Le Travenues Technology, ixigo’s parent company, reported consolidated profit after tax (PAT) of ₹63.42 crore in Q2 FY27, which Business Standard described as an all-time high. Revenue from operations increased 13% year over year to ₹320.96 crore, while gross transaction value (GTV) grew 22% to ₹5,304.47 crore. The headline profit, however, was partly boosted by ixigo’s partial sale of its stake in Freshbus, so the result needs to be separated from recurring operating performance.
Ixigo’s Q2 FY27 results at a glance
| Measure | Q2 FY27 | Year-over-year change or comparison |
|---|---|---|
| Consolidated PAT | ₹63.42 crore | All-time high, partly aided by the Freshbus stake sale |
| Revenue from operations | ₹320.96 crore | Up 13% from ₹284.2 crore in Q2 FY26 |
| Gross transaction value | ₹5,304.47 crore | Up 22% |
| Contribution margin | ₹124.86 crore | Up 14% |
| Adjusted EBITDA | ₹23.58 crore | Down 17% from ₹28.48 crore |
The figures were reported on 17 October 2026 for the company’s second quarter of fiscal year 2027. GTV represents the value of bookings processed through the platforms, while revenue from operations is the amount recognised by the company under its accounting policies.
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Scale expanded, but profit quality was mixed
Ixigo processed substantially more travel demand than a year earlier: GTV rose 22%, faster than the 13% increase in reported operating revenue. That difference reflects the economics of a transaction-led travel marketplace, where booking value and recognised revenue do not move in exactly the same proportion.
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The ₹63.42 crore PAT is not a clean proxy for the quarter’s underlying operating earnings. Management said the all-time-high profit was aided by a partial sale of ixigo’s stake in Freshbus. That transaction-related benefit sits alongside the results generated by bookings, commissions and other normal operations; investors should therefore avoid treating the entire PAT figure as a recurring quarterly run rate.
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Hotels became the fastest-growing disclosed business
Ixigo began separately disclosing Hotels in Q2 FY27. Hotel GTV reached ₹111.34 crore, or 2.6 times the year-earlier level. Hotel revenue growth exceeded 528%, and the business recorded a gross take rate above 12%. A take rate is the share of booking value retained as gross revenue before relevant costs, so the reported rate indicates why hotels can become economically significant even while their absolute GTV remains smaller than the company’s established categories.
Management identified Hotels and artificial intelligence as key long-term investment areas. The hotel figures show rapid expansion from a small base, but they do not yet establish that Hotels has overtaken flights or buses in scale. The company’s own disclosure gives a more useful near-term conclusion: Hotels is growing much faster and is being developed as a new growth engine.
Flights and buses continued to provide the volume base
Flights
Flight GTV increased 37% year over year, making air travel the fastest-growing of the two previously established categories reported in the quarter.
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Bus GTV rose 32% year over year. Together, the flight and bus increases indicate that Q2 growth was not driven only by the newly disclosed hotel operation.
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Why adjusted EBITDA fell despite record PAT
Adjusted EBITDA declined 17% to ₹23.58 crore from ₹28.48 crore in Q2 FY26. This is the central tension in the quarter: transaction activity, revenue and contribution margin all increased, yet the adjusted operating-profit measure fell.
Contribution margin rose 14% to ₹124.86 crore. Because adjusted EBITDA was lower, the additional contribution did not translate into higher earnings after operating expenses. The disclosed figures alone do not identify which individual cost lines caused the decline, but they do show that ixigo was investing or spending more heavily relative to contribution during the period. The Freshbus stake sale helps explain the unusually high PAT, not the weaker adjusted EBITDA.
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Management’s explanation and strategy
“In Q2 FY27, we delivered resilient growth with Quarterly GTV of ₹5,304 Crores, up 22% YoY, and Revenue from Operations of Rs. 321 Crores, up 13% YoY. Our PAT was an all-time high aided by our partial sale of stake in Freshbus.”
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“From this quarter onwards, we are disclosing a new line of business of Hotels which grew GTV 2.6 times YoY to Rs. 111 Crores with a gross take rate of more than 12 per cent. We continue to invest in Hotels and AI as key drivers of our long-term growth.”
What investors should watch next
- Recurring profitability: Future quarters will show how PAT looks without a comparable Freshbus stake-sale contribution.
- Adjusted EBITDA recovery: The company needs to convert higher contribution margin into stronger operating profit.
- Hotel scale and retention: Continued growth in hotel GTV, revenue and take rate will indicate whether the new line can move beyond a small-base expansion phase.
- Category balance: Sustained flight and bus growth would reduce dependence on any single travel segment while Hotels develops.
- Investment returns: Management’s stated focus on Hotels and AI will matter financially only if it improves booking growth, monetisation or operating efficiency over time.
Overall, Q2 FY27 combined strong marketplace growth with a record reported PAT, but the lower adjusted EBITDA and one-off-assisted profit mean the quarter is best read as a high-growth, investment-heavy period rather than proof of permanently higher operating margins.
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