Yatra Online (YTRA) AI Stock Analysis

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Yatra Online

(NASDAQ:YTRA)

Rating:55Neutral

Price Target:―

Yatra Online's stock score reflects strong revenue growth and positive strategic expansions, offset by concerns over profitability, operational efficiency, and bearish technical signals. While the earnings call highlights strengths in high-margin segments, the stock's current valuation and technical indicators suggest caution for investors.

Positive Factors

Corporate Growth

Management is expected to highlight continued demand for the growing Meetings, Incentives, Conferences, and Exhibitions business, or MICE.

Market Opportunity

The total addressable market for MICE services in India is believed to be as much as $10B, creating a unique opportunity for Yatra to continue to take market share.

Regulatory Developments

The company has been working with regulators to address the legal and corporate structure, which, if simplified, could provide a meaningful catalyst for U.S.-listed YTRA shares.

Negative Factors

Price Target

The challenging B2C market continues to weigh on investor opinion near term, leading to a lowering of the price target to $3 from $4.

Revenue Performance

The company reported revenue of $27.5M, which was below our $29.8M estimate.

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

$63.13M

Dividend YieldN/A

Average Volume (3M)92.87K

Price to Earnings (P/E)―

Beta (1Y)1.02

Revenue Growth54.50%

EPS Growth89.80%

CountryUS

Employees1,268

SectorConsumer Cyclical

Sector Strength76

IndustryTravel Services

Share Statistics

EPS (TTM)>-0.01

Shares Outstanding61,922,424

10 Day Avg. Volume129,682

30 Day Avg. Volume92,867

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

$3.00

Price Target Upside203.03% 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

(Q3-2025)

% Change Since: 8.79%|

Next Earnings Date:Aug 13, 2025

Earnings Call Sentiment Positive

The earnings call highlighted significant revenue growth and expansion in corporate travel and MICE segments, alongside strong brand recognition and a robust liquidity position. However, challenges such as declining air travel volumes and increased personnel expenses were noted.

Q3-2025 Updates

Positive Updates

Record Revenue Growth

Revenue from operations reached INR 2.35 billion, a significant year-over-year increase of 113%.

Corporate Client Expansion

Onboarded a record 50 new corporate clients with an annual billing potential of INR 2.8 billion, reinforcing leadership in the corporate travel space.

Synergies from Globe Acquisition

The integration of Globe, acquired in September 2024, is ahead of schedule, generating positive synergies and contributing to profitability.

Hotels and Packages Growth

Adjusted margins in the Hotels and Packages segment grew 65.8% year-over-year, with hotel gross bookings up 83%.

Adjusted EBITDA Increase

Adjusted EBITDA surged 173% year-over-year to INR 121.5 million, driven by cost optimizations and strategic focus on higher-margin segments.

Brand Recognition

Yatra recognized as one of India's biggest brand movers by YouGov, highlighting gains in brand awareness and consumer engagement.

Strong Liquidity Position

Cash and term deposits totaled INR 1.89 billion, maintaining a strong liquidity position.

Negative Updates

Decline in Air Travel Volumes

Gross bookings declined 3.4% year-over-year due to reduced air travel volumes in the B2C segment.

Decreased Air Ticketing Margins

Adjusted margin for air ticketing declined 23% year-over-year, attributed to lower gross bookings and a reduction in headline take rate.

Increased Personnel Expenses

Personnel expenses, including ESOP cost, rose 34% year-over-year due to the impact of Globe acquisition and annual appraisal cycle.

Company Guidance

During the Yatra Third Quarter 2025 Earnings Conference Call, the company reported a strong performance for the quarter ended December 31, 2024. Revenue from operations reached INR 2.35 billion, marking a 113% year-over-year increase. The Revenue less Service Costs, or gross margin, grew by 25% to INR 1.04 billion, driven primarily by the Hotels and Packages segment and the Corporate Travel sector, including a record onboarding of 50 new corporate clients with an annual billing potential of INR 2.8 billion. The adjusted EBITDA surged 75% year-over-year, while hotels and packages adjusted margin increased by 65.8%. Despite a 3.4% year-over-year decline in gross bookings to INR 1.8 billion, profitability was bolstered by a 173% increase in adjusted EBITDA to INR 121.5 million. The integration of Globe, acquired in September 2024, is ahead of schedule and contributing positively. The company's liquidity remains strong with cash and term deposits totaling INR 1.89 billion. Yatra continues to focus on expanding high-margin business segments and leveraging strategic initiatives for sustained growth.

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

Positive

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.

Balance Sheet

Positive

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.

Cash Flow

Neutral

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.

TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Breakdown
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

Technical Analysis Sentiment

Positive

Last Price0.99

Price Trends

50DMA

0.75

Positive

100DMA

0.91

Positive

200DMA

1.19

Negative

Market Momentum

MACD

0.05

Negative

RSI

73.11

Negative

STOCH

95.06

Negative

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 0.99 is above the 20-day moving average (MA) of 0.77, above the 50-day MA of 0.75, and below the 200-day MA of 1.19, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 73.11 is Negative, neither overbought nor oversold. The STOCH value of 95.06 is Negative, 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

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

We may become subject to Foreign Account Tax Compliance Act withholdings Q1, 2023

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
MMYT	75 Outperform	$11.16B	120.41	8.33%	―	28.51%	367.34%
DESP	72 Outperform	$1.63B	102,695.56	96.85%	―	9.63%	-113.00%
TCOM	71 Outperform	$42.92B	18.31	12.49%	0.45%	16.23%	56.05%
TOUR	66 Neutral	$106.52M	10.22	7.30%	3.19%	15.38%	―
Sector *	62 Neutral	$6.90B	11.20	2.94%	3.91%	2.68%	-25.01%
YTRA	55 Neutral	$63.13M	―	-1.95%	―	54.50%	89.80%
NTRP	45 Neutral	$15.69M	―	-234.40%	―	―	―

* Consumer Cyclical Sector Average

Performance Comparison

YTRA

Yatra Online

0.99

-0.32

-24.43%

TCOM

Trip.com Group Ltd. Sponsored ADR

62.65

11.14

21.63%

MMYT

Makemytrip

101.63

23.62

30.28%

TOUR

Tuniu

0.91

-0.17

-15.74%

DESP

Despegar

19.50

4.59

30.78%

NTRP

NextTrip

2.05

-0.22

-9.69%

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.