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ixigo Q2 FY27 PAT Reaches Record ₹63.42 Cr; Revenue Up 13% YoY to ₹320.96 Cr
ixigo reported a 13% YoY growth in revenue from operations to ₹320.96 Cr and a 22% YoY increase in Gross Transaction Value (GTV) to ₹5,304.47 Cr for Q2 FY27. Profit After Tax reached an all-time high of ₹63.42 Cr, heavily boosted by a one-off partial stake sale in Freshbus. However, Adjusted EBITDA declined 17% YoY to ₹23.58 Cr compared to ₹28.48 Cr in Q2 FY26. Operationally, the newly disclosed Hotels segment surged with GTV up 159% YoY to ₹111.34 Cr and revenue expanding 528% to ₹8.1 Cr.
Confidence: HIGH
What changedixigo reported its Q2 FY27 financial performance and separated out Hotels as an independent reporting line for the first time.
Why it mattersWhile headline PAT reached a record due to a stake sale, core operating EBITDA contracted 17% YoY, highlighting margin pressures despite rapid hotel expansion.
Revenue from Operations (Q2 FY27): Rs. 320.96 CrPAT (Q2 FY27): Rs. 63.42 CrAdjusted EBITDA: Rs. 23.58 CrGross Transaction Value (GTV): Rs. 5,304.47 CrHotels GTV: Rs. 111.34 Cr
📅 Short termThe market may look past the headline PAT jump given that it was aided by a non-operating partial stake sale in Freshbus, focusing instead on the 17% drop in Adjusted EBITDA.
📈 Long termScaling the high-margin Hotel OTA segment (12%+ take rate) from its captive user base provides a pathway to higher blended gross margins if execution sustains.
⚠ Risk flags
- High PAT is driven by a one-off asset sale rather than pure operational expansion
- Adjusted EBITDA contracted 17% YoY, indicating rising operating costs or reinvestment drag
Key Highlights
Revenue from operations grew 13% YoY to ₹320.96 Cr from ₹284.23 Cr in Q2 FY26
GTV climbed 22% YoY to ₹5,304.47 Cr, driven by Flight GTV (+37%) and Bus GTV (+32%)
Reported PAT hit a record ₹63.42 Cr, supported by a partial stake sale in Freshbus
Adjusted EBITDA dropped 17% YoY to ₹23.58 Cr from ₹28.48 Cr in the year-ago period
Hotels GTV reached ₹111.34 Cr (+159% YoY) with room nights exceeding 4.7 lakh (+295% YoY)
👀 What to Watch
Track core operational profitability excluding the one-time gain from the Freshbus divestment, and monitor whether the high-growth Hotels segment sustains its 12%+ take rates into H2.
IXIGO Q2 FY27 Revenue Up 13% to ₹320.96 Cr; PAT at ₹63.42 Cr Aided by One-Off Gain
Le Travenues Technology (ixigo) reported a 13% YoY growth in revenue from operations to ₹320.96 Cr for Q2 FY27, while Gross Transaction Value (GTV) rose 22% to ₹5,304.47 Cr. Operating profitability weakened as Adjusted EBITDA fell 17% YoY to ₹23.58 Cr due to higher tech and employee investments, primarily scaling the Hotels segment. Reported PAT surged to an all-time high of ₹63.42 Cr, heavily boosted by an exceptional one-off gain of ₹40.66 Cr from selling a stake in Freshbus. Hotels was broken out as a new reporting segment, delivering ₹8.1 Cr revenue and ₹111 Cr GTV.
Confidence: HIGH
What changedIxigo reported Q2 FY27 financial results and officially broken out its Hotels business into a standalone reporting segment alongside Trains, Flights, and Buses.
Why it mattersCore business profitability is currently subsidizing new growth engines (Hotels and AI infrastructure), resulting in near-term EBITDA compression despite steady top-line and GTV expansion.
Q2 FY27 Revenue: ₹320.96 CrQ2 FY27 GTV: ₹5,304.47 CrAdjusted EBITDA: ₹23.58 CrReported PAT: ₹63.42 CrFreshbus Stake Sale Gain: ₹40.66 CrFreshbus Gain vs TTM PAT: ~56.5%
📅 Short termMarket focus may center on the divergence between headline PAT (distorted by the ₹40.66 Cr one-off gain) and the 17% drop in operational Adjusted EBITDA.
📈 Long termScaling high-take-rate businesses like Hotels (over 12% take rate) and deploying proprietary AI tools (TARA) offers potential margin expansion once upfront investments taper.
⚠ Risk flags
- Operating EBITDA contraction (-17% YoY) due to rising personnel and technology expenses
- High reliance on one-off divestment gains for reported net profit headline
- Hotels segment remains loss-making at contribution margin level (₹-1.2 Cr)
Key Highlights
Gross Transaction Value (GTV) grew 22% YoY to ₹5,304.47 Cr in Q2 FY27
Revenue from operations increased 13% YoY to ₹320.96 Cr, while Contribution Margin rose 14% to ₹124.86 Cr
Adjusted EBITDA declined 17% YoY to ₹23.58 Cr, impacted by ~₹10 Cr incremental investments in the Hotels segment
PAT reached ₹63.42 Cr, substantially boosted by a one-time gain of ₹40.66 Cr from stake sale in Freshbus
Hotels segment reported separately: GTV reached ₹111 Cr (up 2.6x YoY) with revenue at ₹8.1 Cr and negative contribution margin of ₹(1.2) Cr
👀 What to Watch
Track operating EBITDA margins excluding one-offs over upcoming quarters to gauge when hotel and AI investments begin yielding operating leverage.
IXIGO Q2 FY27: GTV Up 22% to ₹5,305 Cr, Revenue Up 13% to ₹321 Cr
Le Travenues Technology (ixigo) released its Q2 FY27 investor presentation, reporting a 22% YoY increase in Gross Transaction Value (GTV) to ₹5,304.47 crore. Revenue from operations increased by 13% YoY to ₹320.96 crore, while Contribution Margin grew 14% YoY to ₹124.86 crore. Adjusted EBITDA declined 17% YoY to ₹23.58 crore, although reported PBT grew 37% to ₹33.53 crore (partly aided by an all-time high PAT driven by a partial stake sale in Freshbus). The company also introduced its new Hotels vertical disclosure, which saw GTV jump 2.6x YoY to ₹111 crore with take rates exceeding 12%.
Confidence: HIGH
What changedIxigo filed its Q2 FY27 investor presentation, breaking out its Hotels segment for the first time and revealing operational metrics alongside unaudited Q2 results.
Why it mattersShows operational growth in flight and bus verticals despite domestic aviation capacity bottlenecks, with margin diversification accelerating via high-take-rate hotel bookings.
Q2 FY27 GTV: ₹5,304.47 CrQ2 FY27 Revenue from operations: ₹320.96 CrQ2 FY27 Adjusted EBITDA: ₹23.58 CrHotels GTV: ₹111 CrH1 FY27 MAUs: 8.59 Crore
📅 Short termMarket reaction may be measured as double-digit top-line and GTV expansion is counterbalanced by a 17% decline in Adjusted EBITDA.
📈 Long termGrowth in higher-margin categories like Hotels (>12% take rate) and AI-driven customer support automation (82% voice queries resolved) provides structural operating leverage potential.
⚠ Risk flags
- Domestic flight supply constraints impacting overall seat availability
- Dependency on railway ticketing (IRCTC ecosystem) for top-of-funnel traffic
- Adjusted EBITDA contraction of 17% YoY
Key Highlights
Q2 FY27 Gross Transaction Value (GTV) rose 22% YoY to ₹5,304.47 crore
Revenue from operations grew 13% YoY to ₹320.96 crore; H1 FY27 reached ₹677.71 crore
Adjusted EBITDA declined 17% YoY to ₹23.58 crore, with an EBITDA margin of 13% in H1 FY27
Newly disclosed Hotels segment achieved ₹111 crore GTV (up 159% YoY) with a gross take rate >12%
Monthly Active Users (MAUs) reached 8.59 crore in H1 FY27, with an ancillary attach rate of 30%
👀 What to Watch
Track the EBITDA margin trajectory in upcoming quarters to see if operational leverage offsets tech and marketing expenses, and monitor the scaling pace of the high-margin Hotel OTA segment.
Ixigo Receives ₹23.8 Cr GST Show Cause Notice on Bus Booking Tax Rates
Le Travenues Technology (Ixigo) has received a Show Cause Notice dated September 29, 2026, from Karnataka tax authorities proposing an aggregate demand of ₹23.80 crore for FY 2022-23. The demand comprises ₹13.75 crore in tax, ₹8.67 crore in interest, and a penalty of ₹1.38 crore. The dispute stems from the tax department's contention that Ixigo should pay 18% GST rather than 5% on passenger bus transportation services. Ixigo noted that an identical notice for FY 2021-22 involving ₹3.05 crore was previously dropped by authorities after hearings, and plans to contest this notice.
Confidence: HIGH
What changedIxigo received a GST Show Cause Notice proposing a differential tax, interest, and penalty demand of ₹23.80 crore for FY 2022-23.
Why it mattersThe ₹23.80 crore proposed demand represents approximately 33% of Ixigo's TTM net profit (₹72 crore), posing a moderate contingent financial risk if not resolved like the previous year's notice.
Total proposed demand: ₹237,950,666Tax demanded: ₹137,543,738Penalty proposed: ₹13,754,374Demand as % of TTM PAT: ~33%
📅 Short termCompany will contest the notice with its tax advisors; sentiment may see minor overhang given the claim represents a third of annual profit, though precedents are favorable.
📈 Long termLimited, assuming classification rules under Section 9(5) for e-commerce bus transport remain consistent with prior favorable determinations.
⚠ Risk flags
- Adverse tax adjudication could lead to recurring claims across other financial years
- Uncertainty regarding potential provisioning requirement
Key Highlights
Proposed total demand of ₹23,795,066 (~₹23.80 crore) for FY 2022-23
Demand includes ₹13.75 crore tax, ₹8.67 crore interest, and ₹1.38 crore penalty
Tax authorities argue bus transport bookings should be taxed at 18% instead of the 5% discharged by Ixigo
Prior identical notice of ₹3.05 crore for FY 2021-22 was previously dropped in company's favour
👀 What to Watch
Track the outcome of the company's formal response and personal hearings with Karnataka commercial tax authorities, and whether provisions are required if the demand is confirmed.
81% PAT growth in Q1 FY27; GTV reaches all-time high of ₹5,524 Cr
Ixigo reported a strong Q1 FY27 with Profit After Tax (PAT) rising 81% YoY to ₹34.24 cr, despite a 7% dip in adjusted EBITDA to ₹29.24 cr due to strategic reinvestments in Hotels and AI. Gross Ticketing Value (GTV) hit a record ₹5,524 cr, up 19% YoY, primarily driven by a 39% surge in the bus segment (AbhiBus). While the aviation sector faced headwinds with domestic airfares rising 22%, Ixigo gained market share with 4% flight segment growth against a stagnant broader market. The company is now exploring entry into the SME and corporate travel segments to further diversify its demand base.
Confidence: HIGH
What changedThe company released its Q1 FY27 earnings transcript, detailing a significant jump in profitability and record transaction volumes despite aviation industry headwinds.
Why it mattersIt demonstrates the resilience of Ixigo's multi-modal travel platform, where growth in buses and trains offset aviation sector constraints, maintaining market share gains in a high-fare environment.
Q1 PAT Growth: 81% YoYQ1 GTV: ₹5,524 crBus GTV Growth: 39% YoYQ1 Revenue vs TTM Revenue: 29.1%Adjusted EBITDA: ₹29.24 cr
📅 Short termThe stock may react positively to the strong bottom-line growth and record GTV, though the slight decline in adjusted EBITDA due to reinvestment will be a point of scrutiny.
📈 Long termIxigo's strategy to capture the 'Next Billion User' through a multi-modal ecosystem and AI-led efficiency provides a structural growth path, especially as it scales higher-margin hotel and corporate segments.
⚠ Risk flags
- Aviation capacity constraints
- High airfare inflation impacting Tier-2/3 demand
- Regulatory dependency on IRCTC for train ticketing
Key Highlights
Profit After Tax (PAT) increased by 81% YoY to ₹34.24 cr for the quarter ended June 30, 2026
Gross Ticketing Value (GTV) reached an all-time high of ₹5,524 cr, representing 19% YoY growth
Bus segment GTV grew by 39% YoY, becoming the largest vertical by contribution margin
Domestic flight Average Transaction Value (ATV) increased 22% YoY, while international ATV rose 38%
Revenue from operations grew 13% YoY to ₹356.75 cr, approximately 29% of TTM revenue
👀 What to Watch
Monitor the execution of the new Hotel OTA segment and the impact of AI investments on operating margins in upcoming quarters. Watch for aviation capacity restoration in Q3 FY27, which management identified as a key trigger for flight segment recovery.
₹36.6 Cr Stake Sale: IXIGO Divests 17.39% in Freshbus at 3.3x Return
IXIGO (Le Travenues Technology) has entered into an agreement to sell a 17.39% stake in its associate company, Freshbus Private Limited, for a cash consideration of ₹36.6 crore. The sale price of ₹7,911 per share is significantly higher than IXIGO's 2022 acquisition cost of ₹2,344 per share, representing a ~237% gain on the divested portion. Freshbus contributed a loss of ₹11.22 crore to IXIGO's consolidated financials in FY26. Post-sale, IXIGO's holding will drop from 25.66% to 8.27%, and Freshbus will cease to be an associate company.
Confidence: HIGH
What changedIXIGO is partially exiting its investment in Freshbus, reducing its stake by 17.39% and reclassifying the remaining 8.27% as a standard investment rather than an associate company.
Why it mattersThe move allows IXIGO to book a substantial profit on an early-stage investment and removes a loss-making associate from its consolidated P&L, potentially improving consolidated margins.
Sale Consideration: ₹36.6 CrSale vs TTM Revenue: ~3.0%Exit Multiple on Cost: 3.37xFreshbus FY26 Loss Contribution: ₹11.22 CrRemaining Stake: 8.27%
📅 Short termPositive impact on stock sentiment due to cash realization and profit booking on a non-core investment.
📈 Long termReflects management's ability to identify and exit early-stage travel tech investments profitably; reduces consolidated earnings drag from loss-making associates.
⚠ Risk flags
- Loss of potential future upside if Freshbus achieves significant scale
- Buyer Twelve Stone LLP is linked to the Freshbus founder
Key Highlights
Selling 46,264 CCPS at ₹7,911 per share for a total cash consideration of ₹36,59,94,504
Realizing a significant premium over the original October 2022 investment price of ₹2,344 per share
Freshbus contributed a share of loss amounting to ₹11.22 crore in FY26 consolidated results
Stake reduction from 25.66% to 8.27% results in Freshbus ceasing to be an associate company
Transaction expected to be completed on or before August 30, 2026
👀 What to Watch
Investors should watch for the realized gain to be reflected in the Q2 FY27 financial results and monitor how the company redeploys the ₹36.6 crore cash inflow.
81% YoY PAT Growth: ixigo Reports Record ₹34.24 Cr Profit in Q1 FY27
ixigo delivered a strong Q1 FY27 performance with Profit After Tax (PAT) surging 81% YoY to an all-time high of ₹34.24 Cr. Revenue from operations grew 13% YoY to ₹356.75 Cr, while Gross Transaction Value (GTV) reached ₹5,524.33 Cr, up 19% YoY. The company demonstrated significant operating leverage as EBITDA grew 65% YoY to ₹53.52 Cr. Notably, Flights has become the largest vertical by GTV, and the Bus segment (Abhibus) saw a robust 39% GTV growth.
Confidence: HIGH
What changedixigo reported record quarterly profits and revenue, with the Flights vertical overtaking Trains as the largest contributor to Gross Transaction Value.
Why it mattersThe results demonstrate strong operating leverage, with PAT growing six times faster than revenue. The shift towards higher-margin segments like Bus and Hotels, and market share gains in Flights, reduces dependency on the regulated train ticketing segment.
PAT (Q1 FY27): ₹34.24 CrRevenue (Q1 FY27): ₹356.75 CrGTV (Q1 FY27): ₹5,524.33 CrRevenue vs TTM Revenue: 29.1%Train OTA Market Share: 63%EBITDA Growth (YoY): 65%
📅 Short termThe stock is likely to react positively to the significant PAT beat and record GTV, reflecting strong execution in a seasonally active travel quarter.
📈 Long termThe structural shift towards a multi-modal travel platform and the emergence of Hotels as a growth engine could lead to sustained margin expansion over the coming years.
⚠ Risk flags
- Volatility in international flights due to geopolitical conflicts
- Domestic aviation capacity constraints
- Dependency on IRCTC for train ticketing volumes
Key Highlights
Profit After Tax (PAT) reached an all-time high of ₹34.24 Cr, an 81% increase over Q1 FY26
Gross Transaction Value (GTV) grew 19% YoY to ₹5,524.33 Cr, driven by multi-modal growth
Bus business GTV grew 39% YoY, significantly outpacing the broader market
Flights vertical grew 27% YoY in GTV, becoming the company's largest vertical by transaction value
Hotels segment recorded 0.5 million 'heads on beds' and expanded direct footprint to 10,000+ properties
👀 What to Watch
Monitor the scaling of the Hotels segment following the 54.66% Brevistay acquisition and the impact of AI-led customer experience on take rates. Watch for continued market share gains in the flight segment despite domestic aviation capacity constraints.
81% YoY PAT Growth to ₹34.24 Cr in Q1 FY27; Revenue up 13% to ₹356.75 Cr
IXIGO reported a strong 81% YoY increase in Profit After Tax (PAT) to ₹34.24 Cr for Q1 FY27, reaching an all-time high. Revenue from operations grew 13% YoY to ₹356.75 Cr, while Gross Transaction Value (GTV) expanded 19% to ₹5,524.33 Cr. However, Adjusted EBITDA declined 7% YoY to ₹29.24 Cr as the company reinvested operating leverage into the Hotels segment and AI-native platform 'ixigo NEXT'. The core business segments (Trains, Flights, Buses) continue to show operating leverage, while newer verticals remain in the investment phase.
Confidence: HIGH
What changedIXIGO reported its Q1 FY27 financial results, highlighting record PAT growth despite a slight dip in adjusted operating profits due to strategic reinvestments.
Why it mattersThe results demonstrate IXIGO's ability to maintain high GTV growth and bottom-line profitability while aggressively funding new growth verticals like Hotels and AI infrastructure.
Profit After Tax (Q1 FY27): ₹34.24 CrRevenue (Q1 FY27): ₹356.75 CrRevenue vs TTM Revenue: 29.1%GTV Growth (YoY): 19%Adjusted EBITDA: ₹29.24 CrAncillary Attach Rate: 31%
📅 Short termThe record PAT and strong GTV growth are likely to be viewed positively by the market, though the decline in Adjusted EBITDA highlights the cost of current expansion strategies.
📈 Long termStructural growth depends on achieving product-market fit in the budget hotel space and leveraging AI to reduce long-term headcount-related cost escalations.
⚠ Risk flags
- Margin compression due to ongoing investment in the Hotels segment
- Increased token and orchestration costs for AI infrastructure
- Dependency on airline and train capacity constraints
Key Highlights
Profit After Tax (PAT) surged 81% YoY to ₹34.24 Cr from ₹18.94 Cr in the previous year.
Gross Transaction Value (GTV) reached ₹5,524.33 Cr, registering a 19% YoY growth.
Revenue from operations increased 13% YoY to ₹356.75 Cr, representing ~29% of TTM revenue.
Adjusted EBITDA stood at ₹29.24 Cr, a 7% YoY decline due to brand investments like ConfirmTkt IPL spends.
Ancillary services maintained a healthy 31% attach rate, supporting contribution margins of ₹144.94 Cr.
👀 What to Watch
Monitor the scaling of the Hotels segment and the normalization of AI-related technology costs over the next 2-3 quarters. Investors should track if the productivity gains from the 'ixigo NEXT' platform translate into improved operating margins beyond the current 5.1% TTM OPM.
Rs 356.75 Cr Revenue: IXIGO Reports 13% YoY Growth and Record GTV in Q1 FY27
IXIGO (Le Travenues Technology) reported a record quarterly Gross Transaction Value (GTV) of Rs 5,524.33 Cr for Q1 FY27, representing a 19% YoY increase. Revenue from operations grew 13% YoY to Rs 356.75 Cr, while Profit Before Tax (before exceptional items) surged 68% to Rs 48.14 Cr. The bus segment was a key growth driver with a 39% YoY GTV increase. The company continues to leverage AI, with 92% of chat queries and 81% of voice calls now handled autonomously by AI agents.
Confidence: HIGH
What changedIXIGO transitioned its reporting currency to INR Crores and delivered record quarterly revenue and GTV, showing resilience despite macro headwinds.
Why it mattersThe results demonstrate IXIGO's ability to gain market share in the NBU (Next Billion User) market and improve profitability through AI-led operational efficiencies.
Q1 FY27 Revenue: Rs 356.75 CrQ1 Revenue vs TTM Revenue: 29.1%GTV Growth (YoY): 19%Adjusted PBT Growth (YoY): 68%Monthly Active Users (MAU): 8.54 CrAncillary Attach Rate: 31%
📅 Short termThe stock may see positive sentiment due to record revenue and strong PBT growth, though the 7% dip in Adjusted EBITDA warrants a closer look at cost structures.
📈 Long termThe company's shift toward high-margin segments like Hotels and its AI-native strategy could drive structural margin expansion over the next 2-3 years.
⚠ Risk flags
- Geopolitical volatility (Iran conflict) affecting travel demand
- Aviation sector capacity constraints
- High valuation with a P/E of 119.9
Key Highlights
Gross Transaction Value (GTV) reached an all-time high of Rs 5,524.33 Cr, up 19% YoY.
Revenue from operations increased to Rs 356.75 Cr, a 13% growth compared to Q1 FY26.
Bus business GTV grew significantly by 39% YoY, outperforming other segments.
AI efficiency reached new heights with 92% of chat queries resolved without human intervention.
Total cash balance remains strong at Rs 1,740.01 Cr as of the end of FY26.
👀 What to Watch
Monitor the execution of the Hotels business following the Brevistay acquisition and track how aviation capacity constraints (like runway closures) impact flight GTV in upcoming quarters.
ixigo to Acquire 54.66% Stake in Brevistay for ₹65.69 Crore to Expand Hotel Vertical
Le Travenues Technology Limited (ixigo) has announced the acquisition of a 54.66% majority stake in Brevistay Hospitality Private Limited for ₹65.69 crore. Brevistay is a leader in the flexible-stay (hourly booking) hotel segment and has achieved a revenue CAGR of over 50% while maintaining profitability. This acquisition increases ixigo's directly contracted hotel network to over 10,000 properties, significantly enhancing its supply-side capabilities in the high-margin accommodation sector. The deal includes a provision for ixigo to acquire the remaining stake in the future based on performance milestones.
Key Highlights
Acquisition of 54.66% stake for ₹65.69 crore through primary and secondary share purchases.
Brevistay brings a network that expands ixigo's combined direct hotel supply to over 10,000 properties.
Brevistay has demonstrated high growth with a revenue CAGR of over 50% and is already profitable.
Strategic focus on flexible-stay inventory aligns with ixigo's core transit-heavy customer base (trains and buses).
ixigo retains the right to acquire the remaining 45.34% stake in the future subject to specific conditions.
👀 What to Watch
Investors should monitor the integration of Brevistay's inventory into the ixigo app, as successful cross-selling to ixigo's large user base could significantly improve margins. This move reduces reliance on low-margin transportation bookings and strengthens the company's position in the competitive OTA hotel market.
IXIGO to acquire 54.66% stake in Brevistay for ₹65.69 Cr; invests ₹12 Cr in AI startups
Le Travenues Technology (IXIGO) has announced a majority acquisition of 54.66% in Brevistay Hospitality for ₹65.69 Crore, which will make Brevistay a subsidiary. The company is also investing ₹7.50 Crore for a 10.34% stake in Proactai and ₹4.50 Crore in Vestra.AI via Fully Convertible Debentures. These strategic moves are aimed at strengthening IXIGO's flexible hotel booking segment and accelerating its AI-powered software research and development. The total cash outlay for these transactions is approximately ₹77.69 Crore.
Key Highlights
Acquisition of 54.66% stake in Brevistay Hospitality for ₹65.69 Crore to strengthen flexible hotel booking business.
Brevistay's turnover grew from ₹8.83 Crore in FY24 to ₹18.10 Crore in FY26 (unaudited).
Investment of ₹7.50 Crore in Proactai for a 10.34% stake to harness AI capabilities in object tracking.
Subscription to ₹4.50 Crore of Fully Convertible Debentures in Vestra.AI for AI workflow automation.
All transactions are cash-based and expected to be completed by July 2026.
👀 What to Watch
Investors should monitor the integration of Brevistay as it adds a high-growth niche (hourly stays) to IXIGO's portfolio. The focus on AI startups suggests a long-term play on tech-driven efficiency, which could improve margins over time.
ixigo Reports FY26 Revenue Growth of 34% to ₹1,228 Cr; Q4 PAT Hits Record ₹32 Cr
Le Travenues Technology (ixigo) delivered strong FY26 results with revenue growing 34% YoY to ₹1,228 crores and a record Q4 PAT of ₹32 crores. The company achieved a Gross Transaction Value (GTV) of ₹18,693 crores for the full year, driven by market share gains in flights and buses. Despite regulatory headwinds in the train segment, the company maintained its OTA leadership with a 62% market share. Operating cash flow saw a significant 60% YoY increase to ₹96 crores, reflecting improved operational efficiency and AI-led automation.
Key Highlights
FY26 Revenue from operations grew 34% YoY to ₹1,228 crores with Adjusted EBITDA at ₹121 crores.
Full-year Gross Transaction Value (GTV) crossed ₹18,693 crores (approximately $2 billion).
Q4 PAT reached an all-time high of ₹32 crores, while operating cash flow for FY26 grew 60% to ₹96 crores.
Flights became the largest vertical by GTV (₹2,018 Cr in Q4), while Buses became the largest by contribution margin.
AI automation handled over 81% of voice and 91% of chat queries, contributing to a 31% value-added services attachment rate.
👀 What to Watch
Investors should monitor the company's successful diversification into high-margin segments like buses and flights, which offsets regulatory volatility in the train business. The strong growth in operating cash flow and AI-driven efficiency makes it a compelling growth play in the Indian OTA space.
Ixigo Reports Record Q4 PAT of ₹32.1 Cr (+91% YoY); FY26 Revenue Jumps 34% to ₹1,228 Cr
Le Travenues Technology (Ixigo) delivered a strong financial performance for FY26, with revenue from operations growing 34% YoY to ₹1,228 Cr. The company achieved an all-time high quarterly Profit After Tax (PAT) of ₹32.1 Cr in Q4, marking a 91% YoY increase. Growth was particularly robust in the Flight and Bus segments, which saw revenue increases of 54% and 51% respectively for the full year. Furthermore, the company demonstrated high operating efficiency with cash flow from operations surging 60% YoY to ₹195.7 Cr.
Key Highlights
Q4 FY26 PAT reached an all-time high of ₹32.1 Cr, a 91% increase over Q4 FY25.
Full-year FY26 Revenue from Operations grew 34% YoY to ₹1,228 Cr with GTV at ₹18,692.7 Cr.
Flight revenue grew 54% YoY to ₹390.7 Cr, while Bus revenue increased 51% YoY to ₹298.0 Cr.
Cash Flow from Operations surged 60% YoY to ₹195.7 Cr, reflecting strong cash conversion.
AI-driven efficiency reached a milestone with 81% of voice calls managed end-to-end by AI in Q4.
👀 What to Watch
Investors should take note of the significant scaling in the high-margin flight and bus segments and the company's ability to convert growth into substantial cash flow. The stock remains a strong play on the digitizing Indian travel market with improving profitability metrics.
ixigo FY26 Revenue jumps 34% to ₹12,280 Mn; Q4 PAT surges 91% to all-time high of ₹320.5 Mn
Le Travenues Technology (ixigo) reported a robust FY26 with revenue from operations growing 34% YoY to ₹12,280.39 Mn, fueled by significant growth in Flight (54%) and Bus (51%) segments. Despite a single-digit degrowth in the Train segment during Q4 due to a high base effect from the previous year's MahaKumbh and regulatory changes, the company maintained a dominant 62% OTA market share in trains. Profitability metrics were strong, with Q4 PAT rising 91% YoY to ₹320.50 Mn and annual operating cash flows increasing 60% to ₹1,957.32 Mn. The management is now focusing on an AI-native 'ixigo NEXT' platform to drive future engagement and cross-selling.
Key Highlights
FY26 Revenue from operations grew 34% YoY to ₹12,280.39 Mn, with Flight revenue surging 54% to ₹3,906.78 Mn.
Q4 FY26 Profit After Tax (PAT) reached an all-time high of ₹320.50 Mn, representing a 91% YoY increase.
Annual Gross Transaction Value (GTV) reached ₹186,926.84 Mn, growing 25% for the full financial year.
Cash flow from operations surged 60% YoY to ₹1,957.32 Mn, demonstrating strong operating efficiency.
Maintained leadership in the Train OTA segment with a 62% market share despite regulatory headwinds and supply constraints.
👀 What to Watch
Investors should view the strong growth in Flight and Bus segments as a successful diversification that reduces reliance on the Train business. The significant jump in PAT and operating cash flows suggests high scalability, making the stock attractive for long-term growth portfolios.
IXIGO FY26 Revenue Surges 34% to ₹12,280 Mn; Adjusted EBITDA Up 28% YoY
Le Travenues Technology (ixigo) reported a robust performance for FY26, with revenue from operations growing 34% YoY to ₹12,280.39 million. Adjusted EBITDA for the full year rose 28% to ₹1,209.47 million, while Cash Flow from Operations saw a significant 60% jump to ₹1,957.32 million. Despite a high base effect in Q4, the company maintained market share gains across flights, trains, and buses, with the flight segment becoming the largest vertical by Gross Transaction Value (GTV). The company is successfully transitioning to an AI-native model, with over 91% of customer chats now resolved by autonomous AI agents.
Key Highlights
FY26 Revenue from Operations grew 34% YoY to ₹12,280.39 million.
Adjusted EBITDA for FY26 increased by 28% to ₹1,209.47 million with a 10% margin.
Cash Flow from Operations surged 60% YoY to ₹1,957.32 million, reflecting strong operating discipline.
Flight segment GTV grew 33% YoY to ₹75,145.83 million, becoming the company's largest vertical by GTV.
AI efficiency reached a milestone with 91.15% of chats and 81.52% of voice queries resolved by autonomous agents.
👀 What to Watch
Investors should monitor the company's successful diversification into the flight and bus segments, which are balancing the traditional reliance on rail. The strong cash flow generation and AI-driven operational leverage provide a solid cushion for long-term growth in the expanding Indian travel market.
Ixigo Approves FY26 Audited Results; Allots 4.85 Lakh ESOP Shares
Le Travenues Technology (Ixigo) has approved its audited financial results for the quarter and full year ended March 31, 2026, with an unmodified auditor's opinion. The company also allotted 485,584 equity shares under various ESOP schemes, resulting in an increase in paid-up share capital from ₹43.82 crore to ₹43.87 crore. Auditor reports indicate that two subsidiaries contributed ₹26.79 crore in revenue but incurred a minor net loss of ₹0.56 crore for the fiscal year.
Key Highlights
Board approved audited consolidated and standalone financial results for FY26 with an unmodified opinion.
Allotted 485,584 equity shares of face value ₹1 each pursuant to exercise of stock options.
Total paid-up share capital increased to ₹438,669,111 following the ESOP allotment.
Audited subsidiaries reported total assets of ₹565.74 million and annual revenue of ₹267.94 million.
Trading window for designated persons is scheduled to reopen on May 24, 2026.
👀 What to Watch
Investors should analyze the full financial statements to evaluate core business growth versus subsidiary performance. The unmodified audit opinion confirms the reliability of the reported financial health.
ixigo Launches AI-Native App with Multimodal Assistant TARA and Agentic Travel Flows
ixigo has unveiled a completely redesigned AI-native travel app, moving from a transactional booking platform to an intelligent, conversational travel companion. The new app features TARA, a multimodal AI assistant supporting English, Hindi, and Hinglish, and introduces 'Agentic Travel Flows' for autonomous task handling like real-time flight monitoring and hotel coordination. Leveraging its massive scale of 54 crore Annual Active Users in Fiscal 2025, the company aims to enhance user engagement and personalization. This technological overhaul is designed to reduce travel anxiety and streamline the end-to-end journey for the 'Next Billion Users' in India.
Key Highlights
Launched a fully AI-native app rebuilt from the ground up to integrate AI across the entire user experience.
Reinvented TARA as a multimodal AI assistant supporting English, Hindi, and Hinglish for complex, intent-driven queries.
Introduced 'Agentic Travel Flows' where AI agents autonomously manage tasks like WhatsApp boarding passes and hotel coordination.
Leverages a massive user base of over 54 crore Annual Active Users recorded in Fiscal 2025.
New 'Trip Mode' feature consolidates all post-booking information and real-time alerts in a single, hyper-personalised view.
👀 What to Watch
Investors should monitor the impact of these AI features on user retention and booking conversion rates in upcoming quarterly results. The successful adoption of 'agentic' travel could provide ixigo with a significant competitive advantage over traditional online travel agencies.
ConfirmTkt Launches AI Seat Finder with RCB Campaign; Group Reaches 54 Cr Annual Active Users
ConfirmTkt, a subsidiary of ixigo, has launched 'AI Seat Finder,' a conversational AI tool powered by TARA to help users find confirmed train tickets. The feature is integrated into the app and supports English and Hindi, targeting the 'Next Billion Users' segment. The launch is supported by a marketing campaign featuring RCB players, leveraging ixigo's position as the official ticketing partner for the third year. The group reported over 54 crore Annual Active Users in FY25, highlighting its massive scale in the Indian OTA market.
Key Highlights
Launched 'AI Seat Finder' powered by TARA, an AI native agent for conversational train ticket discovery.
Leverages ixigo group's scale of over 54 crore Annual Active Users reported for FY25.
Renewed partnership with RCB for the 3rd consecutive year for the 2026 season.
Feature addresses the 'waitlist' pain point by suggesting alternate routes and boarding points.
Campaign features high-profile players including Virat Kohli to drive user engagement during the cricket season.
👀 What to Watch
Investors should monitor user growth and booking conversion rates following the AI feature rollout and IPL campaign. The focus on AI-driven solutions strengthens ixigo's competitive moat in the high-volume train ticketing segment.
ixigo Launches Native Travel Apps on ChatGPT for Conversational Planning and Bookings
ixigo has integrated its three core platforms—ixigo, ConfirmTkt, and AbhiBus—directly into ChatGPT, enabling conversational travel planning across flights, trains, buses, and hotels. This strategic move leverages ChatGPT's massive global user base of over 1 billion monthly users to drive discovery and bookings. The integration includes real-time flight tracking and intelligent fare insights, reinforcing ixigo's position as an AI-first travel platform. With over 54 crore Annual Active Users in Fiscal 2025, this expansion aims to further capture the 'Next Billion Users' segment in India.
Key Highlights
Integration of ixigo, ConfirmTkt, and AbhiBus apps into the ChatGPT ecosystem for end-to-end planning.
Access to a potential audience of over 1 billion monthly ChatGPT users via natural language prompts.
Real-time flight tracking and intelligent fare insights integrated directly into the conversational flow.
Seamless transition from AI-based discovery to final booking on ixigo's proprietary platforms.
Company reported over 54 crore Annual Active Users in Fiscal 2025, highlighting its scale.
👀 What to Watch
Investors should view this as a positive step in tech leadership that could lower customer acquisition costs. Monitor the impact on booking volumes and active user growth in upcoming quarterly results.
Coronation Fund Managers Increases Stake in Ixigo to 7.01% via Open Market
Coronation Fund Managers Ltd. has increased its stake in Le Travenues Technology Limited (Ixigo) by acquiring 475,000 shares through the open market. This acquisition represents 0.11% of the company's share capital, bringing Coronation's total holding to 7.01% of voting rights. The increase from the previous 6.90% stake demonstrates continued institutional confidence in the travel platform's business model. The transaction involved multiple funds under Coronation's management, including their Global Emerging Markets and Equity funds.
Key Highlights
Acquired 475,000 equity shares (0.11%) via open market purchases.
Total shareholding increased from 6.90% to 7.01% of voting capital.
Post-acquisition holding stands at 30,710,261 shares.
Diluted shareholding increased from 6.61% to 6.71% of the total capital.
The acquisition was completed on March 30, 2026, involving various global funds.
👀 What to Watch
The increase in stake by a reputable global fund manager is a positive indicator for long-term investors. Maintain a positive outlook on the stock while monitoring quarterly performance and institutional flow.
