📌 At a Glance
Yatra Online just reported its strongest quarter in history – with Q4 FY25 revenue up 103%, EBITDA up 114%, and net profit soaring 173% YoY. For the full year, net profit jumped 912%. With a roaring MICE business, 35 new corporate clients, and post-Globe Travels acquisition synergies kicking in, Yatra seems to be back from the dead — and possibly booking its way to a rerating in FY26.
🏢 About the Company
- Name: Yatra Online Ltd
- Founded: 2006
- Headquarters: Gurugram
- BSE/NSE Symbol: 543992 / YATRA
- Core Biz: Corporate travel, online air/hotel bookings, MICE, packages
- Unique Moat: Largest B2B travel services provider in India
- Tech Stack: Proprietary SaaS platforms with AI-based personalization tools
👨💼 Key Managerial Personnel
- CEO & Whole-Time Director: Dhruv Shringi
- Company Secretary: Darpan Batra
- IR Contact: Anuj Sonpal, Valorem Advisors
📊 Financials – Q4 & FY25 (Consolidated)
| Metric | Q4 FY25 | YoY Change | FY25 | YoY Change |
|---|---|---|---|---|
| Revenue | ₹219 Cr | +103% | ₹791 Cr | +87% |
| EBITDA | ₹23.2 Cr | +114% | ₹55.8 Cr | +105% |
| Net Profit | ₹15.2 Cr | +173% | ₹36.6 Cr | +912% |
| EBITDA Margin | 21% | + | 14% | + |
| Cash & Deposits | ₹190.6 Cr | – | ||
| Gross Debt | ₹54.6 Cr | ↓ from ₹63.8 Cr |
🧠 Note: Adjusted EBITDA (excluding ESOP cost) was even higher at ₹25.1 Cr in Q4.
💰 Forward-Looking Fair Value (FV) Calculation
- EPS FY25 (approx): ₹5.5
- Industry P/E (Online Travel – MakeMyTrip proxy): ~50x
- Fair Value Estimate: ₹5.5 × 50 = ₹275
- CMP: ₹104
- Upside Potential: ~165%
Assumes continued EBITDA margin improvement, MICE scaling, and digital personalization advantage.
✈️ What’s Driving the Growth?
🏨 MICE & Hotels Boom
- MICE (Meetings, Incentives, Conferences, Exhibitions) business grew sharply.
- Packages and hotels saw high-margin growth.
🧾 Corporate SaaS Empire Expands
- 35 new enterprise accounts added in Q4 alone (₹1,430 Cr billing potential).
- SaaS platform adoption rising across Indian enterprises.
🤝 Globe Travels Acquisition
- Inorganic boost in Q4.
- Cost synergies expected to fully reflect in FY26.
🤖 AI Tech Plays
- AI-based personalization, dynamic pricing, and smart booking systems rolled out.
- Focus on automation driving margin expansion.
🧾 EduInvesting Take
Once the darling of Indian travel startups, Yatra had been buried under the pandemic rubble while peers like EaseMyTrip ran past it. But FY25 shows it’s very much alive — and growing faster than any peer in the listed space.
With EBITDA margins up, profit hitting record highs, and debt under control, this is not your discount flight agent anymore. It’s a corporate travel powerhouse now plugging AI into bookings, scaling MICE, and making serious money.
Edu Verdict: Yatra might not be in your portfolio… but it’s probably in your itinerary. Time to rethink both.
⚠️ Risks & Red Flags
- Heavy dependence on MICE and corporate travel (can slow down in downturns)
- Margin pressures if discounts come back in consumer bookings
- Competitive threat from B2B-focused SaaS entrants & global OTAs
Author: Prashant Marathe
Date: 29 May 2025
Tags: Yatra FY25 Results, YATRA Share Price, Travel Stocks India, MICE Business Growth, Corporate Travel India, Globe Travels Acquisition
