YTRA 6-K

Yatra Online, Inc. (YTRA)

6-K 2026-05-26 For: 2026-05-22

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Added on May 26, 2026

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Exhibit No.		Description

99.1		Earnings release of Yatra Online, Inc. dated May 22, 2026

	YATRA ONLINE, INC.

Date: May 22, 2026	By:	/s/ Siddhartha Gupta
		Siddhartha Gupta
		Chief Executive Officer

●	Revenue of INR 1,890.2 million (USD 20.1 million), representing a decrease of 13.7% year-over-year basis (“YoY”).
●	Adjusted Margin ⁽¹⁾from Air Ticketing of INR 1,178.3 million (USD 12.6 million), representing an increase of 27.3% YoY.
●	Adjusted Margin ⁽¹⁾from Hotels and Packages of INR 365.2 million (USD 3.9 million), representing an increase of 2.2% YoY.
●	Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)⁽³⁾ of INR 20,211.2 million (USD 215.4 million), representing an increase of 8.0% YoY.
●	Loss for the period was INR145.5 million (USD 1.6 million) versus a loss of INR 15.2 million (USD 0.2 million) for the three months ended March 31, 2025, reflecting negative swing of INR 130.3 million (USD 1.4 million) YoY.
●	Result from operations were a loss of INR 214.2 million (USD 2.3 million) versus a loss of INR 33.3 million (USD 0.4 million) for the three months ended March 31, 2025, reflecting negative swing of INR 180.9 million (USD 1.9 million) YoY.
●	Adjusted EBITDA⁽²⁾was INR 45.9 million (USD 0.5 million) reflecting a decrease by 49% YOY.

●	Revenue of INR 10,074.0 million (USD 107.4 million), representing an increase of 26.6% YoY.
●	Adjusted Margin ⁽¹⁾from Air Ticketing of INR 4,372.7 million (USD 46.6 million), representing an increase of 21.9% YoY.
●	Adjusted Margin ⁽¹⁾from Hotels and Packages of INR 1,761.9 million (USD 18.8 million), representing an increase of 19.6% YoY.
●	Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)⁽³⁾ of INR 80,535.8 million (USD 858.3 million), representing an increase of 13.6% YoY.
●	Loss for the period was INR 66.0 million (USD 0.7 million) versus a profit of INR 23.5 million (USD 0.3 million) for the years ended March 31, 2025, reflecting negative swing of INR 89.52 million (USD 1.0 million) YoY.
●	Result from operations were a loss of INR 125.3 million (USD 1.3 million) versus a loss of INR 90.3 million (USD 1.0 million) for the year ended March 31, 2025, reflecting negative swing of INR 35.0 million (USD 0.4 million) YoY.
●	Adjusted EBITDA⁽²⁾was INR 563.8 million (USD 6.0 million) reflecting an increase by 64.2% YOY.

	Three months ended March 31,
	2025			2026			2026			YoY Change
	Unaudited			Unaudited			Unaudited
(In thousands except percentages)	INR			INR			USD			%
Financial Summary as per IFRS
Revenue		21,89,739			18,90,250			20,146			(13.7	)%
Results from operations		(33,292	)		(2,14,163	)		(2,283	)		(543.3	)%
Loss for the period		(15,210	)		(1,45,470	)		(1,551	)		(856.4	)%
Financial Summary as per non-IFRS measures
Adjusted Margin ⁽¹⁾
Adjusted Margin - Air Ticketing		9,25,776			11,78,283			12,558			27.3	%
Adjusted Margin - Hotels and Packages		3,57,382			3,65,222			3,892			2.2	%
Adjusted Margin - Other Services		92,161			78,665			838			(14.6	)%
Others (Including Other Income)		1,93,681			1,34,138			1,430			(30.7	)%
Adjusted EBITDA ⁽²⁾		89,625			45,921			489			(48.8	)%
Operating Metrics
Gross Bookings ⁽³⁾		1,87,13,890			2,02,11,170			2,15,401			8.0	%
Air Ticketing		1,46,64,296			1,60,28,926			1,70,829			9.3	%
Hotels and Packages		33,89,955			36,96,653			39,397			9.0	%
Other Services ⁽⁶⁾		6,59,639			4,85,591			5,175			(26.4	)%
Adjusted Margin% ⁽⁴⁾
Air Ticketing		6.3	%		7.4	%
Hotels and Packages		10.5	%		9.9	%
Other Services		14.0	%		16.2	%
Quantitative details ⁽⁵⁾
Air Passengers Booked		1,248			1,368						9.6	%
Stand-alone Hotel Room Nights Booked		367			500						36.3	%
Packages Passengers Travelled		20			16						(19.6	)%

	Year ended March 31,
	2025			2026			2026			YOY Change
(In thousands except percentages)	INR			INR			USD			%
Financial Summary as per IFRS
Revenue		79,54,522			1,00,74,030			1,07,364			26.6	%
Results from operations		(90,295	)		(1,25,318	)		(1,337	)		38.8	%
Profit/(loss) for the period		23,501			(66,018	)		(705	)		(380.9	)%
Financial Summary as per non-IFRS measures
Adjusted Revenue ¹
Adjusted Margin - Air Ticketing		35,88,182			43,72,656			46,602			21.9	%
Adjusted Margin - Hotels and Packages		14,72,705			17,61,897			18,778			19.6	%
Adjusted Margin - Other Services		3,13,057			3,28,392			3,500			4.9	%
Others (Including Other Income)		6,80,015			5,81,410			6,196			14.5	%
Adjusted EBITDA ²		3,43,391			5,63,834			6,009			64.2	%
Operating Metrics
Gross Bookings ³		7,09,10,166			8,05,35,823			8,58,316			13.6	%
Air Ticketing		5,52,72,782			6,18,74,829			6,59,435			11.9	%
Hotels and Packages		1,30,53,414			1,65,77,607			1,76,677			27.0	%
Other Services ⁽⁶⁾		25,83,970			20,83,387			22,204			(19.4	)%
Net Revenue Margin% ⁴
Air Ticketing		6.5	%		7.1	%
Hotels and Packages		11.3	%		10.6	%
Other Services		12.1	%		15.8	%
Quantitative details ⁵
Air Passengers Booked		5,269			5,394						2.4	%
Stand-alone Hotel Room Nights Booked		1,663			1,935						16.4	%
Packages Passengers Travelled		61			91						49.7	%

	(1)	As certain parts of our revenue are recognized on a “net” basis and other parts of our revenue are recognized on a “gross” basis, we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure.
	(2)	See the section below titled “Certain Non-IFRS Measures.”
	(3)	Gross Bookings represent the total amount paid by our customers for travel services, freight services and products booked through us, including taxes, fees and other charges, and are net of cancellation and refunds.
	(4)	Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings.
	(5)	Quantitative details are considered on a gross basis.
	(6)	Other Services primarily consists of freight business, IT services, bus, rail and cab and others services.

	Reportable Segments
	Air Ticketing				Hotels and Packages						Other Services
	Three months ended March 31,
Amount in INR thousands (Unaudited)	2025		2026		2025			2026			2025		2026
Revenue as per IFRS - Rendering of services		5,74,766		6,06,295		13,90,277			10,86,931			89,129		75,997
Customer promotional expenses		3,51,010		5,71,988		63,191			67,565			3,032		2,668
Service cost		-		-		(10,96,086	)		(7,89,274	)		-		-
Other income		-		-		-			-
Adjusted Margin		9,25,776		11,78,283		3,57,382			3,65,222			92,161		78,665

	●	Employee share-based compensation cost - The compensation cost to be recorded is dependent on varying available valuation methodologies and subjective assumptions that companies can use while valuing these expenses especially when adopting IFRS 2 “Share-based Payment”. Thus, the management believes that providing non-IFRS financial measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies.

	●	Finance income - These primarily reflect income on the bank deposit.

	●	Finance cost - These primarily reflect income on the borrowings and interest in lease liability.

	●	Depreciation and amortization - These primarily reflect depreciation and amortization on tangible and intangible assets.

	●	Tax expense - These primarily reflect income tax and deferred tax.

Reconciliation of Adjusted EBITDA (unaudited)	Three months ended						Year ended
Amount in INR thousands	March 31, 2025			March 31, 2026			March 31, 2025			March 31, 2026
Profit/(Loss) for the period as per IFRS		(15,210	)		(1,45,470	)		23,501			(66,018	)
Employee share-based compensation costs		22,628			1,48,227			1,24,787			2,77,648
Depreciation and amortization		1,00,289			1,11,857			3,08,899			4,11,505
Finance income		(31,495	)		(87,872	)		(2,07,824	)		(2,06,761	)
Finance costs		31,191			44,229			1,06,877			1,27,692
Tax expense		(17,778	)		(25,050	)		(12,849	)		19,768
Adjusted EBITDA		89,625			45,921			3,43,391			5,63,834

Reconciliation of Adjusted Results from Operations (unaudited)	Three months ended						Year ended
Amount in INR thousands	March 31, 2025			March 31, 2026			March 31, 2025			March 31, 2026
Results from operations (as per IFRS)		(33,292	)		(2,14,163	)		(90,295	)		(1,25,319	)
Employee share-based compensation costs		22,628			1,48,227			1,24,787			2,77,648
Adjusted Results from Operations		(10,664	)		(65,936	)		34,492			1,52,329

Reconciliation of Adjusted Profit/(Loss) (unaudited)	Three months ended						Year ended
Amount in INR thousands	March 31, 2025			March 31, 2026			March 31, 2025		March 31, 2026
Profit/(Loss) for the period (as per IFRS)		(15,210	)		(1,45,470	)		23,501		(66,018	)
Employee share-based compensation costs		22,628			1,48,227			1,24,787		2,77,648
Adjusted Profit/(Loss) for the period		7,418			2,757			1,48,288		2,11,630

	Three months ended						Year ended
Reconciliation of Adjusted Basic Earnings/(Loss) (Per Share) (unaudited)	March 31, 2025			March 31, 2026			March 31, 2025			March 31, 2026
Basic Earnings/Loss per share (as per IFRS)		(1.13	)		(2.54	)		(1.73	)		(3.53	)
Employee share-based compensation costs		0.25			1.67			1.39			1.93
Adjusted Basic Earnings/(Loss) Per Share		(0.88	)		(0.87	)		(0.34	)		(1.60	)

	Three months ended						Year ended
Reconciliation of Adjusted Diluted Loss (Per Share) (unaudited)	March 31, 2025			March 31, 2026			March 31, 2025			March 31, 2026
Diluted Earnings/(Loss) per share (as per IFRS)		(1.13	)		(2.54	)		(1.73	)		(3.53	)
Employee share-based compensation costs		0.25			1.67			1.39			1.93
Adjusted Diluted Earnings/(Loss) Per Share		(0.88	)		(0.87	)		(0.34	)		(1.60	)

	Attributable to shareholders of the Parent Company
	Equity share capital		Equity share premium			Treasury shares			Accumulated deficit			Noncontrolling interest reserve		Other capital reserve			Foreign currency translation reserve			Total			Non-controlling interest			Total Equity
Balance as at April 1, 2025		863		2,05,95,068			(4,18,555	)		(2,03,74,549	)		50,32,282		4,12,232			1,56,353			54,03,694			25,01,141			79,04,835

Loss for the period		-		-			-			(2,22,041	)		-		-			-			(2,22,041	)		1,56,025			(66,016	)

Other comprehensive loss
Foreign currency translation differences		-		-			-			-			-		-			(64,430	)		(64,430	)		-			(64,430	)
Re-measurement gain on defined benefit plan		-		-			-			(2,312	)		-		-			-			(2,312	)		(1,378	)		(3,690	)
Total other comprehensive loss		-		-			-			(2,312	)		-		-			(64,430	)		(66,742	)		(1,378	)		(68,120	)

Total comprehensive loss		-		-			-			(2,24,353	)		-		-			(64,430	)		(2,88,783	)		1,54,648			(1,34,135	)
																											-
Share based payments		-		-			-			(1	)		-		2,77,649			-			2,77,648			-			2,77,648
Vested PSUs net settled for employee’s tax obligation		-		(62,778	)		-			-			-		-			-			(62,778	)		-			(62,778	)
Exercise of options		17		2,65,457			-			-			-		(2,67,091	)		-			(1,617	)		-			(1,617	)

Total contribution by owners		17		2,02,679			-			(1	)		-		10,558			-			2,13,253			3,65,940			5,79,193

Balance as at March 31, 2026		880		2,07,97,747			(4,18,555	)		(2,05,98,903	)		50,32,282		4,22,790			91,923			53,28,164			30,21,729			83,49,892

	Three months ended March 31,									Year ended March 31,
	2025			2026						2025			2026
	INR			INR			USD			INR			INR			USD
	Unaudited			Unaudited			Unaudited			Unaudited			Unaudited			Unaudited
Revenue
Rendering of services		20,54,173			17,69,223			18,856			73,83,464			95,39,178			1,01,664
Other revenue		1,35,566			1,21,027			1,290			5,71,058			5,34,852			5,700
Total revenue		21,89,739			18,90,250			20,146			79,54,522			1,00,74,030			1,07,364
Other income		58,114			13,111			140			1,08,957			46,558			496

Service cost		10,96,086			7,89,274			8,412			40,39,046			52,73,474			56,202
Personnel expenses		4,65,129			5,45,295			5,812			15,96,258			19,88,886			21,197
Marketing and sales promotion expenses		1,07,183			35,523			379			4,30,106			2,19,987			2,345
Other operating expenses		5,12,458			6,35,575			6,774			17,79,465			23,52,055			25,067
Depreciation and amortization		1,00,289			1,11,857			1,192			3,08,899			4,11,505			4,386
Results from operations		(33,292	)		(2,14,163	)		(2,283	)		(90,295	)		(1,25,319	)		(1,337	)

Finance income		31,495			87,872			936			2,07,824			2,06,761			2,204
Finance costs		(31,191	)		(44,229	)		(471	)		(1,06,877	)		(1,27,692	)		(1,361	)
Profit/(Loss) before taxes		(32,988	)		(1,70,520	)		(1,818	)		10,652			(46,250	)		(494	)
Tax (expense)/benefit		17,778			25,050			267			12,849			(19,768	)		(211	)
Profit/(Loss) for the period		(15,210	)		(1,45,470	)		(1,551	)		23,501			(66,018	)		(705	)

Other comprehensive income/ (loss)
Items not to be reclassified to profit or loss in subsequent periods (net of taxes)
Remeasurement gain on defined benefit plan		(2,533	)		2,394			26			(3,061	)		(3,688	)		(38	)
Items that are or may be reclassified subsequently to profit or loss (net of taxes)
Foreign currency translation differences loss		1,27,270			1,48,662			1,584			2,02,414			(64,430	)		(686	)
Other comprehensive profit/(loss) for the period, net of tax		1,24,737			1,51,056			1,610			1,99,353			(68,118	)		(724	)
Total comprehensive profit/(loss) for the period, net of tax		1,09,527			5,586			59			2,22,854			(1,34,136	)		(1,429	)

Profit/(loss) attributable to :
Owners of the Parent Company		(70,541	)		(1,63,946	)		(1,745	)		(1,06,925	)		(2,22,041	)		(2,366	)
Non-Controlling interest		55,331			18,476			194			1,30,426			1,56,025			1,661
Profit/(Loss) for the period		(15,210	)		(1,45,470	)		(1,551	)		23,501			(66,018	)		(705	)

Total comprehensive profit/(loss) attributable to :
Owners of the Parent Company		55,090			(13,678	)		(146	)		93,510			(2,88,782	)		(3,076	)
Non-Controlling interest		54,437			19,264			205			1,29,344			1,54,646			1,647
Total comprehensive profit/(loss) for the period		1,09,527			5,586			59			2,22,854			(1,34,136	)		(1,429	)

	March 31, 2025			March 31, 2026			March 31, 2026
	INR			INR			USD
	Audited			Unaudited
Assets
Non-current assets
Property, plant and equipment		1,36,824			1,40,656			1,499
Right-of-use assets		1,83,029			2,57,291			2,742
Intangible assets and goodwill		23,44,983			24,83,450			26,468
Investment in equity accounted investee		-			-			-
Prepayments and other assets		610			3,696			39
Other financial assets		90,714			55,556			592
Term deposits		44,770			32,032			341
Other non-financial assets		1,68,883			1,29,210			1,377
Deferred tax assets		22,519			30,648			327
Total non-current assets		29,92,332			31,32,539			33,385

Current assets
Inventories		54			-			-
Trade and other receivables		55,68,241			54,10,219			57,660
Prepayments and other assets		21,63,456			18,35,763			19,565
Income tax recoverable		5,04,131			5,25,136			5,597
Other financial assets		64,722			79,871			851
Term deposits		13,09,400			14,76,004			15,731
Cash and cash equivalents		6,05,802			10,04,077			10,701
Total current assets		1,02,15,806			1,03,31,070			1,10,104

Total assets		1,32,08,138			1,34,63,609			1,43,489

Equity and liabilities
Equity					`
Share capital		863			880			9
Share premium		2,05,95,068			2,07,97,747			2,21,653
Treasury shares		(4,18,555	)		(4,18,555	)		(4,461	)
Other capital reserve		4,12,232			4,22,790			4,506
Accumulated deficit		(2,03,74,549	)		(2,05,98,903	)		(2,19,534	)
Non-controlling interest reserve		50,32,282			50,32,282			53,632
Foreign currency translation reserve		1,56,353			91,923			980
Total equity attributable to equity holders of the Company		54,03,694			53,28,164			56,785
Total Non-controlling interest		25,01,141			30,21,728			32,204
Total equity		79,04,835			83,49,892			88,990

	Year ended March 31, 2026
	2025			2026			2026
	INR			INR			USD

Profit / (Loss) before tax		10,652			(46,250	)		(493	)
Adjustments for non-cash and non-operating items		2,20,933			6,21,345			6,622
Change in working capital		(5,71,163	)		70,251			749
Direct taxes paid (net of refunds)		48,490			(61,063	)		(651	)
Net cash flows from operating activities		(2,91,088	)		5,84,283			6,227
Net cash flows generated from/(used in) investing activities		49,029			(4,45,677	)		(4,750	)
Net cash flows generated from/(used in) financing activities		(10,26,163	)		(3,94,717	)		(4,207	)
Net increase/decrease in cash and cash equivalents		(12,68,222	)		(2,56,111	)		(2,730	)
Cash and Cash Equivalents acquired on Business acquisition		5,896			-			-
Effect of exchange differences on cash and cash equivalents		69,044			2,70,056			2,878
Cash and cash equivalents at the beginning of the period		17,41,950			5,48,668			5,847
Cash and cash equivalents at the end of the period		5,48,668			5,62,613			5,995

	For the three months ended March 31,						For the year ended March 31,
(In thousands except percentages)	2025			2026			2025			2026
Quantitative details *
Air Passengers Booked		1,248			1,368			5,269			5,394
Stand-alone Hotel Room Nights Booked		367			500			1,663			1,935
Packages Passengers Travelled		20			16			61			91
Gross Bookings
Air Ticketing		1,46,64,296			1,60,28,926			5,52,72,782			6,18,74,829
Hotels and Packages		33,89,955			36,96,653			1,30,53,414			1,65,77,607
Other Services		6,59,639			4,85,591			25,83,970			20,83,387
Total		1,87,13,890			2,02,11,170			7,09,10,166			8,05,35,823
Adjusted Margin
Adjusted Margin - Air Ticketing		9,25,776			11,78,283			35,88,182			43,72,656
Adjusted Margin - Hotels and Packages		3,57,382			3,65,222			14,72,705			17,61,897
Adjusted Margin - Other Services		92,161			78,665			3,13,057			3,28,392
Others (Including Other Income)		1,93,681			1,34,138			6,80,015			4,12,983
Total		15,69,000			17,56,308			60,53,959			68,75,928
Adjusted Margin%**
Air Ticketing		6.3	%		7.4	%		6.5	%		7.1	%
Hotels and Packages		10.5	%		9.9	%		11.3	%		10.6	%
Other Services		14.0	%		16.2	%		12.1	%		15.8	%