Yatra Online Limited

Consumer Cyclical — Travel Services · NSE

₹96.35+₹1.87 (+1.98%)

DalalBaazaar Score

56 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Low

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

The 60-second version of Yatra Online Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Yatra Online Limited provides reservation and booking services, and customized solutions related to transport, travel, tours, and tourism in India and internationally.

IndustryTravel Services

SectorConsumer Cyclical

Employees1,233

Annual revenue₹953 Cr

How does it make money?

Turns over ₹953 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹11 left at the operating level before interest, tax and depreciation. Each of its 1,233 employees supports ₹77.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹77.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 6.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE25.9%

What is the outlook?

5 analysts covering the stock expect revenue to grow about 29.5% and earnings to grow about 44.6% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+29.5%

Est. earnings growth+44.6%

Analysts5

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +182% while net margin moved +118% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+182%

Margin effect+118%

DalalBaazaar Score

56/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of 6.7% is below 10% — capital is not working hard
✗ ROCE has fallen by 8.4 points — returns are eroding
✗ EBITDA margin of 11.4% is thin — little cushion if costs rise
✗ Net margin of 3.2% is slim
• Revenue has compounded at 41.3% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

57/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

73/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

48.7x

3Y Median

175.8x

39 monthly readings · mean 168.9x · range 32.2x–367.5x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 72% below its 3y median of 175.8x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 30% below the peer median of 69.2x.

vs. its own history

Cheap

175.8x median over 39 months · -72%

vs. sector peers

Cheap

69.2x median of 4 peers · -30%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

14.2x

PEG

0.59

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 42% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Very low debt
Debt/Equity of 0.12x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 15.0% to 6.7% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 high

🔴Significant margin compressionFinancial
EBITDA margin has fallen 7.0 points, from 18.4% to 11.4%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 42% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 72% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 30% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹31 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 18.4% to 11.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 31% a year✓ 41.3% CAGR
Latest reported year was -10.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 9%✓ 11.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹31 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.9x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 6.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 3 neutral · 5 weak

Market Cap

₹1,512 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

48.7x

Expensive

Expensive — verify against sector peers

P/B Ratio

1.83x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.98

Profitable

Profitable on a per-share basis

ROE

5.6%

Weak

Weak capital efficiency

ROCE

6.7%

Weak

Low return on total capital employed

Debt/Equity

0.12x

Low

Conservative leverage

Revenue Growth (YoY)

-10.4%

Shrinking

Sales are contracting

Profit Growth (YoY)

-98.0%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹31 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

16.3x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

0.7%

Weak

Thin margins leave little room for error

Net Margin

3.2%

Average

Average bottom-line conversion

Current Ratio

2.08

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.19

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

100.7 / 107.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

32.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹338 Cr	₹362 Cr	₹734 Cr	₹953 Cr	+41.3%
EBITDA	₹62 Cr	₹34 Cr	₹81 Cr	₹109 Cr	+20.6%
EBITDA Margin	18.4%	9.3%	11.0%	11.4%	—
PAT (Net Profit)	₹8 Cr	-₹5 Cr	₹37 Cr	₹47 Cr	+83.1%
EPS	₹0.49	₹-0.33	₹2.33	₹2.98	+83.0%
ROE	4.5%	-0.6%	4.7%	5.6%	—
ROCE	15.0%	2.4%	5.2%	6.7%	—
Total Debt	₹178 Cr	₹85 Cr	₹78 Cr	₹103 Cr	-16.7%
Free Cash Flow	-₹169 Cr	-₹169 Cr	-₹118 Cr	₹31 Cr	—

🟢 Revenue has grown at 41.3% a year over 3 years.

🟢 EBITDA has grown at 20.6% a year over 3 years.

🔴 EBITDA Margin has fallen from 18.4% to 11.4% over 3 years (-7.0 pts).

🟢 PAT (Net Profit) has grown at 83.1% a year over 3 years.

🟢 EPS has grown at 83.0% a year over 3 years.

🟢 ROE has risen from 4.5% to 5.6% over 3 years (+1.1 pts).

🔴 ROCE has fallen from 15.0% to 6.7% over 3 years (-8.4 pts).

🟢 Total Debt has shrunk at 16.7% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹169 Cr to ₹31 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,336 Cr

Total Liabilities

₹506 Cr

Cash & Equivalents

₹68 Cr

Operating Cash Flow

₹76 Cr

Capex

-₹45 Cr

Shareholding (proxy)

Institutional Holding

13.9%

Insider Holding

63.9%

Analyst Consensus

Recommendations

5 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹173

+79.6% vs CMP

Target Range

₹135 – ₹250

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

4 mixed2 general

Yatra Online (NSEI:YATRA) Stock Forecast & Analyst Predictions

Simply Wall Street, 14 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Yatra Online shares surge over 40% in two sessions; here is why

Upstox, 13 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Yatra Online Share Price Rises 9%: Technicals, Valuation

Univest, 11 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

YATRA Forecast — Price Target — Prediction for 2027

TradingView, 25 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Buy Yatra Online; target of Rs 135: Motilal Oswal

Moneycontrol.com, 14 Aug

Michael A. Kaufman Acquires 7,602 Yatra Online Shares at No Cost on October 14, 2026

Kalkine Media, 14 Oct

Watch Items

Revenue growth is negative (-10.4%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingValuation

WeakBusiness Quality · Profitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — ROCE stays above 8% · see Key things to watch ↑