Le Travenues Technology Limited (Ixigo) reported a 37% year-over-year (YoY) increase in revenue from operations to Rs. 4347.5 Cr for the quarter ended September 30, 2025 (Q2 FY26) from Rs 282.7 crore in Q2FY25. It maintained strong momentum across verticals despite seasonality and a one-time accounting charge.
Ixigo’s Gross Transaction Value (GTV) grew 23% YoY to Rs 4,347.5 crore, driven primarily by the bus and flight segments, which saw growth of 51% and 29%, respectively.
However, the company reported a pre-tax loss of Rs 2.5 crore for the quarter due to a one-time Employee Stock Ownership Plan (ESOP) accounting charge of Rs 26.9 crore. Excluding this, profit before tax rose 26% YoY to Rs 24.4 crore, reflecting continued operational profitability.
Co-CEOs Aloke Bajpai and Rajnish Kumar said Ixigo continued to outperform the broader travel market, led by growth in flights and buses and sustained leadership in trains.
“Despite Q2 facing some capacity headwinds, Ixigo continued its resilient momentum and grew faster than the overall market YoY in all lines of business, with buses and flights leading the growth and trains maintaining our OTA market leadership,” Bajpai and Kumar said in the company’s statement.
They added that Ixigo’s recent fundraise would strengthen its balance sheet and support its goal of “delivering the best AI-first customer experience for travel”.
Sequential and Year-on-Year Comparison
For context, Ixigo’s Q2 performance followed a particularly strong first quarter, when the company reported Rs 314.5 crore in revenue, a 73% YoY increase, and a profit after tax of Rs 18.9 crore. The moderation in revenue during Q2 may reflect post-summer seasonality in India’s travel sector.
Moreover, Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at Rs 28.5 crore in Q2FY26, up 36% YoY from Rs 21 crore in the same period last year, and consistent with Q1’s figure of Rs 32.5 crore. The company’s contribution margin rose 20% YoY to Rs 109.6 crore, reflecting efficient cost management and growth in high-margin verticals.
CFO Saurabh Devendra Singh said the reported loss was a technical accounting effect after Ixigo’s market capitalisation crossed Rs 9,000 crore and sustained it over a 30-day Volume Weighted Average Price (VWAP) period.
“These options were valued using the Monte Carlo method, which requires recognition of the full fair value once the performance condition is achieved,” Singh said, adding that the Rs 26.9 crore ESOP charge was non-cash and aligned with Ixigo’s focus on strong corporate governance and shareholder interests.
In comparison to the same quarter last year (Q2 FY25), Ixigo’s revenue increased from Rs 206.5 crore to Rs 282.7 crore, while GTV rose from Rs 3,528.7 crore to Rs 4,347.5 crore. Furthermore, profit before tax, excluding the ESOP expense, grew 26% YoY from Rs 17.5 crore to Rs 24.4 crore.
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