Yatra Online says SEBI has not replied on Rs 339.144 crore

Yatra Online Limited said on November 12, 2026 that the Securities and Exchange Board of India, or SEBI, had not communicated since December 26, 2025 on whether Rs 339.144 crore of airline-ticket and hotel-booking advances counted as initial public offering, or IPO, proceeds utilisation. Management maintains that the classification complied with its offer document.

What did Yatra Online say about the SEBI query?

Yatra Online said it submitted responses to SEBI’s further queries and clarifications on December 26, 2025 and had received no communication from the regulator after that date. The disclosure appears in the notes to its unaudited standalone results for the quarter and six months ended September 30, 2026, approved by the board on November 12, 2026.

The matter concerns deposits and advances totalling Rs 339.144 crore that Yatra Online paid for airline tickets and hotel bookings up to June 30, 2024. The company treated those payments as IPO-proceeds utilisation under the offer-document objective of investment in customer acquisition and retention, technology and other organic growth initiatives.

SEBI was not the only body named in the filing. Yatra Online said it had responded to questions from both the National Stock Exchange of India, or NSE, and SEBI about IPO proceeds paid through June 30, 2024. The company described the advances as ordinary-course business payments prevalent in the industry sector in which it operates.

The filing does not state that SEBI has accepted Yatra Online’s treatment, closed the matter or imposed any action. It says only that no SEBI communication had been received after the company’s December 26, 2025 response, leaving the disclosed position as management’s view pending any further regulatory correspondence.

Why does Yatra Online classify booking advances as IPO use?

Yatra Online’s stated basis is that the airline-ticket and hotel-booking deposits and advances fit the IPO objective covering customer acquisition and retention, technology and other organic growth initiatives. The company said it obtained independent legal opinions supporting that interpretation of the offer document and applicable regulations.

The classification also had support in the historical reporting process described in the note. Yatra Online said its previous auditors had relied on the legal opinion when issuing reports on IPO-proceeds utilisation up to June 30, 2024. That reliance is background to the classification, not an indication in the November 2026 filing that SEBI endorsed it.

MSKA & Associates LLP, the statutory auditor, specifically drew attention to the Rs 339.144 crore issue in its limited-review report dated November 12, 2026. The auditor stated that management believed, based on legal opinions, that the classification was consistent with the offer document’s object clause and applicable regulations.

The auditor did not modify its review conclusion because of this matter. A limited review is narrower in scope than an audit, and the report said nothing had come to the auditor’s attention suggesting that the standalone September 2026 results failed to make required disclosures or contained a material misstatement.

How much of Yatra Online’s IPO proceeds remains unused?

Yatra Online reported Rs 69.466 crore of unutilised net IPO proceeds at September 30, 2026, unchanged during the September quarter. Of this total, Rs 38.749 crore related to customer acquisition, retention, technology and other organic-growth initiatives, while Rs 21.020 crore related to strategic investments, acquisitions and inorganic growth.

The Rs 69.466 crore balance was temporarily invested in fixed deposits with scheduled commercial banks, with part held in the public issue account. The zero utilisation reported for the July-to-September 2026 quarter means the unused balance at September 30, 2026 was unchanged from June 30, 2026.

The IPO was completed in the quarter ended September 30, 2023. Yatra Online issued 54,577,465 equity shares with a face value of Rs 1 at an issue price of Rs 142 each, comprising a fresh issue of 42,394,366 shares and an offer for sale of 12,183,099 shares; the shares listed on NSE and BSE on September 28, 2023.

What do Yatra Online’s September results show alongside the query?

Yatra Online reported standalone revenue from operations of Rs 166.414 crore for the quarter ended September 30, 2026, down from Rs 203.737 crore in the corresponding quarter a year earlier. Profit for the period rose to Rs 9.469 crore from Rs 7.134 crore, while total expenses fell to Rs 162.835 crore from Rs 203.683 crore.

For the six months ended September 30, 2026, standalone revenue from operations was Rs 323.454 crore, compared with Rs 343.195 crore a year earlier. Profit for the six-month period was Rs 15.751 crore, versus Rs 19.390 crore in the prior-year period, differing from the year-on-year quarterly profit increase.

The standalone balance sheet showed total assets of Rs 1,199.917 crore at September 30, 2026, compared with Rs 1,189.829 crore at March 31, 2026. Cash and cash equivalents were Rs 55.236 crore at September 30, while other financial assets, including term deposits of Rs 122.466 crore, were Rs 157.316 crore.

Conclusion

The filing records an unresolved disclosure issue rather than a disclosed regulatory outcome: Yatra Online has received no SEBI communication since its December 26, 2025 response on the treatment of Rs 339.144 crore of booking-related advances. Management’s stated position, supported by independent legal opinions, is that the advances fit the customer acquisition, retention, technology and organic-growth objective in the offer document; the auditor’s limited-review conclusion was not modified.

The next disclosed matters to watch are any further SEBI or NSE communication and Yatra Online’s use of the remaining Rs 69.466 crore of net IPO proceeds. No amount was utilised in the quarter ended September 30, 2026, and the company said the balance was held in fixed deposits with scheduled commercial banks and partly in the public issue account.