Yatra Online reported a 39.1% year-on-year decline in consolidated revenue from operations to ₹213.6 crore in Q2 FY27, even as its gross bookings grew 6% to ₹2,165.5 crore. The company’s adjusted EBITDA declined 41.2% to ₹15 crore during the quarter, compared with ₹25.5 crore in Q2 FY26, while its net loss stood at ₹70 lakh against a net profit of ₹14.3 crore in the corresponding period last year.

The results indicate a divergence between booking volumes and revenue performance, with the company reporting relatively stable revenue less service cost even as its operating revenue contracted. Revenue less service cost, which stood at ₹125.5 crore, was marginally lower than ₹125.7 crore in the year-ago quarter.

Operating expenses increased 10.6% year-on-year to ₹111.9 crore from ₹101.2 crore, while other income rose to ₹1.4 crore from ₹90 lakh. Adjusted EBITDA margin contracted to 12% from 20% in Q2 FY26.

EBITDA declined 47% to ₹13.2 crore from ₹24.8 crore, with the EBITDA margin falling to 10% from 20%. The company reported a loss before tax of ₹1.9 crore, compared with a profit before tax of ₹16.9 crore in the year-ago quarter. Its finance costs increased to ₹5.7 crore from ₹2.2 crore, while depreciation rose to ₹12.3 crore from ₹9.9 crore.

Diluted earnings per share stood at a loss of ₹0.05 against earnings of ₹0.91 in Q2 FY26.

Gross bookings rise as air ticketing drives transaction mix

Yatra's gross bookings increased to ₹2,165.5 crore in Q2 FY27 from ₹2,050.3 crore in the corresponding quarter last year. Air ticketing remained the largest contributor, accounting for ₹1,700.6 crore of gross bookings, compared with ₹1,481.1 crore in Q2 FY26.

Hotel and package bookings stood at ₹405.4 crore, down from ₹514.2 crore, while bookings from other services increased to ₹59.5 crore from ₹55 crore.

The gross booking mix reflected the continued dominance of air ticketing, which accounted for 79% of bookings during the quarter. Hotels and packages contributed 19%, while other services made up the remaining 3%.

The company's total transactions increased 3% year-on-year to 1.93 million. Air passenger volumes, however, declined 2% to 1.298 million.

Yatra reported gross margin of ₹125.5 crore during the quarter, comprising ₹75.7 crore from air ticketing, ₹29.9 crore from hotels and packages, and ₹7.2 crore from other services. Other operating revenue contributed ₹12.8 crore. The overall gross margin stood at 5.8%.

Corporate business adds client wins amid profitability pressure

On the corporate travel front, Yatra reported 54 corporate client wins during Q2 FY27, representing expected annual business volumes of ₹203.5 crore.

The company said its corporate business serves more than 1,300 large and medium-sized enterprises and approximately 60,000 SME customers. It also reported a customer retention rate of around 97%, with 71% of its top 100 corporate customers having a relationship with the company for more than five years.

Its consumer business had approximately 16.2 million registered customers and recorded around 88 million visits. Repeat customers accounted for 56% of consumer business, while new customers contributed 44%. The company also reported that approximately 80% of its consumer traffic came through direct and organic channels, with a booking success rate of 97.9%.

For the first half of FY27, Yatra reported revenue from operations of ₹401.5 crore, down 28% year-on-year. Gross bookings increased 11% to ₹4,266.1 crore, while revenue less service cost grew 3% to ₹248.2 crore.

Adjusted EBITDA declined 40% to ₹30.1 crore, compared with ₹50.3 crore in H1 FY26. EBITDA fell 46% to ₹26.3 crore, while the company reported a net loss of ₹40 lakh against a net profit of ₹29.8 crore in the corresponding period last year.

The company recorded 3.759 million transactions in H1 FY27, up 7% year-on-year, while air passenger volumes increased 1% to 2.561 million.

Established in 2006, Yatra operates across corporate and consumer travel, with a presence in air ticketing, hotels, holiday packages and other travel-related services. It positions itself as India's largest managed corporate travel services provider and one of the country's largest online travel platforms.

The company's investor presentation estimates India's total travel market at $78.4 billion in FY27, with online penetration at 46.3%. The corporate travel market is estimated at $20.3 billion, with online penetration of 23%, indicating the relatively lower digital adoption in this segment.

Against this backdrop, Yatra's Q2 performance reflects growth in gross bookings and transaction volumes alongside a sharp contraction in reported revenue and operating profitability. The company's ability to translate booking growth into revenue and earnings will remain a key financial metric in subsequent quarters