Le Travenues Technology Limited (IXIGO)
₹144.46 +4.59% last close, 16 Oct
Q2 FY27 results
📅 Next results: 17 Oct 2026 (board meeting)Le Travenues Technology Limited's board meets on 17 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q4 FY26, Le Travenues' revenue was ₹308 Cr (+8.5% year on year, -3.8% on the previous quarter), and net profit ₹32.0 Cr (+88.2% year on year); the operating margin was 6.5%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹308 | +8.5% | -3.8% |
| Operating profit | ₹20.0 | -4.8% | -16.7% |
| Net profit | ₹32.0 | +88.2% | +33.3% |
| EPS (₹) | 0.73 | +69.8% | +32.7% |
| Operating margin | 6.5% | — | — |
IXIGO delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 41.49% of the IXIGO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.18%. The price rose 4.59% on unusually low delivery, so more of the move than usual was intraday trading. It traded 2.3 times its average daily volume.
Delivery in the last 5 sessions: 58.2% · 53.2% · 55.6% · 49.1% · 41.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Le Travenues Technology Limited (IXIGO) has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from RTA MUFG Intime India Private Limited confirms that security certificates received for dematerialisation were processed and confirmed to depositories within prescribed timelines. The mutilated and cancelled certificates were verified, and the depository names were appropriately substituted in the register of members. This is a standard quarterly administrative filing with zero impact on operational or financial metrics.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 03, 2026
- Filing made with BSE and NSE on October 06, 2026
Shareholders of Le Travenues Technology Limited (ixigo) approved an increase in the company's authorised share capital at the Annual General Meeting held on September 30, 2026. The authorised share capital was raised from ₹50.17 crore to ₹100.00 crore, comprising 99 crore equity shares of ₹1 each and 10 lakh preference shares of ₹10 each. The alteration to Clause V of the Memorandum of Association enables headroom for future equity issuances, stock-based compensation, or acquisitions. As of TTM FY26, the company generated revenue of ₹1,225 crore and net profit of ₹72 crore.
- Authorised share capital increased from ₹50,17,00,000 to ₹1,00,00,000,000
- Authorised equity share component increased to 99,00,00,000 Equity Shares of ₹1 each
- Authorised preference share component expanded to 10,00,000 Preference Shares of ₹10 each from 10,000
- Shareholder approval was secured at the 20th AGM on September 30, 2026
Le Travenues Technology Limited (ixigo) announced the voting results of its 20th Annual General Meeting held on September 30, 2026. All six ordinary and special resolutions were approved by shareholders with the required majority. Notably, the special resolution under Section 186 for loans and investments passed with 77.43% approval (22.57% against), while borrowing limit enhancements under Section 180(1)(c) passed with 93.33% approval. A total of 390,736,394 votes were polled across 79,273 shareholders on record.
- All 6 resolutions passed at the 20th AGM held on September 30, 2026
- Enhanced borrowing limits under Section 180(1)(c) approved with 93.33% votes in favour (364,680,955 votes)
- Section 186 loan/investment limits approved with 77.43% in favour and 22.57% against (88,186,194 votes against)
- Re-appointment of director Frederic Lalonde approved with 80.91% in favour (institutional dissent of 46.60%)
- Total voter turnout stood at 88.59% representing 390,736,394 polled votes out of 79,273 record-date shareholders
Le Travenues Technology (ixigo) conducted its 20th Annual General Meeting on September 30, 2026, with 68 members attending virtually. Key business items tabled included adoption of FY26 financials, re-appointment of retiring director Frederic Lalonde, and increasing the authorized share capital. Crucially, the company sought shareholder approvals to enhance borrowing limits under Section 180(1)(c) and expand investment/guarantee limits under Section 186. The final voting outcomes and Scrutinizer's report will be declared within two working days.
- 20th AGM held on September 30, 2026, from 02:00 PM to 03:28 PM IST via video conferencing
- 68 members attended the AGM virtually
- Special resolutions tabled for enhancement of borrowing limits (Section 180(1)(c)) and investments/loans under Section 186
- Combined e-voting results and Scrutinizer's report to be announced within 2 working days
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.
- 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
Le Travenues Technology Limited (IXIGO) announced that company officials will attend the BofA Asia Pacific Conference 2026 on September 21, 2026. The event will be a group meeting held in Hong Kong starting at 10:00 A.M. HKT. The company confirmed that only publicly available information will be discussed and no unpublished price sensitive information (UPSI) will be shared.
- Scheduled meeting date: September 21, 2026
- Event: BofA Asia Pacific Conference 2026
- Format and time: Group Meeting at 10:00 A.M. (HKT)
- Location: Hong Kong
- No unpublished price sensitive information (UPSI) will be shared
Le Travenues Technology Limited (ixigo) has scheduled an analyst and investor interaction at the Jefferies 5th India Forum on September 18, 2026. The meeting will be held in a group format in Gurugram starting at 10:00 AM IST. Company officials will refer strictly to publicly available information, with no unpublished price-sensitive information (UPSI) to be disclosed. This is a standard corporate intimation pursuant to SEBI Listing Regulations.
- Scheduled meeting date: Friday, September 18, 2026
- Conference name: Jefferies 5th India Forum
- Meeting format and start time: Group Meeting at 10:00 A.M. (IST)
- Location: Gurugram, India
Le Travenues Technology Limited (IXIGO) has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 under SEBI LODR Regulation 34. The standalone disclosures indicate that ticketing revenue represented 91.32% of total turnover, followed by advertising at 5.91%. The company reported a total workforce of 865 personnel (624 permanent), with permanent employee attrition improving to 17.33% from 24.97% in FY25. During the year, IXIGO resolved 6,54,324 customer complaints with 703 pending at year-end, while reporting zero data breaches.
- Ticketing services generated 91.32% of standalone turnover, with advertising contributing 5.91% in FY26
- Total headcount stood at 865 employees (624 permanent and 241 non-permanent)
- Permanent employee attrition dropped to 17.33% in FY26 compared to 24.97% in FY25 and 24.75% in FY24
- Resolved 6,54,324 customer complaints in FY26, with zero incidents of data breaches or cyber security complaints
Le Travenues Technology Limited (ixigo) has scheduled its 20th Annual General Meeting for September 30, 2026, and released its Annual Report for FY 2025-26. The report highlights FY26 Gross Transaction Value (GTV) of ₹18,692.68 Cr (up 25% YoY) and revenue from operations of ₹1,228.04 Cr (up 34% YoY). Net profit for the year stood at ₹71.48 Cr, representing an increase of 19% YoY. The company closed the year with 82.98 million monthly active users and over 57 crore annual active users.
- 20th Annual General Meeting scheduled for September 30, 2026 via video conferencing.
- FY26 Gross Transaction Value reached ₹1,86,926.84 Mn (₹18,692.68 Cr), up 25% YoY.
- Revenue from operations grew 34% YoY to ₹12,280.39 Mn (₹1,228.04 Cr) in FY26.
- Profit for the year increased 19% YoY to ₹714.81 Mn (₹71.48 Cr).
- Monthly Active Users (MAU) reached 82.98 million, with 85.55% repeat transaction rate.
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.
- 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
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.
- 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
IXIGO's appeal against a GST demand of ₹89.8 lakh plus an equivalent penalty has been rejected by the Additional Commissioner, CGST (Appeals), Gurugram. The dispute involves the classification of services provided to overseas entities, such as Booking.com B.V., as 'intermediary services' rather than tax-exempt 'export of services'. The total financial implication (excluding interest) is approximately ₹1.80 crore, which represents about 2.5% of the company's TTM PAT of ₹72 crore. The company maintains a strong case and intends to escalate the matter to the Goods and Services Tax Appellate Tribunal.
- GST demand of ₹89,80,778 and a matching penalty of ₹89,80,778 upheld by the appellate authority.
- Dispute pertains to the period from July 01, 2017, to March 31, 2023 (FY18 to FY23).
- Total principal and penalty amount of ~₹1.80 crore is approximately 0.15% of TTM revenue.
- Company intends to file a further appeal before the Hon’ble Goods and Services Tax Appellate Tribunal.
- Order-in-Appeal was received by the company on August 06, 2026.
IXIGO's board has approved a €219,200 (approx. ₹2.01 Cr) investment into its Singapore subsidiary, IXIGO PTE. LTD., to fund an optionally convertible loan to its Spanish associate, Squad As Service, S.L. (Sqaas). This transaction is financially small, representing approximately 0.16% of the company's TTM revenue of ₹1,225 Cr. While the loan can be converted into equity in the future, there is no immediate change in shareholding or control. The company noted that this disclosure is voluntary as the amount falls below the regulatory materiality threshold.
- Board approved €219,200 investment in IXIGO PTE. LTD. for 219,200 ordinary shares
- Singapore subsidiary to grant an optionally convertible loan of €219,200 to Spanish associate Sqaas
- Total investment value represents ~0.16% of TTM revenue and ~0.10% of Net Worth
- No immediate change in shareholding or control of the Spanish associate has occurred
- Transaction is below the quantitative materiality threshold under SEBI Regulation 30
Le Travenues Technology Limited (IXIGO) has released the audio recording of its earnings call for the quarter ended June 30, 2026. This is a routine regulatory compliance filing following the announcement of its quarterly financial results. The company currently operates with a TTM revenue of ₹1,225 crore and a TTM PAT of ₹72 crore. Investors can access the recording to hear management's detailed commentary on their 35-40% growth target and AI-led expansion strategies.
- Audio recording for the earnings call held on August 6, 2026, is now publicly available.
- The call pertains to the financial performance for the quarter ended June 30, 2026.
- Company maintains a significant user base of 82.18 million Monthly Active Users (MAU) as of H1 FY26.
- Management continues to focus on a 'utility-first' approach to convert train status users into transactional customers.
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.
- 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
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 39.39% YoY to INR 9,142.46 million in FY25. Segment growth: Flight revenue increased 73.09% to INR 2,533.93 million; Train revenue grew 23.36% to INR 4,569.02 million; Bus revenue rose 49.44% to INR 1,969.24 million.
Geographic Revenue Split
A significant portion of the user base is derived from non-Tier I cities (Next Billion Users), with over 50% of new flight bookers originating from the NBU app user base. Specific regional percentage splits are not disclosed.
Profitability Margins
Profit After Tax (PAT) moderated to INR 602.52 million in FY25, a 17.53% decline from INR 730.61 million in FY24, primarily due to a net tax charge of INR 259.64 million. Standalone PAT grew 17.55% to INR 634.50 million.
EBITDA Margin
EBITDA surged 86.36% to INR 988.84 million in FY25, with margins improving from 7.98% to 10.61%. Adjusted EBITDA grew 71.34% to INR 947.72 million, maintaining a 10% margin in Q2 FY26 despite capacity headwinds.
Capital Expenditure
The company raised INR 740.10 crore through its IPO in June 2024 and is undertaking a preferential issuance of INR 1,296 crore to fund AI-led growth, hotel OTA investments, and inorganic opportunities.
Credit Rating & Borrowing
Current borrowings stood at INR 63.23 million as of March 31, 2025, down 80.47% from INR 323.69 million in FY24. Specific credit ratings and interest rate percentages are not disclosed.
Operational Drivers
Raw Materials
As a digital travel platform, primary operational costs are Employee Benefits (17.89% of revenue at INR 1,636.17 million) and Other Expenses including Payment Gateway and Cloud costs (73.26% of revenue at INR 6,697.65 million).
Import Sources
Not applicable for an OTA; however, technology infrastructure is sourced globally via cloud service providers and payment aggregators.
Key Suppliers
Key partners include IRCTC (trains), various domestic and international airlines (flights), and bus operators. Specific tech vendors like AWS or Google Cloud are implied but not named.
Capacity Expansion
Current capacity is measured by 82.18 million Monthly Active Users (MAU) as of H1 FY26. Expansion is focused on the Hotel OTA space and AI-first customer experiences using the INR 1,296 crore fundraise.
Raw Material Costs
Other expenses (including marketing and tech costs) increased 42.20% to INR 6,697.65 million in FY25. Discounts increased 57.44% to INR 2,770.71 million to support user retention.
Manufacturing Efficiency
Operational efficiency is reflected in the 131.45% rise in Profit Before Tax (excluding exceptional items) in FY25, driven by operating leverage as revenue grew faster than fixed costs.
Logistics & Distribution
Distribution is entirely digital via the ixigo, ConfirmTkt, and AbhiBus apps, targeting the Next Billion Users (NBU) segment.
Strategic Growth
Expected Growth Rate
35-40%
Growth Strategy
Growth will be driven by a 'One-stop' multi-brand ecosystem, scaling the Hotel OTA segment, and AI-led customer experience enhancements. The company uses a 'utility-first' approach to convert train status users into transactional customers.
Products & Services
Train ticket bookings, Flight ticket bookings, Bus ticket bookings, Food delivery on trains (Zoop), and Value-Added Services (Travel Guarantee, Price Lock).
Brand Portfolio
ixigo, ConfirmTkt, AbhiBus, Zoop.
New Products/Services
Expansion into the Hotel OTA space and enhanced food delivery services via the Zoop acquisition (majority stake) to increase the average transaction value per user.
Market Expansion
Deepening penetration in non-Tier I cities (NBU markets) and expanding the service portfolio to include a comprehensive 'AI-first' travel stack.
Market Share & Ranking
Maintains OTA market leadership in the train segment. Flight revenue grew 60% in Q2 FY26, significantly outperforming the overall market which contracted by 2%.
Strategic Alliances
Partnership with FreshBus (associate company) and the acquisition of Zoop Web Services to bolster the food-on-track segment.
External Factors
Industry Trends
The industry is shifting toward mobile-first, AI-driven booking experiences. ixigo is positioning itself as an 'AI-first' travel ecosystem to capture the growing NBU market which is expanding faster than Tier I.
Competitive Landscape
Competes with better-capitalized OTAs; however, ixigo maintains higher capital efficiency, growing 23x in revenue vs pre-COVID (FY19) levels.
Competitive Moat
Moat is built on a utility-led ecosystem (train tracking) that drives low-cost customer acquisition and high retention. This is sustainable due to the high switching costs of integrated travel apps and localized multilingual support.
Macro Economic Sensitivity
Travel demand is sensitive to inflation and economic slowdowns, which can delay recovery in business and outbound travel segments.
Consumer Behavior
Shift toward localized, multilingual interfaces and a preference for value-added 'peace of mind' services like flexible cancellations.
Geopolitical Risks
Geopolitical tensions and visa restrictions are cited as primary risks that can impact international travel demand and operational recovery.
Regulatory & Governance
Industry Regulations
Operations are subject to IRCTC's ticketing policies and aviation regulations. Changes in visa policies or travel restrictions directly impact segment volumes.
Environmental Compliance
Not disclosed as a significant cost factor for the digital platform.
Taxation Policy Impact
The company faced a significant reversal of tax credits in FY25, leading to a deferred tax charge of INR 174.62 million compared to a credit of INR 121.21 million in FY24.
Legal Contingencies
Share issue expenses of INR 11.67 million were recorded in FY25. Specific pending court case values are not disclosed in the provided text.
Risk Analysis
Key Uncertainties
Capacity constraints in aviation and seasonal impacts (stronger monsoons) can impact quarterly GTV growth by 5-10%.
Geographic Concentration Risk
High concentration in the Indian domestic market, specifically targeting the 'Next Billion Users' in non-Tier I cities.
Third Party Dependencies
Significant dependency on IRCTC for the train segment, which remains the largest revenue contributor (INR 4,569.02 million).
Technology Obsolescence Risk
Mitigated by continuous investment in AI and mobile evolution; the company is transitioning to an 'AI-first' customer experience to stay competitive.
Credit & Counterparty Risk
Trade receivables stood at INR 1,388.75 million; the company maintains a strong balance sheet with significant cash reserves from the IPO and recent fundraise.
