YATRA
Yatra Online share price & financials
- Price
- ₹112.96
- Market cap
- ₹1.8k Cr
- Sector
- Consumer Services
- Calls analysed
- 6
Yatra Online Limited Q1 FY27
What went well
- Gross bookings increased 17% YoY to INR21,007 million, demonstrating resilience despite market disruptions.
- Total transactions grew 12% YoY, indicating continued customer engagement.
- Air passenger volumes increased 5% YoY, nearly doubling the industry growth rate and reflecting market share gains.
What to watch
- Revenue from operations decreased 10.4% YoY to INR1,879 million, primarily due to lower MICE top lines.
- Adjusted EBITDA decreased 39.4% YoY to INR151 million, impacted by MICE disruption, air margin pressure, and strategic investments.
What Yatra Online Limited does
Yatra Online runs a two-sided online travel platform: a B2B corporate travel management arm serving large enterprises and SMEs, and a B2C online travel agency (OTA) offering flight, hotel and holiday-package bookings to retail travellers. It earns through service fees and margins on air-ticketing and hotel/package bookings transacted across its website, mobile app and a network of registered travel agents, plus ancillary bus, rail, cab and travel-insurance bookings, corporate MICE (meetings, incentives, conferences and events) management, and AI-driven expense-management tools for enterprise clients. Its 2024 acquisition of Globe All India Services (Globe Travels) expanded its footprint in corporate and MICE travel services. The consumer business holds one of the largest hotel-listing inventories among Indian OTAs and draws most of its traffic directly and organically rather than through paid channels.
Segments
- Corporate Business (B2B)
- Consumer Business (B2C)
- Market position
- India's largest managed corporate travel services provider
- Large & medium corporate customers
- 1,300+
- SME clients
- ~58,000
- Registered consumer users
- ~15.6 million
- Registered travel-agent network
- ~55,000 agents across India
- Hotel listings
- ~80,000 (largest listings among Indian OTAs)
Guidance record · Q1 FY27
what the last two calls moved 13 tracked 3 delivered 2 missed 8 open- Headcount Reduction via AI went quiet said Q2 FY26 Promised: 75 heads optimized by end of this fiscal year, 200 by end of next year Q1 FY27: No update provided on the specific headcount reduction target. Management continues to discuss AI in general terms for efficiency.
- EBITDA to Gross Margin Ratio at risk said Q1 FY26 Promised: 25% in 12-18 months, 30% in 36 months Q1 FY27: Actual ratio dropped further to 12.29%. The 18-month target (by Q2 FY27) is now at high risk. Management guides for recovery to 20%+ in H2 FY27.
- Return on Capital Employed (ROCE) on track said Q4 FY26 Promised: High teens ROCE in the next three to four years Q1 FY27: Long-term target remains. However, Q1 EBITDA compression creates a near-term headwind.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 10.4%, net profit down 97.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 236 | 235 | 219 | 210 | 351 +48% | 257 +9% | 189 −14% | 188 −10% |
| EBITDA | 9 | 14 | 17 | 23 | 24 +160% | 23 +66% | 11 −36% | 12 −46% |
| Net profit | 7 | 10 | 15 | 16 | 14 +96% | 8 −17% | 8 −46% | 0 −98% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −28.8% 1Y
1Y: ₹162.03 on 10 Sept 2025 → ₹115.42. High ₹191.34 (13 Nov 2025), low ₹90.38 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.4%
- 13 Aug
- Q4 FY26
- +0.1%
- 25 May
- Q3 FY26
- +10.9%
- 12 Feb
- Q2 FY26
- +11.9%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 38.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 8.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹380 Cr | ₹422 Cr | ₹791 Cr | ₹1.0k Cr |
| Operating profit | ₹37 Cr | ₹15 Cr | ₹44 Cr | ₹80 Cr |
| Operating margin | 9.7% | 3.5% | 5.6% | 8.0% |
| Interest | ₹23 Cr | ₹22 Cr | ₹10 Cr | ₹13 Cr |
| Depreciation | ₹19 Cr | ₹20 Cr | ₹31 Cr | ₹41 Cr |
| Net profit | ₹7 Cr | ₹-4 Cr | ₹37 Cr | ₹47 Cr |
| Net margin | 1.9% | -1.1% | 4.6% | 4.7% |
| Cash from operations | ₹-153 Cr | ₹-142 Cr | ₹-89 Cr | ₹76 Cr |
| Free cash flow | ₹-168 Cr | ₹-169 Cr | ₹-117 Cr | ₹31 Cr |
| ROCE | 14.0% | 4.0% | 5.0% | 7.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr |
| Reserves | ₹112 Cr | ₹90 Cr | ₹158 Cr | ₹732 Cr | ₹798 Cr | ₹815 Cr |
| Borrowings | ₹61 Cr | ₹63 Cr | ₹178 Cr | ₹85 Cr | ₹56 Cr | ₹103 Cr |
| Other liabilities | ₹376 Cr | ₹383 Cr | ₹333 Cr | ₹384 Cr | ₹433 Cr | ₹400 Cr |
| Total liabilities | ₹561 Cr | ₹547 Cr | ₹681 Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Fixed assets | ₹146 Cr | ₹112 Cr | ₹115 Cr | ₹123 Cr | ₹305 Cr | ₹282 Cr |
| Capital work in progress | ₹2 Cr | ₹4 Cr | ₹4 Cr | ₹8 Cr | ₹0 Cr | ₹23 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹413 Cr | ₹431 Cr | ₹562 Cr | ₹1.1k Cr | ₹997 Cr | ₹1.0k Cr |
| Total assets | ₹561 Cr | ₹547 Cr | ₹681 Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −7.81 pp while the public added +7.48 pp. The shareholder count grew 25% to 49,971.
- Promoters
- 62.7%
- FIIs
- 5.0%
- DIIs
- 11.3%
- Public
- 21.1%
Since Jun 2025
- DIIs −7.81 pp
- Public +7.48 pp
- FIIs +2.13 pp
How it drifted, 12 quarters
Over this window the public went from 6.8% to 21.1% — +14.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 64.5%, FIIs 9.3%, DIIs 19.4%, Public 6.8%.Dec '23: Promoters 64.5%, FIIs 4.5%, DIIs 24.4%, Public 6.6%.Mar '24: Promoters 64.5%, FIIs 5.0%, DIIs 23.6%, Public 7.0%.Jun '24: Promoters 64.5%, FIIs 4.7%, DIIs 22.5%, Public 8.4%.Sep '24: Promoters 64.5%, FIIs 4.3%, DIIs 21.6%, Public 9.7%.Dec '24: Promoters 64.5%, FIIs 3.1%, DIIs 21.4%, Public 11.0%.Mar '25: Promoters 64.5%, FIIs 2.8%, DIIs 20.3%, Public 12.5%.Jun '25: Promoters 64.5%, FIIs 2.8%, DIIs 19.1%, Public 13.6%.Sep '25: Promoters 64.5%, FIIs 4.2%, DIIs 13.3%, Public 18.1%.Dec '25: Promoters 64.5%, FIIs 5.1%, DIIs 11.1%, Public 19.4%.Mar '26: Promoters 62.7%, FIIs 4.3%, DIIs 11.8%, Public 21.2%.Jun '26: Promoters 62.7%, FIIs 5.0%, DIIs 11.3%, Public 21.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- UTI-Mnc Fund Mutual fund +0.27 pp 3.74% held
- Belgrave Investment Fund FPI fund +0.06 pp 1.21% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Yatra Online Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Thcl Travel Holding Cyprus Limited | 55.59% | unchanged |
| Asia Consolidated Dmc Pte Limited | 7.06% | unchanged |
| UTI-Mnc Fund Mutual fund | 3.74% | +0.27 pp |
| ICICI Prudential Technology Fund Mutual fund | 3.27% | −0.19 pp |
| Bandhan ELSS Tax Saver Fund Mutual fund | 1.61% | unchanged |
| Motilal Oswal Financial Services Limited - Proprietary Account | 1.35% | unchanged |
| Massachusetts Institute Of Technology Endowment | 1.26% | unchanged |
| Belgrave Investment Fund FPI fund | 1.21% | +0.06 pp |
| Middle East Travel Management Company Private Limited | 0.00% | unchanged |
| Yatra USA, LLC | 0.00% | unchanged |
| Yatra Online, Inc | 0.00% | unchanged |
| Rohan Manoj Shah | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Yatra Online Limited
Guides on how to read this kind of business and the numbers that matter.