Last Updated on February 27, 2026 by Rajat Bhati
Markets are often driven by momentum, and profitable opportunities are often hidden within sector-wide corrections. One of India’s leading corporate travel providers, Yatra Online, is facing a similar situation. It has fallen 35% since the beginning of 2026. When retail investor confidence is waning, two leading brokerages—Antique Stock Broking and Keynote Capitals—value the stock at healthy levels and predict it to double from its current level of INR 119 per share. Brokerage houses believe the market has overreacted to AI fears, making the current price point a great entry point for value investors.
Robust Growth and Resilience Amid Sectoral Volatility
Travel tech stocks are facing a tough time due to the volatility and uncertainty expected from AI. Yatra Online stock price has fallen 35% year-to-date (CY26). However, analysts at both Antique and Keynote believe this downtrend will not last long. Yatra performed strongly in Q3 of FY26, driven by massive growth in both its corporate (B2B) and consumer (B2C) divisions. The Q4 FY26 will be historically strong, and management expects profit after tax (PAT) to reach approximately INR 55 crore in FY26. Notably, the company recently sold 1.8% of its equity by promoter entity THCL Travel Holding to fund administrative expenses.
Yatra Online Target Price
- Antique has placed a target price of INR 230 per share, valuing Yatra at a FY28 P/E of 32x and implying a nearly 93% upside from the current market price.
- Keynote Capitals is even more bullish, with a target price of INR 236, suggesting a 98% upside from the CMP.
Both brokerages maintain a BUY rating and see Yatra as a prime beneficiary of the ongoing digital transformation in corporate India and the rising adoption of online travel services.
Key Financial Highlights
| Metric | FY25E | FY26E | FY27E | FY28E |
|---|---|---|---|---|
| Revenue Less Service Cost | 387.5 | 508.8 | 617.4 | 753.9 |
| EBITDA | 44.4 | 102.3 | 136.5 | 182.2 |
| PAT | 36.6 | 56.5 | 95.4 | 145.3 |
| EPS (INR) | 2.3 | 3.6 | 6.1 | 9.3 |
| ROE (%) | 5 | 7 | 11 | 14 |
| P/E (x) | 36.7 | 43.3 | 25.6 | 16.8 |
Notably, Yatra is expected to deliver a 45% earnings CAGR over FY25-28E, with EBITDA margins expanding from 11% in FY25 to 24% by FY28. The company’s asset-light model and growing scale in the high-margin corporate and hotel & packages (H&P) segments are key drivers of this anticipated margin expansion.
Corporate Travel: The Engine of Growth
Yatra’s core focus is corporate travel and it is expected to grow at a CAGR of 12% in the medium term. Current online penetration stands at ~20%, which offers a headroom for growth. Yatra’s entrenched relationships—with a base of over 1,300 corporate clients.
The company also onboarded 40 new corporate clients in Q3 FY26 with an annual billing capacity of INR 220 crore. The Meetings, Incentives, Conferences and Events (MICE) segment is expected to recover in Q4 FY26, with 70-80% of deferred revenue set to flow back.
In the B2C segment, Q3 FY26 shows a healthy recovery due to product innovation, improved user experience, and strategic partnerships. Air ticketing and hotels & packages revenues grew 32% and 25% YoY, respectively. The integration of emerging AI technologies—such as the “DIYA AI” platform—is expected to optimize operations, reduce costs, and enhance the customer experience.
Margin and Return Expansion
The company has an EBITDA margin of 17.6% in Q3 FY26 (up 460 bps YoY), and management is targeting expansion towards 24% by FY28E. They also projected to double the ROE, reaching 14% by FY28.
Yatra Online Valuation and Outlook
Both Antique and Keynote said that Yatra Online valuation is attractive. The stock is currently trading at 16-17x FY28E EPS, which is a huge discount to peers, considering the growth.
In short, Yatra Online is a high-growth player in the digital travel space. Analysts view the Yatra Online share price decline as an attractive opportunity to enter.
Disclaimer: The article is for informational purposes only and does not constitute investment advice. Please consult your financial advisor before making any investment decisions.