MeritValue

Yatra Online, Inc.

YTRAdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Yatra Online, Inc. earns about -85% on invested capital, but has diluted owners by 7% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$17.4M1$26.2M2$46.6M3$50.3M4$93.1M5
Net income−$16.1M6−$6.3M7−$3.52M8−$4.21M9−$1.25M10
Operating cash flow$10.5M11−$12.8M12−$23.9M13−$17.2M14−$3.41M15
Capital expenditure$15,00016$118,00017$241,00018$244,00019$733,00020
Free cash flow (derived)$10.5M11−$12.9M12−$24.1M13−$17.4M14−$4.14M15
Total debt—————
Cash & equivalents$22.6M21$9.74M22$6.04M23$20.4M24$6.42M24
Diluted shares57.8M62.4M63.0M63.1M62.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$10.19
your share of equity
Profit it earned you last year
−$0.2
Free cash flow it threw off
−$0.67
Debt you’d be carrying
—

10 shares is a claim on $10.19 of net worth that earned you −$0.2 and generated −$0.67 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-85% avg · 5y
FY21 —FY22 -243%FY23 -90%FY24 -7%FY25 0%

It earned an average -85% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+7% shares · 5y

Share count is up 7% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F/A · period ending 2021-03-31 · accession 0001493152-22-007713 (RevenueFromContractsWithCustomers)
  2. 20-F · period ending 2022-03-31 · accession 0001493152-22-020860 (RevenueFromContractsWithCustomers)
  3. 20-F · period ending 2023-03-31 · accession 0001493152-23-028502 (RevenueFromContractsWithCustomers)
  4. 20-F · period ending 2024-03-31 · accession 0001493152-24-029794 (RevenueFromContractsWithCustomers)
  5. 20-F · period ending 2025-03-31 · accession 0001641172-25-021717 (RevenueFromContractsWithCustomers)
  6. 20-F/A · period ending 2021-03-31 · accession 0001493152-22-007713 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2022-03-31 · accession 0001493152-22-020860 (ProfitLossAttributableToOwnersOfParent)
  8. 20-F · period ending 2023-03-31 · accession 0001493152-23-028502 (ProfitLossAttributableToOwnersOfParent)
  9. 20-F · period ending 2024-03-31 · accession 0001493152-24-029794 (ProfitLossAttributableToOwnersOfParent)
  10. 20-F · period ending 2025-03-31 · accession 0001641172-25-021717 (ProfitLossAttributableToOwnersOfParent)
  11. 20-F/A · period ending 2021-03-31 · accession 0001493152-22-007713 (CashFlowsFromUsedInOperatingActivities)
  12. 20-F · period ending 2022-03-31 · accession 0001493152-22-020860 (CashFlowsFromUsedInOperatingActivities)
  13. 20-F · period ending 2023-03-31 · accession 0001493152-23-028502 (CashFlowsFromUsedInOperatingActivities)
  14. 20-F · period ending 2024-03-31 · accession 0001493152-24-029794 (CashFlowsFromUsedInOperatingActivities)
  15. 20-F · period ending 2025-03-31 · accession 0001641172-25-021717 (CashFlowsFromUsedInOperatingActivities)
  16. 20-F/A · period ending 2021-03-31 · accession 0001493152-22-007713 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  17. 20-F · period ending 2022-03-31 · accession 0001493152-22-020860 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  18. 20-F · period ending 2023-03-31 · accession 0001493152-23-028502 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  19. 20-F · period ending 2024-03-31 · accession 0001493152-24-029794 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  20. 20-F · period ending 2025-03-31 · accession 0001641172-25-021717 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  21. 20-F · period ending 2021-03-31 · accession 0001493152-22-020860 (CashAndCashEquivalents)
  22. 20-F · period ending 2022-03-31 · accession 0001493152-23-028502 (CashAndCashEquivalents)
  23. 20-F · period ending 2023-03-31 · accession 0001493152-24-029794 (CashAndCashEquivalents)
  24. 20-F · period ending 2024-03-31 · accession 0001641172-25-021717 (CashAndCashEquivalents)