Yatra’s Next Growth Bet: Digitizing India’s Corporate Travel Market

Yatra Online reported what Chairman Dhruv Shringi called the “most profitable year in the company’s 20-year history,” even as India-Pakistan conflict, the Air India crash and travel disruptions across parts of the Middle East disrupted parts of its business during the fourth quarter.

The impact was concentrated primarily in international corporate group travel and meetings, incentives, conferences and exhibitions (MICE) - one of Yatra’s higher-value segments.

For fiscal year 2026, Yatra reported 27% year-over-year revenue growth to INR 10.1 billion ($106 million), while gross profit rose 25% to INR 4.8 billion ($51 million). Adjusted EBITDA increased 38%, and operating cash flow rose nearly tenfold to INR 761 million ($8 million), according to figures discussed during Monday’s earnings call.

Beyond the quarter-to-quarter disruption, Yatra said it increasingly sees itself as a beneficiary of the slow digitization of India’s managed corporate