YTRANasdaqTransportation ServicesUS GAAP · USD

Yatra Online, Inc.

Yatra Online, Inc. is a U.S.-incorporated holding company that owns and controls Yatra Online Limited, its operating travel platform in India. Through its Indian subsidiary and related entities, the group sells online travel services for air, rail, bus, cab, and hotel bookings to leisure and business travelers, with a strong focus on corporate travel in India.

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Revenue10.1bn USD
+26.6 %y/y
Operating profit (EBIT)-125m USD
−38.8 %y/y
EBIT margin-1.2%
−0.1 ppy/y
Net income-66.0m USD
−380.9 %y/y
Free cash flow623m USD
+276.1 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-2.50.02.55.07.510.012.5bn USD2021: 1.3 bn USD2021: EBIT -1.5 bn USD20212022: 2.0 bn USD2022: EBIT -0.43 bn USD20222023: 3.8 bn USD2023: EBIT 0.08 bn USD20232024: 4.2 bn USD2024: EBIT -0.16 bn USD20242025: 8.0 bn USD2025: EBIT -0.09 bn USD20252026: 10.1 bn USD2026: EBIT -0.13 bn USD202610.1-0.13
RevenueOperating profit (EBIT)
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Business

Share of revenue
Corporate travel services45 %

Travel management and booking services sold to companies and institutions for employee travel.

Air ticketing25 %

Domestic and international flight booking across Indian and global airlines.

Lodging and stays15 %

Hotel and homestay inventory for leisure and business travel across India and abroad.

Ground transport10 %

Bus, rail, and cab bookings for travel within India.

Ancillary travel services5 %

Add-on services tied to travel bookings and customer support around trips.

Customers

The core customers are corporate clients in India that use Yatra for managed travel procurement, policy compliance, and employee trip booking. The platform also serves SME customers and individual leisure and business travelers who book flights, hotels, and local transport through Yatra’s digital channels. Customer demand is driven by convenience, inventory breadth, and the ability to compare and book multiple travel products in one place.

Large corporate customers

Enterprises that use Yatra for travel management, policy control, and employee bookings.

SME customers

Small and mid-sized businesses that book business travel through the platform.

Leisure travelers

Consumers booking flights, hotels, homestays, buses, and cabs for personal trips.

Business travelers

Individuals and company travelers using the platform for convenient trip booking.

Strategy

Yatra’s strategy centers on deepening its corporate travel franchise while using its digital platform to cross-sell flights, lodging, and ground transport. A broad hotel inventory and multi-product booking experience support customer retention, while the large corporate and SME base provides repeat travel demand. The business also benefits from combining domestic India coverage with international booking options for Indian travelers.

Grow corporate travel shareMedium term

Corporate accounts are the most strategic source of repeat booking volume and relationship stickiness.

Broaden product mixShort term

Offering flights, hotels, cabs, rail, and buses increases booking frequency and customer retention.

Leverage hotel inventory scaleMedium term

Large accommodation inventory helps improve conversion and differentiate the platform in online travel.

Geography

Yatra Online, Inc. is a U.S. parent company, but the operating business is centered in India through Yatra Online Limited in Gurugram. The business is predominantly India-based in customer reach, supplier relationships, and inventory, while also offering international flight and hotel coverage to Indian travelers. Its geography therefore combines a domestic India operating base with cross-border travel inventory and booking activity.

Risks

Yatra’s business is exposed to travel demand cycles, airline and hotel supply conditions, and competition from other online travel agencies and travel management companies. Because much of the value proposition depends on corporate relationships and third-party inventory, disruptions in supplier access, pricing, or client retention can quickly affect booking volume. The company also has India concentration risk, making it sensitive to Indian travel regulation, consumer behavior, and macroeconomic conditions.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Travel demand volatility1Corporate customer concentration2Competitive pressure in online travel3India operating concentration4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Travel demand volatilityImpact: HighLikelihood: Medium

    The business depends on discretionary and corporate travel volumes that can fall during weaker macro conditions.

    ExposureFlightHotelGround transport bookings
  2. Corporate customer concentrationImpact: HighLikelihood: Medium

    A meaningful part of the business is tied to large enterprise accounts and repeat travel procurement.

    Exposure: Corporate travel management

  3. Competitive pressure in online travelImpact: MediumLikelihood: High

    OTAs and TMCs compete on inventory, pricing, user experience, and corporate relationships.

    Exposure: OTA and corporate travel market

  4. India operating concentrationImpact: MediumLikelihood: High

    Most operating activity and revenue generation are centered in India, making results sensitive to one market.

    Exposure: India travel market

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Accounting

Judgemental items
Travel booking revenue recognition

Revenue timing depends on when the underlying service is fulfilled and netting of cancellations or promotions.

Impact: Can shift reported revenue between periods

Seasonality

Travel demand varies by holiday periods, corporate travel patterns, and booking cycles.

Impact: Affects comparability of quarterly results

Foreign currency translation

The parent reports in USD while operations are largely in INR.

Impact: Can create translation effects on consolidated results

Provisions and contingent liabilities

Legal and compliance matters can require judgment on recognition and measurement.

Impact: May affect expenses and balance sheet reserves

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Last updated: 28/09/2026