IXIGO

Le Travenues Technology share price & financials

Price
₹189.98
Market cap
₹7.5k Cr
Sector
Consumer Services
Calls analysed
7
Latest concall · Q1 FY27 · call held 06 Aug 2026

Le Travenues Technology Limited Q1 FY27

Revenue from Operations ₹356.75 cr +13%Adjusted EBITDA ₹29.24 cr −7%Profit After Tax ₹34.24 cr +81%

What went well

  • Gross Transaction Value (GTV) reached INR 5,524.33 crores, marking a 19% Y-o-Y increase.
  • Revenue from operations grew 13% Y-o-Y to INR 356.75 crores.
  • Profit after tax (PAT) surged 81% Y-o-Y to INR 34.24 crores.

What to watch

  • Adjusted EBITDA (excluding other income and ESOP costs) declined 7% Y-o-Y to INR 29.24 crores.
  • The train ticketing ecosystem faced policy constraints, leading to an 8% decline in train segments.
Read the full call →

What Le Travenues Technology Limited does

Le Travenues Technology (ixigo) runs an online travel agency (OTA) platform that lets travellers search, book and manage flights, trains, buses and hotels through three consumer apps — ixigo, ConfirmTkt and AbhiBus. It earns commissions, PG/convenience fees and advertising income from airlines, Indian Railways-linked ticketing and bus operators, and monetises further by selling value-added ancillary services such as trip insurance, fare-lock, refund protection, seat selection and food-on-train delivery. The company also operates TARA, a proprietary AI travel assistant, and is building an AI-native product layer (ixigo NEXT) across its apps, alongside an emerging hotels business built through direct hotel onboarding (Extranet HELLO).

Segments

  • Flight
  • Train
  • Bus
  • Others
Monthly Active Users (MAU)
84.82 Mn (3 months ended Mar 2026)
Towns covered
2,400+
Lifetime app downloads
810.94 Mn
Lifetime registered users
379.48 Mn
Lifetime transacted users
56.38 Mn
Annual passenger segments booked (FY26)
141.52 Mn
Founded 2007 Company website

Guidance record · Q1 FY27

what the last two calls moved 10 tracked 3 delivered 4 missed 3 open
  • Bus Contribution Margin % delivered said Q3 FY26 Promised: stay somewhere in that sort of range [40s] and not go down into the 30s Q1 FY27: Achieved. Bus CM was 53%, remaining well above the target floor of the 40s.
  • Adjusted EBITDA Margin missed said Q3 FY25 Promised: maintaining a double-digit EBITDA margin Q1 FY27: Missed. Margin fell to 8.19% (29.24cr Adj EBITDA / 356.75cr Revenue) due to strategic investments in hotels and AI.
  • Relative Growth Rate (Flights, Buses, Hotels) on track said Q1 FY26 Promised: continue to grow significantly faster than the market in hotels, buses and flights Q1 FY27: On track. Management claims continued market share gains across all categories, positioning ixigo as the fastest-growing flight OTA and increasing train OTA share to 63%.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 7.7%, net profit up 54.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue206 241 281 312 279 +35%315 +31%299 +6%336 +8%
EBITDA18 21 25 26 11 −39%27 +29%25 +0%18 −31%
Net profit15 17 20 22 9 −40%27 +59%37 +85%34 +55%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −47.3% 1Y

₹150₹200₹250₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 22 Jan 2026Q4 FY26 — 21 May 2026Q1 FY27 — 6 Aug 2026

1Y: ₹300.95 on 10 Sept 2025 → ₹158.63. High ₹335.55 (16 Oct 2025), low ₹151.68 (8 Jun 2026).

How the price took the results

close before → close after

Q1 FY27
−1.0%
6 Aug
Q4 FY26
+1.1%
21 May
Q3 FY26
−1.5%
22 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 35.7% a year over 2 years, FY24 to FY26. Operating margin widened to 7.4%.

Year endingFY24FY25FY26
Revenue₹654 Cr₹910 Cr₹1.2k Cr
Operating profit₹45 Cr₹81 Cr₹89 Cr
Operating margin6.9%8.9%7.4%
Interest₹1 Cr₹4 Cr₹4 Cr
Depreciation₹12 Cr₹10 Cr₹14 Cr
Net profit₹54 Cr₹63 Cr₹95 Cr
Net margin8.3%6.9%7.9%
Cash from operations₹39 Cr₹120 Cr₹176 Cr
Free cash flow₹37 Cr₹116 Cr₹156 Cr
ROCE9.0%15.0%9.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹0 Cr₹37 Cr₹37 Cr₹37 Cr₹39 Cr₹44 Cr
Reserves₹20 Cr₹336 Cr₹356 Cr₹391 Cr₹646 Cr₹2.0k Cr
Borrowings₹15 Cr₹7 Cr₹7 Cr₹46 Cr₹25 Cr₹44 Cr
Other liabilities₹63 Cr₹92 Cr₹98 Cr₹138 Cr₹279 Cr₹299 Cr
Total liabilities₹98 Cr₹473 Cr₹499 Cr₹612 Cr₹989 Cr₹2.4k Cr
Fixed assets₹4 Cr₹196 Cr₹188 Cr₹271 Cr₹296 Cr₹292 Cr
Capital work in progress₹0 Cr₹0 Cr₹2 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹27 Cr₹102 Cr₹136 Cr₹68 Cr₹124 Cr₹733 Cr
Other assets₹68 Cr₹174 Cr₹173 Cr₹272 Cr₹569 Cr₹1.4k Cr
Total assets₹98 Cr₹473 Cr₹499 Cr₹612 Cr₹989 Cr₹2.4k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −3.45 pp while DIIs added +2.06 pp. The shareholder count shrank 2% to 76,108.

FIIs
61.3%
DIIs
13.0%
Public
25.7%

Since Jun 2025

  • Public −3.45 pp
  • DIIs +2.06 pp
  • FIIs +1.38 pp

How it drifted, 9 quarters

Over this window the public fell from 31.9% to 25.7% — −6.2 pp.

Jun '24Jun '25Jun '26

Ownership split by quarter, oldest first. Jun '24: FIIs 58.2%, DIIs 9.9%, Public 31.9%.Sep '24: FIIs 59.8%, DIIs 8.5%, Public 31.7%.Dec '24: FIIs 61.1%, DIIs 8.2%, Public 30.7%.Mar '25: FIIs 59.5%, DIIs 9.7%, Public 30.8%.Jun '25: FIIs 59.9%, DIIs 10.9%, Public 29.2%.Sep '25: FIIs 59.6%, DIIs 9.4%, Public 31.0%.Dec '25: FIIs 63.7%, DIIs 9.3%, Public 27.0%.Mar '26: FIIs 64.2%, DIIs 10.1%, Public 25.7%.Jun '26: FIIs 61.3%, DIIs 13.0%, Public 25.7%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 4 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Le Travenues Technology Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
MIH Investments One B.V. Corporate16.16%unchanged
Gamnat Pte. Ltd. FPI fund8.33%unchanged
Peak XV Partners Investments V VC / PE5.97%unchanged
Rajnish Kumar 4.61%unchanged
Aloke Bajpai 4.32%unchanged
Malabar India Fund Limited FPI fund3.95%+0.09 pp
Micromax Informatics Ltd 2.96%unchanged
HDFC Mutual Fund - HDFC Multi Cap Fund Mutual fund2.24%newly disclosed
Coronation Global Emerging Markets Fund FPI fund2.22%unchanged
Bay Capital Holdings Limited FPI fund2.16%unchanged
Discovery Global Opportunity (Mauritius) Ltd FPI fund2.01%+0.34 pp
3P India Equity Fund 1 AIF1.74%+0.23 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in IXIGO

Filings to Aug 2026

0 new, 1 added, 0 trimmed, 0 sold out — net +6.00 L shares (+3.8%).

Held by funds
₹298 Cr
3 schemes
Biggest holder
HDFC Multi Cap Fund
₹158 Cr · 0.8% of that fund
SchemeHoldingLast month
HDFC Multi Cap Fund HDFC Mutual Fund₹158 Crheld
SBI Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP) SBI Mutual Fund₹114 Crheld
HDFC Business Cycle Fund HDFC Mutual Fund₹26 Cr+6.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

1 added, 0 trimmed — net +6.00 L shares (+3.8%)

Funds are sitting on
+15%
vs est. average cost
Held by funds
₹298 Cr
3 schemes · ≈ 4.1% of the company
Biggest holder
HDFC Multi Cap Fund
₹158 Cr · 0.8% of that fund
Longest holder
SBI Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP)
2y 3m · since Jun '24

Shares held by these funds +23%

Jun '24 1.63 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹159, this stock must grow earnings at 50% every year for 7 years. Our analysis caps realistic growth at ~22%. At that growth it is worth ₹43 — downside of 73%.

Growth the price implies
50.0% a year
for 7 years, fading to 4%
It has actually compounded at
22.5% a year
net profit, FY24–FY26
The gap
0.3 pp
-73% downside if it only repeats history
Price today ₹158.63 Value at the reference growth ₹43.1

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Le Travenues Technology Limited

Guides on how to read this kind of business and the numbers that matter.