Yatra Online (YTRA) AI Stock Analysis

• Market Cap: $78.35M
• Dividend Yield: N/A
• Average Volume (3M): 193.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.89
• Revenue Growth: 75.67%
• EPS Growth: N/A
• Country: US
• Employees: 1,268
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Travel Services
• EPS (TTM): -0.02
• Shares Outstanding: 60,330,925
• 10 Day Avg. Volume: 441,784
• 30 Day Avg. Volume: 193,257
• PEG Ratio: -1.98
• Price to Book (P/B): 1.36
• Price to Sales (P/S): 0.92
• P/FCF Ratio: -12.54
• Enterprise Value/Market Cap: 237.85
• Enterprise Value/Revenue: 1.80
• Enterprise Value/Gross Profit: 4.97
• Enterprise Value/Ebitda: 35.65
• 1Y Price Target: $3.00
• Price Target Upside: 101.34% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.04
• Revenue Forecast (FY): $115.99M

• Rating: 60 Neutral
• Price Target: $1.50 ▲(0.67% Upside)
• Action: Reiterated Date: 02/13/26
• Date: Action: Reiterated 02/13/26

The score is led by improving fundamentals (scaled revenue, stronger balance sheet, and positive TTM free cash flow) and a constructive earnings call pointing to continued margin improvement and corporate momentum. This is tempered by still-negative net income, uneven historical cash generation, and weak near-term technical momentum; valuation is also less supportive due to the negative P/E and no dividend data.

Positive Factors

Revenue & Booking Scale

Sustained top-line scale across air and hotels establishes distribution leverage and supplier negotiation power. Broadening gross bookings and revenue diversify risk, support marketing ROI, and create a foundation for sustained margin expansion as fixed costs spread and corporate cross-sell grows.

Balance Sheet Strength

A materially stronger balance sheet with low debt-to-equity provides financial flexibility to fund growth, absorb industry shocks, and invest in product initiatives. Lower leverage reduces refinancing risk and enables strategic spending on tech, M&A or working capital when needed.

Corporate Clients & SaaS Traction

Growing corporate sales and early SaaS (expense management) adoption increase recurring, higher-margin revenue and customer stickiness. This B2B momentum diversifies revenue away from pure consumer volatility and creates upsell pathways that improve long-term revenue visibility.

Negative Factors

Persistent Net Losses

Despite operating improvements, continued net losses constrain retained earnings and investor confidence. Persistent negative net income limits reinvestment capacity, depresses ROE across periods, and demands sustained margin and scale improvements to deliver durable shareholder returns.

Volatile Cash Generation

Large swings in operating and free cash flow undermine predictability for capex, product investment, and working capital financing. Unsteady cash conversion raises refinancing and liquidity planning risks, making consistent funding of growth initiatives more challenging without conservative buffers.

Operational Sensitivity to Industry Shocks

Dependence on third-party airline operations and event timing creates structural revenue and cash volatility. Deferred MICE bookings and vendor advance payments raise working-capital needs, pressuring margins; the business must build contractual or cash buffers to mitigate recurring operational shocks.

Yatra Online Business Overview & Revenue Model

Company Description

Yatra Online, Inc. operates as an online travel company in India and internationally. It operates in Air Ticketing, and Hotels and Packages, and Other Services segments. The company provides travel-related services, including domestic and international air ticketing, hotel bookings, homestays, holiday packages, bus ticketing, rail ticketing, cab bookings, and ancillary services for leisure and business travelers. It also offers various services, including exploring and searching comprises web and mobile platforms that enable customers to explore and search flights, hotels, holiday packages, buses, trains, and activities through its website, www.yatra.com. In addition, the company provides its services through mobile applications that comprise Yatra, a mobile interface; Yatra Web Check-In, an application for flight check-in process for travelers; and Yatra Corporate, a self-booking application for business customers. Further, it offers tours, sightseeing, shows, and event services; rail and cab services, and other ancillary travel services; and sells travel vouchers and coupons. As of March 31, 2022, the company served approximately 12.4 million customers. Yatra Online, Inc. was incorporated in 2005 and is based in Gurugram, India.

How the Company Makes Money

Yatra Online generates revenue through multiple channels, primarily from commissions earned on bookings made through its platform. The key revenue streams include flight ticket sales, hotel bookings, and holiday packages, where the company earns a commission from airlines, hotels, and travel service providers. Additionally, Yatra offers ancillary services such as travel insurance and car rentals, contributing further to its revenue. Strategic partnerships with airlines, hotel chains, and travel aggregators enhance its service offerings and create additional revenue opportunities. Furthermore, the company may also generate income through advertising on its platform and by leveraging customer data for targeted marketing campaigns.

Yatra Online Financial Statement Overview

Summary

Recovery is evident: revenue scaled sharply and the latest period shows positive EBITDA plus strong positive operating cash flow (705M) and free cash flow (708M). The main drag is durability—bottom-line results are still negative (TTM net income -129M) and cash flows have been volatile across periods.

Income Statement

Income statement trends are improving but still mixed. Revenue has scaled sharply, reaching 10.37B in TTM (Trailing-Twelve-Months) vs 7.95B in FY2025 and ~1.27B in FY2021, indicating strong top-line momentum. Profitability has improved materially from deep losses in FY2021–FY2022 to a much smaller loss in TTM (net income -129M), with positive EBITDA in recent periods. However, the company is still not consistently profitable at the bottom line (losses persist in TTM and FY2025), and margins have been volatile across years.

Balance Sheet

The balance sheet looks meaningfully stronger than earlier years, with low leverage in the latest period and a large equity base. In TTM (Trailing-Twelve-Months), debt is 916M against equity of 5.19B (low debt-to-equity), a major improvement versus FY2023 when leverage was very high. Total assets have expanded to 13.39B, supporting scale. Key watch-out: returns on equity have been negative in several annual periods, reflecting that profitability has not been consistently strong enough to fully validate the capital base, even though the latest ROE is positive.

Cash Flow

Cash flow has improved notably in the latest period, but consistency remains a concern. TTM (Trailing-Twelve-Months) shows solid positive operating cash flow (705M) and positive free cash flow (708M), a sharp turnaround from FY2025 and FY2024 where both were negative. The main weakness is volatility: operating and free cash flow swung significantly across years, and TTM free cash flow growth is negative (down meaningfully vs the prior period), suggesting recent cash generation may not be steady yet.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	10.37B	7.95B	4.19B	3.83B	1.99B	1.27B
Gross Profit	3.75B	3.92B	3.32B	3.16B	1.83B	1.25B
EBITDA	522.71M	396.00M	107.55M	166.53M	-62.50M	-286.07M
Net Income	-128.63M	-106.92M	-350.94M	-289.24M	-477.85M	-1.18B
Balance Sheet
Total Assets	13.39B	13.21B	12.49B	6.77B	5.46B	5.75B
Cash, Cash Equivalents and Short-Term Investments	2.00B	1.92B	4.41B	1.14B	1.42B	2.34B
Total Debt	916.18M	784.01M	853.93M	2.60B	628.24M	634.02M
Total Liabilities	5.56B	5.30B	4.73B	6.05B	4.57B	4.58B
Stockholders Equity	5.19B	5.40B	5.39B	707.70M	890.26M	1.16B
Cash Flow
Free Cash Flow	979.58M	-586.35M	-19.88M	-2.12B	-1.07B	686.47M
Operating Cash Flow	705.20M	-291.09M	-19.64M	-1.96B	-972.20M	765.44M
Investing Cash Flow	-323.05M	49.03M	64.46M	-145.95M	-86.54M	-230.37M
Financing Cash Flow	-319.01M	-1.03B	-27.86M	1.75B	135.26M	535.28M

Yatra Online Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.49
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For YTRA, the sentiment is Negative. The current price of 1.49 is above the 20-day moving average (MA) of 1.47, below the 50-day MA of 1.65, and above the 200-day MA of 1.37, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 33.06 is Neutral, neither overbought nor oversold. The STOCH value of 7.54 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for YTRA.

Yatra Online Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RCL	76 Outperform	$85.62B	20.24	48.50%	1.09%	8.61%	49.58%
TCOM	71 Outperform	$34.30B	8.62	19.95%	0.39%	17.34%	91.51%
EXPE	62 Neutral	$24.28B	20.20	91.09%	0.56%	7.29%	36.51%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
YTRA	60 Neutral	$78.35M	-55.51	0.68%	―	75.67%	―
MMYT	53 Neutral	$5.34B	113.92	13.02%	―	14.55%	-68.46%
TRIP	51 Neutral	$1.15B	33.69	5.04%	―	4.24%	159.81%

Yatra Online Corporate Events

Yatra Online Subsidiary Trims Yatra India Stake to Fund Legal and Compliance Costs

On February 17, 2026, THCL Travel Holding Cyprus Limited, a wholly owned subsidiary of Yatra Online, Inc., sold 2,833,000 equity shares of Yatra Online Limited in open market transactions, representing about 1.8% of the Indian unit’s outstanding share capital. After this sale, Yatra Online, Inc. and its subsidiaries continue to hold roughly 62.6% of Yatra India, with the proceeds earmarked to cover legal and compliance expenses for THCL and affiliated group entities, including the parent company, signaling a modest capital-raising move without ceding effective control.

The most recent analyst rating on (YTRA) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Yatra Online stock, see the YTRA Stock Forecast page.

Yatra Online Posts Q3 FY2026 Revenue Growth but Swings to Loss Amid Restructuring Push

On February 11, 2026, Yatra Online reported unaudited results for the quarter ended December 31, 2025, highlighting resilient top-line growth despite disruptions in India’s domestic aviation sector and geopolitical headwinds affecting Middle East routes. Revenue rose 9.6% year-on-year to INR 2,576.9 million, driven by a stronger consumer and affiliate mix, robust air ticketing expansion, and improved hotel and packages profitability.

The company’s corporate travel arm remained a key growth engine, adding 40 new clients and lifting potential annual billings by INR 2,234 million, while the Globe Travels integration delivered supplier and technology synergies and cross-selling gains. However, Yatra swung to a quarterly loss of INR 129.3 million from a profit a year earlier, and adjusted EBITDA fell 17.9% year-on-year, even as gross bookings jumped 20.9%, underscoring a trade-off between growth, restructuring efforts to unlock shareholder value, and near-term earnings pressure.

The most recent analyst rating on (YTRA) stock is a Buy with a $1.50 price target. To see the full list of analyst forecasts on Yatra Online stock, see the YTRA Stock Forecast page.

Yatra Online Reappoints Director and Ratifies Auditor at AGM

On December 8, 2025, Yatra Online, Inc. conducted its Annual General Meeting where shareholders approved the re-appointment of Mr. Dhruv Shringi as a Class III director for a three-year term and ratified BDO India Services Private Limited as the independent registered public accountant for the fiscal year ending March 31, 2026. These resolutions are expected to strengthen the company’s governance and financial oversight, potentially enhancing its industry positioning and stakeholder confidence.

The most recent analyst rating on (YTRA) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Yatra Online stock, see the YTRA Stock Forecast page.

Yatra Online Finalizes Amalgamation Scheme for Indian Subsidiaries

Yatra Online, Inc. announced the effective implementation of a Composite Scheme of Amalgamation for its Indian subsidiary, Yatra India, and its six wholly-owned subsidiaries. The National Company Law Tribunal, Mumbai, approved the scheme on October 14, 2025, and it became effective on December 1, 2025. This structural reorganization aims to streamline operations by transferring all assets and liabilities of the amalgamating companies to Yatra India, enhancing its operational efficiency and market positioning.

The most recent analyst rating on (YTRA) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Yatra Online stock, see the YTRA Stock Forecast page.