Le Travenues Technology Ltd(IXIGO)

NSE: IXIGOBSE: 544192

₹ 145.6-2.64%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 6,422 crWebsite: www.ixigo.comUpdated: 24 Oct 2026

About

Le Travenues Technology Ltd (ixigo) is an AI-native Indian travel platform for booking rail, air, buses and hotels through its ixigo, Confirmtkt and AbhiBus apps. With over 57 crore Annual Active Users in Fiscal 2026, it describes itself as India's leading travel platform by user base, and it had an average OTA market share of 62% in trains during FY26. In FY26 it processed ₹18,692.7 crores of Gross Transaction Value across 141.52 million passenger segments, with revenue of ₹1,228.04 crores.^[1][2]

Business segments

Train: 41.6% of FY26 revenue (₹511.26 cr), EBIT margin 30.4%. Share fell 14.9 percentage points from FY24 to FY26 as flights and buses grew faster.^[3]
Flight: 31.8% of FY26 revenue (₹390.68 cr), EBIT margin 41.0%. Revenue share rose 9.5 percentage points from FY24 to FY26.^[3]
Bus: 24.3% of FY26 revenue (₹298.0 cr), EBIT margin 51.4%, the highest of all segments. Revenue share rose 4.2 percentage points from FY24 to FY26.^[3]
Others (including hotels): 2.3% of FY26 revenue (₹28.11 cr), EBIT margin 19.0%.^[3]
Hotels is reported as its own line of business from Q2 FY27. Its GTV grew 2.6x YoY to ₹111 cr at a 12.04% gross take rate. Contribution margin was -15%.^[4]
Flights became the largest business by GTV in Q4 FY26, and buses became the largest contributor to contribution margin.^[1]

Users and key operating numbers

GTV was ₹5,304 cr in Q2 FY27, up 22% YoY. FY26 GTV was ₹18,692.7 cr (+25% YoY).^[4][5]
Contribution margin was ₹124.86 cr (39%) in Q2 FY27, up 14%. It was 40.6% in Q1 FY27.^[4][5]
The ancillary attach rate was 30% in Q2 FY27, against 31% in Q1 FY27.^[4][5]
Monthly Active Users were 8.59 crore in H1 FY27, against 8.54 crore in Q1 FY27.^[4][5]
The repeat transaction rate was 86% in Q2 FY27, against 85.55% as of FY26. ixigo had 810.94 million lifetime downloads as of FY26.^[4][1]
Annual passenger segments were 141.52 million in FY26 (+15.10% YoY).^[6]
Annualised revenue per employee was about ₹2 cr in Q2 FY27. ixigo had 624 permanent employees in FY26.^[4][5]

Train vertical

Train gross take rate rose to 6.54% in Q2 FY27 from 5.90% a year earlier. Revenue grew 16% on 5% GTV growth, and contribution margin was 32% against 29%.^[4]
OTA market share in train bookings rose to 63% in Q1 FY27, from 62% in Q4 FY26.^[5]
Since Q2 FY26, volumes have been held back by Tatkal timing limits for OTAs, less waitlist inventory, mandatory Aadhaar verification and stricter Indian Railways anti-bot controls.^[7]
Other train services: more than 17 lakh meals on trains in Q1 FY27, metro ticketing live in five cities, and Bharat Darshan Rail Packages launched with IRCTC.^[5]
ixigo raised its stake in food-on-train business Zoop from 51% to 62% as at March 31, 2026.^[1]

Flight and bus verticals

Flight GTV grew 37% YoY in Q2 FY27, but gross take rate fell to 7.00% from 9.38%. Flight revenue fell 8% and contribution margin fell 10%.^[4]
International flights passed 20% of flights GTV in Q3 FY26. Supply comes through Amadeus and Travelport plus 26 airline integrations over NDC.^[8]
Bus GTV grew 32% YoY and bus segments 28% in Q2 FY27. Bus contribution margin was 53%, against 52% a year earlier.^[4]
Bus GTV has grown about 6x since the AbhiBus acquisition in 2021, to over ₹2,400 cr in the last 12 months as of Q3 FY26.^[8]
In FY26, AbhiBus grew its state road transport network to 22 operators, adding eight during the year. It powers intercity bus bookings on Uber.^[1]
Intercity bus has about 22 - 23% online penetration, according to the Q4 FY26 call.^[6]

Hotels and new services

Hotels sold more than 4.7 lakh room nights in Q2 FY27. As of Q1 FY27, direct partnerships covered more than 10,000 properties in 700 towns, with 70,000+ properties in total supply.^[4][5]
The stated long-term goal is to be India's #1 mid-market and budget hotel OTA within 4 - 5 years.^[5]
In Q2 FY27, ixigo launched ixigo for work, a business travel product, and a train-booking integration with Uber.^[4]
The company plans to expand into SME and corporate travel and tour packages, as stated in Q2 FY27.^[4]
ixigo Airport Cabs launched at major Indian airports in FY26, using partners in 100+ cities.^[1]

AI and technology

Autonomous AI agents resolved 82% of voice and 94% of chat queries in Q2 FY27, against 81% and 92% in Q1 FY27.^[4][1]
ixigo NEXT, an AI-native rebuild of the platform, was the main product initiative of FY26. It includes TARA, a multimodal assistant in English, Hindi and Hinglish.^[1]
Average refund time was 3 hours 55 minutes in Q4 FY26, down from 49 hours 7 minutes in FY21.^[6]
Minority AI investments in FY26: ₹75 mn for a 10.34% stake in ProactAI, and ₹45 mn in Vestra.AI FCDs.^[1]

Customers and reach

Nearly 94% of transactions in FY26 started from or were headed to Tier II and Tier III cities.^[1]
No single customer accounts for 10% or more of Group revenue. Exports were 0.83% of turnover in FY26.^[1]
Under the Travel Super Mall brand, ixigo serves B2B customers such as travel agents and tour operators.^[1]

Recent developments

Q2 FY27: Sold part of its Freshbus stake, which produced an exceptional gain of ₹40.66 cr.^[4]
Q1 FY27: Acquired a 54.66% majority stake in Brevistay, a flexible-stay network.^[5]
FY26: Bought 60% of Trenes.com, Spain's second-largest train OTA, as its first major international acquisition. Also acquired 45.02% of Sqaas, a Spain-based AI company.^[1]
December 18, 2025: Set up IXIGO PTE. LTD., a wholly owned subsidiary in Singapore.^[1]
FY26: Prosus invested ₹12,955.63 million through a preferential issue for a 10.1% fully diluted stake, earmarked for AI, hotels, acquisitions and working capital.^[1]
Q3 FY26: Formed an Investment Committee with board members Shailesh Lakhani and Rajesh Sawhney to evaluate global AI-first and travel-tech acquisitions.^[8]

Market Cap

₹6,422 Cr

High / Low

₹328 / 137

Stock P/E

42.7

Price / Book

2.9

Book Value

₹47

EPS

₹1.6

No. of Shares

43.82 Cr

ROCE

6.7%

ROE

5.4%

OPM

8.3%

Debt / Equity

0.01

Sales

₹1,228 Cr

Net Profit

₹71 Cr

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