Yatra Online Limited Q2 FY26 Concall Decoded: 48% revenue jump, EBITDA fireworks, AI buzzwords flying—travel is back and Yatra’s cash register knows it

1. Opening Hook

After two years of “revenge travel” and one year of “budget travel,” FY26 has officially entered the “profit travel” era. Yatra didn’t just pack its bags this quarter—it upgraded to business class. Revenues surged, margins expanded, debt vanished, and management sounded like they finally trust their own operating leverage.

Corporate travel is partying, MICE is seasonal but rich, and AI has been promoted from buzzword to cost-cutter. Meanwhile, B2C is still sulking, but apparently that’s okay when corporates are paying the bills on time.

This concall wasn’t about survival. It was about scale, leverage, and quietly raising guidance while pretending to be conservative.

Read on—because once you strip away the AI poetry and anniversary discounts, this is a very serious profit machine warming up.

2. At a Glance

Revenue +48% YoY – Travel demand didn’t just recover, it sprinted.
Gross margin +34% YoY – Less discounting, more hotels, smarter mix.
EBITDA +125% YoY – Operating leverage finally clocked in.
PAT +96% YoY – Profits remembered where they live.
Debt down to ₹211 mn – From ₹546 mn, balance sheet went on a diet.

3. Management’s Key Commentary

“Q2 FY26 was a standout quarter for Yatra.”
(Translation: This was not in the original Excel model 😏)

“EBITDA grew 125% year-on-year, well ahead of guidance.”
(Translation: Guidance was… conservative)

“Corporate travel market is underpenetrated at ~20% online.”
(Translation: Long runway, fast aircraft)

“We onboarded 34 new corporates with ₹2.6 billion billing potential.”
(Translation: Sticky money, recurring happiness)

“DIYA AI can reduce servicing headcount meaningfully.”
(Translation: AI is here to fire Excel warriors 🤖)

“Adjusted EBITDA guidance raised to 35–40% growth.”
(Translation: We’re confident, but won’t say ‘blowout’)

4. Numbers Decoded

Source table

Metric	Q2 FY26	What It Signals
Revenue	₹3,509 mn	Strong rebound + Globe consolidation
Gross Margin	₹1,257 mn	Hotels + MICE doing heavy lifting
EBITDA	₹255 mn	Leverage kicking in hard
PAT	₹143 mn	Real profits, not accounting tricks
Net Debt	₹211 mn	Balance sheet cleaned faster than expected

One-line truth: Yatra has crossed the “scale pays” threshold.

5. Analyst Questions

Why air take rates dipped QoQ?
Anniversary discounts in August—annual tradition, not panic

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