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 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]