Yatra Online Limited (IN:YATRA)
:YATRA
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Yatra Online Limited
(YATRA)
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Rating:60Neutral
Price Target:
₹107.00
▼(-38.01% Downside)
Action:Reiterated
Date:05/26/26
Improving fundamentals (deleveraging, return to profitability, and positive FY2026 operating/free cash flow) support the score, but are tempered by revenue volatility and an inconsistent cash-flow history. Technicals remain weak (below key moving averages with negative MACD), and valuation is demanding (high P/E), while earnings-call guidance is constructive but carries near-term execution/geopolitical risk after a weak Q4.
Positive Factors
Stronger balance sheet / deleveraging
Material debt reduction and a larger equity base provide a lasting capital cushion that improves financial flexibility. This enables sustained investment in tech, API distribution and corporate sales, lowers refinancing risk during travel cycles, and supports execution of medium‑term growth plans.
Negative Factors
Revenue volatility across years
Meaningful swings in annual revenue complicate long‑term forecasting and weaken confidence in margin sustainability. Volatility increases the risk that one good year isn't repeatable, making investment planning and delivery on multi‑year EBITDA CAGRs more execution‑sensitive.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger balance sheet / deleveraging
Material debt reduction and a larger equity base provide a lasting capital cushion that improves financial flexibility. This enables sustained investment in tech, API distribution and corporate sales, lowers refinancing risk during travel cycles, and supports execution of medium‑term growth plans.
Read all positive factors
Yatra Online Limited (YATRA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹17.50B
Dividend YieldN/A
Average Volume (3M)172.00K
Price to Earnings (P/E)37.4
Beta (1Y)2.06
Revenue Growth27.17%
EPS Growth27.89%
CountryIN
Employees1,297
SectorServices
Sector StrengthN/A
IndustryTravel Services
Share Statistics
EPS (TTM)3.54
Shares Outstanding156,916,200
10 Day Avg. Volume348,790
30 Day Avg. Volume172,004
Financial Highlights & Ratios
PEG Ratio1.11
Price to Book (P/B)1.71
Price to Sales (P/S)1.41
P/FCF Ratio19.04
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.58
Revenue Forecast (FY)₹12.10B
Yatra Online Limited Business Overview & Revenue Model
Company Description
Yatra Online Limited specializes in offering a wide range of reservation and booking services for transport, travel, tours, and general tourism. Its primary digital platform, yatra.com, functions as a comprehensive online portal where customers ca...
How the Company Makes Money
Yatra primarily makes money by earning fees, commissions, and other incentives tied to travel bookings and services it facilitates. Key revenue streams typically include: (1) Air ticketing: income earned from service fees charged to customers and/...
Yatra Online Limited Earnings Call Summary
Earnings Call Date:May 22, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Oct 19, 2026
Earnings Call Sentiment Positive
The call highlights a strong full-year operational and financial performance — double-digit top-line growth, expanded gross margins, and a 64% increase in adjusted EBITDA — driven by air and hotel momentum, corporate customer wins and scalable API-led distribution. However, the quarter was materially affected by geopolitical headwinds that caused a 14% Q4 revenue decline, significant Q4 EBITDA weakness and cancellations/deferrals in MICE and international corporate travel. Management points to early signs of recovery (Q1 run rates ~20% above Q4) and a confident medium-term outlook (20% RLSC CAGR and ~30% adjusted EBITDA CAGR), indicating the positives outweigh the near-term disruptions.Positive Updates
Record Full-Year Revenue Growth
FY26 revenue from operations grew 27% year-over-year to INR 10,074 million (~$107M), marking the company's strongest full-year top-line performance in its 20-year history.
Negative Updates
Q4 Revenue Decline
Q4 FY26 consolidated revenue from operations declined 14% year-over-year to INR 1,890 million (~$20M), reflecting near-term softness versus the full-year strength.
Read all updates
Q4-2026 Updates
Positive
Negative
Record Full-Year Revenue Growth
FY26 revenue from operations grew 27% year-over-year to INR 10,074 million (~$107M), marking the company's strongest full-year top-line performance in its 20-year history.
Read all positive updates
Company Guidance
Management guided to a confident medium‑term trajectory, targeting a 20% CAGR in revenue less service costs (RLSC) and roughly 30% CAGR in adjusted EBITDA, expecting H2 FY27 to be materially stronger than H1 with Q1 run‑rates ~20% above Q4; they pointed to strong corporate momentum (163 new corporate customers in FY26 with INR 9,568m/~$102m annual billable value, 55 new clients in Q4 with INR 2,709m/~$29m potential vs 40 clients/INR 2,234m/~$24m in Q3, and retention ~97% while online penetration in managed corporate travel remains <25%), and reinforced that core operating metrics provide runway for growth—FY26 revenue from operations +27% to INR 10,074m (~$107m), RLSC +22.6% to INR 4,801m, adjusted EBITDA +64% to INR 564m (~$6m); segment highlights include air TTV +12% to INR 61,874m with air margin improving from ~3.42% to ~3.96%, hotels TTV +27% to INR 16,578m with Q4 room nights +36% (FY room nights +16% to 1,936,000) and hotel gross margin to INR 1,502m (9.25%), Q4 gross bookings +8%, air passenger volumes +9.6%, total transactions +15.2%, and cash/term deposits INR 2,512m (~$26.7m); management expects deferred MICE/international bookings to return as geopolitics normalize and highlighted AI, automation, API distribution and Google Cloud as margin‑accretive enablers.Yatra Online Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.15B | 10.07B | 7.91B | 4.22B | 3.49B | 1.98B |
| Gross Profit | 2.86B | 2.74B | 2.08B | 994.00M | 1.16B | 680.50M |
| EBITDA | 1.04B | 803.58M | 762.48M | 406.60M | 538.67M | 38.58M |
| Net Income | 555.01M | 468.10M | 365.74M | -45.10M | 76.34M | -307.86M |
Balance Sheet | ||||||
| Total Assets | 13.02B | 13.36B | 13.23B | 12.17B | 6.81B | 5.48B |
| Cash, Cash Equivalents and Short-Term Investments | 2.28B | 2.36B | 1.86B | 4.02B | 1.02B | 1.24B |
| Total Debt | 558.91M | 1.03B | 784.01M | 853.90M | 1.78B | 628.18M |
| Total Liabilities | 4.89B | 5.06B | 5.40B | 4.70B | 5.12B | 4.47B |
| Stockholders Equity | 8.14B | 8.30B | 7.84B | 7.47B | 1.70B | 1.01B |
Cash Flow | ||||||
| Free Cash Flow | 897.91M | 745.61M | -830.70M | -1.69B | -1.68B | -934.24M |
| Operating Cash Flow | 913.51M | 785.11M | -768.09M | -1.42B | -1.53B | -833.86M |
| Investing Cash Flow | -306.36M | -531.85M | 776.31M | -2.34B | -166.74M | -84.45M |
| Financing Cash Flow | -603.75M | -485.80M | -979.65M | 4.66B | 1.38B | 200.81M |
Yatra Online Limited Technical Analysis
Positive
172.60
Price Trends
104.84
Positive
115.64
Negative
139.61
Negative
Market Momentum
2.17
Negative
65.99
Neutral
85.42
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:YATRA, the sentiment is Positive. The current price of 172.6 is above the 20-day moving average (MA) of 101.60, above the 50-day MA of 104.84, and above the 200-day MA of 139.61, indicating a neutral trend. The MACD of 2.17 indicates Negative momentum. The RSI at 65.99 is Neutral, neither overbought nor oversold. The STOCH value of 85.42 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹20.86B | 4.91 | ― | 0.48% | 13.07% | 262.37% | |
68 Neutral | ₹54.88B | 24.81 | ― | 0.32% | 3.18% | -14.01% | |
60 Neutral | ₹17.50B | 37.45 | ― | ― | 27.17% | 27.89% | |
60 Neutral | ₹159.05B | 64.13 | ― | ― | 54.10% | 5.47% | |
59 Neutral | ₹25.75B | 38.92 | ― | 0.36% | 11.39% | -21.35% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
49 Neutral | ₹29.06B | -69.38 | ― | ― | -8.79% | -136.38% |
* Services Sector Average
IN:YATRA
Yatra Online Limited
113.00
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29.68%
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Yatra Online Limited Corporate Events
Yatra Online Corrects Investor Presentation Metrics for FY26 Results
May 24, 2026
Yatra Online Limited has issued an updated investor presentation for the quarter and year ended March 31, 2026, correcting clerical errors previously identified in its financial performance review. The revisions adjust a reported transaction incre...
Yatra Online Publishes Audited FY26 Results in Leading Dailies
May 24, 2026
Yatra Online Limited announced that it has published the audited financial results for the quarter and full year ended March 31, 2026 in leading English and Hindi newspapers, Financial Express and Jansatta. The company also noted that these result...
Yatra Online Delivers Record FY26 Profit Despite Macro Headwinds
May 23, 2026
Yatra Online Limited reported its most profitable year ever for the financial year ended March 31, 2026, driven by strong growth in revenue and profitability despite macroeconomic headwinds affecting a quarter of the year. The company’s full...
Yatra Online Clears FY26 Audit With Clean Opinion Amid IPO Funds Queries
May 22, 2026
Yatra Online Limited’s board has approved the audited standalone and consolidated financial results for the quarter and year ended 31 March 2026, following a meeting held on 22 May 2026. The statutory auditors issued an unmodified opinion, c...
Yatra Online Shareholders Approve Special Resolution on Director Remuneration
Apr 24, 2026
Yatra Online Limited has announced that shareholders have approved, via a postal ballot conducted through remote e-voting, a special resolution concerning the remuneration of Whole-Time Director Dhruv Shringi. The resolution received the requisite...
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...
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.