Travel booking platform Ixigo reported an all time high consolidated net profit of Rs 63.42 crore in Q2 FY27, helped partly by the sale of a portion of its stake in bus operator FreshBus, even as its adjusted operating earnings declined.
Le Travenues Technology Ltd, which operates Ixigo, reported revenue from operations of Rs 320.96 Cr for the quarter ended Sep 2026, up 12.9% year on year from Rs 284.23 Cr. Gross transaction value (GTV) increased 22% to Rs 5,304.47 Cr, reflecting growth across its travel booking businesses.
The company had reported a net loss of Rs 3.46 crore in the year ago quarter. However, the headline profit needs context: Ixigo’s partial sale of its FreshBus stake contributed to the turnaround, meaning the record net profit does not reflect operating performance alone.
- FreshBus Stake Sale Boosts Reported Profit
Ixigo sold part of its holding in FreshBus for Rs 36.6 Cr in August, reducing its stake from 25.66% to 8.27%. FreshBus consequently ceased to be an associate of Ixigo.
Profit before exceptional items and tax stood at approximately Rs 31 Cr, compared with a loss of around Rs 4 Cr in Q2 FY26. Other income rose to Rs 22.1 Cr from Rs 5.2 Cr a year earlier, while total expenses increased 6% to Rs 309.5 Cr.
Adjusted EBITDA, which excludes ESOP expenses and other income under the company stated definition, fell 17% to Rs 23.58 Cr from Rs 28.48 Cr in the corresponding quarter last year. The divergence between net profit and adjusted EBITDA highlights why investors need to distinguish one-off gains from recurring business performance.
- Hotels Emerge as a New Growth Driver
Hotels were one of Ixigo fastest growing businesses, with GTV rising 159% year on year to Rs 111.34 crore. Revenue from the segment increased more than fivefold to Rs 8.10 crore, and the company reported a gross take rate above 12%. Ixigo has begun disclosing hotels as a separate business line as it increases investment in the segment.
Its established businesses also recorded growth. Flight GTV increased 37% year on year, while bus GTV rose 32%. The company is investing in hotels and AI to broaden its offering and strengthen customer engagement.
- Growth Versus Profitability
Ixigo latest results show a travel platform expanding its transaction volumes while adding a new growth engine. But the fall in adjusted EBITDA suggests that stronger bookings have not yet translated into higher adjusted operating earnings.
For investors, the next test will be whether hotel growth can scale profitably, while flights, trains and buses continue to contribute to overall transaction value. The FreshBus stake sale has boosted the reported quarter, but sustained performance will depend on recurring earnings, margins and the economics of customer acquisition.
The Unicorn Magazine:- Editing by Dhiraj Shaw
