By Ks Badri Narayanan
Copyright thehindubusinessline
Target: ₹257
CMP: ₹141.20
Established in 2006, Yatra Online Ltd (Yatra) is India’s largest corporate-focused Online Travel Agency, serving over 1,300 large corporates and 58,000+ SMEs as of FY25. The company holds about 10 per cent share in large corporates and around 8 per cent in SMEs, catering to an employee base of over 9 million. Its deep integration with client Human Resource Management System and Enterprise Resource Planning systems drives around 97 per cent customer retention, with 73 per cent of its top 100 clients associated for more than five years.
On the consumer side, Yatra had around 1.56 crore registered users in FY25, supported by around 1.06 crore website visits and about 2.1 crore mobile app downloads. Customer stickiness is strong, with 59 per cent of bookings from repeat users and nearly 81 per cent of traffic from direct or organic channels, reflecting brand equity.
The company reported a Gross Booking Value of ₹7,073.20 crore in FY25, with air ticketing contributing about 78 per cent of GBV. Revenue Less Service Cost stood at ₹387.50 crore, with 49 per cent from airlines, 29 per cent from hotels and holidays, 15 per cent from advertising and the balance from other services. With strong footholds in both B2B and B2C travel, Yatra is well positioned to benefit from India’s expanding travel ecosystem. We initiate coverage on Yatra with a Buy rating, valuing the business at 35x P/E on FY28E.
Published on September 29, 2025
