Le Travenues Technology Limited, the parent of ixigo, reported consolidated profit after tax (PAT) of ₹63.42 crore for Q2 FY27, an all-time high according to Business Standard. Revenue from operations increased 13% year over year to ₹320.96 crore from ₹284.2 crore, while gross transaction value (GTV) rose 22% to ₹5,304.47 crore. The headline profit was helped by a partial sale of ixigo’s stake in Freshbus, so it is not a pure measure of recurring operating performance.
Q2 FY27 results at a glance
| Measure | Q2 FY27 | Year-over-year change | Context |
|---|---|---|---|
| Consolidated PAT | ₹63.42 crore | Record level | Partly aided by a partial sale of the company’s Freshbus stake |
| Revenue from operations | ₹320.96 crore | 13% increase | Q2 FY26 revenue was ₹284.2 crore |
| Gross transaction value | ₹5,304.47 crore | 22% increase | Value of bookings transacted through the platform |
| Contribution margin | ₹124.86 crore | 14% increase | Reported by Moneycontrol |
| Adjusted EBITDA | ₹23.58 crore | 17% decrease | Q2 FY26 adjusted EBITDA was ₹28.48 crore |
These figures show a business that processed substantially more booking value and generated higher contribution, but converted that operating activity into lower adjusted EBITDA. PAT therefore needs to be read separately from the underlying operating trend.
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Why PAT reached a record despite lower adjusted EBITDA
Freshbus stake sale lifted the reported bottom line
Management said the all-time-high PAT was aided by a partial sale of ixigo’s stake in Freshbus. That transaction is a capital event rather than a recurring booking margin, so the ₹63.42 crore figure should not be projected as a normal quarterly run rate without adjusting for the one-off contribution.
Operating profit moved in the opposite direction
Adjusted EBITDA fell 17% to ₹23.58 crore from ₹28.48 crore in Q2 FY26. EBITDA is intended to show operating earnings before interest, taxes, depreciation and amortisation, with ixigo’s adjusted measure excluding specified adjustments. The decline indicates that the record PAT did not come from a comparable improvement in operating profitability.
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Contribution still grew
Contribution margin increased 14% to ₹124.86 crore. This measure captures the contribution left after direct costs associated with transactions, before broader operating expenses. Its growth alongside lower adjusted EBITDA suggests that additional spending or overhead absorbed more of the incremental contribution during the quarter.
Scale expanded faster than revenue
GTV grew 22% year over year to ₹5,304.47 crore, outpacing the 13% increase in revenue to ₹320.96 crore. GTV measures the booking value handled on the platform, while revenue reflects the amount ixigo recognises from those transactions and related services. The gap between the two growth rates can reflect changes in product mix, take rates and the accounting treatment of different offerings; the reported figures alone do not identify a single cause.
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In their 17 October 2026 statement, group CEO Aloke Bajpai, group co-CEO Rajnish Kumar and group CFO Saurabh Devendra Singh said: “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.”
Hotels emerged as a rapidly growing, but still smaller, business
Hotel GTV more than doubled
Ixigo disclosed Hotels as a separate line of business from this quarter. Hotel GTV rose 2.6 times year over year to ₹111.34 crore. Hotel revenue growth exceeded 528%, and the gross take rate was above 12%. A take rate is the share of booking value retained as revenue or commission before relevant costs; the company’s stated figure is gross, not a net profit margin.
Hotels remain smaller than the established categories
The hotel growth rate is striking, but its ₹111.34 crore GTV is a subset of total quarterly GTV of ₹5,304.47 crore. It therefore represents an emerging contributor rather than a replacement for the company’s larger travel categories. Management said it will continue investing in Hotels and artificial intelligence as long-term growth drivers.
Flights and buses continued to provide the larger volume base
- Flights: GTV increased 37% year over year.
- Buses: GTV increased 32% year over year.
Both categories grew faster than consolidated revenue, while hotels expanded from a smaller base at a much higher rate. The mix matters because each category can have different commissions, marketing costs and repeat-booking patterns; the release did not provide category-level EBITDA or profit figures that would allow a direct profitability ranking.
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How to interpret the quarter
Scale
Higher GTV and revenue confirm continued expansion in transaction activity and recognised sales. GTV’s 22% growth was nine percentage points faster than revenue growth, making scale the clearest strength of the quarter.
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Hotels were formally separated and grew to ₹111.34 crore of GTV, while flights and buses posted 37% and 32% growth respectively. This broad-based category growth reduces reliance on a single travel product, although hotels are still a relatively small portion of the total.
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Quality of earnings
The Freshbus stake sale helped PAT reach a record. Investors assessing recurring earnings should focus on operating measures such as adjusted EBITDA and contribution margin rather than treating the full PAT increase as repeatable.
Operating leverage
Contribution margin rose 14%, but adjusted EBITDA declined 17%. For operating leverage to improve, future contribution growth would need to exceed the company’s incremental operating costs. Q2 FY27 did not show that outcome.
What to watch in coming quarters
- Whether hotel GTV can keep expanding while maintaining a gross take rate above 12%.
- Whether adjusted EBITDA recovers as the company invests in Hotels and artificial intelligence.
- How much future PAT comes from ordinary operations versus asset sales or other non-recurring items.
- Whether revenue growth narrows or widens its gap with GTV growth as the product mix changes.
The quarter’s balanced reading is straightforward: ixigo achieved record reported PAT and strong transaction growth, but the profit headline was partly non-recurring and operating EBITDA was lower. Hotels offer a significant growth avenue, while flights and buses remain important engines of booking volume.
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