ALFA Finder
The call ran from 11:31 AM to 12:44 PM IST (1 h 13 min).
Key takeaways
Yatra is pivoting towards higher-margin air and hotel segments to offset a sharp 63% YoY decline in its MICE business due to geopolitical disruptions.
| Management target | Revenue 15.0% Medium Term |
|---|
| Revenue growth | Decreased 39% YoY to ₹213.6 Cr due to lower MICE volumes. |
|---|---|
| Margins | Air margins expanded to 4.45%; MICE margins remain under pressure. |
| Demand visibility | Encouraging forward bookings in MICE and core segments for Q3. |
| Management confidence | Balanced; focused on core air/hotel resilience despite macro headwinds. |
Growth
Revenue fell 39% YoY to ₹213.6 Cr, though air gross bookings grew 15%.
Outlook
Management expects 15% revenue and EBITDA growth in the medium term.
Risks
Geopolitical conflict in West Asia and elevated debt levels remain primary concerns.
Last quarter's promises, checked
Delivered
- Guided air margin up from Q1 4.2% → 4.45% (= BEAT)
- Guided air growth early double digits → +15% YoY (= BEAT)
Partly delivered
- Guided air:hotel 60:40 → 50:50 in 2-3 yrs → hotels +20% vs air +15%, direction intact, pace slow (= PARTIAL)
Missed
- Guided Q2 MICE +50% vs Q1, temporary dip → MICE -63% YoY (= MISS)
- Guided hotels 30%+ growth → +20% YoY (= MISS)
- Guided Q2 profit lift from Q1 PAT ₹0.34 Cr → ₹-0.7 Cr loss (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Yatra Online Q2 FY27 Results: Net Loss of ₹0.7 Cr
Yatra Online Ltd reported revenue from operations of ₹213.6 Cr (-39.1% YoY) and a net loss of ₹0.7 Cr for Q2 FY27.
- Key figure
- Net loss ₹0.7 Cr
What management said last time
Full summary →From the call summary published .
Outlook they gave
Management targets EBITDA margins returning to 20%+, potentially reaching 30% as corporate travel and MICE segments normalize and scale.
Growth they described
Gross bookings rose 17% YoY to ₹21,007 million. However, Revenue from Operations dropped 10.4% due to a ₹300 million MICE revenue shortfall.
Call details
| Company | Yatra Online Ltd |
|---|---|
| NSE symbol | YATRA |
| ISIN | INE0JR601024 |
| Call | Q2 FY27 earnings call |
| Date | Friday, 13 November 2026 |
| Time | 11:30 AM IST |
| Length | 1 h 13 min |
| Audio | Our stream on YouTube ↗ |
Yatra Online Ltd: key numbers
- Share price
- ₹78.13
- Market cap
- ₹1,226 Cr
- Revenue (annual)
- ₹1,007 Cr
- Net profit (annual)
- ₹46.81 Cr
- P/E (TTM)
- 76.0×Sector 36.2×
- Promoter holding
- 62.66%+0.00% QoQ
- FII holding
- 4.69%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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