NSE: YATRA · BSE: 543992
YATRA ONLINE LIMITED
Operates as an online travel platform in India, earning revenue by booking hotels and packages, selling airline tickets, and offering ancillary travel services. Hotel and Packages is the dominant stream at 71.1% of segment revenue (₹677.525 crore in FY26), followed by Air Ticketing at 25.7% (₹244.952 crore) and Other services at 3.2% (₹30.548 crore). In Q4 FY26, gross bookings reached ₹20,211 million with air passengers growing 9.6% year-on-year, roughly twice the industry's growth rate, and total transactions up 16.6% year-on-year. The corporate travel business added 163 new clients across FY26 with annual billable potential of ₹9,568 million, and the company signed a 7-year MoU via Yatra Middle East LLC with Kanoo Global Travel Holding to deploy its enterprise travel and expense platform across the Middle East. Costs are dominated by other operating expenses at 75.4% of revenue (₹759.177 crore), with employee costs at 16.6% (₹166.975 crore) and depreciation at 4.1% (₹41.15 crore); no material input cost is disclosed. The business closed FY26 with ₹2,230 million in cash and term deposits and operating cash flow of ₹761 million. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Hotel and Packages (71%), Air Ticketing (26%), Other services (3%). Asset-light online travel agency, cyclical with travel demand
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 422 | 791 | 1,007 |
| EBITDA (ex other income) | 15 | 44 | 77 |
| margin % | 3.5 | 5.6 | 7.6 |
| Owners' profit | (5) | 37 | 49 |
| EPS, as reported (₹) | (0.33) | 2.33 | 5.96 |
| ROE % · ROCE % | (0.6) · 2.7 | 4.7 · 5.5 | 5.6 · 7.0 |
| Debt / equity (x) | 0.09 | 0.07 | 0.09 |
| Cash from operations | (142) | (89) | 76 |
| Capex | (2) | (6) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 236 | 235 | 219 | 210 | 351 | 257 | 189 | 188 |
| Profit before tax | 7 | 10 | 13 | 17 | 17 | 9 | 6 | 1 |
| Net profit | 7 | 10 | 15 | 16 | 14 | 8 | 8 | 0 |
| EPS (₹) | 0.46 | 0.64 | 0.97 | 1.02 | 0.91 | 0.53 | 1.04 | 0.02 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Air Ticketing | 245 | 25.7 |
| Hotel and Packages | 234 | 24.5 |
| Other services | 8 | 0.8 |
| Hotels and Packages | 444 | 46.5 |
| Other Services | 23 | 2.4 |
| Total, before eliminations | 953 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDIAN RAIL TOUR CORP LTD | 36,636 | 26.3 | 8.50 | 21.7 | 32.3 | 40.8 | — | 28.2 |
| TBO TEK LIMITED | 17,038 | 61.5 | 9.81 | 45.1 | 9.2 | 8.5 | — | 15.7 |
| BLS INTL SERVS LTD | 9,248 | 12.9 | 2.93 | 11.0 | 12.8 | 12.9 | 44.4 | 25.5 |
| LE TRAVENUES TECHNOLOGY L | 7,343 | 49.0 | 3.37 | 96.5 | 4.5 | 5.4 | — | 5.6 |
| THOMAS COOK (INDIA) LTD | 4,749 | 23.1 | 1.81 | 9.5 | 4.5 | 4.7 | 60.2 | 4.7 |
| EASY TRIP PLANNERS LTD | 2,403 | 23.2 | 2.95 | — | (5.8) | (5.4) | 38.1 | (9.6) |
| YATRA ONLINE LIMITED ◆ | 1,217 | 31.0 | 1.47 | 15.1 | 5.6 | 5.5 | — | 6.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.0 | 26.3 | 51 of 87 | 42% |
| P/B | 1.5 | 1.8 | 31 of 82 | 63% |
| ROCE | 5.5 | 3.1 | 34 of 98 | 66% |
| ROE | 5.6 | 2.8 | 26 of 82 | 69% |
| Debt / Equity | 0.1 | 0.1 | 34 of 81 | 59% |
| EBITDA margin | 6.6 | 18.0 | 74 of 100 | 26% |
| Revenue growth | (10.4) | 13.2 | 76 of 89 | 15% |
| Profit growth | (97.9) | 16.4 | 70 of 85 | 18% |
| Market cap | 1217 | 299 | 36 of 103 | 66% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · Yatra to discuss Q2 FY27 results on November 13, 2026 | board shareholder meetings | low | — | — |
| 5 Nov 2026 · Board meeting set for November 12, 2026 results | results | low | — | — |
| 2 Nov 2026 · Yatra discloses cybersecurity incident | regulatory legal | medium | — | — |
| 13 Oct 2026 · Routine compliance filing - Reg 74(5) certificate for Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · Yatra Online and unit get GST show cause notices for FY23, demand about 72 crore | regulatory legal | high | — | — |
| 25 Sept 2026 · Yatra Online announces trading window closure ahead of Q2 FY27 results | compliance | minimal | — | — |
| 16 Sept 2026 · Yatra Online 20th AGM: All resolutions passed; financials see 7.69% dissent | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Yatra Online 20th AGM held on Sep 15, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Yatra Online submits revised annual report for FY 2025-26 | results | medium | — | — |
| 11 Sept 2026 · Errata to FY2025-26 Annual Report fixes unit error in statutory dues table | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.