1. At a Glance – Blink and Your Flight Boards Without You
Le Travenues Technology Ltd (popularly known as ixigo) is trading at ₹236, nursing a –26% return over the last 3 months, while still flexing a market cap of ₹10,325 Cr. The company just clocked Q3 FY26 revenue of ₹317.6 Cr, up 31.4% YoY, and PAT of ₹23.95 Cr, growing a spicy 69.3% YoY. Sounds like a travel influencer’s reel? Wait till you see the valuation.
At 175× trailing P/E, ixigo is priced like it’s already booked business class to Mars. ROCE sits at 12.6%, ROE at 9.7%, and debt is a token ₹25 Cr, meaning the balance sheet isn’t drunk on leverage. But the stock? That’s clearly on premium airport lounge coffee.
With 480 million annual active users, 620 million lifetime downloads, and brands like ixigo, ConfirmTkt, and AbhiBus, the company is everywhere — trains, buses, flights, hotels. The only place it’s not yet? Cheap valuations. Curious? Good. Buckle up.
2. Introduction – From IRCTC Hacks to Stock Market Heart Attacks
ixigo started in 2007 when booking a train ticket felt like solving CAT quant questions at 2 a.m. Over the years, it evolved from a “train status app” into India’s second-largest tech-driven OTA. The pitch is simple: remove friction from Indian travel, one delay prediction at a time.
But the journey wasn’t smooth. The company spent years burning cash, experimenting, pivoting, and annoying accountants. Losses were the norm, profits were the exception. Then came scale. FY22 onward, revenues exploded, losses shrank, and suddenly ixigo discovered profitability like Indians discover ETFs after bull markets.
Fast forward to FY26: ixigo is profitable, growing fast, sitting on tons of user data, and backed by
global investors like MIH (Prosus). Sounds perfect, right? Except the stock market now expects nothing less than perfection with Wi-Fi and free meals.
So the real question isn’t “Is ixigo a good company?”
It’s “Is ixigo already priced like it has solved Indian Railways?”
3. Business Model – WTF Do They Even Do?
Imagine a Swiss Army knife for Indian travel chaos. That’s ixigo.
- Trains (57% of FY24 revenue): Real-time running status, platform numbers, coach position, PNR prediction. Basically, ixigo tells you your train is late before the train itself knows.
- Flights (23%): Booking, fare prediction, auto check-in, flight tracking.
- Buses (20%): Through AbhiBus, covering 100,000+ routes, private and state operators.
Revenue comes from ticketing commissions (~92%), ads (~4%), and small ancillaries. No fancy SaaS margins here — this is high-volume, low-margin travel tech.
AI does the heavy lifting:
- Seat confirmation predictions
- Delay forecasting
- Dynamic pricing
- Automated customer support
It’s less “travel agent” and more “data scientist with luggage.”
But here’s the catch: OTA businesses are scale monsters but margin misers. Growth is easy when travel booms; operating leverage is harder when discounts fly faster than Indigo flights.
4. Financials Overview – Numbers That Board
