Target: ₹257
CMP: ₹141.20
Yatra Online Ltd, established in 2006, stands as India’s largest corporate-focused Online Travel Agency, catering to over 1,300 large corporates and more than 58,000 small and medium enterprises (SMEs) as of FY25. The company boasts a 10 percent market share among large corporates and approximately 8 percent among SMEs, serving an employee base exceeding 9 million. Yatra’s integration with client Human Resource Management Systems and Enterprise Resource Planning systems contributes to an impressive 97 percent customer retention rate, with 73 percent of its top 100 clients remaining associated for over five years.
On the consumer front, Yatra reported around 15.6 million registered users in FY25, driven by approximately 10.6 million website visits and about 21 million downloads of its mobile app. Customer loyalty is evident, with 59 percent of bookings made by repeat users and nearly 81 percent of traffic originating from direct or organic sources, indicating robust brand equity.
In FY25, Yatra recorded a Gross Booking Value (GBV) of ₹7,073.20 crore, with air ticketing accounting for about 78 percent of this total. The company’s revenue, after service costs, amounted to ₹387.50 crore, with 49 percent originating from airlines, 29 percent from hotel and holiday bookings, 15 percent from advertising, and the remainder from other services. With significant strengths in both B2B and B2C travel segments, Yatra is strategically positioned to capitalize on the growth of India’s travel ecosystem. Coverage of Yatra has been initiated with a Buy rating, assigning a valuation based on a 35x price-to-earnings ratio for FY28 estimates.
Published on September 29, 2025.
