Ixigo

Revenue rose 13% to Rs 356.75 crore and profit 81% to a record Rs 34.24 crore, on gross transaction value up 19%. The composition is the story: trains contributed over 39% of operating revenue and buses grew GTV 39%, while adjusted EBITDA fell 7% as spending shifted to hotels and AI.

Maintained brokerage coverage singles out a B2B travel distribution platform (target Rs.1,765) and a multimodal rail-led OTA (target Rs.217) as the prime beneficiaries of India's travel boom — picking the asset-light aggregation model and the rail-anchored funnel over the consumer flight-OTA model, with the B2B player drawing ~84% of its INR368b GTV from hotels and ancillaries.

Ixigo's AbhiBus unit is actively courting travellers priced out of air travel by high fares, launching product features targeting new bus riders and positioning intercity bus as a beneficiary of the current airfare environment. This builds on ixigo's April 2026 integration of AbhiBus into ChatGPT alongside its flights and ConfirmTkt rail products, and its Q1 FY26 bus GTV growing 81% YoY — the same rate as flights.

Le Travenues (Ixigo) approved a ₹65.69 crore acquisition of a 54.66% stake in Brevistay Hospitality — India's largest flexible-stay hotel network, with over 10,000 directly contracted properties — alongside minority investments in two AI startups: Proactai (person re-identification and object tracking AI) and Vestra.AI (autonomous agent orchestration for enterprises). The three deals were board-approved on June 5, 2026, with the Brevistay close targeted by July 31.

Ixigo is running a birthday sale anchored on its 19th anniversary — offering 19% off flights and up to 91% off hotels, with a headline INR 19 travel price point as a demand-generation hook.

Analysis of quarterly earnings disclosures from India's major OTAs finds a widening capability gap: MakeMyTrip is deploying AI at the funnel level (personalisation, dynamic pricing, customer service deflection) while Ixigo leans on AI for ops efficiency; TBO and Yatra are largely at the pilot stage with no material product deployment. The piece frames this as an infrastructural divergence, not just a feature gap.

Q4 consolidated net profit rose 91% year-on-year to ₹32 Cr, sending the stock up nearly 6% intraday to ₹173.5 on the BSE. The earnings reinforce that the listed OTA is compounding profitably rather than buying growth.

Flights have overtaken trains as Ixigo's largest revenue segment, and management is doubling down on hotels and AI as the next vectors for growth. The narrative reframes Ixigo from a rail-first brand to a flights-anchored OTA with hotel ambitions.

Quarterly revenue rose modestly from Rs 284 Cr to Rs 308 Cr year-on-year, but profit nearly doubled — suggesting margin expansion rather than top-line acceleration, likely driven by the rail and bus segments where take rates are higher than flights.