1. At a Glance – The Boarding Gate Is Open
Yatra Online Ltd is currently cruising at ₹167 per share, with a market cap of ₹2,621 Cr, trading at a spicy P/E of 45.9 and Price-to-Book of 3.22x. Over the last one year, the stock has delivered a jaw-dropping 97% return, but in the last 3 months? A mild turbulence of -11.8%. Welcome to aviation, ladies and gentlemen.
Latest quarterly numbers (Q3 FY26) show:
- Revenue: ₹256.8 Cr
- PAT: ₹8.34 Cr
- EBITDA Margin: ~19%
- ROE: 4.77%
- ROCE: 5.34%
- Debt: ₹55.9 Cr (Debt-to-Equity: 0.07)
Yatra just reported ₹2,568 Mn revenue (₹256.8 Cr) and ₹83 Mn PAT (₹8.3 Cr) in Q3 FY26. But wait — management says one-time labour code impact of ₹38 Mn hit PAT. Without that? Numbers would look shinier.
Is this India’s corporate travel monopoly quietly compounding? Or just another OTA flexing seasonal profits?
Fasten your seatbelt. This ride includes airline disruptions, labour code drama, and a new CEO.
2. Introduction – From Survival to Revival
Yatra has had more ups and downs than your cousin’s startup pitch deck.
Founded in 2006, it rode the internet travel boom. Then came brutal OTA competition. Then came COVID. Then came listing expenses. Then came airline disruptions. Basically, if there was chaos, Yatra had front-row tickets.
Look at history:
- FY21 revenue: ₹125 Cr
- FY25 revenue: ₹791 Cr
- TTM revenue: ₹1,036 Cr
That’s not growth. That’s resurrection.
Profit went from losses in FY21–FY22 to ₹366 Cr in FY25 and ₹386 Mn (₹38.6 Cr) in 9M FY26.
But here’s the catch — ROE over 3 years is just 2.9%. So despite growth, capital efficiency still looks like a sleepy intern.
Now the company claims:
- Largest B2B corporate travel platform in India
- 1,300+ large corporates
- 58,000 SMEs
- 80,000+ domestic hotels
- ~97% corporate retention rate
That retention
