Yatra Online Limited (YATRA) AI Stock Analysis

• Market Cap: ₹16.76B
• Dividend Yield: N/A
• Average Volume (3M): 172.00K
• Price to Earnings (P/E): 31.1
• Beta (1Y): 1.83
• Revenue Growth: 82.79%
• EPS Growth: 208.75%
• Country: IN
• Employees: 1,297
• Sector: Services
• Sector Strength: N/A
• Industry: Travel Services
• EPS (TTM): 0.52
• Shares Outstanding: 156,916,200
• 10 Day Avg. Volume: 348,790
• 30 Day Avg. Volume: 172,004
• 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 Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹236.00
• Price Target Upside: 36.73% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 4.46
• Revenue Forecast (FY): ₹10.88B

• Rating: 62 Neutral
• Price Target: ₹113.00 ▼(-34.53% Downside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 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

Robust revenue growth and margin improvement

Yatra reported sustained, large-scale revenue expansion and meaningful margin recovery, with EBITDA margin at 9.64% and net margin positive. This combination signals durable demand recovery and improving unit economics, enabling the business to absorb fixed costs and scale profitably as bookings normalize.

Low leverage and solid capital structure

A low D/E of 0.10 and a ~59% equity ratio provide durable financial flexibility, reducing refinancing and solvency risk. This stronger capitalization supports continued product investment and working-capital variability in travel cycles without excessive reliance on costly external debt.

Corporate travel scale and product traction

Growing B2B mix and early traction on an expense-management product point to stickier, higher-margin revenue. Corporate contracts and product-led services increase recurring billing, diversify revenue away from lower-margin air ticketing, and create a structural runway given a large addressable corporate market.

Negative Factors

Negative operating and free cash flow

Despite reported profitability, the company generates negative operating and free cash flow, indicating cash conversion issues. Persistent cash burn can force reliance on external financing, limit reinvestment, and increase vulnerability during demand slowdowns unless operating cash generation meaningfully improves.

Working-capital strain and rising gross debt

Deferred group bookings forced advance payments to suppliers, tightening liquidity and nudging gross debt higher. Recurrent working-capital shocks from large-event bookings could sustain elevated financing needs and compress operational flexibility during off-peak periods or airline disruptions.

Modest operating margin and asset utilization

Although top-line growth is strong, operating profit (EBIT) remains thin, implying limited operating leverage or elevated operating costs. Sustaining higher margins will require continued mix shift to corporate/higher-margin products and tighter cost control; otherwise profitability is sensitive to cost or commission increases.

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 air travel, domestic and international hotel bookings, holiday packages, buses, trains, inter-city activities, point-to-point cabs, homestays, and cruises. The company also provides advertising, air travel, hotel, and freight forwarding services. It serves corporate customers and consumers in India and internationally through internet, mobile, call center, and retail lounges. The company was incorporated in 2005 and is based in Gurugram, India. Yatra Online Limited operates as a subsidiary of THCL Travel Holding Cyprus Limited.

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 transactions, especially for customized holiday packages and travel services. The company also derives income from advertising partnerships and promotional collaborations with various travel-related businesses. Strategic alliances with airlines and hotels enhance its offerings and contribute to its revenue. Furthermore, ancillary services such as travel insurance and car rentals provide additional revenue opportunities, allowing Yatra to diversify its income sources.

Yatra Online Limited Financial Statement Overview

Summary

Strong top-line growth (+118.76% from 2024 to 2025) and improved profitability (net margin turned positive at 4.62%; EBITDA margin up to 9.64%) support the score. Balance sheet leverage is low (D/E 0.10) with a solid equity ratio (59.22%). The key offset is weak cash generation, with negative operating cash flow (-768.09m) and negative free cash flow (-830.70m), indicating execution risk despite reported profitability.

Income Statement

Yatra Online Limited demonstrated robust revenue growth over the past year, with a notable 118.76% increase from 2024 to 2025. The Gross Profit Margin improved to 26.34% in 2025, signaling enhanced operational efficiency. Net Profit Margin turned positive at 4.62% in 2025, reflecting improved profitability. However, the EBIT Margin remains modest at 1.71%, suggesting room for improvement in operating performance. EBITDA Margin improved significantly to 9.64%, indicating better cash flow generation relative to revenue.

Balance Sheet

The balance sheet shows a stable Equity Ratio of 59.22% in 2025, indicating a strong capital structure with equity financing. The Debt-to-Equity Ratio is low at 0.10, reflecting prudent debt management. Return on Equity improved to 4.67% in 2025, showing positive shareholder returns. Despite these strengths, continued monitoring of asset utilization is advisable.

Cash Flow

The cash flow statement reveals a challenging operating environment with negative Operating Cash Flow of -768.09 million in 2025. However, Free Cash Flow showed improvement, albeit still negative at -830.70 million. The Operating Cash Flow to Net Income Ratio is negative, indicating cash flow challenges relative to reported profits. Attention to cash generation from core operations is essential.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	9.00B	7.91B	4.22B	3.49B	1.98B	1.25B
Gross Profit	2.49B	2.08B	994.00M	1.16B	680.50M	-37.29M
EBITDA	920.36M	762.48M	406.60M	538.67M	38.58M	-492.89M
Net Income	485.26M	365.74M	-45.10M	76.34M	-307.86M	-1.19B
Balance Sheet
Total Assets	0.00	13.23B	12.17B	6.81B	5.48B	5.63B
Cash, Cash Equivalents and Short-Term Investments	986.79M	1.86B	4.02B	1.02B	1.24B	1.95B
Total Debt	0.00	784.01M	853.90M	1.78B	628.18M	614.91M
Total Liabilities	-7.84B	5.40B	4.70B	5.12B	4.47B	4.39B
Stockholders Equity	7.84B	7.84B	7.47B	1.70B	1.01B	1.23B
Cash Flow
Free Cash Flow	0.00	-830.70M	-1.69B	-1.68B	-934.24M	963.25M
Operating Cash Flow	0.00	-768.09M	-1.42B	-1.53B	-833.86M	1.04B
Investing Cash Flow	0.00	776.31M	-2.34B	-166.74M	-84.45M	-211.09M
Financing Cash Flow	0.00	-979.65M	4.66B	1.38B	200.81M	64.58M

Yatra Online Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 172.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: 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 143.42, above the 50-day MA of 155.77, and above the 200-day MA of 138.06, indicating a bearish trend. The MACD of -10.87 indicates Positive momentum. The RSI at 26.24 is Positive, neither overbought nor oversold. The STOCH value of 21.96 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ADVANIHOTR	72 Outperform	₹4.93B	20.86	―	3.31%	0.14%	7.90%
YATRA	62 Neutral	₹16.76B	31.13	―	―	82.79%	208.75%
ALANKIT	58 Neutral	₹2.16B	10.19	―	―	19.69%	-33.44%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
STCINDIA	48 Neutral	₹6.62B	1.03	―	―	―	―

Yatra Online Limited Corporate Events

Yatra Online Closes Trading Window Ahead of Q3 and Nine-Month Results

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 December 31, 2025, in line with SEBI’s Prohibition of Insider Trading Regulations and the company’s internal code of conduct. The board meeting date for considering and approving these financial results will be communicated later, and the move underscores the company’s adherence to regulatory norms on insider trading and disclosure practices, providing assurance to investors and other market participants regarding governance standards.