Yatra Online Ltd (YATRA)
🎯 Key Takeaways
- Yatra Online Ltd is in a transitional phase marked by declining profitability and persistent operational headwinds, despite stable promoter holding and governance continuity. The company has faced recurring tax disputes, modest revenue contraction, and shrinking margins, suggesting limited near-term growth momentum.
- Revenue declined 0.6% QoQ to ₹188 in Q1FY27.
- ⚠️ Ongoing GST disputes with tax authorities involving potential liability of INR 39.89 crore plus interest and penalties, which could impact cash flows
- Market Cap
- ₹1,570
- P/E Ratio
- 50.5
- P/B Ratio
- 1.89
- ROE
- 3.8%
- ROCE
- 5.2%
- Debt/Equity
- 0.09
- Promoter
- 62.7%
📖 The Story
Yatra Online Ltd is in a transitional phase marked by declining profitability and persistent operational headwinds, despite stable promoter holding and governance continuity. The company has faced recurring tax disputes, modest revenue contraction, and shrinking margins, suggesting limited near-term growth momentum. While governance practices appear sound with shareholder approvals of financials and leadership, financial performance has deteriorated over the past year, with ROE and ROCE remaining low and negative EPS trends emerging.
📰 What's Happening
In Q1FY27 (Mar 2026), Yatra reported revenue of ₹189 crore, down from ₹210 crore in Q2FY26, with operating profit turning negative at ₹-0.2 crore and net profit rising marginally to ₹8 crore due to one-off gains. The company received two GST show cause notices in October 2026 for tax demands totaling INR 39.89 crore related to FY2022-23, which it plans to contest. Despite these challenges, shareholders approved the adoption of FY2026 financial statements and reappointment of Director Murlidhara Kadaba at the 20th AGM on September 15, 2026, affirming confidence in governance and financial reporting processes.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 210 | 351 | 257 | 189 | 188 |
| Operating Profit | 14 | 14 | 12 | -0 | 1 |
| OPM % | 6.6% | 4.0% | 4.5% | -0.2% | 0.7% |
| Net Profit | 16 | 14 | 8 | 8 | 0 |
| EPS | ₹1.02 | ₹0.91 | ₹0.53 | ₹0.52 | ₹0.02 |
Revenue has declined sharply from a peak of ₹351 crore in September 2025 to ₹188 crore in June 2026, with operating margins compressing from 6.6% to 0.7% over the same period, reflecting increasing cost pressures or pricing erosion. Net profit has also declined from ₹16 crore in June 2025 to ₹0 in June 2026, despite temporary spikes in profitability in earlier quarters. This downward trend aligns with management's lack of forward guidance and persistent operational inefficiencies, suggesting limited scalability in the current business model.
🔮 Management Outlook & What's Next
There is no explicit forward guidance or strategic outlook provided in the reviewed filings, including the annual report errata and AGM documentation. Management has not articulated a recovery plan or growth strategy beyond routine compliance and governance updates. The absence of commentary on demand trends, pricing, or investment initiatives indicates limited visibility into near-term performance drivers.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 |
| Reserves | 768 | 743 | 815 | 798 |
| Borrowings | 78 | 52 | 72 | 56 |
| Total Liabilities | 1,323 | 1,276 | 1,336 | 1,302 |
| Fixed Assets | 32 | 31 | 300 | 42 |
| Investments | 0 | 0 | 4 | 0 |
| Total Assets | 1,323 | 1,276 | 1,336 | 1,302 |
The balance sheet shows stable equity of ₹16 crore and reserves growing from ₹768 crore to ₹815 crore over the year, while borrowings remain low at ₹72 crore as of March 2026, down from ₹78 crore a year earlier. This suggests a conservative capital structure and minimal reliance on debt, but also limited reinvestment capacity. Total assets have remained relatively flat, indicating stagnant growth in underlying operations despite reserve accumulation.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | -89 | +76 |
| Investing | +94 | -45 |
| Financing | -102 | -54 |
| Net Cash Flow | -97 | -23 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 64.5% | 64.5% | 62.7% | 62.7% |
| FII | 4.2% | 5.0% | 4.3% | 5.0% |
| DII | 13.3% | 11.1% | 11.8% | 11.3% |
| Public | 13.9% | 13.3% | 15.6% | 15.8% |
| # Shareholders | 46,125 | 45,441 | 46,825 | 49,971 |
Promoter holding remains stable at 62.66% across quarters, indicating no dilution or stake sale. However, Foreign Institutional Investors (FII) have reduced their stake from 5.05% in Q3FY26 to 4.95% in Q1FY27, while Domestic Institutional Investors (DII) have slightly increased from 11.13% to 11.28%. The modest DII accumulation contrasts with FII exit, suggesting mixed institutional confidence. The growing number of shareholders (49,971 in Q1FY27) may reflect retail interest or employee-held shares, but lacks depth in institutional support.
⚖️ Peer Comparison — E-Commerce/App based Aggregator
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Ongoing GST disputes with tax authorities involving potential liability of INR 39.89 crore plus interest and penalties, which could impact cash flows and profitability if unresolved. 2. Sustained decline in revenue and operating margins over the past four quarters, signaling weakening core business performance. 3. Persistent negative operating cash flow in recent quarters, raising concerns about working capital management and liquidity sustainability. 4. Low ROE (3.8%) and ROCE (5.2%) reflect inefficient capital utilization, undermining shareholder value creation.
📋 Recent Filings
- 🔴 Announcement2026-10-01Yatra Online disclosed receipt of two GST show cause notices for FY 2022-23, one from Mumbai tax authorities and another from Bengaluru, proposing tax…
- Announcement2026-09-25Yatra Online Ltd announced that its trading window will close on October 1, 2026, remaining shut until 48 hours after the Q3 2026 financial results ar…
- 🟡 voting results2026-09-16Yatra Online held its 20th Annual General Meeting on September 15, 2026 via video conferencing, where all proposed resolutions were passed with requis…
- 🟡 Board Meeting2026-09-15Yatra Online held its 20th AGM on September 15, 2026 via video conference, confirming quorum and remote e-voting participation through NSDL. Chairman …
- 🔴 annual report2026-09-11Yatra Online submitted an errata to its FY2025-26 annual report, correcting typographical errors in statutory dues disclosures on page 141 of the audi…
- 🔴 annual report2026-09-11Yatra Online Limited's revised FY 2025-26 annual report, filed September 11, 2026, showcases robust financial performance with **₹10,065 crores** reve…
- 🔴 Announcement2026-09-09Yatra Online Ltd announced an in-person investor meeting in Gurugram on September 15, 2026, at 11:00 AM, inviting analysts and institutional investors…
- 🔴 annual report2026-08-24Yatra Online Limited announced its 20th Annual General Meeting (AGM) scheduled for September 15, 2026, via video conference, with resolutions to adopt…
- Announcement2026-08-19Yatra Online reported Q1 FY27 gross bookings grew 17% YoY to INR21,007 million, driven by domestic travel and new corporate clients, but adjusted EBIT…
- Announcement2026-08-13Yatra Online Limited announced that the audio recording of its earnings conference call for the quarter ended June 30, 2026, held on August 13, 2026, …
🧠 Analyst's Read
Yatra Online is navigating a challenging phase characterized by declining profitability, regulatory scrutiny, and weak operational momentum, despite stable promoter control and governance compliance. Investors should monitor resolution of tax disputes, margin trends, and any shift in strategic direction, as the company currently lacks visible catalysts for recovery.
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 2026-10-01.
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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