Yatra Online revenue falls 39% as September loss returns

Yatra Online Limited reported a consolidated loss of Rs 74.8 lakh for the quarter ended September 30, 2026, after a Rs 14.276 crore profit a year earlier, as revenue from operations fell 39.1% to Rs 213.603 crore. Total expenses of Rs 219.906 crore exceeded total income of Rs 218.014 crore.

Why did Yatra Online report a September-quarter loss?

Yatra Online reported the loss because its total expenses exceeded total income by Rs 1.892 crore in the September 2026 quarter. The group recorded a loss before tax of Rs 89.2 lakh, compared with a profit before tax of Rs 16.887 crore in the quarter ended September 30, 2025. The results were reviewed by the audit committee and approved by the board on November 12, 2026.

The tax line did not reverse the pre-tax loss. Yatra Online reported current tax expense of Rs 59.3 lakh and a deferred-tax benefit of Rs 73.1 lakh, resulting in the Rs 74.8 lakh loss attributable to the owners of Yatra Online. Other comprehensive income was Rs 45.1 lakh, compared with an other comprehensive loss of Rs 33.6 lakh a year earlier.

The September-quarter outcome also changed from a Rs 33.9 lakh profit after tax in the quarter ended June 30, 2026. Profit before tax in the June quarter was Rs 77.8 lakh, while the September quarter recorded no exceptional item. The group had recognised Rs 3.792 crore of exceptional employee-benefit expense in the year ended March 31, 2026 in connection with the Labour Codes.

How did Yatra Online's revenue and expenses change?

Yatra Online's revenue from operations fell by Rs 137.266 crore year on year to Rs 213.603 crore in the September 2026 quarter. Total income declined by Rs 137.902 crore to Rs 218.014 crore, as other income fell to Rs 4.411 crore from Rs 5.047 crore in the corresponding quarter of 2025.

Total expenses declined by Rs 119.123 crore year on year to Rs 219.906 crore, a smaller reduction than the decline in total income. This difference moved the group from a Rs 16.887 crore pre-tax profit in September 2025 to a Rs 89.2 lakh pre-tax loss in September 2026. The expense-income gap was therefore the immediate mechanism behind the quarterly loss.

Some costs rose despite the revenue contraction. Payment-gateway charges increased to Rs 14.36 crore from Rs 12.107 crore, depreciation and amortisation rose to Rs 12.326 crore from Rs 9.87 crore, and finance costs increased to Rs 4.758 crore from Rs 2.169 crore. Marketing and sales-promotion expense declined to Rs 4.333 crore from Rs 6.644 crore.

For the six months ended September 30, 2026, Yatra Online reported revenue from operations of Rs 401.498 crore, down from Rs 560.683 crore a year earlier. Total expenses fell to Rs 411.169 crore from Rs 537.354 crore, while the six-month result moved to a Rs 40.9 lakh loss after tax from a Rs 30.273 crore profit in the prior-year period.

What do Yatra Online's balance sheet and cash flow show?

Yatra Online's total assets were Rs 1,357.365 crore at September 30, 2026, compared with Rs 1,336.432 crore at March 31, 2026. Current assets rose to Rs 984.975 crore from Rs 953.86 crore, led by trade receivables, which increased by Rs 75.169 crore to Rs 610.499 crore over the six months.

Cash and cash equivalents on the balance sheet were Rs 73.052 crore at September 30, compared with Rs 72.372 crore at March 31. Other current financial assets were Rs 150.53 crore and included term deposits of Rs 129.392 crore, while other bank balances stood at Rs 11.969 crore. Total equity was Rs 830.05 crore, marginally below Rs 830.211 crore at the March year-end.

Current borrowings increased to Rs 110.449 crore from Rs 70.413 crore at March 31, while borrowings were used partly in receivables factoring. Trade payables to creditors other than micro and small enterprises declined to Rs 184.284 crore from Rs 211.578 crore. Other current liabilities increased to Rs 104.961 crore from Rs 94.114 crore.

Yatra Online used Rs 14.676 crore in operating activities during the six months ended September 30, 2026, compared with operating cash generation in the corresponding prior-year period. The increase in trade receivables used Rs 84.595 crore of cash, while the decrease in trade payables used a further Rs 23.456 crore. These movements took cash used in operations before tax to Rs 24.786 crore, partly offset by Rs 10.11 crore of tax refunds.

What remains unresolved around Yatra Online's IPO proceeds and disclosures?

Yatra Online had Rs 69.466 crore of unutilised net initial public offering, or IPO, proceeds at September 30, 2026, unchanged from June 30 because no amount was used during the quarter. Of this balance, Rs 21.02 crore was allocated to strategic investments, acquisitions and inorganic growth, Rs 38.749 crore to customer acquisition, retention, technology and other organic-growth initiatives, and Rs 9.697 crore to general corporate purposes.

The group said the unutilised IPO proceeds were temporarily invested in fixed deposits with scheduled commercial banks, with part held in a public issue account. The September 2023 IPO comprised 54,577,465 equity shares issued at Rs 142 each, including a fresh issue of 42,394,366 shares and an offer for sale of 12,183,099 shares.

Management also disclosed its response to queries from the Securities and Exchange Board of India, or SEBI, about Rs 339.144 crore of deposits and advances for airline tickets and hotel bookings made until June 30, 2024. Management said independent legal opinions supported classifying these deposits and advances as IPO-proceeds utilisation under the offer document. It said it had received no communication from SEBI since submitting its last response on December 26, 2025.

Yatra Online separately reported a cyber-security incident on November 1, 2026, and said it notified CERT-In, BSE and NSE on November 2. Management's preliminary assessment was that the incident had no material impact on core operations, financial performance or business continuity. A detailed assessment remained under way, with remedial and preventive measures to be implemented as required.

Conclusion

Yatra Online's September-quarter loss followed a 39.1% reduction in revenue that was larger than the 35.1% fall in total expenses. The six-month loss, increase in receivables to Rs 610.499 crore and Rs 14.676 crore operating cash outflow show that the weaker earnings period also coincided with working-capital usage.

Next, investors can watch whether Yatra Online deploys the Rs 69.466 crore of unutilised IPO proceeds and whether receivables and operating cash flow change after September 30, 2026. Management is also monitoring final Central and State rules under the Labour Codes, while its detailed assessment of the November 1 cyber-security incident remains in progress.