ixigo Slips Into Red, Posts INR 3.5 Cr Loss In Q2

SUMMARY

The company had reported its highest ever quarterly profit of INR 18.9 Cr in Q1 FY26 and a PAT of INR 13.1 Cr in the year-ago quarter

Operating revenue rose 36% to INR 282.7 Cr during the quarter under review from INR 206.5 Cr in Q2 FY25

Total expenses surged 51% YoY to INR 290.4 Cr during the quarter

Travel tech major ixigo slipped into the red in Q2 FY26, reporting a net loss of INR 3.5 Cr as against a net profit of INR 13.1 Cr in the year-ago quarter. The company had reported its highest ever quarterly profit of INR 18.9 Cr in Q1 FY26.

Operating revenue rose 36% to INR 282.7 Cr during the quarter under review from INR 206.5 Cr in Q2 FY25. Sequentially, the top line declined 10% from INR 314.5 Cr.

Including other income of INR 5.2 Cr, the company’s total income for the quarter stood at INR 287.9 Cr. Total expenses surged 51% YoY to INR 290.4 Cr during the quarter.

The company attributed the net loss to one-time ESOP expenses of INR 26.9 Cr incurred during the quarter.

As a result, the company’s employee benefit expenses zoomed 92% YoY to INR 74.2 Cr. Adjusted EBITDA, which doesn’t include ESOP expenses, surged 36% YoY to INR 28.5 Cr.

Gross transaction value (GTV) grew 23% YoY to INR 4,347.5 Cr in the quarter.

The train segment drove ixigo’s top line in the quarter, with its revenue growing 11% YoY to INR 122.9 Cr. The bus segment’s revenue rose 64% YoY to INR 65.4 Cr, while flight segment revenue grew 60% YoY to INR 89.4 Cr.

The flight vertical’s profit improved 45% YoY to INR 39.6 Cr, while both train and bus segment recorded a profit of about INR 34 Cr each.

Revenue from other businesses surged to INR 5.1 Cr from INR 37.9 Cr in the year-ago period. Profit from this segment zoomed to INR 1.8 Cr from INR 14.6 Lakh in Q2 FY25.

Commenting on the numbers, cofounder and CEO Aloke Bajpai said, “It was a tough quarter for the entire travel ecosystem as the overall market saw some degree of de-growth. Despite that, we continued to grow much faster in the bus segment and held steady in trains. Our adjusted EBITDA remained resilient, and we delivered a 30% year-on-year growth in operating cash flow to INR 91.5 Cr.”

These were the key events for ixigo in the quarter under review:

Partnered with DMRC and ONDC to introduce QR-based Delhi Metro ticketing on ixigo Trains and ConfirmTkt, offering in-app payments.
AbhiBus onboarded 7 new start road transportation corporations (SRTCs) – OSRTC, SBSTC, TSRTC, PRTC, KSRTC, SNT, and UTC. With this, AbhiBus now aggregates 17 major state transport corporations.
Introduced AI Smart Filters for flights on desktop, allowing users to search and refine results using natural language inputs.
Launched an enhanced Train Alternates feature that helps users find better travel options.
Confirmtkt partnered exclusively with HDFC Bank to enable train ticket bookings on the HDFC SmartBuy platform.

Moving forward, the company plans to double down on its hotels business, a vertical which it is relatively new to. For this, the company is in the process of raising fresh funds.

On October 10, the company entered into a share subscription agreement with Prosus to raise INR 1,295.6 Cr via a proposed preferential allotment of 4.6 Cr equity shares at an issue price or INR 280. The issue is subject to approval from shareholders.

“The fresh capital will primarily go towards driving organic growth across our hotels segment and building an AI-first, agentic travel experience. We’re also investing in shaping what the future of travel could look like with AI-native products, while keeping an eye on strategic M&A opportunities that strengthen our ecosystem,” Bajpai said.

Shares of ixigo ended today’s trading session 0.7% higher at INR 324.70 on the BSE.