Yatra Online Limited (IN:YATRA)
:YATRA
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Yatra Online Limited
(YATRA)
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Rating:62Neutral
Price Target:
₹113.00
▼(-34.53% Downside)
Action:ReiteratedDate:03/03/26
The score is primarily supported by strong reported growth, improving margins, and a low-leverage balance sheet, reinforced by generally positive earnings-call guidance and operating KPIs. This is materially offset by ongoing negative operating/free cash flow and very weak technicals (downtrend with oversold momentum), while valuation (P/E ~31) offers limited cushion without a dividend yield.
Positive Factors
Revenue & margin expansion
Yatra’s large, recent revenue surge and simultaneous EBITDA and net margin improvement indicate scalable unit economics and better mix towards higher‑margin segments. Sustained top‑line growth with margin expansion supports longer‑term reinvestment in product, sales and corporate GTM to cement market position.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flow despite reported profitability highlights weak cash conversion from core operations. Over months this necessitates external funding or draws on liquidity, constraining self‑funded growth and increasing vulnerability to continued working‑capital swings from MICE and vendor advance timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & margin expansion
Yatra’s large, recent revenue surge and simultaneous EBITDA and net margin improvement indicate scalable unit economics and better mix towards higher‑margin segments. Sustained top‑line growth with margin expansion supports longer‑term reinvestment in product, sales and corporate GTM to cement market position.
Read all positive factors
Yatra Online Limited (YATRA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹15.24B
Dividend YieldN/A
Average Volume (3M)172.00K
Price to Earnings (P/E)81.9
Beta (1Y)1.83
Revenue Growth82.79%
EPS Growth208.75%
CountryIN
Employees1,297
SectorServices
Sector StrengthN/A
IndustryTravel Services
Share Statistics
EPS (TTM)0.52
Shares Outstanding156,916,200
10 Day Avg. Volume348,790
30 Day Avg. Volume172,004
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)1.78
Price to Sales (P/S)1.76
P/FCF Ratio-16.75
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹236.00Price Target Upside36.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)3.87
Revenue Forecast (FY)₹11.25B
Yatra Online Limited Business Overview & Revenue Model
Company Description
Yatra Online Limited provides reservation and booking services related to transport, travel, tours, and tourism. It operates yatra.com, a website that provides information, pricing, availability, and booking facility for domestic and international...
How the Company Makes Money
Yatra Online Limited generates revenue through multiple streams primarily focused on travel bookings. The company earns commissions from airlines and hotels for each booking made on its platform. Additionally, Yatra charges service fees on certain...
Yatra Online Limited Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:May 29, 2026
Earnings Call Sentiment Positive
The call presented multiple clear operating and financial positives — double-digit YoY growth in key booking metrics (Air +22%, Hotels & Packages +20%), strong margin expansion (Air adjusted margins +40% YoY; overall gross margins improved), meaningful corporate client additions (40 new clients, INR 2.2B potential) and early traction on new product offerings (8 expense-management customers). Offsetting these were temporary, one-off operational disruptions from an airline schedule issue that led to MICE deferments, some working capital strain and a small rise in gross debt. Management characterizes the negatives as transitory and emphasized structural tailwinds (government budget support, AI/product investments, large addressable corporate market). Overall the positives materially outweigh the transitory negatives.Positive Updates
Consolidated Revenue Growth
Revenue from operations grew 10% year-on-year to INR 2,577 million (≈$29M) for Q3 FY2026.
Negative Updates
Airline Disruption and Operational Impact
IndiGo schedule disruptions in early December caused countrywide cancellations and a modest one-time operating impact: deferment of MICE bookings into Q4/Q1, lost peak corporate travel weeks, and temporary revenue compression in the month.
Read all updates
Q3-2026 Updates
Positive
Negative
Consolidated Revenue Growth
Revenue from operations grew 10% year-on-year to INR 2,577 million (≈$29M) for Q3 FY2026.
Read all positive updates
Company Guidance
The management guided that the quarter’s temporary airline disruption was a one‑off and that momentum should resume over the next 3–4 quarters, with deferred MICE bookings expected to roll into Q4 (and some into Q1), consumer-facing business back on a growth and margin-improvement path, and continued scaling of higher‑margin Corporate Travel; key metrics cited include Q3 consolidated revenue +10% YoY to INR 2,577 million, Air gross bookings +22% YoY to INR 16,931 million with passenger volume ~1,491,000 (+13% YoY, well above ~1% industry growth), Air take‑rate rising from 6.2% to 7.1% and Air adjusted margins +40% YoY to INR 1,195 million, Hotels & Packages room nights +22% to 508,000 and gross bookings +20% to INR 4,306 million (hotels standalone would have grown >30%), hotel take‑rate moderating 12.2%→11.7% while gross margin improved 9.7%→10.2% and Hotels adjusted margins +15% YoY to INR 502 million; corporate traction includes onboarding 40 new corporates adding INR 2.2 billion of annual billing potential, ~1,300 corporates onboarded of a ~13,000‑addressable market, online penetration ~23%, 8 customers on the new expense management platform, a quarter B2B:B2C mix of ~60:40 (9‑month avg 65:35), cash & term deposits INR 2,042 million and gross debt INR 583 million (vs INR 546 million at 3/31/25).Yatra Online Limited Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.15B | 7.91B | 4.22B | 3.49B | 1.98B | 1.25B |
| Gross Profit | 2.86B | 2.08B | 994.00M | 1.16B | 680.50M | -37.29M |
| EBITDA | 1.04B | 762.48M | 406.60M | 538.67M | 38.58M | -492.89M |
| Net Income | 555.01M | 365.74M | -45.10M | 76.34M | -307.86M | -1.19B |
Balance Sheet | ||||||
| Total Assets | 13.02B | 13.23B | 12.17B | 6.81B | 5.48B | 5.63B |
| Cash, Cash Equivalents and Short-Term Investments | 2.28B | 1.86B | 4.02B | 1.02B | 1.24B | 1.95B |
| Total Debt | 558.91M | 784.01M | 853.90M | 1.78B | 628.18M | 614.91M |
| Total Liabilities | 4.89B | 5.40B | 4.70B | 5.12B | 4.47B | 4.39B |
| Stockholders Equity | 8.14B | 7.84B | 7.47B | 1.70B | 1.01B | 1.23B |
Cash Flow | ||||||
| Free Cash Flow | 897.91M | -830.70M | -1.69B | -1.68B | -934.24M | 963.25M |
| Operating Cash Flow | 913.51M | -768.09M | -1.42B | -1.53B | -833.86M | 1.04B |
| Investing Cash Flow | -306.36M | 776.31M | -2.34B | -166.74M | -84.45M | -211.09M |
| Financing Cash Flow | -603.75M | -979.65M | 4.66B | 1.38B | 200.81M | 64.58M |
Yatra Online Limited Technical Analysis
Negative
172.60
Price Trends
132.51
Negative
152.13
Negative
138.56
Negative
Market Momentum
-9.76
Negative
33.05
Neutral
29.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:YATRA, the sentiment is Negative. The current price of 172.6 is above the 20-day moving average (MA) of 106.77, above the 50-day MA of 132.51, and above the 200-day MA of 138.56, indicating a bearish trend. The MACD of -9.76 indicates Negative momentum. The RSI at 33.05 is Neutral, neither overbought nor oversold. The STOCH value of 29.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:YATRA.
Yatra Online Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹4.44B | 12.58 | ― | 3.31% | 0.14% | 7.90% | |
62 Neutral | ₹15.24B | 81.87 | ― | ― | 82.79% | 208.75% | |
58 Neutral | ₹1.93B | 9.79 | ― | ― | 19.69% | -33.44% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
44 Neutral | ₹5.96B | 11.60 | ― | ― | ― | ― |
* Services Sector Average
IN:YATRA
Yatra Online Limited
97.15
8.27
9.30%
IN:ADVANIHOTR
Advani Hotels & Resorts (India) Ltd.
48.06
-7.95
-14.20%
IN:ALANKIT
Alankit Limited
7.13
-7.34
-50.73%
IN:INTLTRAVHS
International Travel House Limited
275.10
-158.59
-36.57%
IN:JETAIRWAYS
Jet Airways (India) Limited
34.04
0.00
0.00%
IN:STCINDIA
State Trading Corporation of India Limited
99.40
-29.25
-22.74%
Yatra Online Limited Corporate Events
Yatra Online Publishes Postal Ballot Dispatch Notice in National Dailies
Mar 24, 2026
Yatra Online Limited has notified stock exchanges that it has published newspaper advertisements confirming the dispatch of its Postal Ballot Notice to shareholders on March 23, 2026. The notice was advertised in national English and Hindi dailies...
Yatra Online to Engage Investors at Mumbai Conference on March 9
Mar 3, 2026
Yatra Online Limited has announced that its officials will meet with analysts and institutional investors at the Investec Promoter Founder Conference in Mumbai on March 09, 2026. The meetings will be held in person, in both group and one-on-one f...
Yatra Online Closes Trading Window Ahead of Q3 and Nine-Month Results
Dec 29, 2025
Yatra Online Limited has announced that its trading window for dealing in the company’s securities will be closed from January 1, 2026 until 48 hours after the announcement of its financial results for the quarter and nine months ended Decem...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.