Yatra Online, Inc.
YTRA Consumer Cyclical Travel Services
Yatra Online, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $107.4 million, up 15.3% from fiscal 2025. In the quarter to June 2026, revenue fell 18.9%, EPS fell 32.0%, free cash flow fell 145.7% and total debt rose 443.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Yatra Online, Inc. (YTRA) Altman Z-score
Yatra Online, Inc.'s Altman Z-score for fiscal 2026 is −0.17, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | −0.17 | 0.46 |
| FY2025 | −0.63 | (0.34) |
| FY2024 | −0.29 | 2.10 |
| FY2023 | −2.39 | 1.30 |
| FY2022 | −3.69 | 0.18 |
| FY2021 | −3.87 | (1.84) |
| FY2020 | −2.04 | (1.03) |
| FY2019 | −1.00 | 0.27 |
| FY2018 | −1.28 | (1.51) |
| FY2017 | 0.24 | (2.73) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.42 | — | 0.50 | |
| Retained earnings / total assets | (1.53) | — | −2.15 | |
| EBIT / total assets | (0.01) | — | −0.03 | |
| Market value of equity / total liabilities | 1.26 | — | 0.76 | |
| Sales / total assets | 0.75 | — | 0.75 | |
| Altman Z-score | Distress zone | −0.17 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.65 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AHMA Ambitions Enterprise Management Co. L.L.C compare | 35.8× |
| PRSU Pursuit Attractions and Hospitality, Inc. compare | 2.6× |
| TNL Travel + Leisure Co. compare | 2.3× |
| TRIP TripAdvisor, Inc. compare | 1.7× |
| LIND Lindblad Expeditions compare | 0.6× |
| YTRA Yatra Online, Inc. | −0.2× |
| MOND Mondee Holdings, Inc. compare | −0.4× |
| TOUR Tuniu Corporation compare | −5.9× |
| NTRP NextTrip, Inc. compare | −7.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets