Yatra Online Q1 FY27 Results (NSE: YATRA)
Signal: Revenue declined
The read
The trajectory has sharply deteriorated at the consolidated level: after Q1FY26 revenue of ₹209.81 Cr and OPM of 11% in the prior results series, Q1FY27 revenue fell 10.4% YoY and EBITDA declined 42.2%; the parent remained operationally positive, but consolidated PAT of ₹0.34 Cr was sustained mainly by ₹4.15 Cr of other income equal to 532.1% of PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹187.9 Cr | -10.4% | N/A |
| EBIT | ₹5.4 Cr | -72.3% | |
| Net profit | ₹0.34 Cr | -97.9% | |
| EPS | ₹0.02 | -98.0% | |
| EBIT margin | 8.8% |
P&L walk
Consolidated revenue declined 10.4% YoY to ₹187.9 Cr, EBITDA fell 42.2% to ₹16.57 Cr and EBIT fell 72.3% to ₹5.4 Cr; PAT of ₹0.34 Cr was largely supported by other income of ₹4.15 Cr, which equalled 532.1% of PBT.
Segments
The consolidated result materially diverged from the parent: standalone revenue grew 48.9% YoY and EBITDA grew 23.7%, whereas consolidated revenue fell 10.4% and EBITDA fell 42.2%, indicating a major drag from subsidiaries or other group entities.
Key positives
- Standalone revenue rose 48.9% YoY to ₹157.04 Cr and standalone EBITDA rose 23.7% to ₹19.13 Cr, showing that the parent platform retained operating growth despite the consolidated contraction.
- Standalone EBITDA margin was 12.2% versus consolidated EBITDA margin of 8.8%, highlighting stronger economics within the parent entity.
- EPS tracked PAT in the consolidated accounts, with PAT down 97.9% and EPS down 98.0%, providing no evidence of dilution-driven EPS weakness.
Key concerns
- Consolidated revenue fell 10.4% YoY to ₹187.9 Cr and EBITDA fell 42.2% to ₹16.57 Cr, reversing the positive margin arc recorded through Q1FY26-Q3FY26 in the prior results series.
- Standalone revenue grew 48.9% YoY but standalone PAT fell 14.8% to ₹6.28 Cr, indicating weak conversion from operating growth to bottom-line growth.
- Consolidated PAT fell 97.9% to ₹0.34 Cr despite ₹16.57 Cr of EBITDA, signalling substantial below-EBITDA pressure not explained by the supplied P&L detail.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.