IXIGO
Micro CapLe Travenues Technology Limited
IT
Le Travenues Technology Limited (IXIGO) is a technology company empowering travelers to plan, book, and manage trips across Flights, Hotels, Trains, and Buses. Its vision is to be the most customer-centric travel company by offering superior customer experience.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 57/100Rev +8% YoY · PAT +88% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹308 Cr | +8.4% | -3.8% |
| EBITDA | ₹20 Cr | -4.8% | -16.7% |
| Operating margin | 6.0% | -200 bps | -100 bps |
| PAT | ₹32 Cr | +88.2% | +33.3% |
| PAT margin | 10.4% | +440 bps | +289 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue grew 34% YoY to INR 12,280.39 Mn, with Adjusted EBITDA up 28% YoY to INR 1,209.47 Mn. Q4 FY26 revenue increased 8% YoY to INR 3,080.50 Mn, and Adjusted EBITDA rose 4% YoY to INR 303.29 Mn, despite a high base effect and Middle-East crisis.
The company delivered robust FY26 growth in revenue and Adjusted EBITDA, driven by diversified business and operating discipline. Q4 growth moderated due to a high base and external factors, but market share gains and AI integration are strategic priorities for future expansion.
GTV by Vertical (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Diversified Business Model
FY26 demonstrated the advantage of having a diversified business supported by resilient growth engines.
AI-Native Re-imagination
ixigo NEXT is a sneak peek of the agentic AI capabilities we’re working on for app experience.
Value Added Services
Upsell Value-Added Services to enhance Experience & Monetization, including ixigo Assured Flex and Alternate Travel Plan.
Cross-selling and Up-selling
Targeted cross-selling to expand share of wallet across our ecosystem of Flights, Trains, Buses, Hotels.
Metro Station Branding
Secured multi-year branding rights for 'ixigo New Delhi Metro Station' with station branding and in-metro announcements.
On-Train Food Delivery Partnership
Partnered with Swiggy to offer on-train food delivery from 40,000+ restaurants across 160+ stations on ixigo Trains & ConfirmTkt apps.
Government Bus Services Expansion
Partnered with KSRTC to expand digital access to government bus services across Karnataka and beyond.
ChatGPT Integration
ixigo, ConfirmTkt and AbhiBus native apps are now LIVE on ChatGPT.
Rising Per Capita Incomes
Rising Per Capita Incomes Will Shift the Income Pyramid, leading to increased discretionary spending.
Growth in Online Penetration
Robust growth expected in Indian Travel & Tourism Market with increasing online penetration across segments.
OTA Market Outpacing Overall Travel
Indian OTA Market is outpacing the overall travel and online markets with an 18% CAGR (FY23–28).
High Base Effect
Q4 growth trajectory was maintained despite the high base-effect of MahaKumbh last year.
Middle-East Crisis
Q4 growth trajectory was maintained despite the current Middle-East crisis.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for understanding annual growth and mitigating seasonality in the travel sector. QoQ provides insight into sequential momentum, execution, and the immediate impact of market conditions or strategic initiatives.
Monthly Active Users (MAU)
84.82 Mn (Q4 FY26)
Annual Passenger Segments Booked
141.52 Mn (FY26)
Repeat Transaction Rate
85.55% (FY26)
Ancillary Attachment Rate
31.36% (Q4 FY26)
AI at the Core
The next phase of our journey is all about reinventing our org as well as customer experience, by putting AI at the core.
Operating Discipline and Cash Conversion
The biggest highlight of the year was our operating discipline and cash conversion.
Market Share Gains
Q4 maintained our growth trajectory with market-share gains, despite external challenges.
Autonomous Operations through AI
Improve Operating Leverage Through Investment In Deep Tech & AI, Autonomous Operations Through AI Investments.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Annualized Revenue per Employee | ~2 Cr | Increasing YoY with operating leverage, indicating AI-enabled efficiency. |
| Ancillary Attachment Rate | 31.36% (Q4 FY26) | Growth in value-added service adoption, reflecting monetization strategy effectiveness. |
| Contribution Margin % | 39.39% (Q4 FY26) | Stability or improvement in segment profitability, crucial for overall financial health. |
| Cash Flow from Operations | INR 1,957.32 Mn (FY26) | Continued strong cash conversion, supporting future investments and financial flexibility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -23.1% / mo · near 52W low
Technical chart
IXIGOweekly · 1Y-16.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 40. Wait for confirmation.
- SMA20 falling (~30.1% over last month) — short-term momentum negative.
- RSI(14) at 40 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 10/15 to the score.
- Growth contributes 14/25 to the score.
Main drags
- Fair-value margin of safety is negative at -162.3%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 36th percentile within IT. Main check: financial discipline is weak at 38/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 3 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · IT: 36th pctile, median 68 · Micro: 26th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.07.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸3 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 6.8%.
- ▸ROE is low at 5.5%.
- ▸ROCE trend is -2.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 92.30
- P/B
- 3.33
- EV/EBITDA
- 89.51
- Market Cap
- 6848.00Cr
Profitability
- ROE
- 5.54%
- ROCE
- 6.80%
- ROA
- 2.79%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 55.00%
- EPS 5Y
- 60.00%
- Revenue 3Y
- 35.00%
- EPS 3Y
- 40.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 20.67×
- Altman Z
- 3.14
- Book Value
- 46.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 196.00 Cr
- EPS TTM
- 1.65
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.