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) Beneish M-score
Yatra Online, Inc.'s Beneish M-score for fiscal 2026 is −2.77; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.77 | (1.24) |
| FY2025 | −1.53 | 0.13 |
| FY2024 | −1.65 | (0.82) |
| FY2023 | −0.84 | 0.68 |
| FY2022 | −1.51 | 2.39 |
| FY2021 | −3.90 | (0.90) |
| FY2020 | −3.00 | (1.82) |
| FY2019 | −1.18 | 2.04 |
| FY2018 | −3.22 | 1.28 |
| FY2017 | −4.50 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.77 | — | 0.71 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.04 | — | 0.42 | |
| Sales growth index | 1.15 | — | 1.03 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 0.86 | — | −0.15 | |
| Total accruals to total assets | (0.05) | — | −0.25 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.77 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TRIP TripAdvisor, Inc. compare | −2.9× |
| PRSU Pursuit Attractions and Hospitality, Inc. compare | −2.8× |
| YTRA Yatra Online, Inc. | −2.8× |
| TNL Travel + Leisure Co. compare | −2.7× |
| TOUR Tuniu Corporation compare | −1.6× |
| NTRP NextTrip, Inc. compare | −1.5× |
| MOND Mondee Holdings, Inc. compare | 0.0× |
| AHMA Ambitions Enterprise Management Co. L.L.C compare | 4.1× |
| LIND Lindblad Expeditions compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI