The mixed results (strong revenue/Adjusted EBITDA growth vs. a net loss and Nasdaq compliance risk) create uncertainty. Monitor the company's progress on regaining Nasdaq compliance by December 22, 2026, and any updates on the corporate restructuring plan, which could be a significant catalyst. The next quarterly filing will be key to see if the net loss trend continues.
Price Chart
Executive Summary
Yatra Online's FY2026 annual report (20-F) shows revenue growth of 26.6% to INR 10,074M, driven by the Hotels & Packages segment and the GAISL acquisition, but the company swung to a net loss of INR 66M from a profit of INR 23.5M in FY2025. Adjusted EBITDA grew 64.2% to INR 563.8M, yet the company disclosed material weaknesses in internal controls and received a second Nasdaq bid price deficiency notice in June 2026. The CEO transition from Dhruv Shringi to Siddhartha Gupta was completed in November 2025, and the company is exploring restructuring alternatives to simplify its corporate structure.
Key Facts
- Revenue grew 26.6% YoY to INR 10,074 million (USD 107.4 million) in FY2026.
- Net loss of INR 66.0 million in FY2026 vs. a profit of INR 23.5 million in FY2025.
- Adjusted EBITDA Profit increased 64.2% to INR 563.8 million.
- Received a second Nasdaq bid price deficiency notice on June 25, 2026, with a compliance period until December 22, 2026.
- Material weaknesses in internal control over financial reporting were identified as of March 31, 2026.
- CEO transition completed: Siddhartha Gupta appointed CEO effective November 24, 2025, replacing co-founder Dhruv Shringi.
- THCL, a wholly owned subsidiary, sold 1.8% of Yatra India's outstanding shares in February 2026.
- Gross Bookings increased 13.6% to INR 80,535.8 million.
- Hotels and Packages (including MICE) Gross Bookings grew 27.0% to INR 16,577.6 million.
- Air Ticketing Adjusted Margin % improved to 7.1% from 6.5% in FY2025.
Financial Impact
Revenue up 26.6% to INR 10,074M, but net loss of INR 66M. Adjusted EBITDA up 64.2% to INR 563.8M.
Risk Factors
- Nasdaq delisting risk due to bid price deficiency
- Material weaknesses in internal controls could lead to financial reporting errors
- History of operating losses and inability to sustain profitability
- High dependence on a small number of domestic airlines for air ticketing revenue
- Intense competition in the Indian travel industry
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001493152-26-035684 |
| Exhibit: ex11-1.htm | 0001493152-26-035684 |
| Exhibit: ex12-1.htm | 0001493152-26-035684 |
| Exhibit: ex12-2.htm | 0001493152-26-035684 |
| Exhibit: ex13-2.htm | 0001493152-26-035684 |
| Exhibit: ex13-1.htm | 0001493152-26-035684 |
| Exhibit: ex15-4.htm | 0001493152-26-035684 |
| Exhibit: ex15-1.htm | 0001493152-26-035684 |
| Document: 0001493152-26-035684-index-headers.html | 0001493152-26-035684 |
| Document: 0001493152-26-035684-index.html | 0001493152-26-035684 |
| Document: 0001493152-26-035684.txt | 0001493152-26-035684 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | SC 14D-9/A | $0.9360 | awaiting T+20 | — | $0.9400 (+0.43%) |
Sep 18, 2026 5w ago | SC TO-T/A | $1.03 $0.9550 | ▼ −7.28% | ▼ −6.37% | $0.9400 (−8.74%) |
Sep 14, 2026 6w ago | Press Release | $1.01 $0.9399 | ▲ +6.94% | ▲ +9.66% | $0.9400 (+6.93%) |
Aug 12, 2026 10w ago | 6-K | $0.8901 $1.05 | ▼ −17.96% | ▼ −19.71% | $0.9400 (−5.61%) |
Jul 31, 2026 12w ago | 20-F | $0.8840 $1.00 | ▲ +13.12% | ▲ +11.88% | $0.9400 (+6.33%) |
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