Yatra Online Ltd Q2 FY26 – ₹3,509 Mn Revenue, ₹143 Mn Profit, and the Great Indian Travel Rebound Story
1. At a Glance
India’s favourite online travel ticket counter, Yatra Online Ltd (YOL), just dropped its Q2 FY26 results, and the numbers scream “boarding call for profitability.” The company clocked a revenue of ₹3,509 million, up 48% YoY, and PAT of ₹143 million, up a juicy 96% YoY. The stock, parked at ₹191 per share (as of Nov 13, 2025), has been on a full-on express route, soaring 102% in the last six months and 35% over three months.
With a market cap of ₹2,997 crore and a P/E of 54x, the market clearly believes this digital dhaba for travellers is going places. Meanwhile, the ROE stands at 4.77%, ROCE at 5.34%, and debt at a humble ₹55.9 crore, showing Yatra may not be a financial pilot yet, but it’s at least learning how to taxi without stalling.
The highlight? They even raised FY26 EBITDA guidance to 35–40%. Who knew booking flights for other people could be this profitable?
2. Introduction
If India had a “Netflix for travel tickets,” Yatra would be the one asking, “Are you still booking?”
Born in 2006, Yatra Online Ltd has managed to evolve from an OTA (Online Travel Agency) that used to just help you book train tickets before the IRCTC app existed, to a tech-enabled corporate travel powerhouse managing over 1,300 corporate clients and an employee base of 9+ million potential travelers.
The company stands out in an industry where most brands spend billions convincing people to “wanderlust,” while Yatra quietly prints profits by managing corporate expense reports, hotel tie-ups, and visa assistance for everyone from tech unicorns to PSU bigshots.
After years of turbulence (read: pandemic lockdowns), Yatra seems to have found smooth airspace — with FY25 Gross Bookings of ₹70,733 million and total transactions hitting 69.3 lakh.
But before you jump on the bandwagon, let’s check if Yatra is flying business class or still stuck in the middle seat near the lavatory.
3. Business Model – WTF Do They Even Do?
Yatra’s business model can be summed up as: “If it moves, we’ll book it for you.”
They operate in both B2C (retail) and B2B (corporate) segments. The B2C arm covers the regular online traveller who thinks booking a Goa flight is an act of self-care. The B2B side, though, is where the real moolah lies — managing corporate bookings, visas, cabs, travel insurance, and even expense management tools.
Their SaaS-based integrated travel platform runs like a travel ERP — real-time booking, mobile access, analytics dashboards, and post-trip reimbursement management. Think of it as a mix between MakeMyTrip, SAP Concur, and your office admin—only less moody.
Yatra’s edge is scale:
~108,000 hotels and homestays across 1,500 Indian cities
Access to 2 million hotels globally
Largest domestic hotel platform in India
Corporate retention rate? 97% — basically more loyal than most gym members.
Revenue sources are delightfully diversified:
Air ticketing (78%) – the core moneymaker
Hotels & Packages (18%) – the margin driver
Other services (3%) – buses, trains, cabs, forex, and ads
In short, Yatra has become the country’s digital travel agency that even your HR approves of.
Commentary: The company’s revenue has grown faster than your internet speed after switching to 5G, with 48% YoY growth. PAT almost doubled, despite some turbulence in quarterly profit. Clearly, the corporate travel segment is printing cash faster than the boarding gates can handle.
5. Valuation Discussion – Fair Value Range (Educational)
Let’s do some quick math before the flight departs.
A. P/E Method
EPS (TTM): ₹3.54
Industry P/E: 38.8
Yatra P/E: 54
Fair Value Range = ₹3.54 × (40–50) = ₹142–₹177
B. EV/EBITDA Method
EV = ₹2,977 Cr
EBITDA FY25 = ₹78 Cr
EV/EBITDA = 38.1× Industry median ~25–30×
Fair EV range (₹78 Cr × 25–30) = ₹1,950–₹2,340 Cr Implied price range = ₹125–₹150 per share
C. DCF (simplified) Assume 25% FCF growth for 5 years, 10% discount rate, and 4% terminal growth → Fair Value ~₹160–₹200 per share
📘 Educational Conclusion: So, Yatra’s fair value range = ₹140–₹190 per share. (Current CMP ₹191 is just taxiing above it — not overpriced, but fully booked.)
Disclaimer: This range is for educational purposes only, not investment advice.
6. What’s Cooking – News, Triggers, Drama
Ah yes, the Bollywood version of corporate press releases:
NCLT approved the merger of six subsidiaries into Yatra (Oct 2025). Imagine fewer board meetings, fewer inter-company bills, and a cleaner structure — the corporate equivalent of deleting duplicate photos.
FY26 EBITDA guidance raised to 35–40%. That’s like a travel company saying, “We’re not just booking flights, we’re boarding the profit express.”
CFO Shuffle: In April 2025, Rohan Mittal exited, replaced by Anuj Kumar Sethi — apparently no relation to Sunburn Goa’s DJ Sethi, though both handle drops pretty well.
