air Ticketing segment, gross bookings increased 22% year-on-year, supported by a 14% growth in air passenger volume, which far exceeds the industry growth of about 1% [11] - The Hotels and Packages segment saw gross bookings increase 20% year-on-year to INR 4,306 million (approximately $47 million), with hotel room nights growing by 22% year-on-year to 508,000 [20] - The corporate travel business onboarded 40 new corporate clients in the quarter, adding an annual billing potential of INR 2.2 billion [13] Market Data and Key Metrics Changes - Domestic travel faced short-term headwinds in December, while international travel remained strong with healthy year-on-year and sequential growth [4] - The corporate travel segment is expected to scale up further due to new trade deals between India and the EU and the US, indicating a positive outlook for business travel [26] Company Strategy and Development Direction - The company is focusing on scaling its corporate travel business and enhancing its expense management solutions, which have shown early traction with eight customers onboarded [15] - A new inside sales team has been established to augment demand generation efforts, indicating a strategic shift towards a more aggressive go-to-market approach [16][30] - The company aims to leverage AI-driven platforms for travel procurement, enhancing operational efficiency and compliance [6] Management's Comments on Operating Environment and Future Outlook - Management noted that the revenue growth deceleration in the quarter is largely seasonal and not indicative of a structural shift, attributing it to holiday disruptions and industry challenges [23] - The MICE segment is expected to grow significantly, with the company positioned as one of the top three players in this space in India [26] - The corporate travel market has substantial headroom for growth, with only about 1,300 of the estimated 13,000 target organizations currently engaged [28][29] Other Important Information - The recent Union Budget signals a long-term commitment to the travel and tourism sector, which is expected to benefit organized travel platforms like Yatra [5] - The company is enhancing its technology and product teams to drive innovation and maintain a competitive edge in the market [18] Q&A Session Summary Question: Is the revenue growth deceleration in the quarter structural or due to macro challenges? - Management indicated that the deceleration is largely seasonal, compounded by flight disruptions during the holiday period, and not a structural shift [23] Question: Are macro challenges impacting the MICE business? - Management stated that there have been no significant impacts from tariffs or other macro challenges, and the MICE segment has substantial growth potential [26] Question: How many low-hanging fruit opportunities remain for corporate travel? - Management noted that there is significant headroom for growth, with many potential organizations still to be targeted [28]

Financial Data and Key Metrics Changes - For the third quarter of fiscal year 2026, consolidated revenue from operations grew 10% year-on-year to INR 2,577 million (approximately $29 million) driven by steady demand across key segments, particularly in air ticketing [16] - Gross bookings in air ticketing increased 22% year-on-year to INR 16,931 million (or $188 million), with air adjusted margins rising 40% year-on-year to INR 1,195 million (or $13 million) [17] - Gross margins improved from 9.7% to 10.2% year-on-year, reflecting prudent discounting in B2C and better margin realization from suppliers for corporate hotels [11] Business Line Data and Key Metrics Changes - The B2C business continued to grow profitably, with gross bookings in the air ticketing segment increasing 22% year-on-year, supported by a 14% growth in air passenger volume [9][10] - In the hotels and packages segment, gross bookings increased 20% year-on-year to INR 4,306 million (close to $47 million), with hotel room nights growing by 22% year-on-year to 508,000 [17] - The corporate travel business onboarded 40 new corporate clients in the quarter, adding an annual billing potential of INR 2.2 billion [12] Market Data and Key Metrics Changes - Domestic travel faced short-term headwinds in December, while international travel remained strong with healthy year-on-year and sequential growth [3][4] - The company noted a divergence between domestic and international travel trends, with international travel benefiting from a structural upcycle [4] Company Strategy and Development Direction - The company is focusing on scaling its corporate travel business and enhancing its technology offerings, including AI-driven platforms for travel procurement [5][6] - Yatra aims to sharpen its go-to-market strategy by establishing separate teams for large enterprises and small to medium enterprises, indicating a targeted approach to capture market share [13][27] - The management emphasized the importance of tech innovation and the potential for upselling new solutions to existing corporate clients [15][28] Management's Comments on Operating Environment and Future Outlook - Management indicated that the revenue growth deceleration was largely seasonal and not indicative of a structural shift, attributing it to holiday disruptions and airline challenges [20] - The MICE segment is expected to grow, with management noting that corporates prefer working with larger vendors like Yatra, indicating a trend towards consolidation in the market [23][24] - The company sees significant headroom for growth in the corporate travel sector, with a large number of potential customers still untapped [25][26] Other Important Information - Cash and cash equivalents stood at INR 2,042 million (or $23 million) as of December 31, 2025, while gross debt increased slightly from INR 546 million to INR 583 million [17][18] Q&A Session Summary Question: Is the revenue growth deceleration structural or seasonal? - Management clarified that the deceleration is largely seasonal due to holiday disruptions and not a structural shift [20] Question: Are macro challenges impacting the MICE business? - Management stated that there have been no significant impacts from macro challenges, and they expect business travel to scale up due to new trade deals [22] Question: How many corporate partners are still potential opportunities? - Management indicated that there is significant headroom for growth, with many potential corporate clients still untapped [25][26]

Financial Data and Key Metrics Changes - For Q3 2026, consolidated revenue from operations grew 10% year-on-year to INR 2,577 million (approximately $29 million), driven by steady demand across key segments, particularly in air ticketing [15] - Gross bookings increased 22% year-on-year to INR 16,931 million (approximately $188 million), with air adjusted margins rising 40% year-on-year to INR 1,195 million (approximately $13 million) [16] - Gross margins improved from 9.7% to 10.2% year-on-year, reflecting prudent discounting in B2C and better margin realization from suppliers for corporate hotels [11] Business Line Data and Key Metrics Changes - The B2C business continued to grow profitably, with gross bookings in air ticketing increasing 22% year-on-year, supported by a 14% growth in air passenger volume, which far exceeds the industry growth of about 1% [9] - In the hotels and packages segment, hotel room nights grew by 22% year-on-year to 508,000, with gross bookings increasing 20% year-on-year to INR 4,306 million (approximately $47 million) [16] - The corporate travel business onboarded 40 new corporate clients in the quarter, adding an annual billing potential of INR 2.2 billion [12] Market Data and Key Metrics Changes - Domestic travel faced short-term headwinds in December, while international travel remained strong, indicating a structural upcycle in outbound and long-haul travel [4][5] - The company noted a divergence between domestic and international travel trends, with international travel showing healthy year-on-year and sequential growth [4] Company Strategy and Development Direction - The company is focusing on scaling its corporate travel business and enhancing its expense management solutions, which have shown early traction with eight customers onboarded [12][14] - Yatra is sharpening its go-to-market strategy by establishing separate teams for large enterprises and small to medium enterprises, aiming to capture a larger share of the corporate travel market [25] Management's Comments on Operating Environment and Future Outlook - Management indicated that the revenue growth deceleration in the quarter was largely seasonal and not indicative of a structural shift, compounded by flight disruptions in early December [19] - The company expects continued strength in corporate travel demand and is optimistic about the growth potential in the MICE segment, which has become more formalized [22] Other Important Information - The recent Union Budget signals a long-term commitment to the travel and tourism sector, with initiatives aimed at enhancing domestic connectivity and hospitality capabilities [5][6] - Cash and cash equivalents stood at INR 2,042 million (approximately $23 million) as of December 31, 2025, with gross debt increasing slightly from INR 546 million to INR 583 million [16][17] Q&A Session Summary Question: Is the revenue growth deceleration in the quarter structural or due to macro challenges? - Management clarified that the deceleration is largely seasonal, affected by holidays and compounded by flight disruptions in early December [19] Question: Are macro challenges impacting the MICE business? - Management stated that they have not seen significant impacts from macro challenges, and expect business travel to scale up due to new trade deals [21] Question: How many corporate partners are still potential opportunities? - Management indicated that there is significant headroom for growth, with around 13,000 organizations identified as potential targets, while they have only onboarded about 1,300 [23][24]

Yatra Online Inc. Earnings Presentation Q3/9M-FY26 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 ...

Core Insights - Yatra Online, Inc. reported robust financial and operational performance for the three months ended December 31, 2025, exceeding initial full-year growth guidance despite challenges in the domestic aviation sector and geopolitical issues affecting international travel [1][2] Financial Performance - Revenue for the quarter was INR 2,576.9 million (USD 28.7 million), reflecting a year-over-year growth of 9.6% [1] - Adjusted EBITDA was INR 99.7 million (USD 1.1 million), a decrease of 17.9% year-over-year [1] - The company reported a loss from operations of INR 120.2 million (USD 1.3 million), compared to a profit of INR 14.8 million (USD 0.2 million) in the same quarter of the previous year [1] - Loss for the period was INR 129.3 million (USD 1.4 million), compared to a profit of INR 39.8 million (USD 0.4 million) in the prior year [1] Operational Highlights - Total Gross Bookings reached INR 21,761.9 million (USD 242.2 million), marking a 20.9% increase year-over-year [1] - The Corporate Travel segment onboarded 40 new corporate clients, increasing annual billing potential by INR 2,234 million (USD 24.9 million) [1] - Adjusted Margin from Air Ticketing was INR 1,195.8 million (USD 13.3 million), an increase of 39.4% year-over-year [1] - Adjusted Margin from Hotels and Packages was INR 502.1 million (USD 5.6 million), reflecting a 14.6% increase year-over-year [1] Strategic Initiatives - The integration of Globe Travels has progressed well, providing supplier synergies and technology enhancements [1] - The company is focused on restructuring efforts to unlock shareholder value, with timelines subject to regulatory complexities [1] - Future strategies include scaling high-margin segments and enhancing technology capabilities to drive sustainable long-term value [1]

Core Viewpoint - Yatra Online, Inc. is set to report its third quarter financial results on February 11, 2026 [1] Company Summary - Yatra Online, Inc. is a corporate travel services company [1]

Industry Overview - The Internet Services industry is influenced by macroeconomic factors such as inflation, interest rates, labor markets, and supply chain issues, with a generally positive outlook in a stronger economy [1] - Companies in this industry are heavily investing in artificial intelligence (AI) and machine learning to enhance service offerings and operational efficiency [3][7] - The industry is characterized by a capital-intensive nature, requiring significant investment in infrastructure, which is affected by interest rates [3][7] Performance Drivers - Data is crucial for success, enabling companies to build AI models that improve service quality and reduce operational costs [7] - Increased digitization and the growing presence of Gen Z consumers are driving demand for Internet services [7] - Traffic and customer acquisition are key revenue drivers, leading companies to invest in advertising and community building [8] Valuation and Market Performance - The Zacks Internet - Services industry ranks 99, placing it in the top 41% of 243 Zacks-classified industries, indicating several opportunities [9] - The industry has seen a net gain of 75.5% over the past year, outperforming the broader Technology sector and the S&P 500 [12] - Current valuation is high, with a forward P/E ratio of 29.58X, representing a 45.2% premium to its median value [15] Company Highlights Yatra Online, Inc. (YTRA) - Yatra operates an online travel booking platform in India, experiencing growth rates nearly double the corporate travel industry's 8-9% [18][19] - The company is expanding its Meetings, Incentives, Conferences, and Exhibitions (MICE) business and has added 34 new clients with an annual billing potential of $29.5 million [20] - Yatra's earnings estimates for 2026 have increased by 200% in the last 30 days, with expected revenue growth of 23.8% and earnings growth of 250% [25] Tencent Holdings Ltd. (TCEHY) - Tencent is a leading Internet service portal in China, showing strong revenue growth driven by gaming and AI initiatives [29][30] - The company reported a combined monthly active user (MAU) growth to 1.4 billion for its Weixin and WeChat platforms [31] - Tencent's earnings estimates for 2025 and 2026 have increased by 15.6% and 13.6%, respectively, with shares up 48.2% over the past year [32]

Core Insights - Yatra Online, Inc. has announced a strategic leadership transition to enhance its growth trajectory, elevating co-founder Dhruv Shringi to Executive Chairman and appointing Siddhartha Gupta as the new CEO effective November 25, 2025 [1][3][5] Leadership Transition - Dhruv Shringi, who has been the CEO since the company's inception, will now focus on long-term vision, global expansion, and shareholder value creation as Executive Chairman [2][4] - Siddhartha Gupta brings over 25 years of experience in enterprise technology and B2B SaaS, with a strong background in scaling businesses and driving digital transformation [3][4] Strategic Focus - The leadership change aims to consolidate Yatra's position in India and explore new international growth opportunities, aligning with the company's B2B-first strategy [4][5] - Yatra has onboarded 148 new corporate clients in the past 12 months, representing an annual potential business worth over ₹700 crores, highlighting its strong growth in the corporate travel segment [4] Company Overview - Yatra Online, Inc. is India's largest corporate travel services provider, with over 1,300 large corporate customers and approximately 59,000 registered SME customers, making it the third largest online travel company in India by gross booking revenue [8]

Core Insights - Momentum investing focuses on "buying high and selling higher" rather than traditional "buying low and selling high" strategies [1] - Identifying the right entry point for fast-moving stocks can be challenging, as they may lose momentum if future growth does not justify their high valuations [2] - A safer investment strategy involves targeting bargain stocks that exhibit recent price momentum [3] Company Analysis: Yatra Online, Inc. (YTRA) - Yatra Online, Inc. has shown a price increase of 2% over the past four weeks, indicating growing investor interest [4] - The stock has gained 4.1% over the past 12 weeks, with a beta of 1.3, suggesting it moves 30% more than the market [5] - YTRA has a Momentum Score of A, indicating a favorable time to invest based on momentum [6] - The stock has received a Zacks Rank 1 (Strong Buy) due to upward revisions in earnings estimates, which attract more investors [7] - YTRA is trading at a Price-to-Sales ratio of 0.82, suggesting it is undervalued at 82 cents for each dollar of sales [7] Investment Opportunities - YTRA appears to have significant potential for growth at a fast pace, alongside other stocks that meet the 'Fast-Paced Momentum at a Bargain' criteria [8] - There are over 45 Zacks Premium Screens available for investors to identify winning stock picks based on their investment style [9]