--- title: "Antique 维持对 Yatra 的买入评级；认为中东的影响是暂时的，预计有 87% 的上涨空间" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/279201680.md" description: "Antique Stock Broking 对 Yatra Online 维持 “买入” 评级，指出尽管由于中东紧张局势导致 MICE 业务暂时受到干扰，但其基本面依然强劲。该券商预计企业差旅将增长 20%，B2C 业务将增长 10%，这得益于技术升级和战略合作伙伴关系。尽管 FY26-FY28 的盈利预期下调了 4%，但目标价修订为 ₹187，较当前价格 ₹99.59 有 87% 的上涨空间。Yatra 强大的客户基础和对企业差旅的关注使其在未来增长中处于良好位置" datetime: "2026-03-15T20:19:33.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279201680.md) - [en](https://longbridge.com/en/news/279201680.md) - [zh-HK](https://longbridge.com/zh-HK/news/279201680.md) --- # Antique 维持对 Yatra 的买入评级；认为中东的影响是暂时的，预计有 87% 的上涨空间 **Yatra Online share price today:** Brokerage firm Antique Stock Broking has maintained its ‘Buy’ rating on Yatra Online, an online travel services provider, citing strong fundamentals despite near-term disruptions in its MICE (Meetings, Incentives, Conferences and Exhibitions) segment due to ongoing tensions in the Middle East. The brokerage noted that while travel disruptions and safety concerns in Gulf countries, key destinations such as the UAE, may temporarily impact the seasonally strong fourth-quarter MICE business, most events are likely to shift to later quarters unless the conflict persists. Excluding this impact, Antique said the overall outlook for Yatra remains strong, driven by its focus on profitable and sticky corporate travel. Factoring in the IndiGo-related disruption and the Middle East conflict, Antique trimmed its FY26–FY28 earnings estimates by 4 per cent each and reduced its valuation multiple to 27x from 32x. It has revised the target price to ₹187 per share, down from ₹230 earlier. The target implies a potential upside of 87 per cent from Friday, March 13, closing price of ₹99.59 on the NSE. Around 09:30 AM, shares of Yatra Online were trading at ₹100.20, up 1.11 per cent. In comparison, the benchmark NSE Nifty 50 was quoting at 23,117 levels, down by 34 points or 0.15 per cent. The company has a total market capitalisation of ₹1,572 crore. ### Here's why Antique Stock Broking is upbeat on Yatra Online: ### Ongoing tensions impacting MICE business According to the brokerage, the ongoing conflict has affected around ₹400 million worth of MICE business across the Middle East and Tashkent. The segment contributes nearly 45 per cent of Yatra’s hotel and packages bookings and is a high-margin segment. The fourth quarter is typically a strong period for MICE, with the Middle East accounting for about 25-30 per cent of the company’s overall business. Analysts said such disruptions usually lead to events being deferred to subsequent quarters, though a prolonged conflict could result in some cancellations. However, the impact on air ticketing has been limited so far, with corporate travel volumes seeing only a marginal decline, which is expected to be largely offset by higher ticket prices, while the B2C segment has not experienced any significant impact. ### Overall business outlook remains strong According to Antique, Yatra’s overall business outlook remains strong across both the corporate and B2C segments. The company expects around 20 per cent growth in its corporate travel business, driven by higher spending from existing clients, new corporate customer additions, and cross-selling opportunities in hotels and MICE. The company has also strengthened its sales team to increase wallet share from existing clients and accelerate customer acquisition among MSMEs and large corporates. On the B2C side, the company has invested in technology upgrades and improved execution capabilities, with management expecting around 10 per cent growth supported by strategic partnerships and organic growth. ### Yatra to capitalise on growing corporate travel Analysts said online penetration in corporate travel remains low at 20 per cent, while companies are increasingly using technology to improve efficiency and reduce costs. Yatra has a strong technology platform and extensive experience in corporate travel, putting it in a good position to benefit from the shift from offline to online bookings. Additionally, the corporate spending on MICE has been rising, and Yatra’s strong client base offers good cross-selling opportunities. The brokerage added that the impact of AI on the online travel industry is still uncertain. For Yatra, management said corporate travel is a managed service that needs significant customisation, so AI is not seen as a major risk for this segment. "We remain optimistic and believe YATRA will continue its strong performance given its emphasis on growing the corporate business. Increased corporate bookings and the growing share of hotel and MICE business will help in margin expansion, thereby improving profitability," the brokerage said in its note. _**Disclaimer: Views and outlook shared belong to the brokerage/analysts and are not endorsed by Business Standard. Readers' discretion is advised.**_ ### 相关股票 - [YTRA.US](https://longbridge.com/zh-CN/quote/YTRA.US.md) ## 相关资讯与研究 - [金、银、铂金都在急跌，市场人士预期乐观](https://longbridge.com/zh-CN/news/287034017.md) - [瑞银上调爵士制药评级：核心业务韧性强劲，新药 Ziihera 成增长引擎](https://longbridge.com/zh-CN/news/286920691.md) - [印度准备重启霍尔木兹海峡过境，派油轮赴中东装货](https://longbridge.com/zh-CN/news/287048938.md) - [中东最新！美伊谈判，传来大消息！](https://longbridge.com/zh-CN/news/286881767.md) - [伊朗威胁称若美国发动攻击 将把报复行动范围扩大至中东之外](https://longbridge.com/zh-CN/news/287057688.md)