Q2 FY26 revenue up 37%; employee stock option charge causes pre-tax loss
IXIGO · price
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On the reaction day the stock moved 16.4 pts less than Nifty Microcap 250 and 16.0 pts less than its Tour Travel Related Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Q2 FY26 gross transaction value rose 23% to Rs 4,347.50 crore and revenue rose 37% to Rs 282.74 crore. Contribution margin rose 20% and adjusted EBITDA rose 36% to Rs 28.48 crore. H1 operating cash flow was Rs 91.55 crore. A one-off, non-cash employee stock option charge of Rs 26.93 crore left profit before tax at a Rs 2.49 crore loss; like-for-like profit before tax rose 26%. It is raising Rs 1,296 crore through a preferential issue.
Growth and cash flow are positive, but employee stock option costs mask profit growth. Capital raising may strengthen finances but dilute holders.