1. Opening Hook
Ixigo kicked off Q2FY26 like a teenager who discovered protein shakes — suddenly talking big, tripping often, but insisting it’s all part of the “growth phase”. The market contracted, trains glitched, monsoons misbehaved, and yet management declared they are “building a new-co inside the old-co”. Bro, just say pivot.
Prosus pumped in ₹1,296 crore, which management swears won’t be used for price wars — bold claim in a land where even samosa sellers run discounts on Swiggy. As the Bhagavad Gita reminds us, “Action is superior to inaction”; Ixigo clearly took it personally.
Stick around — the real entertainment comes later.
2. At a Glance
- Revenue up 37% – CFO says no spreadsheet jugglery; just pure algorithmic tapasya.
- GTV up 23% – Even as the industry shrank; must be all those first-time flyers discovering airports.
- Adjusted EBITDA up 36% – The sidekick’s finally lifting weights.
- Margins at 39% – Lean, but surviving the monsoon diet.
- PAT at -₹3.5 crore – ESOP one-offs punched the P&L in the kidney.
- Cash flow of ₹91.5 crore (H1) – They printed more cash than half the startups asking for bridge rounds.
3. Management’s Key Commentary
1. “We raised ₹1,296 crore to double down on AI and hotels.”
(Translation: AI hai toh sab hai. Also hotels need love.)
2. “We will not start any price war.”
(Translation: Unless someone else starts it. Then hum bhi dekhenge 😏.)
3. “Despite market headwinds, flights grew 29% while the industry shrank 2%.”
(Translation: Competitors slept. We didn’t.)
4. “Over 50% of our new flyers are first-time flyers from NBU markets.”
(Translation: Bharat discovered airports because of us. You’re welcome.)
5. “Trains had ecosystem-related adjustments.”
(Translation: Aadhaar ne band bajayi. Algorithms cried.)
6. “AI-native agentic systems now
