Yatra Online Ltd(YATRA)

NSE: YATRABSE: 543992

₹ 76.85-7.02%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,206 crWebsite: www.yatra.comUpdated: 24 Oct 2026

About

Yatra Online Ltd is India's largest managed corporate travel services provider and the second-largest player in the Corporate MICE category, offering air ticketing, hotels, packages, ground transport, MICE, and AI-powered expense management. In FY26, consolidated gross bookings reached INR 80,512 million and revenue from operations grew 27% YoY to INR 10,065 million. The company serves corporate and retail customers through its online platform and 9 national offices, with 1,583 full-time employees as of March 31, 2026.^[1][2][3]

Business segments

Hotels and Packages: 71.1% of FY26 revenue (INR 677.52 Cr), covering domestic and international hotel bookings and holiday packages.^[4]
Air Ticketing: 25.7% of FY26 revenue (INR 244.95 Cr), covering domestic and international air tickets across 400+ airlines.^[4][1]
Other Services: 3.2% of FY26 revenue (INR 30.55 Cr), covering MICE, ground transport, rail, bus, visa, insurance, forex, and expense management.^[4][1]

Products and services

Platform covers air ticketing, hotels, rail and bus, cabs, MICE, visa and passport, travel insurance, foreign exchange, and AI-powered expense management (RECAP).^[1]
RECAP is a GenAI-powered expense management product that processes expenses 7x faster, reduces paperwork by 96%, and improves employee productivity by more than 50%.^[1]
Travel Pro is an MSME-focused corporate travel offering; in Q1 FY27, 30+ of the 53 new corporate customers (INR ~800 million ABV) were sourced through Travel Pro.^[5]
Air content covers 400+ domestic and international airlines across 1,500+ cities and destinations.^[1]

Key operating numbers

Gross bookings: INR 21,007 million in Q1 FY27 (+16.5% YoY); INR 80,512 million in FY26 (+14% YoY).^[5][2]
Air passenger volume: 1,264,000 in Q1 FY27 (+4.8% YoY, roughly 2x industry growth rate); 5,395,000 for FY26 (+2% YoY).^[5][2]
Hotel room nights: 548,000 in Q1 FY27 (~+30% YoY); 1,936,000 for FY26 (+16% YoY).^[5][2]
Air gross margin: 4.2% in Q1 FY27 (down from 4.6%); 3.96% for FY26, up from 3.4% in FY25 and 2.7% in FY24.^[5][2]
Hotels and Packages gross margin: 9.95% in Q1 FY27 (up from 9.05%); 9.25% for FY26 (+65 bps YoY).^[5][2]
B2B (corporate) share of gross bookings was in the mid-60s% in Q1 FY27, edging down from the late-60s%; B2B:B2C mix was 60:40 in Q3 FY26.^[5][6]
MICE served 80,000+ travellers and executed approximately 500 programs in FY26; MICE gross take rate is 9 - 10% with contribution margins exceeding 50%.^[1][6]

Corporate customers and distribution

Corporate customer retention stood at ~97% in Q1 FY27; 71% of top 100 customers have been with Yatra for more than five years.^[5][1]
163 new corporate customers added in FY26 with annual billable value of INR 9,568 million, up from 148 customers and INR 7,475 million in FY25.^[2]
53 new corporate customers added in Q1 FY27 with INR 2,223 million expected annual billable potential.^[5]
More than 60% of corporate transactions are completed through the self-booking platform; online adoption target is 80 - 85% over time.^[1][6]
Yatra operates 9 national offices; exports accounted for 2.59% of total turnover on a standalone basis in FY26.^[1]

Operations and technology

A team of approximately 15 data scientists supports AI-led application development; DIYA AI is used to optimise corporate operations headcount.^[1][6]
GCP (Google Cloud Platform) migration has improved hotel content distribution to domestic and international API/affiliate partners, described as a highly margin-accretive business.^[2]
As of March 31, 2026, Yatra had 1,583 full-time employees including subsidiaries; standalone permanent headcount was 1,233 (78% male, 22% female).^[1]

Acquisitions and corporate structure

Yatra acquired Globe Travel Services, bringing approximately 360 corporate accounts and MICE expertise; Globe has been profitable for three consecutive quarters since acquisition as of Q2 FY26.^[1][7]
Mumbai NCLT sanctioned the amalgamation of 6 wholly-owned subsidiaries into Yatra Online Limited on October 14, 2025, with an appointed date of April 1, 2024.^[7]
Yatra Online Limited is a subsidiary of Yatra Online, Inc. (the parent); it has a wholly owned subsidiary, Yatra Middle East LLC.^[1]

Expansion initiatives

Kanoo Travel partnership: Yatra is deploying its corporate travel platform in the Middle East via Kanoo Travel; people costs landed in Q1 FY27 and revenue contribution began in mid-July 2026.^[5]
Standalone hotel business grew gross bookings ~34%, revenues 62%, and room nights ~30% YoY in Q1 FY27; hotel supply expansion is the stated strategic priority.^[5]
Corporate credit card product is in development with banking partners; MDR cost structure is being negotiated with no near-term launch date confirmed as of Q1 FY27.^[5]
MCP protocol integrations and agentic AI product announcements were expected in Q1/Q2 FY27.^[2]

Recent developments

West Asia conflict caused MICE gross bookings to fall ~INR 300 million YoY in Q1 FY27, with a ~INR 60 million gross margin impact; international share of bookings fell from ~40% to under 30%.^[5]
MICE Q2 FY27 bookings were already tracking approximately 50% higher than Q1 FY27 as of the Q1 earnings call.^[5]
FY26 adjusted EBITDA reached INR 917 million (+37.5% YoY), described as the most profitable year in Yatra's 20-year history.^[2]
Cash flow from operations rose to INR 761 million in FY26, up from INR 73 million in FY25.^[2]

Market Cap

₹1,206 Cr

High / Low

₹202 / 75

Stock P/E

38.6

Price / Book

1.4

Book Value

₹53

EPS

₹3.0

No. of Shares

15.69 Cr

ROCE

7.3%

ROE

5.8%

OPM

6.3%

Debt / Equity

0.09

Sales

₹1,007 Cr

Net Profit

₹47 Cr

Promoter holding

62.7%

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