Yatra Q1 FY27: consolidated PAT crashes 98% YoY to ₹0.34 Cr as margins evaporate
PAT -97.88% YoY · revenue -10.45% · margins compressing
₹187.9 Cr
-10.45% YoY
₹0.34 Cr
-97.88% YoY
0.18%
-7.3pp YoY
₹0.02
Yatra Online's consolidated PAT for Q1 FY27 (quarter ended June 30, 2026) fell to just ₹0.34 Cr from ₹16.0 Cr a year ago (-97.9% YoY) and ₹8.2 Cr last quarter (-95.9% QoQ), even as revenue declined 10.5% YoY to ₹187.9 Cr (down marginally 0.6% QoQ from ₹189.0 Cr). The company stayed narrowly profitable rather than swinging to a loss, but net margin was crushed to 0.18% from 7.43% a year ago and 4.11% last quarter — a near-total wipeout of bottom-line profitability on a comparatively modest topline decline. No exceptional items featured in either this quarter or the year-ago quarter, so the fall is operational, not accounting noise.
Q1 FY-2027 vs prior quarters
The squeeze shows up broadly across the cost base: employee benefit expenses, marketing spend, depreciation and finance costs all rose in absolute terms even as revenue fell, while the segment-level "adjusted margin" (revenue-less-service-cost, the metric management guides on) actually declined 7.75% YoY to ₹121.0 Cr. That is a clear miss against the ~20-22% revenue-less-service-cost growth and ~37.5% adjusted-EBITDA growth guidance management reaffirmed as recently as its Q3 FY26 (February 2026) call, where tone was described as confident and bullish — this print directly contradicts that framing rather than confirming it. Standalone results tell a materially milder story: standalone PAT of ₹6.28 Cr (EPS ₹0.40) was down 48.7% YoY, a much smaller decline than the consolidated 97.9% YoY drop, pointing to subsidiary-level costs or losses (TSI Yatra, Globe All India Services, Yatra MICE and Holiday, and Yatra Middle East LLC-FZ) as the primary driver of the group-level collapse.
The stock went into the print at ₹118.99, up 7.9% over the past month of trading.
Management reaffirmed its annual guidance of ~22% growth in revenue-less service cost and ~37.5% in adjusted EBITDA, stating they are firmly on track to achieve these targets. For the long term, the company targets gross booking growth in the low twenties, driven by its B2E focus and tech innovation, while aiming for c
— This quarter: missed
No management press release accompanied this filing and no specific Street consensus estimate for this quarter's revenue or PAT could be located, so the print cannot be benchmarked against analyst expectations here. Among this quarter's other developments, the company signed an MoU with Kanoo Travel on July 13, 2026 for Middle East expansion — routed through the Yatra Middle East LLC-FZ subsidiary that sits inside the consolidated numbers — a growth investment that may partly explain rising consolidated costs even as the standalone entity held up better. The board also re-appointed Ernst & Young LLP as internal auditor for FY27, a procedural item with no bearing on the results.
W1
Whether Q2 FY27 revenue confirms management's claim that Q1 run-rates were already 20% above Q4 FY26 levels, signaling H2 recovery
W2
Whether adjusted EBITDA / revenue-less-service-cost growth recovers toward the ~20-22% / ~37.5% medium-term targets reaffirmed on the Q3 FY26 call, given this quarter missed both
W3
Whether the standalone-consolidated PAT gap (₹6.28 Cr vs ₹0.34 Cr) narrows next quarter as a read on subsidiary cost drag, including the newly announced Middle East expansion
Figures in INR millions in source, converted to ₹ Cr (÷10). Standalone tax expense is a net benefit of ₹0.058 Cr (deferred tax credit), so PAT > PBT. No exceptional items in either the current or year-ago quarter (both nil), so the YoY decline is organic, not one-off driven. Consolidated PAT (₹0.34 Cr) diverges sharply from standalone PAT (₹6.28 Cr) — subsidiary costs are dragging group profitability.