Online travel platform ixigo reported a consolidated net profit of ₹63.4 crore for the second quarter of financial year 2026-27, reversing a loss of ₹3.5 crore in the corresponding quarter last year. Revenue from operations increased 12.9% year on year to ₹321 crore from ₹284.2 crore, reflecting continued business activity across its travel-booking operations. The September-quarter results were reported on October 17, 2026, by Le Travenues Technology, the company behind ixigo.
The headline profit, however, includes a ₹40.7 crore exceptional gain linked to the partial sale and remeasurement of ixigo’s investment in electric-bus operator Freshbus. Profit before exceptional items and tax stood at ₹31 crore, compared with a loss of ₹4 crore a year earlier. Revenue also declined approximately 10% sequentially from ₹356.8 crore in the June quarter, highlighting the importance of separating year-on-year growth from quarter-on-quarter performance.
Key Takeaways
- Net profit: ixigo reported ₹63.4 crore in consolidated profit in Q2 FY27, compared with a ₹3.5 crore loss in Q2 FY26.
- Revenue growth: Revenue from operations increased 12.9% year on year to ₹321 crore.
- Exceptional gain: A ₹40.7 crore gain related to the Freshbus investment boosted the reported bottom line.
- Underlying profitability: Profit before exceptional items and tax reached ₹31 crore, compared with a loss of ₹4 crore in the year-ago quarter.
- Sequential slowdown: Revenue fell around 10% from ₹356.8 crore in Q1 FY27.
- Freshbus stake: ixigo sold part of its holding in August, reducing its ownership from 25.66% to 8.27%.
- Investor focus: Future results will show whether operating profitability can improve alongside investments in AI, hotels and other growth opportunities.
ixigo Q2 FY27 Results: Financial Performance at a Glance
The September quarter delivered a clear improvement in reported profit compared with the same period last year. Revenue from operations also grew, although the sequential decline suggests that performance should be assessed across multiple periods rather than through a single headline figure.
| Financial metric | Q2 FY27 | Q2 FY26 | Year-on-year change |
|---|---|---|---|
| Revenue from operations | ₹321 crore | ₹284.2 crore | +12.9% |
| Consolidated net profit/(loss) | ₹63.4 crore | -₹3.5 crore | Turned profitable |
| Profit before exceptional items and tax | ₹31 crore | -₹4 crore | Turned profitable |
| Total income | ₹343 crore | ₹289.4 crore | Higher year on year |
| Exceptional gain linked to Freshbus | ₹40.7 crore | — | Not directly comparable |
Source: ixigo’s Q2 FY27 results as reported by Inc42 on October 17, 2026. Figures are rounded.
Total income, which includes other income, increased to ₹343 crore from ₹289.4 crore a year earlier. The difference between total income and revenue from operations reflects additional income earned outside the company’s core operating revenue.
The figures show that ixigo improved both its operating revenue and pre-exceptional profitability compared with the year-ago quarter. However, the ₹63.4 crore net profit should not be interpreted as entirely recurring earnings because the exceptional gain contributed materially to the reported result.
Why Did ixigo’s Profit Jump to ₹63.4 Crore?
The largest factor behind the reported profit was an exceptional gain of ₹40.7 crore related to Freshbus, an electric-bus operator in which ixigo previously held an associate investment.
In August 2026, ixigo sold Freshbus shares worth ₹36.6 crore, reducing its stake from 25.66% to 8.27%. Freshbus consequently ceased to be an associate of ixigo. The reported exceptional gain reflects the stake sale and the remeasurement of the remaining investment.
An associate is generally a company over which an investor has significant influence but does not exercise full control. When the relationship changes, accounting rules can require the investor to reassess how its remaining interest is valued and reported.
This means the ₹40.7 crore gain is not simply the cash proceeds from selling the shares. The gain also includes the accounting impact of remeasuring the remaining investment.
The distinction matters because the exceptional item helped lift reported profit substantially. Such gains can improve a quarter’s bottom line, but they may not recur in the same form in subsequent periods.
For investors evaluating ixigo’s underlying performance, profit before exceptional items and tax provides an additional perspective. That figure reached ₹31 crore, compared with a loss of ₹4 crore in Q2 FY26, indicating an improvement beyond the investment-related gain.
Freshbus Stake Sale: What Changed?
The Freshbus transaction represents a change in ixigo’s investment exposure rather than a direct expansion of its core travel-booking operations.
| Freshbus investment detail | Reported figure |
|---|---|
| Stake before the sale | 25.66% |
| Stake after the sale | 8.27% |
| Value of shares sold in August | ₹36.6 crore |
| Exceptional gain recognised in Q2 | ₹40.7 crore |
The reduction in ownership means ixigo has a smaller direct interest in Freshbus than it did previously. It also changes the way the remaining investment is accounted for after Freshbus ceased to be an associate.
The transaction generated cash proceeds from the sale and an accounting gain, but these should not be treated as interchangeable. The cash received reflects the sale consideration, while the exceptional gain incorporates the relevant accounting effects.
The longer-term impact will depend on how ixigo manages its remaining investment and allocates capital across its core travel platform and other strategic initiatives.
Revenue Growth Remains Positive, but Sequential Revenue Falls
ixigo’s operating revenue rose 12.9% compared with the year-ago quarter, increasing from ₹284.2 crore to ₹321 crore. That indicates the business generated more operating revenue than it did in the same period last year.
However, revenue declined approximately 10% from ₹356.8 crore in Q1 FY27. This sequential movement is important because it shows that year-on-year growth does not necessarily mean revenue is increasing every quarter.
| Revenue comparison | Amount |
|---|---|
| Q2 FY26 | ₹284.2 crore |
| Q1 FY27 | ₹356.8 crore |
| Q2 FY27 | ₹321 crore |
| Q2 FY27 year-on-year growth | 12.9% |
| Q2 FY27 quarter-on-quarter change | Approximately -10% |
Quarterly revenue can be affected by travel demand, booking timing, business mix and seasonal patterns. A single sequential decline does not, by itself, establish a deterioration in the company’s long-term outlook.
Nevertheless, investors will want to understand why revenue fell from the June quarter and whether the decline reflects normal seasonal patterns, changes in booking activity or other business factors. Management commentary and segment-level disclosures will help clarify the trend.
How ixigo’s Travel Business Fits Into the Results
ixigo operates across train, flight and bus bookings through its main platform and related brands, including ConfirmTkt and AbhiBus. It has also been investing in hotels, business-to-business distribution and technology-led travel services.
The company’s business model includes helping users discover travel options, compare prices and complete bookings. Revenue can be influenced by booking volumes, commissions, customer mix, ancillary services and the share of transactions across different transport categories.
Its train-booking business has historically been an important part of the platform, while flight and bus services have provided additional growth opportunities. The company has also expanded into adjacent services to increase the range of products available to travellers.
The latest revenue increase suggests that the platform continued to generate higher operating income than in the previous year’s September quarter. However, the results reported in the available coverage do not provide enough updated segment-level figures to determine which travel category contributed most to Q2 FY27 revenue growth.
That distinction is important. Growth in total revenue can conceal different trends across trains, flights, buses and hotels. Investors need the complete results presentation and management commentary to assess each business line separately.
AI and Hotels Remain Important Investment Areas
ixigo has been positioning itself as an AI-enabled travel platform rather than only a booking website. Its initiatives include TARA, its conversational AI assistant, and ixigo NEXT, a broader effort to integrate AI into trip planning, booking and travel assistance.
These tools are designed to help users discover travel options, manage journeys and access information through more natural interactions. AI can also support customer service by handling routine queries and assisting users with common travel-related tasks.
Hotels are another area of investment. Expanding hotel inventory and improving the booking experience could allow ixigo to serve customers across more stages of a trip, rather than focusing primarily on transport reservations.
However, these initiatives require spending on technology, product development, customer acquisition and operational capabilities. Investment in growth can weigh on margins in the short term even when management expects it to create long-term value.
The key question is whether ixigo can expand these businesses while improving the profitability of its core operations. Revenue growth is useful, but sustainable operating performance will also depend on customer acquisition costs, conversion rates, commissions and the efficiency of its technology investments.
What Investors Should Watch After the Results
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