YATRA Q3 FY26 Guidance vs Delivery (YATRA Management Mirror)

Financial Guidance & Targets

Adjusted EBITDA Growth: Reaffirmed in Dec'25 Qtr after being Raised in Sep'25 Qtr. Management maintained the revised FY26 growth target of approximately 37.5% (guidance raised to 35-40% in Sep'25 Qtr from the initial 30% outlook in Jun'25 Qtr).

Revenue Less Service Cost (RLSC): Reaffirmed in Dec'25 Qtr following a Raised outlook in Sep'25 Qtr. Management targets ~22% growth for FY26. This compares to the Sep'25 Qtr revision (22-23%) which was an upgrade from the initial 20% growth target in Jun'25 Qtr.

Gross Bookings: Modified in Dec'25 Qtr. Now expects early 20% range growth over the next 2-3 years (Air 15-20%, Hotels >30%). Previously, Jun'25 Qtr guidance anticipated FY26 growth closer to 15%, aiming for 20% long-term.

Long-Term Margins: Reaffirmed. Maintains FY28 target of Adjusted EBITDA margins at ~1.5% of Gross Bookings. In Sep'25 Qtr and Jun'25 Qtr, management consistently targeted an EBITDA-to-Gross Margin ratio improvement to 30% within 36 months (medium-term).

ROCE: Modified. Dec'25 Qtr targets double-digit ROCE for FY27. This follows Sep'25 Qtr guidance expecting ~8%+ this fiscal and 13-14% next year.