This article first appeared on GuruFocus .
Release Date: February 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Yatra Online Inc ( NASDAQ:YTRA ) experienced a 22% year-on-year increase in gross bookings for air ticketing, significantly outperforming the industry growth of about 1%.
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The company saw a 20% year-on-year growth in the hotels and packages segment, with hotel room nights growing by 22%.
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Yatra Online Inc ( NASDAQ:YTRA ) onboarded 40 new corporate clients, adding an annual billing potential of INR 2.2 billion.
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The company is benefiting from a structural upcycle in outbound and long-haul travel, reinforcing its strong corporate and international travel franchises.
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Yatra Online Inc ( NASDAQ:YTRA ) is leveraging AI-driven platforms for end-to-end automation and expense management, enhancing compliance and cost savings for corporate clients.
Negative Points
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The company faced operational challenges due to airline disruptions, particularly affecting the MICE and corporate events sub-segment.
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There was a modest one-time impact on the quarter due to flight disruptions, with some bookings deferred to future quarters.
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Gross rates in the hotels and packages segment moderated slightly from 12.2% to 11.7% year on year due to a change in business mix.
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The disruption in the airline sector led to incremental working capital deployment as advances had already been paid to vendors for MICE groups.
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Revenue growth deceleration in the quarter was attributed to seasonal factors and flight disruptions, not structural changes.
Q & A Highlights
Q: The revenue growth deceleration in the quarter, is any of that structural, or is it just due to macro challenges? A: (Unidentified_2) The deceleration is largely seasonal. Quarter 3 is typically low for business travel due to holidays like Christmas, New Year's, and Diwali. This year, it was compounded by flight disruptions in December. It's not a structural shift, just a one-off disruption.
Q: Are macro challenges like tariffs impacting the MICE business? A: (Unidentified_2) We haven't seen any impact from tariffs. In fact, new trade deals between India, the EU, and the US are expected to boost business travel. (Unidentified_3) The MICE segment has significant growth potential and is becoming more formalized, with corporates preferring large vendors like us.
Q: How many low-hanging fruit opportunities remain for adding new corporate partners in travel? A: (Unidentified_2) We have significant headroom for growth. Our initial mapping identified about 13,000 target organizations, and we've only reached just over 1,000. (Unidentified_3) We've barely scratched the surface, with a huge potential market in corporate India.
Q: Can you elaborate on your go-to-market strategy for corporate travel? A: (Unidentified_3) We've divided our strategy into three pillars: targeting large enterprises, small and medium enterprises through digital demand creation, and upselling to existing accounts. We're running a strong weekly cadence to ensure healthy pipelines and conversions.
Q: What is the outlook for the corporate travel business and its growth potential? A: (Unidentified_3) The corporate travel market has a huge headroom for growth, with offline travel still dominating. Our online platform offers significant value, and we expect our strategy to be successfully executed over the next 3 to 4 quarters.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
