1. At a Glance
Le Travenues (aka Ixigo) is the people’s OTA—trains, buses, flights, AI-driven itineraries, and a flair for frugality. In FY26, they clocked ₹314 Cr in Q1 revenue (+73% YoY). PAT? ₹28.7 Cr. And yet… they’ve got OPMs as thin as railway tea.
2. Introduction with Hook
If IRCTC is the government uncle with the monopoly swag, Ixigo is the street-smart startup cousin who figured out how to get your train seat even during Tatkal. This isn’t your average OTA. This is a travel-tech cockroach startup that survived the COVID asteroid and is now bus-ing with profits.
- Q1 FY26 revenue: ₹314 Cr
- Q1 PAT: ₹28.7 Cr (+76% YoY)
- GTV: ₹4,644 Cr (up 55%)
- App installs: 88 Mn+
The twist? It’s profitable. And yet, P/E is 110+. Hope or hallucination?
3. Business Model (WTF Do They Even Do?)
Le Travenues operates through 3 big brands:
- Ixigo: Train & flight meta-search + bookings
- Confirmtkt: Train waitlist predictions & bookings
- AbhiBus: Bus ticketing platform
Revenue flows in from:
- Booking commissions
- Platform/Ad income
- SaaS (white-labeled tech for other travel firms)
- Affiliate income (like a travel agent that learned to code)
This is a razor-thin margin, high-volume biz where your 5-rupee convenience fee can snowball into crores if scaled well (which they’ve done).
4. Financials Overview
| Year | Revenue (₹ Cr) | Net Profit (₹ Cr) | EPS (₹) | OPM % | ROCE |
|---|---|---|---|---|---|
| FY22 | ₹380 | -₹21 | -0.66 | -3% | -8% |
| FY23 | ₹501 | ₹23 | 0.58 | 6% | 8% |
| FY24 | ₹656 | ₹73 | 2.03 | 6% | 7% |
| FY25 | ₹914 | ₹60 | 1.54 | 8% | 14% |
| TTM | ₹1,047 | ₹64 | 1.66 | 8% | 14% |
Growth story is real. But so is the low margin treadmill. GTV is booming, but will monetization keep up?
5. Valuation
- CMP: ₹179
- P/E: 110x
- Book Value: ₹16.2
- Market Cap: ₹6,997 Cr
- CMP/BV: 11x
- Dividend: Nada
📏 Fair Value Estimate (Range):
- P/E Valuation (30–45x normalized): ₹50 – ₹80
- EV/Revenue (5–6x on ₹1,000 Cr): ₹130 – ₹150
- DCF (Growth + Margin improvement baked): ₹140 – ₹170
Verdict: You’re paying for scale, app install base, and maybe a travel-tech monopoly bet. This is not a value buy; this is a “future story” priced like it’s already a fairy tale.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26: ₹314 Cr revenue (+73%), PAT ₹28.7 Cr (+76%)
- AI-Driven Travel Tools: New itinerary builders, crowd-sourced train tips
- ESOP Allotment: 1.1 lakh shares issued
- Acquisition: 11% additional stake in subsidiary
- Investor frenzy: DII stake jumped from 8.2% to 9.7%
Triggers:
- Expansion to hotels or payments?
- IRCTC API pricing/policy drama?
- Rail/flight policy changes
- Monsoon impact on bus bookings
7. Balance Sheet
| Metric (₹ Cr) | FY25 |
|---|---|
| Equity Capital | ₹39 |
| Reserves | ₹595 |
| Borrowings | ₹40 |
| Other Liabilities | ₹232 |
| Total Assets | ₹905 |
| Fixed Assets | ₹286 |
| Investments | ₹119 |
| Cash | ~₹100+ (estimate) |
Low-debt, high-reserve, cash-rich digital biz. No red flags. But don’t expect capital-intensive expansions—they play lean.
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY23 | ₹31 Cr | ₹22 Cr | -₹2 Cr | ₹51 Cr |
| FY24 | ₹43 Cr | -₹45 Cr | -₹46 Cr | -₹48 Cr |
| FY25 | ₹122 Cr | -₹203 Cr | ₹104 Cr | ₹23 Cr |
They’re investing aggressively, especially in tech infra and platform consolidation. Still cash-flow positive. ESOP/capital raise helping maintain cushion.
9. Ratios – Sexy or Stressy?
| Metric | FY25 |
|---|---|
| ROCE | 14% |
| ROE | 11% |
| Debtor Days | 15 |
| Working Capital Days | 25 |
| OPM | 8% |
| Dividend Payout | 0% |
| CMP/BV | 11.02x |
High ROCE, but valuation multiples are bananas. Dividend? Don’t even ask. They’re investing everything back in growth—and then some.
10. P&L Breakdown – Show Me the Money
| FY | Sales | EBIT | Net Profit | EPS |
|---|---|---|---|---|
| FY23 | ₹501 Cr | ₹21 Cr | ₹23 Cr | ₹0.58 |
| FY24 | ₹656 Cr | ₹38 Cr | ₹73 Cr | ₹2.03 |
| FY25 | ₹914 Cr | ₹72 Cr | ₹60 Cr | ₹1.54 |
| TTM | ₹1,047 Cr | ₹80 Cr | ₹64 Cr | ₹1.66 |
They nearly doubled topline in two years. But profit is… modest. EBIT margin? Better than a bus ride on NH24—but just barely.
11. Peer Comparison
| Company | CMP | P/E | ROCE | OPM | Sales (TTM) | PAT (TTM) | CMP/BV |
|---|---|---|---|---|---|---|---|
| IRCTC | ₹777 | 48.5 | 49% | 33% | ₹4,674 Cr | ₹1,281 Cr | 17x |
| BLS Int. | ₹387 | 31.4 | 33% | 29% | ₹2,193 Cr | ₹508 Cr | 9x |
| TBO Tek | ₹1,409 | 69.8 | 26% | 15.8% | ₹1,737 Cr | ₹219 Cr | 12.8x |
| Thomas Cook | ₹166 | 30.2 | 18% | 5.9% | ₹8,139 Cr | ₹259 Cr | 3.4x |
| Easy Trip | ₹10.6 | 35 | 21% | 25% | ₹587 Cr | ₹107 Cr | 5.2x |
| Le Travenues | ₹179 | 110 | 14% | 8% | ₹1,047 Cr | ₹64 Cr | 11x |
Ixigo has lowest PAT but highest P/E. This is “valuation based on vibes” territory.
12. Miscellaneous – Shareholding, Promoters
| Shareholder | % (Mar 2025) |
|---|---|
| FIIs | 59.5% |
| DIIs | 9.7% |
| Public | 30.8% |
| No. of Shareholders | 88,925 |
Interesting:
- FII love is sky-high
- DII holding up from 8.2% to 9.7%
- Public holding stable
- 1.1 lakh shares issued under ESOP—talent retention strategy?
13. EduInvesting Verdict™
Le Travenues (Ixigo) is the scrappy underdog of Indian travel tech. They’ve nailed niche offerings (PNR predictions, bus seat preferences, auto-check-ins), and built an empire on utility, not discounts.
But this is still a low-margin game, operating in a hyper-competitive space, with policy risk from IRCTC and valuation that assumes 40% CAGR for a decade.
It’s not about whether they’re good—it’s about whether they can justify a ₹7,000 Cr valuation at 110x earnings. If the AI tools, superapp integrations, and non-train monetizations pay off—sure. But for now? Enjoy the ride, and keep your hands inside the valuation vehicle.
Metadata
– Written by EduInvesting Research | 16 July 2025
– Tags: Ixigo, Le Travenues Technology, OTA Stocks, Tech IPO, Bus Aggregators, AI Travel Tools
