Yatra’s revenue from operations tanked 39.1% to ₹213.6 Cr in the quarter under review from ₹350.9 Cr in Q2 FY26
The losses came on the back of falling revenues, declining margins, a challenging operating environment and lower MICE bookings
Meanwhile, total expenses for the quarter under review declined 35% to ₹219.9 Cr compared to ₹339 Cr in Q2 FY26
Online travel aggregator (OTA) Yatra swung to the red and reported a consolidated net loss of ₹78.4 Lakhs in the second quarter (Q2) of the fiscal year 2026-27 (FY27). In contrast, the travel tech platform has reported a net profit of ₹14.3 Cr in Q2 FY26 and ₹33.9 Lakhs in Q1 FY27.
The losses came despite the company raking in ₹1.7 Cr in one-time deferred tax benefits during the quarter.
The bottom line was primarily impacted as the company’s revenue from operations tanked 39.1% to ₹213.6 Cr in the quarter under review from ₹350.9 Cr in Q2 FY26. However, on a sequential basis, Yatra’s top line rose 13.7% from ₹187.9 Cr in the preceding quarter.
The OTA attributed the losses to the “challenging operating environment”, lower MICE (meetings, incentives, conferences and exhibitions) volumes, and the reorientation of the MICE vertical towards smaller corporate group programmes.
“… Our year-on-year profitability was impacted primarily by MICE, which faced an exceptionally strong comparable quarter last year and a tactical shift towards smaller corporate group programmes amid prevailing uncertainty…,” said Yatra CEO Siddhartha Gupta.
Including other income of ₹4.4 Cr, Yatra’s total income stood at ₹218 Cr in Q2 FY27.
Meanwhile, total expenses for the quarter under review declined 35% to ₹219.9 Cr compared to ₹339 Cr in Q2 FY26. The company also incurred an additional tax expense of ₹59.3 Lakh during the quarter.
Revenue less service cost (RLSC), which is essentially the gross margin, declined 0.2% to ₹125.5 Cr in Q2 FY27. As a result, EBITDA declined 47% YoY to ₹13.2 Cr, while EBITDA margin stood at 10.48%during the quarter under review.
In a statement, the company’s gross bookings grew 6% YoY and 3% QoQ to ₹2,165.5 Cr in Q2 FY27. During the quarter, Yatra said that it added 54 new corporate customers with an estimated annual revenue potential of ₹203.5 Cr.
“We continue to make progress on our strategic priorities, including expanding into the SME and mid-market segments through Travel Pro, strengthening our expense management offering through RECAP, expanding hotel supply and leveraging AI-led automation. These initiatives are helping us broaden our addressable market and build a more scalable business, positioning us for sustainable growth and improved profitability over the medium term,” added Gupta.
Yatra’s US Entity On Nasdaq’s Radar
Separately, the travel tech platform’s US-listed entity, Yatra Online Inc, said that it has received a letter from Nasdaq after its shares traded below the exchange’s minimum $1 closing bid price for more than a month. This has effectively put the travel tech company on a compliance watch.
The company said that the notice does not immediately delist the company’s shares from the Nasdaq Capital Market. However, the OTA said that it has been given a timeline of 180 days, until May 10, 2027, to regain compliance. To do so, its shares must close at $1 or higher for at least 10 consecutive business days, even though Nasdaq may require up to 20 consecutive days in certain cases.
If Yatra fails to meet the requirement by May next year, it may qualify for an additional 180-day compliance period. This would require the company to meet Nasdaq’s other continued-listing thresholds and formally notify the exchange of its intention to cure the deficiency.
A reverse stock split is among the options available to lift the share price. Yatra said it may consider such a move if necessary, but cautioned that there is no assurance it will regain compliance. Nevertheless, Yatra said it intends to closely monitor its closing bid price and may evaluate available options to restore compliance.
The notice highlights the pressure facing the travel-tech company’s US-listed shares. As of 1:13 AM IST, shares of Yatra Online Inc were trading at $0.77, down 18% in the past six months and nearly 57% lower on a year-to-date (YTD) basis.
This comes as the US-listed Yatra Online Inc has been reporting increased net losses, compressed margins and falling revenues. Slowing growth in core verticals, market volatility and rising short-term trade-related borrowings have further led to the sell-off in the stock.
But a sustained share price below $1 can further reduce liquidity, deter institutional investors and complicate future fundraising.
Meanwhile, shares of India-listed Yatra closed Thursday’s trading session 0.94% lower at ₹81.03 on the BSE.