Yatra Online Limited (YATRA)

Consumer Services · Leisure Services · NSE · Updated 14 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹116.11 ↓ 18.05% (1Y)

🎯 Key Takeaways

Yatra Online Limited is in a strategic growth phase, transitioning from early-stage profitability to scalable enterprise monetization, with management targeting 20% medium-term revenue CAGR and 30% adjusted EBITDA margin. The company is leveraging AI-driven automation and B2E (business-to-employee) expansion to drive sustainable growth, supported by strong top-line momentum and improving operational efficiency.
Revenue declined 0.5% QoQ to ₹235 in Q3FY25.
⚠️ 1) Geopolitical headwinds and travel volatility could disrupt bookings and pricing power. 2) Margin expansion depends on scaling enterprise revenue, w

Market Cap

₹1,482

P/E Ratio

54.9

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Yatra Online Limited is in a strategic growth phase, transitioning from early-stage profitability to scalable enterprise monetization, with management targeting 20% medium-term revenue CAGR and 30% adjusted EBITDA margin. The company is leveraging AI-driven automation and B2E (business-to-employee) expansion to drive sustainable growth, supported by strong top-line momentum and improving operational efficiency. Despite near-term volatility, the narrative centers on structural profitability improvement through enterprise upsell and working capital optimization.

📰 What's Happening

In Q4 FY26, Yatra reported 27% YoY revenue growth to INR 10,065 million, driven by 24.5% gross margin expansion and 10x cash flow growth to INR 761 million, supported by 163 new corporate clients adding INR 9,568 million in annual billable value. Air passenger growth of 9.6% YoY and hotel room nights growth of 36% YoY underpinned 8.3% gross bookings growth. Management reaffirmed 20% revenue CAGR and 30% adjusted EBITDA margin targets, citing AI automation and enterprise upsell potential in expense management and MICE. The board approved unaudited Q1 FY2027 results on August 12, 2026, reflecting early momentum in the new fiscal year.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	110	94	110	108	101	236	235
Operating Profit	18	-5	12	15	13	17	20
OPM %	14.5%	-9.0%	3.3%	3.3%	4.5%	3.9%	5.8%
Net Profit	6	-17	1	6	4	7	10
EPS	₹0.52	₹-1.48	₹0.07	₹0.36	₹0.26	₹0.46	₹0.64

Revenue has shown consistent sequential and YoY growth, rising from INR 94 crore in Q2FY24 to INR 235 crore in Q3FY25, with operating profitability improving from a loss of INR 5 crore to INR 20 crore operating profit over the same period. Operating margins expanded from -9% in Q2FY24 to 5.8% in Q3FY25, reflecting cost discipline and scale-driven efficiencies. Net profit turned positive in Q1FY25 and has grown steadily, supported by higher OPM and controlled expenses. The trend underscores management’s focus on margin expansion and operational resilience amid macro headwinds.

🔮 Management Outlook & What's Next

Management reaffirmed its long-term targets of 20% medium-term revenue CAGR and 30% adjusted EBITDA margin, citing AI-driven automation and enterprise upsell potential in expense management and MICE as key growth levers. They highlighted stabilized discount ratios at 47-48% of gross take and sustained B2C profitability in the early 30s% of gross bookings. The outlook is anchored in H2 FY27 recovery from pent-up demand, working capital optimization, and scalability of B2E initiatives, with no guidance provided beyond these strategic pillars.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Leisure Services

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
The Indian Hotels Company Limited	93,413	51.8	—	—	—
Indian Railway Catering And Tourism Corporation Limited	42,876	34.6	—	—	—
ITC Hotels Limited	32,386	40.0	—	—	—
Jubilant Foodworks Limited	30,442	82.2	—	—	—
EIH Limited	19,768	27.9	—	—	—
Chalet Hotels Limited	17,183	161.1	—	—	—
Ventive Hospitality Limited	15,255	30.4	—	—	—
Devyani International Limited	14,559	-369.0	—	—	—
Travel Food Services Limited	14,464	50.6	—	—	—
Leela Palaces Hotels & Resorts Limited	13,831	34.1	—	—	—

🔗 Peer Stock Analyses

INDHOTEL IRCTC ITCHOTELS JUBLFOOD EIHOTEL

⚠️ Risk Factors

1) Geopolitical headwinds and travel volatility could disrupt bookings and pricing power. 2) Margin expansion depends on scaling enterprise revenue, which remains a small fraction of total operations and is harder to monetize than B2C. 3) High valuation multiples (P/E of 54.9) may limit investor tolerance for short-term misses. 4) Execution risk in AI-driven automation and MICE upsell could delay target achievement if adoption is slower than anticipated.

📋 Recent Filings

🧠 Analyst's Read

Yatra is transitioning from a volume-driven travel platform to a scalable enterprise services business with improving unit economics, but execution risk and macro sensitivity remain. Investors should monitor enterprise revenue growth trajectory and margin trends in upcoming quarters to validate management’s medium-term targets.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-14.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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