Key Financial Results - Q1 FY27

Performance Highlights:

  • Gross Transaction Value (GTV): ₹5,524.33 Cr, representing 19% YoY growth compared to Q1 FY26
  • Revenue from Operations: ₹356.75 Cr, representing 13% YoY growth from ₹316.05 Cr in Q1 FY26
  • Contribution Margin: ₹144.94 Cr, increased 13% YoY
  • EBITDA: ₹53.52 Cr, increased 65% YoY compared to same period previous year
  • Adjusted EBITDA (EBITDA plus ESOP Expenses less Other Income): ₹29.24 Cr
  • Profit Before Tax, Share of Loss of Associates and Exceptional items: ₹48.14 Cr, up from ₹28.66 Cr in Q1 FY26
  • Profit After Tax: ₹34.24 Cr (all-time high), reflecting 81% YoY increase from ₹18.94 Cr in Q1 FY26

Accounting Presentation Change:

Effective April 1, 2026, the Company changed the presentation currency denomination for its financial results from INR Millions to INR Crores.

Segment Performance and Strategic Updates

Operating Leverage and Investment Strategy:

Management addressed why revenue and contribution margin growth hasn't fully translated to EBITDA level operating leverage, citing three primary investment areas:

1. Hotels Business: Investment phase with market creation costs both above and below contribution margin line

2. Technology and AI: Investment in ixigo NEXT AI platform, including engineering talent, AI infrastructure, model training costs, and token costs

3. Brand and Marketing: Q1 FY27 included ConfirmTkt IPL spends and AbhiBus campaign in southern states

Bus Business Performance:

  • Continues as largest vertical by contribution margin with phenomenal growth
  • Structural industry benefits from capacity growth and government highway infrastructure development
  • Higher airfares and capacity cuts in aviation supported bus demand
  • Year-on-year growth exceeded 60% in 17 states including Delhi, Odisha, Uttarakhand, West Bengal, Himachal Pradesh, and Northeast states
  • Key innovations: Roadside Assistance program (available across 20 states, covers 95% of bookings), BusBiz distribution platform for offline agents, BUSGDS.AI operating system for bus operators, Student Pass program (20,000+ registrations)

Trains Business:

  • Faced category-wide volume pressure due to Tatkal access changes for OTAs, lower waitlist inventory, and additional authentication requirements
  • Market share increased from approximately 60% to 63% despite constrained opportunity pool
  • Focus on preserving margins and serving adjacent demands
  • Adjacent opportunities: Bharat Darshan rail packages, metro ticketing (live in 5 cities), international trains
  • 'Food on Train' business crossed 17 Lakh meals in Q1 FY27

Hotels Business Update:

  • Acquired 54.66% stake in Brevistay (financial impact begins Q2 FY27)
  • Accelerated hotel onboarding through HELLO AI-first hotel partner extranet
  • Onboarding several thousand properties every quarter
  • Put half million heads on beds across hotel network in Q1 FY27
  • Direct partnerships with more than 10,000 hotels across nearly 700 towns
  • Contribution Margin of "Other" line business (includes Hotels) moved to negative ₹3.06 Cr from positive ₹1.86 Cr in Q1 FY26 due to deliberate investment
  • Brevistay acquisition provides hotel supply network, business-development capabilities, flexible-stay expertise

PhonePe Partnership Rationale:

  • Discontinued flights and buses partnership after contractual commitments ended in June 2026
  • Decision based on framework: incremental customers, growth potential, unit economics
  • Trains partnership continues through ConfirmTkt
  • All third-party distribution partnerships represent single-digit percentage of overall GTV
  • Other partners include ChatGPT, Uber, CRED, HDFC SmartBuy, SBI Cards

Aviation Market Challenges:

  • Iran conflict and oil prices significantly affected aviation market
  • Highest average fares in history: domestic +22% YoY, +13% QoQ; international +38% YoY, +30% QoQ
  • Industry passenger growth negligible domestically, international market declined post-conflict
  • Despite backdrop, delivered 4% YoY segment growth and 27% GTV growth
  • Air India announced double-digit capacity cuts for Q2, IndiGo single-digit reductions
  • Meaningful capacity recovery expected only from October onwards

AI Initiatives:

  • TARA AI travel agent resolves 81% of voice queries and 92% of chat queries end-to-end without human intervention
  • Handles over 57,000 customer interactions daily
  • ixigo NEXT AI-native platform being extended across all platforms
  • Building voice-optimized small language models and AI agents for diverse travel use cases

One-offs and Exceptional Items

  • Share of loss from Fresh Bus and Sqaas (Associates): ₹3.98 Cr for Q1 FY27
  • Share of loss from Fresh Bus (Associate): ₹2.33 Cr for Q1 FY26

Additional Information

Document available on company website: https://investors.ixigo.com/