Le Travenues Technology (IXIGO) Q2 25/26 earnings summary

Executive summary

• Raised INR 1,296 crore via preferential issuance to strengthen the balance sheet, accelerate AI-led growth, and invest in the hotel OTA segment, with Prosus as a key incoming investor.

• Achieved robust year-over-year growth in revenue, GTV, and user engagement, with buses and flights leading expansion and trains maintaining market leadership.

• Maintained disciplined capital allocation, focusing on long-term product, tech, and AI investments, and avoiding price wars or excessive discounting.

• Unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2025, were approved and released, with a limited review by statutory auditors confirming no material misstatements.

• Demonstrated resilience and agility amid market headwinds, delivering profitable growth across all business lines.

Financial highlights

• Revenue from operations for Q2 FY26 was INR 2,827.41 million, up from INR 2,064.70 million in Q2 FY25; H1 FY26 revenue grew 37% YoY to INR 5,972.13 million.

• Gross transaction value (GTV) for H1 FY26 was INR 89,921.55 million, up 38% YoY.

• Adjusted EBITDA for H1 FY26 at INR 598.29 million, up 44.88% YoY; Q2 adjusted EBITDA at INR 284.76 million.

• Operating cash flow for H1 FY26 at INR 915.46 million, up 30% YoY.

• Consolidated net profit for H1 FY26 was INR 279.41 million, compared to INR 602.52 million in H1 FY25.

Outlook and guidance

• Expectation to continue growing significantly faster than the market, especially as supply constraints in flights and trains ease.

• Management remains optimistic about long-term growth, supported by a strengthened balance sheet and continued investment in AI and new market expansion.

• Subsequent to the reporting period, a Share Subscription Agreement was signed for a preferential allotment of up to 46,270,092 equity shares at INR 280 per share, aggregating to INR 12,955.63 million, subject to shareholder approval.