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]

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]