Le Travenues Technology (IXIGO) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 GTV rose 22% YoY to ₹5,304.47 crore and revenue from operations rose 13% to ₹320.96 crore; adjusted EBITDA fell 17% to ₹23.58 crore amid investment and flight-market pressure.

• Q2 PAT was ₹63.42 crore, including a ₹40.66 crore exceptional gain from the partial Freshbus stake sale; H1 FY27 net profit was ₹97.66 crore.

• Strategic priorities include strengthening core travel segments, expanding hotels and international travel, and investing in AI while monitoring customer payback and profitability.

Financial highlights

• Contribution margin was ₹124.86 crore, up 14% YoY; adjusted EBITDA was ₹23.58 crore versus ₹28.48 crore a year earlier.

• Reported EBITDA was ₹40.14 crore versus ₹32.20 crore in Q2 FY26; adjusted EBITDA excludes ESOP expense and other income, among other items.

• Q2 FY27 total income was ₹343.04 crore, total expenses ₹309.51 crore and profit before tax ₹71.70 crore; profit before exceptional items and tax was ₹31.04 crore.

• H1 FY27 revenue from operations was ₹677.71 crore versus ₹600.28 crore; total income was ₹728.94 crore versus ₹612.41 crore.

• Operating cash flow was ₹76.44 crore versus ₹91.55 crore in H1 FY26; investing activities generated ₹232.20 crore versus ₹3.28 crore used in the prior-year period.

Outlook and guidance

• Flights outlook remained cautious: October started softer, fares were high and capacity had not recovered; festive demand was below expectations, with no aggressive growth push planned.

• Hotel gross take rates are expected to edge higher over the next 3–4 quarters; investment may continue for 2–3 years, with no next-year target provided.

• Hotels could grow at triple-digit rates over the next four quarters if achievable; the 4–5-year ambition is to lead budget-to-mid-market hotel OTAs by room nights.

• Hotel investment may be ₹10–12 crore over the next couple of quarters, not guidance; overall EBITDA is to remain near current mid-single-digit levels.

• Priorities include hotels, international and business travel, tours, cross-sell, ancillary monetization and AI-native travel experiences.