1. Opening Hook
Ah yes, another quarter where everyone claims to be “AI-first,” but only a few actually bleed EBITDA to prove it. While airlines were busy cancelling flights in December, ixigo decided to cancel customer anxiety instead—and sent ₹2 crore of EBITDA to the afterlife. Bold move.
Q3 FY26 wasn’t about flashy margins; it was about showing up when things broke. Revenue surged, GTV climbed, passengers kept booking, and AI bots quietly replaced human panic. Somewhere between refunds, reroutes, and “no questions asked,” ixigo turned chaos into a brand flex.
But before you clap too hard—margins dipped, buses sobered up, and ESOPs took a chunky bite. Was this strategic sacrifice or just expensive empathy?
Read on. The numbers get spicy later. 😏
2. At a Glance
- Revenue up 31% – Growth sprinting ahead while competitors were still boarding.
- GTV up 21% – Indians kept travelling; ixigo kept taking the booking.
- Adjusted EBITDA up 27% – Even after lighting ₹2 Cr on fire for customer trust.
- Contribution margin down to 36.3% – Premiumisation paused, reality checked in.
- PBT up 64% – Accounting smiled, despite macro trying to ruin the party.
3. Management’s Key Commentary
“We will be judged by how we lead AI transformation, not by one
quarter.”
(Translation: Stop zooming into margins, zoom out to the flywheel.) 😏
“Disruptions allow us to differentiate as a diversified multimodal platform.”
(Translation: Crises are free marketing—if you survive them.)
“Customer-first actions had a ₹2 Cr EBITDA impact, but trust is priceless.”
(Translation: Yes, margins died. No, we don’t regret it.)
“76% of calls and 90% of chats are handled by AI.”
(Translation: Humans are expensive; bots don’t ask for hikes.)
“Annualized revenue per employee is now ₹2 Cr+.”
(Translation: Operating leverage finally showed up to work.)
“We see long-term profitability from AI-driven personalization.”
(Translation: Today’s margin pain is tomorrow’s ARPU flex.)
4. Numbers Decoded
Metric | Q3 FY26 | YoY Change
---------------------------|----------------|------------
Revenue from Operations | ₹3,175 Cr | +31%
GTV | ₹49,029 Cr | +21%
Contribution Margin | ₹1,153 Cr | +12%
Adjusted EBITDA | ₹308