Ixigo (Le Travenues): Largely in-line print; N-T trains pressure a blemish, but setup remains attractive

Research evidence excerpt

Ixigo (Le Travenues): Largely in-line print; N-T trains pressure a blemish, but setup remains attractive

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Ixigo (Le Travenues)

Largely in-line print; N-T trains pressure a

blemish, but setup remains attractive

Reiterate Rating: BUY | PO: 215.00 INR | Price: 163.65 INR

In-line 4Q revenues/EBITDA; Base effect in trains 22 May 2026

Ixigo’s revenues grew 8% YoY coming largely in-line with BofA as well as consensus. Equity

This was led primarily by train segment’s YoY de-growth on a high base of Mahakumbh.

Contribution profit & adj. EBITDA came in-line with BofAe. CM expanded 3.3pps QoQ to Pankaj Mehendiratta >>

39.4% & EBITDA margins were 30bps lower QoQ at 8%. Trains saw volume compression Research Analyst

BofAS India

for broader industry and impact led by policy changes rather than company specific +91 22 6632 8684

issue. Ixigo gained OTA share in trains (+2pps to 62%) while preserving healthy margins. pankaj.mehendiratta@bofa.com

For 1Q, mgmt sees demand trends continuing to remain strong for domestic travel. Sachin Salgaonkar >>

Research Analyst

International flights remain affected due to higher fares/some route curtailments. BofAS India

+91 22 6632 8667

In 4Q, flights was largest vertical by GTV, while buses was largest by contribution. Ixigo sachin.salgaonkar@bofa.com

has started onboarding hotels directly and now has a small on-ground team. Over next

few quarters, they would look to start disclosing hotels only once mgmt believes biz has

reached right product market fit, operational maturity & meaningful scale. Post 4Q we Stock Data

slightly tweak train growth numbers but keep overall estimates/PO unchanged. Reit. Buy.

Refer our initiation: Initiate at Buy: board for the long haul; Hotels provide an optionality Price 163.65 INR