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Yatra (YTRA)
:YTRA
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Yatra Online
(NASDAQ:YTRA)
Rating:55Neutral
Price Target:―
Positive Factors
Client Growth
The company on-boarded 35 corporate travel clients, expanding the annual billings potential by an additional $16.7M.
Market Position
The company believes it can become a top three provider in the Indian market during the current fiscal year, a year ahead of the initial three-year horizon.
Revenue Growth
Continued strength in MICE, the company’s Meetings, Incentives, Conferences, and Exhibitions business, drove a 65.8% year-over-year increase in Adjusted hotel & packages margin.
Negative Factors
B2C Market
The challenging B2C market continues to weigh on investor opinion near term, leading to a lowering of the price target to $3 from $4.
Market Trends
Underperformance is driven by an investor shift out of small capitalization technology stocks given a rising level of macro uncertainty.
Stock Performance
Shares of Yatra Online, Inc. have declined 32.5% in 2025 versus a more modest 6.3% decline in the Russell 2000.
Yatra Online (YTRA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$61.23M
Dividend YieldN/A
Average Volume (3M)87.99K
Price to Earnings (P/E)―
Beta (1Y)0.98
Revenue Growth54.50%
EPS Growth89.80%
CountryUS
Employees1,268
SectorConsumer Cyclical
Sector Strength63
IndustryTravel Services
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding62,074,642
10 Day Avg. Volume117,145
30 Day Avg. Volume87,991
Financial Highlights & Ratios
PEG Ratio27.02
Price to Book (P/B)0.73
Price to Sales (P/S)0.00
P/FCF Ratio-6.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$3.00Price Target Upside212.50% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Yatra Online Business Overview & Revenue Model
Company DescriptionYatra 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 MoneyYatra Online generates revenue through multiple streams, primarily from service fees and commissions on travel bookings. The company earns commissions from airlines, hotels, and other travel service providers for facilitating bookings through its platform. Additionally, Yatra offers value-added services like travel insurance and visa facilitation, which contribute to its income. The business also maintains strategic partnerships with various travel suppliers and corporate clients, enhancing its service offerings and customer reach. Another significant revenue source is its corporate travel management services, where it provides end-to-end travel solutions to businesses, further diversifying its income channels.
Yatra Online Earnings Call Summary
Earnings Call Date:May 30, 2025
(Q4-2025)
| % Change Since: 5.49%|
Next Earnings Date:Aug 13, 2025
Earnings Call Sentiment Positive
The earnings call presented a strong financial performance with significant revenue growth and expansion in corporate travel and MICE sectors. The company successfully integrated advanced technology and received notable industry accolades. However, challenges were noted in the B2C Air business and due to geopolitical tensions. The overall sentiment leans towards a positive outlook given the outweighing highlights.Q4-2025 Updates
Positive Updates
Significant Revenue Growth
Annual revenues for FY'25 were INR7.9 billion (approximately USD93.1 million), up 90% year-over-year, with quarterly revenue for Q4 at INR2.2 billion (approximately USD25.7 million), up 114% year-over-year.
Increased Profitability
Adjusted EBITDA for FY'25 increased by 28% and adjusted profit rose by 106.5% year-over-year to INR24 million.
Expansion in Corporate Travel
For fiscal year 2025, Yatra secured 148 new clients contributing to INR7.5 billion in expected annual volumes.
MICE Business Growth
The MICE business handled over 600 trips and served more than 80,000 travelers in FY'25, with significant growth and margin expansion observed.
Integration of Advanced Technology
Yatra became one of the first travel management companies in India to integrate new distribution capabilities, enhancing booking experiences and cost savings for corporate travelers.
Accolades and Recognitions
Yatra received recognition from Singapore Airlines, Air Canada, and Etihad Airways for being top travel partners in India and the Asian region.
Negative Updates
B2C Air Business Decline
Gross bookings in the B2C Air business fell by 6% in Q4, though stabilization was achieved through optimization efforts.
Geopolitical Challenges
Travel demand was impacted by geopolitical tensions between India and Pakistan, temporarily affecting leisure and corporate travel.
Company Guidance
During the Yatra 4Q'25 and FY'25 earnings call, the company reported impressive financial metrics, showcasing significant growth and strategic progress. For FY'25, Yatra achieved annual revenues of INR7.9 billion (approximately USD93.1 million), marking a 90% year-over-year increase. The adjusted EBITDA rose by 28%, while adjusted profit surged by 106.5% to INR24 million. In the fourth quarter alone, revenues reached INR2.2 billion (about USD25.7 million), up 114% year-over-year, with revenue less service cost at INR1.1 billion (around USD12.8 million), a 34% increase. The quarterly adjusted EBITDA rose by 23% to INR90 million (approximately USD1.1 million). For FY'26, Yatra projects a 20% growth in revenue less service cost and a 30% growth in adjusted EBITDA, driven by expansions in corporate travel and MICE (Meetings, Incentives, Conferences, and Exhibitions). The MICE business alone handled over 600 trips, serving more than 80,000 travelers in FY'25. The company continues to leverage its Globe Travels acquisition for inorganic growth and aims to integrate AI technologies to enhance customer experience and operational efficiency.Yatra Online Financial Statement Overview
Summary
Yatra Online has shown strong revenue growth and improving equity positions, indicative of a recovering business trajectory. However, profitability and cash flow management need attention to ensure sustainable financial health. The company should focus on optimizing operational efficiency and enhancing cash conversion to mitigate risks associated with negative cash flows.Income Statement
Yatra Online has demonstrated commendable revenue growth with a significant increase from previous periods, particularly evident in the TTM data. Gross profit margins have shown resilience and improvement. However, profitability remains a concern with fluctuating EBIT and net income margins, indicating potential challenges in cost management and operational efficiency.72
Positive
Balance Sheet
The company maintains a healthy equity position with a favorable equity ratio, suggesting strong shareholder backing. However, the debt-to-equity ratio, while not overly high, indicates room for improvement in leveraging. The consistent increase in stockholders' equity over recent periods is a positive sign of financial stability.65
Positive
Cash Flow
Cash flow management appears to be a challenge, with negative operating and free cash flows in the TTM period. While there has been some fluctuation in free cash flow growth, the negative trend in operating cash flow compared to net income highlights potential issues in cash generation from core operations.60
Neutral
| Breakdown | |||||
| TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 6.80B | 4.19B | 3.38B | 1.81B | 1.08B | 6.73B | Gross Profit |
| 2.85B | 3.32B | 1.65B | 680.50M | 324.75M | 2.55B | EBIT |
| 116.96M | -158.81M | 386.00M | -179.29M | -488.90M | -463.40M | EBITDA |
| 514.02M | 107.55M | 538.67M | 38.58M | -492.89M | -361.60M | Net Income Common Stockholders |
| 85.28M | -45.10M | 76.34M | -307.86M | -1.19B | -698.50M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 2.00B | 4.02B | 1.00B | 1.24B | 1.95B | 2.03B | Total Assets |
| 12.37B | 12.17B | 6.81B | 5.48B | 5.63B | 8.78B | Total Debt |
| 264.46M | 853.93M | 1.78B | 628.18M | 614.91M | 1.46B | Net Debt |
| -357.11M | -888.02M | 1.32B | -86.23M | -841.42M | 167.20M | Total Liabilities |
| 4.60B | 4.70B | 5.12B | 4.47B | 4.39B | 232.10M | Stockholders Equity |
| 5.33B | 7.47B | 1.70B | 1.01B | 1.23B | 2.12B |
| Cash Flow | Free Cash Flow | ||||
| -638.78M | -1.69B | -1.68B | -934.24M | 963.25M | -443.60M | Operating Cash Flow |
| -638.78M | -1.43B | -1.53B | -833.86M | 1.04B | -427.00M | Investing Cash Flow |
| 776.30M | -2.34B | -166.74M | -84.45M | -211.09M | 125.10M | Financing Cash Flow |
| -763.88M | 4.66B | 1.38B | 200.81M | 64.58M | 315.00M |
Yatra Online Technical Analysis
Positive
0.96
Price Trends
0.76
Positive
0.89
Positive
1.18
Negative
Market Momentum
0.07
Negative
66.22
Neutral
78.75
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For YTRA, the sentiment is Positive. The current price of 0.96 is above the 20-day moving average (MA) of 0.85, above the 50-day MA of 0.76, and below the 200-day MA of 1.18, indicating a neutral trend. The MACD of 0.07 indicates Negative momentum. The RSI at 66.22 is Neutral, neither overbought nor oversold. The STOCH value of 78.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for YTRA.
Yatra Online Risk Analysis
Yatra Online disclosed 102 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 3 New Risks
1.
Compliance with rules and regulations applicable to U.S. reporting companies could cause us to incur additional costs, and any failure by us to comply with such requirements could negatively affect investor confidence in us and cause the market price of our securities to decline. Q1, 2023
2.
We may become subject to Foreign Account Tax Compliance Act withholdings Q1, 2023
3.
Increased focus on our environmental, social and governance responsibilities have and will likely continue to result in additional costs and risks, and may adversely impact our reputation, employee retention and willingness of customers and partners to do business with us. Q1, 2023
Yatra Online Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $11.03B | 119.06 | 8.33% | ― | 28.51% | 367.34% | |
73 Outperform | $40.56B | 18.12 | 12.49% | 0.46% | 16.23% | 56.05% | |
72 Outperform | $1.63B | 102,695.56 | 96.85% | ― | 9.63% | -113.00% | |
67 Neutral | $112.85M | 10.83 | 7.30% | 3.01% | 15.38% | ― | |
62 Neutral | $6.88B | 11.32 | 2.95% | 3.87% | 2.70% | -24.57% | |
55 Neutral | $61.23M | ― | -1.95% | ― | 54.50% | 89.80% | |
45 Neutral | $21.66M | ― | -234.40% | ― | ― | ― |
* Consumer Cyclical Sector Average
Performance Comparison
YTRA
Yatra Online
0.96
-0.34
-26.15%
TCOM
Trip.com Group Ltd. Sponsored ADR
60.61
9.20
17.90%
MMYT
Makemytrip
100.49
20.62
25.82%
TOUR
Tuniu
0.96
-0.10
-9.43%
DESP
Despegar
19.50
4.95
34.02%
NTRP
NextTrip
3.07
1.20
64.17%
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.