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Yatra Online
(NASDAQ:YTRA)
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Rating:53Neutral
Price Target:
$0.95
▲(7.84% Upside)
Action:Reiterated
Date:08/18/26
The score is held back primarily by weak cash flow quality and still-inconsistent profitability/margin pressure in the financials. Offsetting this are a relatively improved balance sheet, moderately improving technical momentum, and a generally positive earnings-call outlook with medium-term growth and EBITDA targets—though near-term geopolitical-driven volatility and a high P/E keep the score in the mid-range.
Positive Factors
Corporate Travel Growth and Customer Retention
Strong enterprise additions and approximately 97% retention support recurring booking volumes, customer lifetime value and lower acquisition risk. Corporate travel also remains structurally underpenetrated, giving Yatra room to expand beyond individual leisure bookings.
Negative Factors
Persistently Weak Cash Generation
Negative and inconsistent operating cash flow indicates that reported operating improvements have not yet translated into dependable cash generation. Continued consumption of cash could limit investment flexibility and increase reliance on existing liquidity or external funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Corporate Travel Growth and Customer Retention
Strong enterprise additions and approximately 97% retention support recurring booking volumes, customer lifetime value and lower acquisition risk. Corporate travel also remains structurally underpenetrated, giving Yatra room to expand beyond individual leisure bookings.
Read all positive factors
Yatra Online Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down sales across different parts of the business so investors can see where cash is actually coming from and how the mix is shifting over time. A well-balanced mix reduces risk; concentration in low-margin segments or falling share in higher-margin areas can materially affect profitability and growth prospects.
Breaks down sales across different parts of the business so investors can see where cash is actually coming from and how the mix is shifting over time. A well-balanced mix reduces risk; concentration in low-margin segments or falling share in higher-margin areas can materially affect profitability and growth prospects.
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The Fly
The FlyYatra Online (YTRA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$63.55M
Dividend YieldN/A
Average Volume (3M)193.26K
Price to Earnings (P/E)58.2
Beta (1Y)1.06
Revenue Growth3.53%
EPS Growth-701.92%
CountryUS
Employees1,584
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)-3.80
Shares Outstanding63,990,177
10 Day Avg. Volume441,784
30 Day Avg. Volume193,257
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)1.27
Price to Sales (P/S)0.63
P/FCF Ratio0.00
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.1
Revenue Forecast (FY)$122.90M
Yatra Online Business Overview & Revenue Model
Company Description
Yatra Online, Inc. functions as a digital travel agency, catering to customers both within India and across global markets. Its operations are segmented into air travel bookings, accommodation and package deals, and a diverse category of ancillary...
How the Company Makes Money
Yatra Online primarily makes money by earning revenue on travel bookings and related services made through its platforms. Key revenue streams typically include: (1) commissions and/or incentives from airlines, hotels, and other travel suppliers fo...
Yatra Online Earnings Call Summary
Earnings Call Date:May 23, 2026
(Q4-2026)
| Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call emphasized a strong full-year performance with double-digit revenue growth (27% YoY), meaningful gross margin expansion (+22.6% YoY) and a large jump in adjusted EBITDA (+64% YoY). These full-year achievements, plus continued traction in corporate sales, air and hotels momentum, technology investments and healthy cash, constitute the dominant narrative. However, the quarter suffered notable short-term headwinds from a West Asia conflict that led to a 14% QoQ revenue decline in Q4, a 49% drop in Q4 adjusted EBITDA and cancellations/deferrals in MICE and international group travel, creating near-term uncertainty. On balance, the strong full-year operating and margin improvements outweigh the Q4 disruptions, and management expects recovery in H2 FY'27 backed by structural demand and continued investments.Positive Updates
Strong Full-Year Revenue Growth
Revenue from operations for FY'26 grew 27% YoY to INR 10,074 million (~$107M), demonstrating resilient topline expansion despite macro headwinds.
Negative Updates
Q4 Revenue Decline
Revenue from operations in Q4 FY'26 decreased 14% YoY to INR 1,890 million (~$20M), reflecting short-term weakness driven by external disruptions.
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Full-Year Revenue Growth
Revenue from operations for FY'26 grew 27% YoY to INR 10,074 million (~$107M), demonstrating resilient topline expansion despite macro headwinds.
Read all positive updates
Company Guidance
Management guided to a strong medium‑term trajectory, targeting a mid‑term CAGR of ~20% in revenue less service costs (RLSC) and ~30% in adjusted EBITDA, expecting FY27 H2 to be materially stronger than H1 with Q1 run‑rates already ~20% above Q4; they cited a large addressable market (online managed corporate travel penetration <25%) and high customer stickiness (retention ~97%) alongside ongoing enterprise traction (163 new corporate customers in FY26 with ~INR 9,568m annual billable value; 55 added in Q4 with ~INR 2,709m potential). The guidance is anchored to FY26 results—revenue INR 10,074m, RLSC INR 4,801m (+22.6% YoY), adjusted EBITDA INR 564m (+64% YoY), cash/term deposits INR 2,512m—and management expects gradual margin expansion driven by hotel supply, API distribution and AI/automation investments.Yatra Online Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
67
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.87B | 10.60B | 7.95B | 4.19B | 3.83B | 1.99B |
| Gross Profit | 2.66B | 2.53B | 3.92B | 3.32B | 3.16B | 1.83B |
| EBITDA | 157.79M | 385.77M | 396.00M | 107.55M | 166.53M | -62.50M |
| Net Income | -243.03M | -233.64M | -106.92M | -350.94M | -289.24M | -477.85M |
Balance Sheet | ||||||
| Total Assets | 13.46B | 13.20B | 13.21B | 12.49B | 6.77B | 5.46B |
| Cash, Cash Equivalents and Short-Term Investments | 2.18B | 2.43B | 1.92B | 4.41B | 1.14B | 1.42B |
| Total Debt | 1.54B | 1.01B | 784.01M | 853.93M | 2.60B | 628.24M |
| Total Liabilities | 5.05B | 5.01B | 5.30B | 4.73B | 6.05B | 4.57B |
| Stockholders Equity | 5.58B | 5.22B | 5.40B | 5.39B | 707.70M | 890.26M |
Cash Flow | ||||||
| Free Cash Flow | -370.95M | 0.00 | -586.35M | -1.70B | -2.12B | -1.07B |
| Operating Cash Flow | -1.47B | 614.79M | -291.09M | -1.43B | -1.96B | -972.20M |
| Investing Cash Flow | -143.02M | -468.95M | 49.03M | -2.30B | -145.95M | -86.54M |
| Financing Cash Flow | 698.99M | -415.32M | -1.03B | 5.13B | 1.75B | 135.26M |
Yatra Online Risk Analysis
Yatra Online disclosed 98 risk factors in its most recent earnings report. Yatra Online reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Geopolitical conflicts, including conflicts in the Middle East, may adversely affect our business, financial condition, results of operations and prospects Q1, 2026
Yatra Online Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $29.81B | 6.42 | 19.31% | ― | 19.28% | 87.04% | |
78 Outperform | $40.70B | 20.33 | 184.84% | 0.68% | 12.00% | 92.75% | |
67 Neutral | $78.58B | 18.01 | 43.83% | 1.70% | 8.72% | 21.01% | |
62 Neutral | $5.67B | 170.86 | -14.56% | ― | 6.86% | -59.99% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | $63.55M | 58.19 | 3.84% | ― | 3.53% | -701.92% | |
53 Neutral | $1.19B | 254.75 | 0.76% | ― | -4.37% | -92.21% |
* Consumer Cyclical Sector Average
YTRA
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Yatra Online Corporate Events
Yatra Online Posts Strong Gross Bookings but Softer Profit in Q1 FY2027
Aug 12, 2026
For the three months ended June 30, 2026, Yatra reported resilient demand and a 16.3% year-over-year rise in total gross bookings to INR 21,006.8 million, driven by growth in air ticketing and hotels despite a challenging operating environment. Re...
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.