Le Travenues Technology Limited (IXIGO) Financial Results — Revenue ₹1,228 Cr

Investor Takeaways

Record PAT of INR32 crores (+91% YoY) reported in Q4 FY26

Adjusted EBITDA reached INR121 crores (+4% YoY)

GTV grew to INR4,798 crores (+9% YoY)

Contribution margins targeted to stay above 36-37% absolute

Cash flow from operations at INR96 crores (60% YoY growth)

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹1228 Cr	N/A
Net Profit	₹71 Cr	N/A
EBITDA	₹121 Cr	+4% YoY
EPS	₹0.4	N/A
OPM	9.46%	N/A

What Changed

The filing highlights record profitability with PAT surging 91% YoY to INR32 crores in Q4 FY26, driven by strong revenue growth and operational efficiency. Adjusted EBITDA increased 4% YoY to INR121 crores, while GTV reached INR4,798 crores (+9% YoY), reflecting robust demand across bus and train segments. The bus segment led growth with 32% YoY passenger increase, and trains captured 62% market share. Despite macro headwinds from Middle East uncertainty and Indian Railways policy shifts, AI initiatives like ixigo NEXT resolved 4.35 million customer queries, supporting growth through 6,000+ operator partnerships. The company demonstrated financial resilience with INR96 crores cash flow from operations (60% YoY growth) and maintained capital discipline on AI infrastructure spend. Forward guidance emphasizes contribution margins above 36-37% and EBITDA leverage improvement through scale, positioning the company for sustainable expansion in the travel market.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Le Travenues Technology Limited (IXIGO)	120.89	N/A	N/A	7,257.2
Avenue Supermarts Limited (DMART)	104.25	N/A	N/A	2,84,258.63
ETERNAL LIMITED (ETERNAL)	317.34	N/A	N/A	2,32,747.16
Trent Limited (TRENT)	75.43	N/A	N/A	1,45,796.38

IXIGO trades at a premium P/E compared to peers, reflecting growth expectations, though absolute profitability metrics remain significantly lower than established players.