ixigo Q2 Results October 17: Record ₹63 Crore Profit, but Freshbus Did the Heavy Lifting

The headline from the ixigo Q2 results October 17 filing is an all-time high profit after tax of ₹63.42 crore for July to September 2026. Read one line further, though, and you see that a one-time gain from selling most of its stake in Freshbus did a lot of the lifting. The operating business grew, just not as dramatically as the profit line suggests.

What ixigo Q2 results October 17 showed

Le Travenues Technology, which runs the ixigo, ConfirmTkt and AbhiBus apps, approved its Q2 FY27 numbers at a board meeting on Saturday and filed a media release with the exchanges. Growth figures below compare Q2 FY27 with Q2 FY26.

• Gross transaction value (GTV): ₹5,304.47 crore, up 22% from ₹4,347.50 crore.
• Revenue from operations: ₹320.96 crore, up 13% from ₹284.23 crore.
• Contribution margin: ₹124.86 crore, up 14% from ₹109.58 crore.
• Adjusted EBITDA (EBITDA plus ESOP expenses, minus other income): ₹23.58 crore, down 17% from ₹28.48 crore.
• Profit after tax: ₹63.42 crore, the highest the company has reported.

How much of the profit came from Freshbus

On August 13, ixigo sold part of its holding in Freshbus, the intercity electric bus operator, cutting its stake from 25.66% to 8.27%. Freshbus stopped being an associate, and the company booked an exceptional gain of about ₹40.7 crore. That lifted reported profit before tax to ₹71.7 crore, according to the earnings FAQ filed alongside the results.

Take out exceptional items and the share of associate losses, and profit before tax was ₹33.5 crore, against ₹24.4 crore a year ago. The year-ago figure also excludes a one-off ESOP charge of ₹26.9 crore, so the 37% rise compares like with like. Management itself calls this the better measure, and we agree. It’s a decent quarter. It just isn’t a record one.

Strip out the Freshbus gain and profit before tax rose 37%. Healthy, but a long way from a record.

Hotels get their own line, and costs climb

This is the first quarter ixigo has reported hotels as a separate business. Hotel GTV grew 2.6 times to ₹111.34 crore, and hotel revenue grew more than six times to ₹8.1 crore. Room nights booked, net of cancellations, crossed 4.7 lakh, up 295%. The gross take rate was above 12%.

That growth costs money, and it explains the fall in adjusted EBITDA. Employee costs excluding ESOPs rose ₹16.9 crore and technology costs rose ₹4.5 crore. By management’s estimate, roughly ₹10 crore of the year-on-year cost increase went into building the hotels business. If you want to see how wage bills show up in results, our explainer on employee cost in quarterly results walks through it.

Trains, buses and flights

Buses were the steadiest performer. Bus passenger segments rose 28% to 7.7 million, GTV rose 32% to ₹753 crore, and contribution margin was 53.2% of revenue, against 52.1% a year ago. The company says scarce confirmed train tickets and high airfares pushed more people onto buses.

Flight GTV rose 37%, largely because tickets cost more. Average transaction value per flight segment was up about 27%, while flight segments grew 8%. The gross take rate fell to 7.0% from 9.4%, because much of ixigo’s income comes per ticket, through convenience fees and add-ons, rather than as a share of the fare.

Trains were mixed. Train revenue rose 16% year on year to ₹149.1 crore, but contribution margin fell to ₹47.2 crore from ₹55.3 crore in the June quarter as the company spent to win festive-season bookings.

What to watch

The results came out on a Saturday, so Monday’s session will be the first chance for the stock to react. The questions for coming quarters are whether hotels can narrow their losses as they scale, and whether airline capacity returns as management expects from October. For a primer on reading numbers like these, see our guide on how to analyse quarterly results of a company.

This article is a news summary for information only and is not investment advice. Please consult a SEBI-registered adviser before making investment decisions.