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]

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]