Yatra Online Limited closed FY26 with higher revenue, stronger profit and improved annual operating performance, but the March quarter told a more cautious story as demand softened and parts of the business faced disruption.
Yatra Online Limited reported a 28% year-on-year rise in consolidated net profit to Rs 46.81 crore for FY26, supported by a sharp increase in revenue from operations and better full-year operating performance.
The travel services company’s consolidated revenue from operations rose 27.2% to Rs 1,006.51 crore in FY26, compared with Rs 791.44 crore in the previous financial year. Earnings per share also improved to Rs 2.98 from Rs 2.33 a year earlier.
Adjusted EBITDA grew 37.5% year-on-year to Rs 91.70 crore during the year. The company also said that excluding the one-time impact of the new wage code, profit after tax stood at Rs 50.6 crore, reflecting a 38.5% increase over the previous year.
The full-year numbers show a company that managed to scale revenue while protecting profitability. But the fourth quarter was visibly weaker, highlighting that growth was not evenly spread across the year.
Q4 Brings A Sharper Reality Check
For the fourth quarter of FY26, Yatra’s consolidated revenue from operations fell 13.7% year-on-year to Rs 189.01 crore, compared with Rs 218.97 crore in Q4 FY25.
Net profit for the quarter declined 46.1% to Rs 8.20 crore from Rs 15.22 crore in the same quarter last year. On a sequential basis, profit slipped 1.6% from Rs 8.3 crore in the previous quarter.
The company’s quarterly performance came under pressure from softer demand and geopolitical disruptions affecting parts of its business. That makes Q4 the more important part of the earnings story, because it shows the contrast between a healthy full-year performance and a more difficult exit quarter.
Other income for Q4 stood at Rs 10.4 crore, taking total quarterly income to Rs 199.4 crore. Total expenses fell to Rs 193.7 crore, helping the company remain profitable despite the decline in revenue.
Yatra’s RLSC rose 3.6% year-on-year to Rs 113.3 crore in the fourth quarter. EBITDA stood at Rs 12.6 crore, down 45.5% from a year earlier, while EBITDA margin came in at 11.2%.
Full-Year Profit And Loss Remains Strong
For FY26, Yatra’s total income rose to Rs 1,032.28 crore. Total expenses increased to Rs 979.85 crore from Rs 788.15 crore in FY25.
Profit before tax rose to Rs 48.64 crore from Rs 35.13 crore in the previous financial year. After tax, consolidated profit stood at Rs 46.81 crore, compared with Rs 36.57 crore a year earlier.
This means Yatra entered FY26 with enough business momentum to deliver growth across key annual metrics, but ended the year facing a slower quarter. For investors and industry watchers, that makes the next few quarters important. The company has shown that it can grow profitably at the annual level, but the Q4 drop in revenue and EBITDA points to pressure that needs to be watched closely.
The clearest takeaway is that Yatra’s FY26 was not a weak year. Revenue crossed Rs 1,000 crore, net profit grew, EPS improved and adjusted EBITDA rose faster than revenue.
At the same time, the March quarter makes the picture more layered. A 13.7% drop in quarterly revenue and a 46.1% decline in quarterly profit show that the company’s operating environment became more difficult toward the end of the year.
Yatra’s ability to keep expenses lower in Q4 helped it stay in profit, but the fall in EBITDA suggests that margin pressure was real. The company will now need to show whether Q4 was a temporary disruption-led slowdown or the beginning of a tougher demand cycle.
For now, FY26 gives Yatra a stronger annual base. Q4, however, gives the market a reason to stay cautious.
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