Buy Yatra Online, target price Rs 140: JM Financial

JM Financial has a buy call on Yatra Online with a revised target price of Rs 140 (Rs 135 earlier). The current market price of Yatra Online is Rs 79.21. The time period given by the analyst is a year when Yatra Online Ltd. price can reach defined target. Yatra Online, incorporated in 2005, is a Small Cap company with a market cap of Rs 1247.64 crore, operating in the Services sector.

Yatra Online's key products/revenue segments include Tour & Travel Operations and Other Operating Revenue for the year ending 31-Mar-2024.



Financials
For the quarter ended 31-12-2024, the company has reported a Consolidated Total Income of Rs 241.31 crore, down -1.23% from last quarter Total Income of Rs 244.31 crore and up 102.44% from last year same quarter Total Income of Rs 119.20 crore. The company has reported net profit after tax of Rs 10.01 crore in the latest quarter.

The company's top management includes Mr.Murlidhara Kadaba, Mr.Dhruv Shringi, Ms.Neelam Dhawan, Ms.Deepa Misra Harris, Mr.Rohit Bhasin, Dr.Anup Wadhawan. Company has S R Batliboi & Associates LLP as its auditors. As on 31-12-2024, the company has a total of 16 Crore shares outstanding.


Investment Rationale
JM Financial has reduced its GBR estimates by 0.3-2.9% over FY25-27, due to continued weakness in the air segment; however, the consolidated revenue estimates are up by 1-12% due to the consolidation of Globe Travels and growing contribution from MICE. JM Financial has tweaked its FY26/27 EBITDA margin forecasts by c.30-50bps basis better clarity of cost structure post the first quarter of Globe Travels consolidation. In addition, they have tweaked other income and tax rate forecasts leading to change in EPS estimates by +3.1%/-4.9% over FY26/27. While the target PER multiple is unchanged at 30x, the brokerage has rolled forward to Mar?26 leads to a revised FV of Rs 140.

Promoter/FII Holdings
Promoters held 64.46 per cent stake in the company as of 31-Dec-2024, while FIIs owned 3.09 per cent, DIIs 20.81 per cent.