One-glance verdict
Within fair range
$1.14 our estimate vs market $1.12
1% below our estimate
Fundamentals snapshot
Yatra Online, Inc.
YTRA · NCM · Consumer Cyclical · Travel Services
Current price
$1.12
52-week range
$0.72 - $2.00
Market cap
$71.99M
Balance sheet
Healthy
-0.99x Concerning
Net cash $6.55M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
2 Risks
2 rewards · 2 risks
- Reward Revenue grew 26.6% last year.
- Reward Free cash flow was positive in 1/10 years.
- Risk Insider ownership is only 17.9% (peer median: 39.7%).
- Risk Return on equity was -1.7% last year — the company lost money on shareholders' equity.
What this company does
Yatra Online, Inc.
Yatra Online is a digital travel agency based in India where people can book flights, hotels, and vacation packages online or through an app. The company makes most of its money from selling airline tickets, with hotels and other travel services making up the rest. This means Yatra's success is closely tied to how many people are traveling for business and leisure, especially within India's growing market.
How the company got here
Yatra Online was founded in 2006 to make travel easier for people in India by using the internet. It started by selling airline tickets online and quickly grew by adding hotel bookings and holiday packages. Over the years, Yatra has made several key acquisitions (buying other companies) to expand its services, such as purchasing hotel aggregator Travelguru and corporate travel provider Air Travel Bureau Ltd. A major turning point was its decision to focus heavily on business and corporate travel, which has become a large part of its operations. The company was listed on the NASDAQ stock exchange in the U.S. in 2016 and later on Indian stock exchanges in 2023, allowing more people to invest in its growth.
What it actually does
Yatra Online is an online travel agency, which is like a digital travel agent that helps you book all parts of your trip in one place. Through its website and mobile app, you can search for, compare prices, and book flights, hotels, homestays, buses, trains, and rental cars. Beyond individual vacationers, Yatra also provides travel management services for a large number of corporate clients, helping businesses handle all their employees' travel needs. Think of it as a one-stop shop for both personal and business travel, offering everything from a single flight ticket to complete holiday packages and corporate travel solutions.
Air Ticketing
This is Yatra's core business, where it earns money by selling airline tickets for both domestic and international flights. For every ticket booked through its platform, the airline pays Yatra a commission (a small percentage of the sale). Customers, both individuals and businesses, use Yatra to find and compare flight options from nearly all major airlines. This segment is a significant and steady part of the company's business, driving a large volume of transactions.
Hotels and Packages
This part of the business focuses on booking accommodations, like hotels and homestays, and selling bundled holiday packages. The company earns a commission from hotels for each room booked and makes money on the packages it creates, which might include flights, hotels, and tours. This segment is very important for the company's profitability because margins (the profit made on each sale) are typically higher on hotel bookings and packages than on air tickets. It represents the largest part of the company's revenue.
Other Services
This segment includes a variety of smaller but important travel-related services. It covers things like bus and train ticket bookings, cab rentals, and helping customers with visa applications. The company also earns revenue from selling travel insurance and facilitating tours and other activities. While this is the smallest of the three segments, it helps Yatra be a comprehensive travel provider, meeting more of its customers' travel needs in one place.
What management is betting on now
Management's current strategy is heavily focused on expanding its leadership in corporate travel, seeing it as a major area for growth. The company is investing in technology, especially artificial intelligence (AI), to make the booking and expense management process smarter and more efficient for its business clients. Another key priority is global expansion, aiming to bring its corporate travel services to new markets outside of India. By strengthening its B2B (business-to-business) offerings and using advanced technology, Yatra aims to increase its market share and improve its operating efficiency.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $1.14 vs current price $1.12
Our most-likely fair value is $1.14 a share — about 1.5% away from today's price of $1.12, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net cash $6.5M - more cash than debt. Interest coverage -1.0x.
Net debt
$-6.55M
Interest coverage
-0.99x
Yatra Online, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
YTRA
BASELINE
Yatra Online, Inc.
Total debt $16.00M Interest coverage -0.99x This is the baseline the peer rows are being compared against.
Total debt $689.46K Interest coverage 5.56x This peer still has a real interest-payment cushion, while YTRA does not.
Total debt $205.16K Interest coverage -28,643.54x Neither company has much profit cushion over interest right now.
Total debt $4.01M Interest coverage -327.05x Neither company has much profit cushion over interest right now.
Total debt $40.92M Interest coverage 37.32x This peer still has a real interest-payment cushion, while YTRA does not.
What you should know
The case for and against YTRA
2 Rewards
2 Risks
Rewards
-
Revenue grew 26.6% last year.
-
Free cash flow was positive in 1/10 years.
Risks
-
Insider ownership is only 17.9% (peer median: 39.7%).
-
Return on equity was -1.7% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
12.46x
P/B
1.24x
P/S
0.01x
EV/EBITDA
-23.61x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
27.3%
Operating margin
3.0%
Net margin
-2.6%
ROE
-1.7%
ROA
-1.0%
Health
Liquidity and balance-sheet strength
Debt / equity
0.18x
Current ratio
2.24x
Quick ratio
1.89x
Total debt
$16.00M
Total cash
$22.54M
Growth
How the business has been compounding
Revenue TTM
$102.72M
Revenue 5Y CAGR
38.1%
EPS TTM
-0.04
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$6.89M
Free CF TTM
$2.20M
FCF margin
2.1%
Dividend
Shareholder payout
Yield
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Payout ratio
0.0%
Last ex-div date
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