Yatra Online Inc (YTRA) 2026 Q1 法說會逐字稿

Hello, everyone, and welcome to the Yatra's fiscal first-quarter 2026 financial results call for the period ended June 30, 2025. Today's call is hosted by Yatra's CEO and Co-Founder, Dhruv Shringi; and CFO, Anuj Sethi.

大家好，歡迎參加 Yatra 2026 財年第一季（截至 2025 年 6 月 30 日）財務業績電話會議。今天的電話會議由 Yatra 的執行長兼聯合創始人 Dhruv Shringi 和財務長 Anuj Sethi 主持。

The following discussion includes responses to your questions, reflects the management's views as of today, August 11, 2025. The company does not take any obligation to update or revise the information.

以下討論包括對您的問題的答复，反映了截至 2025 年 8 月 11 日管理層的觀點。本公司不承擔更新或修改該資訊的任何義務。

Before they begin their formal remarks, please be reminded that certain statements made on this call may constitute forward-looking statements, which are based on Yatra's management's current expectations and beliefs, are subject to several risks and uncertainties that could cause actual results to differ materially. For a description of these risks, please refer to Yatra's filings with the SEC and their press release filed earlier this morning on the IR section of Yatra's website.

在他們開始正式發言之前，請注意，本次電話會議中所作的某些陳述可能構成前瞻性陳述，這些陳述基於 Yatra 管理層當前的預期和信念，受若干風險和不確定性的影響，可能導致實際結果大不相同。有關這些風險的描述，請參閱 Yatra 向美國證券交易委員會提交的文件以及他們今天早上在其網站的 IR 部分發布的新聞稿。

With that, let me turn the call over to Yatra's CEO and Co-Founder, Dhruv Shringi. Dhruv, please go ahead.

說完這些，讓我把電話轉給 Yatra 的執行長兼聯合創始人 Dhruv Shringi。Dhruv，請繼續。

Thank you, and good morning, everyone. Thank you for joining us to discuss our first-quarter fiscal year 2026 earnings. I'm pleased to share that our first-quarter performance delivered strong financial and operational results with growth well ahead of our annual guidance despite the disruption in travel in India on account of the cross-border tension and the unfortunate air crash in June 2025. This momentum was driven by sustained demand in business travel and strong execution across our platforms.

謝謝大家，早安。感謝您加入我們討論 2026 財年第一季的收益。我很高興地告訴大家，儘管由於跨國緊張局勢和 2025 年 6 月不幸的空難導致印度旅遊業中斷，但我們第一季的業績仍然取得了強勁的財務和營運業績，成長遠遠超過我們的年度預期。這一勢頭是由商務旅行的持續需求和我們平台的強勁執行力所推動的。

For Q1 FY26, we are pleased to report revenue of INR2.098 billion, which is approximately USD24.5 million, up 99.7% year over year, and revenue less service cost or gross margin for the quarter of INR1.15 billion, or USD13.5 million, up 36.6% year over year.

2026 財年第一季度，我們很高興地報告營收為 20.98 億印度盧比，約合 2,450 萬美元，年增 99.7%，本季營收減去服務成本或毛利率為 11.5 億印度盧比，約合 1,350 萬美元，年增 36.6%。

Our growth in revenue and gross margin reflects the momentum we have in our corporate business. And in the higher-margin hotels and packages business on account of continued momentum in MICE and stand-alone hotel cross-selling to existing customers.

我們的收入和毛利率的成長反映了我們企業業務的發展勢頭。由於 MICE 和獨立酒店向現有客戶交叉銷售的持續成長勢頭，酒店和套餐業務的利潤率更高。

Notably, our profitability metrics underscore our disciplined execution. Profit for the quarter stood at INR110 million, which is approximately USD1.3 million versus the loss of INR0.8 million or approximately $0.1 million in the June FY25 quarter. Our adjusted EBITDA of INR206 million, which is approximately USD2.4 million was up 214% year-over-year, significantly ahead of our annual guidance of 30% growth for adjusted EBITDA.

值得注意的是，我們的獲利指標凸顯了我們嚴格的執行力。本季獲利為 1.1 億印度盧比，約 130 萬美元，而 2025 財年 6 月季度虧損 80 萬印度盧比，約 10 萬美元。我們的調整後 EBITDA 為 2.06 億印度盧比，約 240 萬美元，年成長 214%，大大高於我們對調整後 EBITDA 成長 30% 的年度預期。

These results reaffirm the strength and sustainability of our business model as well as our commitment to delivering value to our shareholders. The corporate travel market in India is expected to reach around $20 billion by FY27. However, online penetration in this segment remains low at just about 20% in FY24 compared to almost 45% for the overall travel market in India. This indicates substantial headroom for digital adoption across the corporate travel industry.

這些結果再次證明了我們商業模式的實力和永續性以及我們為股東創造價值的承諾。預計到27財年，印度商務旅行市場規模將達到約200億美元。然而，2024 財年該領域的線上滲透率仍然較低，僅為 20% 左右，而印度整體旅遊市場的滲透率接近 45%。這顯示整個商務旅行產業在數位化應用方面具有巨大的發展空間。

Online penetration is accelerating driven by rapid adoption of digital booking platforms and the uptake of self-booking tools and integrated expense management solutions. In the lodging space, branded hotels and curated packages are witnessing increasing demand from both leisure and MICE travelers, supported by improving supply, better service standards and a growing preference for experiential states.

隨著數位預訂平台的快速普及以及自助預訂工具和綜合費用管理解決方案的普及，線上滲透正在加速。在住宿領域，由於供應增加、服務標準提高以及對體驗式住宿的偏好日益增加，品牌酒店和精選套餐的需求正受到休閒和會獎旅客的日益增長。

Overall, this large and expanding market, coupled with an increasing digital adoption presents a significant opportunity for Yatra, particularly in the underpenetrated corporate segment. Our corporate travel segment continues to deliver strong momentum by Yatra. In Q1, we onboarded 34 new corporate clients collectively adding an annual billing potential of approximately INR2 billion.

總體而言，這個龐大且不斷擴張的市場，加上數位化應用的不斷增加，為 Yatra 帶來了重大機遇，特別是在滲透率較低的企業領域。我們的商務旅行部門繼續在 Yatra 的推動下保持強勁發展勢頭。第一季度，我們新增了 34 家企業客戶，年營業額潛力總計增加約 20 億印度盧比。

On the B2C front as well, we continue to make good progress on rationalizing our cost of acquisitions and timing avenues to scale profitably. B2C bookings were more impacted by the macro events of the quarter and declined marginally year-over-year. Had it not been for the effect of these macro events it was likely that B2C gross bookings would have registered a marginal increase year-over- year.

在 B2C 方面，我們在合理化收購成本和把握時機擴大獲利方面也持續取得良好進展。B2C 預訂量受本季宏觀事件的影響較大，較去年同期略有下降。如果不是這些宏觀事件的影響，B2C 總預訂量很可能比去年同期略有增長。

On the technology front, we introduced a more refined user interface, which makes it easier to upsell branded fares across airlines, which offer unique airlines specific fare options. Bundles with benefits such as baggage allowance, speed selection and flexible changes. We have also recently launched our AI assistant DIYA, which stands for Digital Intelligent Yatra Adviser which assist customers, not only for the usual customer service inquiries, but also help refine the search and helps book personalized travel products.

在科技方面，我們推出了更精緻的使用者介面，這使得跨航空公司追加銷售品牌票價變得更加容易，這些票價提供了獨特的航空公司特定票價選項。捆綁優惠包括行李限額、速度選擇和靈活更改等。我們最近還推出了人工智慧助理 DIYA，即數位智慧旅行顧問，它不僅可以幫助客戶處理常規的客戶服務諮詢，還可以幫助優化搜尋並幫助預訂個人化的旅遊產品。

AI-enabled servicing will provide us with further operating leverage in the quarters to come and a more refined service process to enable us to attract new customers to Yatra. Additionally, our expense management solution offers an end-to-end travel and expense solution with GenAI-Powered Receipt Parsing ERP integration and Advanced Analytics and visualization, and continues to get very positive feedback from this initial customer.

人工智慧服務將在未來幾季為我們提供進一步的營運槓桿，並提供更精細的服務流程，使我們能夠為 Yatra 吸引新客戶。此外，我們的費用管理解決方案提供端到端的差旅和費用解決方案，包括 GenAI 支援的收據解析 ERP 整合以及高級分析和視覺化，並繼續從該初始客戶那裡獲得非常積極的回饋。

In sales and marketing, we continue to amplify our partner offers from banks and airlines through our owned media and social media channels, ensuring consistent visibility and engagement. Our content marketing initiatives for the strengthened brand reach with compelling travel stories, seasonal campaigns and milestone celebrations that have resonated with our audience.

在銷售和行銷方面，我們繼續透過自有媒體和社群媒體管道擴大銀行和航空公司合作夥伴的優惠，確保持續的知名度和參與度。我們的內容行銷計劃透過引人入勝的旅遊故事、季節性活動和里程碑慶祝活動增強了品牌影響力，引起了觀眾的共鳴。

We also execute with innovative brand collaborations with leading consumer brands, delivering impactful outdoor campaigns and co-branded experiences that capture attention and grow conversion. With regards to our fare convertibility as previously stated, we have a strategy in place to restructure to effectively support the conversion of U.S. shares into India shares, while some regulatory complexities remain we are navigating the required processes across multiple jurisdictions.

我們也與領先的消費品牌進行創新的品牌合作，提供具有影響力的戶外活動和聯合品牌體驗，以吸引註意力並提高轉換率。關於我們之前提到的票價兌換問題，我們已製定了重組策略，以有效支持美國股票轉換為印度股票，儘管仍然存在一些監管複雜性，但我們正在多個司法管轄區內進行必要的流程。

Given this complexity, the time line is still unclear, but we'll keep you informed as we continue to make progress. Just to also clarify on this from an exchange ratio point of view, 1 U.S. share is equivalent to approximately 1.5x shares in India.

鑑於這種複雜性，時間表仍不清楚，但我們會在繼續取得進展時隨時向您通報。從匯率角度來澄清這一點，1 股美國股票約相當於 1.5 股印度股票。

As you look ahead, we see strong sustained growth opportunities driven by rising digital adoption across both leisure and corporate travel segments. Yatra is well positioned to capture this growth through our expanding corporate client base enhanced technology offerings, a growing share of high-margin hotels and packages and MICE business.

展望未來，我們看到休閒和商務旅行領域數位化應用的不斷提高將帶來強勁的持續成長機會。Yatra 憑藉著不斷擴大的企業客戶群、增強的技術產品、不斷增長的高利潤酒店和套餐以及 MICE 業務份額，佔據了有利地位，能夠抓住這一成長機會。

We remain committed to disciplined cost management, profitable scaling and delivering long-term value to our shareholders, while strengthening our competitive edge in the evolving global travel ecosystem.

我們將繼續致力於嚴格的成本管理、獲利擴張和為股東創造長期價值，同時加強我們在不斷發展的全球旅遊生態系統中的競爭優勢。

Thank you, everyone, and I will now request our CFO, Anuj Sethi, to brief you on the financial performance for the quarter under review. Anuj?

謝謝大家，現在我將請我們的財務長 Anuj Sethi 向大家簡要介紹本季的財務表現。阿努傑？

Thank you, Dhruv. Good morning, everyone.

謝謝你，Dhruv。大家早安。

For the first quarter of financial year 2026. On a consolidated basis, our revenue from operations was INR2,098 million, which is approximately USD24.5 million. an increase of 99.7%, driven by continued momentum across key segments, including robust growth in our hotels and packages business and a meaningful contribution from MICE business.

2026財年第一季。從綜合來看，我們的營業收入為 20.98 億印度盧比，約合 2,450 萬美元，增長 99.7%，這得益於主要部門持續增長的勢頭，包括酒店和套餐業務的強勁增長以及 MICE 業務的重大貢獻。

Our gross margin defined as revenue less service cost due to INR1,156 million, approximately USD13.5 million rising 36% year-on-year, underscoring the strength of our diversified business model. Adjusted EBITDA surged to INR206 million, which is approximately $2.4 million, up [214%] year-on-year. As a result, Profit for the period increased to INR110 million, approximately USD1.3 million.

我們的毛利率定義為營收減去服務成本，為 11.56 億印度盧比，約合 1,350 萬美元，年成長 36%，凸顯了我們多元化業務模式的優勢。調整後的 EBITDA 飆升至 2.06 億印度盧比，約 240 萬美元，年成長 [214%]。因此，本期利潤增加至 1.1 億印度盧比，約 130 萬美元。

In terms of segment performance, our air ticketing passenger volumes declined 9% year-on-year to INR1.206 million. However, gross share bookings grew 4% year-on-year to INR14,103 million, approximately USD4.4 million. NRA gross margin rose 54% year-on- year to INR647 million with margin improving from 3.10% to 4.60%.

從分部業績來看，我們的航空客運量年減 9% 至 120.6 萬印度盧比。不過，總股份預訂金額年增 4%，達到 141.03 億印度盧比，約 440 萬美元。NRA 毛利率年增 54% 至 6.47 億印度盧比，利潤率從 3.10% 提高至 4.60%。

Under Hotels and Packages segment, the hotel room nights grew marginally by 1% year-on-year to about INR423,000, gross bookings increased 43% year-on-year to INR3,433 million, while gross margin expanded 74% year-on-year to INR311 million or USD40 million with margins improving from 7.46% to 9.05%. While the macroeconomic headwinds and the recent air crash impacted volumes in both segments we successfully delivered higher revenue and stronger margins.

在飯店和套餐業務方面，飯店間夜量年增 1% 至約 423,000 印度盧比，總預訂量年增 43% 至 34.33 億印度盧比，毛利率年增 74% 至 3.11 億印度盧比或 4,000 萬美元，利潤率從 7.49.05% 提高 7.49.05%。儘管宏觀經濟逆風和最近的空難影響了這兩個部門的銷量，但我們成功地實現了更高的收入和更高的利潤率。

On the liquidity front, cash and cash equivalent and term deposits stood at the INR2,235 million, approximately USD26 million as of 30 June 2025 as compared to INR1.9 billion, approximately USD22 million as of 31st, March 2025. Gross debt has been significantly reduced from INR546 million, about $6 million to as of net 31st March 2025, to just about INR29 million, around USD0.3 million as of 30 June 2025.

在流動性方面，截至 2025 年 6 月 30 日，現金、現金等價物和定期存款為 22.35 億印度盧比，約合 2,600 萬美元，而截至 2025 年 3 月 31 日，現金、現金等價物和定期存款為 19 億印度盧比，約合 2,200 萬美元。總債務已從截至 2025 年 3 月 31 日的 5.46 億印度盧比（約 600 萬美元）大幅減少至截至 2025 年 6 月 30 日的約 2,900 萬印度盧比（約 30 萬美元）。

With this, I would like to hand it back to the moderator and open up for question and answer session. Thank you.

現在，我想將話題交還給主持人，開始問答環節。謝謝。

(Operator Instructions) Scott Buck, H.C. Wainwright.

（操作員指示） Scott Buck、H.C. Wainwright。

Hi, good morning, guys. Thank you very much for the time, and congrats on the quarter. Dhruv, I'm curious, given the momentum in MICE, what is your appetite for potentially doing another deal in the space to even accelerate that growth further?

大家好，早安。非常感謝您抽出時間，並祝賀本季圓滿成功。Dhruv，我很好奇，鑑於 MICE 的發展勢頭，您是否有興趣在該領域再進行一筆交易，以進一步加速這一增長？

Good morning, Scott. So Scott, we continue to evaluate opportunities our endeavor at this point was first to make sure that the Globe acquisition is successfully integrated within Yatra and that's something that we've been able to achieve over the course of the last 2 odd quarters. And we continue to look out for opportunities, if there is something interesting that comes up, we will obviously evaluate it on its merits.

早安，史考特。因此，斯科特，我們將繼續評估機會，我們此時的努力首先是確保 Globe 收購能夠成功融入 Yatra，這是我們在過去兩個季度中已經實現的目標。我們將繼續尋找機會，如果出現有趣的事情，我們顯然會根據其優點進行評估。

But it's a segment that we are quite attracted by. It has the right dynamics from a growth trajectory point of view and also from a profitability point of view. So we will continue to look at avenues to see how we can scale up faster on the corporate travel and MICE segments.

但這是一個令我們非常感興趣的領域。從成長軌跡和獲利能力的角度來看，它具有正確的動力。因此，我們將繼續尋找途徑，看看如何在商務旅行和 MICE 領域更快地擴大規模。

Great. That's helpful. And then my second question, Dhruv, you mentioned some hurdles remaining in the restructuring. Can you give us just a bit more color on what steps remain? And are you waiting reliant on the SEC here in the States? Is it something on the Indian side? Any additional color there, I think, would be helpful.

偉大的。這很有幫助。我的第二個問題是，Dhruv，您提到重組中仍然存在一些障礙。您能否向我們詳細介紹還有哪些步驟需要完成？您是否依賴美國證券交易委員會 (SEC) 來等待？這是印度方面的事嗎？我認為任何額外的顏色都會有幫助。

Scott, on that side, given that it's more of a regulatory process, there isn't too much else that I can share at this point of time. Apart from the fact that we do have a strategy in place that they are executing on. It does entail they're working with multiple regulators in different jurisdictions, multiple law firms right across different markets. So it is a time-consuming process, but it's definitely something, which is absolutely in top of mind for us and the Board.

史考特，在這方面，考慮到這更像是一個監管過程，目前我沒有太多可以分享的資訊。除了我們確實有一個他們正在執行的戰略之外。這確實意味著他們要與不同司法管轄區的多個監管機構、不同市場的多家律師事務所合作。所以這是一個耗時的過程，但這絕對是我們和董事會最關心的事情。

Okay. And I guess as a bit of a follow-up, what were the quarterly operating expenses tied to this effort. I mean was it material?

好的。我想作為後續問題，與此工作相關的季度營運費用是多少。我的意思是它是物質的嗎？

In the current quarter, they were not as material, but even in the last quarter, obviously, it was quite significant. But in the current quarter, they were less so.

在本季度，它們並不那麼重要，但即使在上一季度，顯然，它們也相當重要。但在本季度，情況就沒那麼好了。

Okay. All right. Thank you. I appreciate it. Thank you, guys.

好的。好的。謝謝。我很感激。謝謝你們。

Thank you, Scott.

謝謝你，斯科特。

(Operator Instructions) [Mal Ramesh, Sodexco].

（操作員指示）[Mal Ramesh，Sodexco]。

Hello. Good morning, everyone. Just wanted for to check, I see that has increased by remember right, like 9% or so. So I thought that overall travel has grown by double digits and is it because of the, to some extent, the low growth in terms of the air and is Yatra not gaining or losing market share in air and we'll be gaining in hotels and meetings?

你好。大家早安。只是想檢查一下，我記得它增加了 9% 左右。所以我認為整體旅行量已經實現了兩位數的增長，這是否在某種程度上是因為航空業的增長速度較慢，而 Yatra 在航空業的市場份額是沒有增長還是在下降，而我們在酒店和會議業的市場份額將會增長？

Hi. Good morning. So yes, in terms of your question, the overall industry growth rates on the aviation side would have been maybe slightly higher. For Yatra, specifically, what has happened is there are 2 parts to our business. One is the corporate business, which is the larger part of our gross bookings and then it comes to consumer business.

你好。早安.是的，就您的問題而言，航空業的整體產業成長率可能略高一些。對於 Yatra 來說，具體來說，我們的業務分為兩個部分。一是企業業務，占我們總預訂量的較大部分，其次是消費者業務。

While the corporate business was growing and has grown well ahead of the market, the consumer business declined marginally and this, what you see is the weighted average impact of the 2. The consumer business got impacted to a certain extent also on account of the macro factors in India which there being a product skirmish with Pakistan in the month of May, and then there was a large air crash in the month of June, both of which negatively impacted consumer sentiment, when it came to travel.

雖然企業業務不斷成長，並且遠遠領先市場，但消費者業務卻略有下滑，而您所看到的就是兩者的加權平均影響。消費者業務也受到一定程度的影響，因為印度的宏觀因素，5 月與巴基斯坦發生了產品衝突，6 月又發生了一起大型空難，這兩件事都對消費者的旅行情緒產生了負面影響。

Business travel on the other hand, recovered quite promptly. Hence, the business travel arm of our -- of the Yatra was be able to grow at a rate, which was much higher. But the B2C business did lag behind a bit. On the hotels and packages given that the hotels and MICE packages are largely on the corporate travel side, there you see growth rates, which is well ahead of market.

另一方面，商務旅行恢復得相當快。因此，我們的 Yatra 商務旅行部門能夠以更高的速度成長。但B2C業務確實有點落後。鑑於飯店和 MICE 套餐主要屬於商務旅行方面，因此您會看到飯店和套餐的成長率遠高於市場水準。

Okay, thank you. What's the share of your business corporate travel to this consumer? It used to be, what, two-thirds, one-third the time now?

好的，謝謝。您的商務旅行佔該消費者的比重是多少？以前是三分之二，現在是三分之一的時間？

Yes, sir. So corporate is about two-thirds and consumer is one-third.

是的，先生。因此企業約佔三分之二，消費者約佔三分之一。

Okay, you still been taking the ratios. Okay. And just another question on jet topic. There is -- I mean, you were going through restructuring of companies merging every company into whatever Yatra Limited. Is that going to provide any significant savings or it's not a material amount?

好的，你仍然在計算比例。好的。這只是關於噴射機主題的另一個問題。有—我的意思是，您正在進行公司重組，將每家公司合併到 Yatra Limited 中。這會帶來顯著的節省嗎？還是說節省的金額不大？

It will -- there will be some savings, which will be there, plus there will be tax saving as well, which will happen. So in India, the tax saving impact of that will be about approximately $0.5 million plus a year.

它會——會有一些節省，而且還會有稅收節省，這些都會發生。因此在印度，這項措施每年的節稅效果約為 50 萬美元以上。

Okay, thank you. That's very helpful. Thank you. No more questions.

好的，謝謝。這非常有幫助。謝謝。沒有其他問題了。

Thank you.

謝謝。

(Operator Instructions) We have no further questions, and that concludes the question-and-answer session here. And I would like to hand it back to management for some final closing comments.

（操作員指示）我們沒有其他問題，本次問答環節到此結束。我想將其交還給管理層，請他們發表一些最後的總結評論。

Thank you, operator. And I'd like to thank all of you for joining the call today. If you have any further questions, you can reach out to our IR partner at ICR. Thank you once again for participating in today's call and we look forward to your support going forward. Thank you.

謝謝您，接線生。我要感謝大家今天參加電話會議。如果您還有其他問題，可以聯絡 ICR 的 IR 合作夥伴。再次感謝您參加今天的電話會議，我們期待您今後的支持。謝謝。

Thank you.

謝謝。

Thank you for dialing in. I can confirm that does conclude today's conference call with the Yatra. Thank you all for your participation. You may now disconnect, and please enjoy the rest of your day.

謝謝您的撥入。我可以確認今天與 Yatra 的電話會議確實結束了。謝謝大家的參與。現在您可以斷開連接，並享受剩餘的一天。