Ixigo revenue rises 37% to Rs 283 Cr in Q2 FY26

Online travel platform ixigo (Le Travenues Technology Ltd) posted strong year-on-year revenue growth in the second quarter of FY26, but a one-time ESOP expense and increased costs pushed the company to a marginal loss for the period.

The company’s revenue from operations grew 37% year-on-year to Rs 283 crore in Q2 FY26 from Rs 206.5 crore in the same quarter last year, according to its consolidated financial statements filed with the stock exchanges. Its total income rose to Rs 288 crore from Rs 211 crore a year earlier.

The Gurugram-based company generated the largest share (43%) of its operating revenue from train ticketing, which rose to Rs 123 crore in Q2 FY26 from Rs 110 crore in Q2 FY25. Flight and bus booking services contributed 31% and 23% to the company’s revenue, respectively.

On the expense front, ixigo’s total costs increased 52% YoY to Rs 290.4 crore in Q2 FY26 from Rs 191.5 crore in Q2 FY25. This included employee benefit expenses of Rs 74.2 crore (up from Rs 38.7 crore) and other expenses of Rs 212.3 crore (up from Rs 149.9 crore).

Profit Before Tax, Share of Loss of Associates and Exceptional items are at Rs (2.5) crore in Q2 FY26, which included a one-off ESOP expense of Rs 26.9 crore. Excluding this one-off impact, PBT was Rs 24.4 crore, the company said in its earnings release.

As a result  Its net loss stood at Rs 3.5 crore against a profit of Rs 13.1 crore in the year-ago period.

For the first half of FY26, ixigo posted revenue of Rs 597.2 crore, up 54% from Rs 388.3 crore in H1 FY25. However, its net profit fell to Rs 15.5 crore from Rs 27.9 crore in the corresponding period last year, reflecting higher operating costs.

As of September 30, 2025, the company’s total assets stood at Rs 989 crore, including cash and cash equivalents of Rs 138.8 crore.

During the quarter, ixigo also entered into a share subscription agreement with MIH Investments One B.V. for the proposed preferential allotment of up to 4.63 crore equity shares at Rs 280 per share, amounting to Rs 1,295.5 crore, subject to shareholder approval.

At the close of trading on Wednesday, Ixigo’s shares were priced at Rs 325, giving the online travel aggregator a market capitalization of Rs 12,686 crore.