Yatra Online Ltd Q1 FY26 – ₹210 Cr Sales, 296% Profit Growth, But 251-Day Debtor Drama in India’s OTA Kumbh Mela
1. At a Glance
Yatra Online Ltd (NSE: YATRA) is trading at ₹140/share, valuing it at ₹2,191 Cr. The stock has sprinted 64% in the last 3 months, riding on FY25 revenue of ₹900 Cr and PAT of ₹48.5 Cr. The company has P/E of 45x, ROE of 4.8%, ROCE of 5.3%, and promoter holding of 64.5%. In Q1 FY26, it posted ₹210 Cr in revenue (+108% YoY) and ₹16 Cr profit (+296% YoY). Basically, Yatra has gone from “loss-making vacation” to “profitable business trip.” But wait—working capital cycle is a horror story at 251 debtor days.
2. Introduction
Remember when travel agencies were dingy shops with faded Europe posters? Fast forward, and now Yatra Online is your corporate HR’s best friend, bundling flights, hotels, cabs, forex, and even travel insurance into one SaaS-powered system. With 1,300 corporate clients (9 million employees addressable), Yatra is like the “canteen contractor” of India’s business travel: indispensable, grumbled about, but always paid eventually.
But here’s the kicker: 78% of revenues still come from air ticketing. Basically, Yatra’s P&L depends on Indigo not cancelling flights and corporates not turning to Zoom calls again. Yet, the company flaunts itself as “India’s largest corporate travel provider.” IRCTC might own the railways, MakeMyTrip hogs the leisure segment, but Yatra has quietly colonised boardrooms.
Question: Will Yatra remain just a corporate travel middleman, or can it finally evolve into the all-in-one Indian Expedia it pretends to be?
3. Business Model – WTF Do They Even Do?
Let’s decode the Yatra thali:
B2C OTA: Customers book flights, trains, buses, hotels, packages, cruises, activities. (Basically, MMT but less fancy ads.)
B2B Corporate Travel: The crown jewel. 1,300 corporates, 97% retention. Think Tata Steel or Infosys telling employees: “Go book on Yatra, we have discounts.”
SaaS Travel Platform: Expense management, travel desk integration, cab tie-ups, visa support – HR managers finally stop forwarding 42 emails.
Revenue Streams:
Customers pay convenience fees.
Airlines/hotels pay commissions, incentives, and GDS fees.
Marketing revenue, ancillary upsells.
In FY25, 78% of revenue came from air tickets, 18% from hotels & packages, 3% from other services. So while Yatra screams “full-stack platform,” the balance sheet whispers: “Flight commission agent.”
4. Financials Overview
Quarterly Comparison (₹ Cr)
Source table
Metric
Jun ’25 (Latest Qtr)
Jun ’24 (YoY)
Mar ’25 (QoQ)
YoY %
QoQ %
Revenue
210
101
219
108%
-4.1%
EBITDA
23
5
17
360%
35%
PAT
16.0
4.0
15.0
296%
6.7%
EPS (₹)
1.02
0.26
0.97
292%
5.2%
Commentary: Revenues doubled, profits tripled, but EPS is still “chai stall” level. At least it’s not bleeding cash like Zomato did once.
5. Valuation Discussion – Fair Value Range Only
P/E Method: EPS (TTM) = ₹3.1. Apply 30–45x multiple (peer IRCTC at ~43x). Fair range = ₹90–₹140.
