NSE: IXIGO · BSE: 544192
LE TRAVENUES TECHNOLOGY L
Operates an Indian online travel platform that lets users book trains, flights and buses, earning revenue on each transaction. In FY26, train bookings accounted for ₹511.257 cr of revenue (41.6% of segment revenue), flights ₹390.678 cr (31.8%), buses ₹297.995 cr (24.3%) and other lines ₹28.109 cr (2.3%). Gross transaction value for the year crossed ₹18,693 cr (USD 2 billion), with flights the largest vertical by GTV at ₹2,019 cr and buses the largest by contribution margin at 53% in Q4. The platform holds a 62% share of India's train OTA market and processed 4.35 million AI-handled queries in Q4 with 81.5% voice resolution. The cost base is asset-light: other operating expenses made up 76.2% of revenue and employee costs 17.9%, with no material cost of materials. Adjacent moves include the acquisition of Brevistay Hospitality in short-term rentals and the launch of the HELLO Extranet to onboard hotels. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Train (42%), Flight (32%), Bus (24%), Others (2%). Asset-light online travel aggregator with consumer-discretionary cyclicality
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 656 | 914 | 1,228 |
| EBITDA (ex other income) | 74 | 85 | 70 |
| margin % | 11.2 | 9.3 | 5.7 |
| Owners' profit | 76 | 60 | 72 |
| EPS, as reported (₹) | 2.04 | 1.56 | 1.75 |
| ROE % · ROCE % | 16.4 · 15.4 | 9.5 · 14.4 | 3.5 · 4.8 |
| Debt / equity (x) | 0.09 | 0.05 | 0.01 |
| Cash from operations | 43 | 122 | 196 |
| Capex | (7) | (4) | (5) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 206 | 242 | 284 | 314 | 283 | 318 | 308 | 357 |
| Profit before tax | 20 | 23 | 27 | 29 | (2) | 35 | 38 | 48 |
| Net profit | 13 | 16 | 17 | 19 | (3) | 24 | 32 | 34 |
| EPS (₹) | 0.34 | 0.40 | 0.43 | 0.49 | (0.08) | 0.58 | 0.72 | 0.73 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Flight | 391 | 31.9 |
| Train | 511 | 41.8 |
| Bus | 298 | 24.4 |
| Others | 23 | 1.9 |
| Total, before eliminations | 1,223 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDIAN RAIL TOUR CORP LTD | 36,008 | 25.8 | 8.36 | 18.3 | 32.3 | 40.8 | — | 33.5 |
| TBO TEK LIMITED | 16,683 | 62.1 | 10.76 | 38.5 | 15.8 | 13.1 | — | 16.3 |
| BLS INTL SERVS LTD | 8,976 | 12.7 | 3.22 | 9.5 | 26.0 | 25.4 | 44.4 | 30.9 |
| LE TRAVENUES TECHNOLOGY L ◆ | 6,230 | 72.8 | 3.04 | 50.4 | 3.5 | 4.7 | — | 15.0 |
| THOMAS COOK (INDIA) LTD | 4,250 | 19.3 | 1.68 | 6.1 | 8.7 | 9.3 | 60.2 | 7.4 |
| EASY TRIP PLANNERS LTD | 2,303 | 22.2 | 2.83 | — | (5.8) | (5.4) | 38.1 | (4.7) |
| YATRA ONLINE LIMITED | 1,195 | 38.5 | 1.44 | 11.7 | 5.6 | 5.5 | — | 8.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 72.8 | 26.5 | 79 of 87 | 9% |
| P/B | 3.0 | 1.9 | 55 of 83 | 34% |
| ROCE | 4.7 | 5.4 | 56 of 101 | 45% |
| ROE | 3.5 | 5.6 | 52 of 83 | 38% |
| Debt / Equity | 0.0 | 0.1 | 26 of 82 | 69% |
| EBITDA margin | 15.0 | 23.4 | 61 of 85 | 29% |
| Revenue growth | 13.4 | 12.1 | 43 of 89 | 52% |
| Profit growth | 80.8 | 17.5 | 21 of 83 | 76% |
| Market cap | 6230 | 293 | 17 of 103 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 FY27: 22% gross transaction growth, hotel expansion, lower adjusted profit | investor communications | medium | — | — |
| 19 Oct 2026 · Audio recording of Q2 FY27 earnings call shared with exchanges | investor communications | low | — | — |
| 18 Oct 2026 · Ixigo publishes Q2 and H1 FY27 results in newspapers as required by SEBI | compliance | minimal | — | — |
| 17 Oct 2026 · Ixigo Q2 FY27 monitoring report on Rs 1295.56 cr preferential issue | compliance | low | — | — |
| 17 Oct 2026 · ixigo posts record PAT of Rs 63.42 Cr in Q2 FY27, hotels grows 2.6x | compliance | low | — | — |
| 17 Oct 2026 · Ixigo Q2 FY27: GTV up 22%, record PAT of Rs 63 Cr on Freshbus stake sale gain | results | high | — | — |
| 17 Oct 2026 · Le Travenues Q2 FY27: GTV Up 22%, All-Time High PAT on Freshbus Stake Sale | investor communications | medium | — | — |
| 17 Oct 2026 · Ixigo Q2 profit jumps on strong growth across Train and Bus segments | results | high | — | — |
| 17 Oct 2026 · Ixigo Q2 FY26 results: PAT jumps on exceptional gain from Freshbus sale | results | high | — | — |
| 12 Oct 2026 · ixigo to announce Q2 FY27 results on Oct 17, earnings call on Oct 19 | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.