Type of Event: Q2 FY27 Earnings Conference Call conducted on October 19, 2026, hosted by DAM Capital Advisors Limited.
Date and Time: October 19, 2026 (specific time not mentioned in the transcript).
Purpose: Discussion of the company's financial results for the quarter and half year ended September 30, 2026, and providing a business update.
Management Participants: Mr. Aloke Bajpai (Chairman, Managing Director and Group Chief Executive Officer) and Mr. Saurabh Devendra Singh (Group Chief Financial Officer). Mr. Anmol Garg from DAM Capital Advisors Limited moderated the call.
Availability of Materials: The transcript of the earnings call was made available on the company's website at https://investors.ixigo.com/. A presentation was referenced during the call (e.g., safe harbour statement on the second slide), but its public availability was not explicitly stated.
UPSI Statement: The company did not include a specific statement regarding the sharing of Unpublished Price Sensitive Information (UPSI) in the provided transcript.
Financial Highlights & Guidance References
Financial Period Discussed: Q2 FY27 (quarter ended September 30, 2026) and H1 FY27.
Key Financials (YoY):
Passenger Segments: Grew >11% to 3.98 crores.
Gross Transaction Value (GTV): Grew 22% to INR 5,304.47 crores.
Revenue from Operations: Grew 13% to INR 320.96 crores.
Contribution Margin: Grew 14% to INR 124.86 crores.
Reported PAT: INR 63.42 crores (includes an exceptional gain of INR 40.66 crores from partial stake sale in Freshbus).
Cash & Equivalents (Net): INR 1,831.71 crores.
Operating Cash Flow (YTD): INR 76.44 crores.
Segment-wise Performance (YoY):
Trains: Passengers +7% to ~2.9 crores; Revenue +16% to INR 149.14 cr; Contribution Margin +29% to INR 47.23 cr (32% of revenue); ~64% OTA market share.
Buses: GTV +32% to INR 752.65 cr; Revenue +24% to INR 81.04 cr; Contribution Margin +27% to INR 43.14 cr (53% of revenue).
Flights: GTV +37% (driven by higher fares); Revenue -8% to INR 82.66 cr; Contribution Margin -10% to INR 35.68 cr (43% of revenue); Gross Take Rate fell from 9.4% to 7%; International GTV grew 59%.
Hotels (Newly Disclosed Segment): GTV 2.6x to INR 111.34 cr (~4.7 lakh room nights, >5,100 net room nights/day); Revenue >6x to INR 8.1 cr; Gross Take Rate >12%; Contribution Loss of INR 1.21 cr (vs INR 0.71 cr loss YoY). Total investment in hotels (incl. people/tech) estimated at ~INR 11 cr for the quarter.
Forward-Looking Statements & Strategic Themes:
Hotels: Described as a "significant opportunity." Aim to become the largest player in the budget/mid-market/independent hotel segment over the next 4-5 years. The Indian hotel market is estimated at ~INR 1.57 lakh cr (FY26), projected to reach ~INR 1.94 lakh cr by FY28. OTA hotel bookings projected to grow ~19% annually.
AI: TARA AI handled 45 lakh queries, resolving 94% of chats and 82% of calls without human intervention. Investing in "ixigo NEXT" agentic AI products. Demoed a fully agentic booking flow.
Investment Guardrails: Hotel investments will be calibrated based on payback period and returns, aiming to maintain overall company profitability (mid-single-digit EBITDA). Near-term hotel investment estimated in the INR 10-12 cr/quarter range.
Outlook: Cautious on near-term flight segment due to high fares and capacity constraints. Festive demand (Q3) described as "a shade lower than expected." Focus on strengthening core business, accelerating hotels, and investing in AI.
Additional Notes Section
Attachments: The regulatory filing intimated the enclosure of the earnings call transcript. A presentation deck was referenced during the call.
Financial Data: Significant financial data was disclosed and summarized in the main section above.
Restatements: The company noted three disclosure changes for the quarter: 1) Hotels are a separate segment, 2) Food on train services moved into the trains segment, and 3) Brevistay is consolidated within hotels. Earlier periods have been restated.
