Yatra swings to a loss as costs outpace 13.68% revenue growth
Operating margin fell 1.56 percentage points QoQ, while corporate bookings grew 10% and hotel gross bookings rose 20% YoY.
Filed 12 Nov 2026, 23:30 IST · after market close · Yatra Online Ltd (YATRA)
Key takeaways
- Consolidated operating margin fell 1.56 percentage points QoQ to 5.05% as expenses grew 15.59%, faster than revenue at 13.68%.
- Consolidated net profit swung from Rs 0.34 cr to a Rs 0.75 cr loss QoQ, while other income was equivalent to -233.33% of PBT.
- Management said corporate bookings grew 10% QoQ and 18% YoY, with 54 new customers adding INR 2,035 million of annual billable potential.
Price around the results
Revenue growth did not convert into operating profit
Consolidated revenue increased 13.68% QoQ to Rs 213.6 cr, but operating profit fell 13.20% as expenses grew 15.59%. Net profit moved from Rs 0.34 cr in Q1FY27 to a loss of Rs 0.75 cr in Q2FY27. Interest rose 3.03% and depreciation increased 10.48%, adding pressure below the operating line.
Margin fell below the consumer discretionary median
Operating margin narrowed 1.56 percentage points QoQ because costs grew faster than revenue. The reported tax rate increased 4.04 percentage points to 60.47%, while the tax line was a negative Rs 1.14 cr against a pre-tax loss. Other income was equivalent to -233.33% of PBT, reflecting the loss-making pre-tax base rather than recurring operating earnings.
Yatra remains below reported sector profitability
Among 333 Consumer Discretionary peers that had reported, Yatra's 5.05% operating margin was 6.11 percentage points below the sector median of 11.16%. Its margin improved from 5.76% in Q4FY26 to 6.61% in Q1FY27 before falling to 5.05% in Q2FY27, so the latest decline follows one quarter of improvement rather than a three-quarter slide.
Corporate travel and hotel additions supported activity
Management said corporate bookings grew 18% YoY and 10% QoQ, with 54% of existing corporate clients increasing their spending. The company also said it added 54 new corporate customers and continued adding hotels; standalone hotel gross bookings grew 20% YoY. Management said domestic air passenger volumes declined 6% during the quarter, while MICE saw a temporary shift toward smaller corporate group programmes.
Results were filed after market close
Yatra filed the consolidated Q2FY27 results after market close on 12 Nov 2026. A post-results stock reaction is therefore not covered here.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹214 cr | ₹188 cr | +13.68% |
| Other income | ₹4 cr | ₹4 cr | +6.27% |
| Expenses | ₹203 cr | ₹175 cr | +15.59% |
| Operating profit | ₹11 cr | ₹12 cr | -13.20% |
| Operating margin (%) | 5.05% | 6.61% | — |
| Interest | ₹5 cr | ₹5 cr | +3.03% |
| Depreciation | ₹12 cr | ₹11 cr | +10.48% |
| Profit before tax | ₹-2 cr | ₹1 cr | — |
| Tax | ₹-1 cr | ₹0 cr | — |
| Net profit | ₹-1 cr | ₹0 cr | — |
| EPS (₹) | ₹-0.05 | ₹0.02 | — |
Operating margin of 5.05% compares with a Consumer Discretionary sector median of 11.16% across 333 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -3.65% | -3.04% |
Volume on the results session was 1.37× its 20-day average.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Yatra added 54 new corporate customers during the quarter, with annual billable potential of INR 2,035 million.
- Corporate bookings grew 18% year on year and 10% quarter on quarter, with 54% of existing clients increasing spending.
Expansion
- Yatra continued adding hotels to expand its addressable market.
Competition
- Yatra identifies itself as India’s largest managed corporate travel services provider.
Problems & risks
- The company reported resilient underlying performance despite industry headwinds.
- Domestic air passenger volumes declined 6% during the quarter.
- MICE experienced a temporary shift toward smaller corporate group programmes.
- Adjusted EBITDA was flat sequentially and declined 41% year on year, while PAT was a loss of INR 7 million.
What to watch
- Whether operating margin recovers from 5.05% after the 1.56-percentage-point QoQ decline.
- Whether corporate bookings remain above the Q2FY27 growth rates of 10% QoQ and 18% YoY.
- Whether hotel gross bookings maintain the 20% YoY growth reported for the quarter.