Financial Performance (Q2 FY26) - Revenue from Operations increased by 48% year-over-year to INR 3,509 million[35] - Gross Margins (Revenue less Service Cost) grew by 34% year-over-year to INR 1,257 million[35] - Adjusted EBITDA surged 216% year-over-year to INR 212 million[35] Financial Performance (H1 FY26) - Revenue from Operations increased by 64% year-over-year to INR 5,607 million[21] - Gross Margins (Revenue less Service Cost) grew by 37% year-over-year to INR 2,413 million[21] - Adjusted EBITDA surged 214% year-over-year to INR 418 million[21] Corporate Client Acquisition - Yatra closed 34 new corporate accounts during the quarter with potential annual billing of INR 2,615 million[35] Corporate Business - Yatra caters to over 1,300 large & medium corporates and approximately 58,000 SME clients, with an addressable employee base of more than 9 Million[12] Consumer Business - Yatra has approximately 156 million registered customers[14] - Total consumer visits are approximately 106 million, a 24% year-over-year increase[14] Scheme of Amalgamation - The Mumbai Bench of the Hon'ble National Company Law Tribunal ('NCLT"), through its final order dated October 14, 2025 has approved and sanctioned the Scheme with the appointed date of the amalgamation being April 01, 2024[52]

Overall Situation - The tourism revenue shows steady growth, but travel demand appears relatively flat, with domestic travel during the Dragon Boat Festival in 2025 expected to reach 119 million trips, a 5.7% increase, and total domestic travel expenditure projected at 42.73 billion yuan, up 5.9% [1][2] - Daily average inbound and outbound tourism is 1.969 million people, a year-on-year increase of 2.7%, which is below the official expectation of 2.15 million, representing a 12.2% increase [1][5] Transportation Situation - The total cross-regional personnel flow is expected to reach 657 million during the holiday, with a daily average of 21.9 million, reflecting a year-on-year growth of 3.0% [3] - Railway passenger volume is projected at 47.108 million, with a daily average of 15.7027 million, showing a 2.3% increase [3] - Road travel is expected to account for 600 million trips, with a daily average of 20 million, marking a 3.14% increase [3] Hainan Duty-Free Sales - During the Dragon Boat Festival, Hainan's duty-free shopping amounted to 187 million yuan, a decrease of 8.8%, with 31,300 shoppers, down 18.9% [4] - The average spending per person was 5,974 yuan, an increase of 12.5% [4] Outbound Tourism - The total number of inbound and outbound personnel during the holiday reached 5.907 million, with a peak of 2.086 million on June 1 [5] - The number of inbound foreign visitors under visa-free policies increased by 59.4% compared to the previous year [5] Investment Recommendations - The industry suggests focusing on the recovery of short-distance self-driving and family travel, with a recommendation to pay attention to companies related to leisure tourism and outbound travel, including Ctrip Group, Tongcheng Travel, and hotels driven by business travel demand [6]