AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 17 Oct - CARE report for Q2FY27 shows nil deviation in ₹1,295.56 crore preferential issue proceeds.
Source: Bse
Le Travenues Technology Limited (IXIGO)
Micro CapConsumer stocks · Micro cap · NSE
Le Travenues Technology Limited (IXIGO) is a technology company empowering travelers to plan, book, and manage trips across Flights, Hotels, Trains, and Buses. Its vision is to be the most customer-centric travel company by offering superior customer experience.
₹157.08
+12.62 · +8.74%
Market cap ₹6,372 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result17 Oct, 12:28 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
35BearishSMA20 -5.8% / mo · MACD − · near 52W low · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 34
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IXIGOD candles · FIT view-5.8%Latest close ₹157.08 on 2026-10-19
Bar
+1.7%
RSI
52
MACD hist
-0.20
52W pos
11%
2026-10-19O ₹154.39H ₹165.99L ₹149.53C ₹157.08Vol 8.2Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IXIGONifty Consumer DurablesNifty 500
- IXIGO
- -21.4%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -15.9 pp
Chart stats
19 Oct 2026- From 52W high
- -53.7%
- 52W range position
- 10%
- ATR (14)
- 4.6%
- Volume vs 20D
- 54.71x
- Avg traded value
- ₹84.9 Cr
- 20D price channel
- ₹136.4 - ₹169.4
₹339.2
₹136.4 - ₹339.2
₹7.2
Latest completed session
20-session average
48.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED31
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average35
Revenue +13.4% · PAT NDF YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model-38.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Average · 35/100Rev +13% YoY · margin expansion
Filed 17 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹321 Cr | +13.4% | -10.0% |
| EBITDA | ₹18.1 Cr | +461.2% | -25.9% |
| Operating margin | 5.6% | +743 bps | -120 bps |
| PAT | ₹63.4 Cr | NDF | +85.2% |
| PAT margin | 19.8% | +2082 bps | +1016 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 53.70
- P/B
- 2.92
- EV/EBITDA
- 64.56
- Market Cap
- 6372.00Cr
Profitability
- ROE
- 4.79%
- ROCE
- 6.14%
- ROA
- 5.65%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 55.00%
- EPS 5Y
- 55.00%
- Revenue 3Y
- 35.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 26.67×
- Altman Z
- 7.96
- Book Value
- 49.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 196.00 Cr
- EPS TTM
- 3.41
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,228+34.4% vs prev
Net Profit
₹ CrLatest: 71.0+18.3% vs prev
Return on Equity
%Latest: 3.3-65.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 52. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.2% over last month) — short-term momentum negative.
- RSI(14) at 52 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 53% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
11
RS percentile
Stage 4 Downtrend
1M return
-5.2%
3M return
-21.4%
6M return
-11.9%
1Y return
-51.3%
RS 1D
+5
RS 20D
-2
Sector rank
#9
Industry rank
-
Stage evidence
- Price is 9.8% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 58.84+9.86%
RS vs Nifty 50059
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth14/25
Quality0/20
Balance Sheet8/15
Cash Flow3/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
31
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
31/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 14/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -38.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
53.7
PB
2.9
EV/EBITDA
64.6
ROE
4.8%
ROCE
6.1%
FCF Yield
—
Debt/Equity
0.0
MoS
-38.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
31
Previous: 31
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-38.3%
Previous: -38.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
32
32
28
28
27
27
29
33
31
31
31
31
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹61.5
-155.4% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹113.55
-38.3% MoS
PEG
1.16
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HAPPSTMNDS
Micro
Happiest Minds Technologies Limited
IT Services / Digital
match 115
35
20.8
13.8%
-34%
WATCHLIST
STYL
Micro
Seshaasai Technologies Limited
IT Services / Digital
match 115
56
21.0
23.3%
+25%
FAIR VALUE
TANLA
Micro
Tanla Platforms Limited
IT Services / Digital
match 114
62
14.1
21.4%
+30%
UNDERVALUED
CCAVENUE
Micro
AvenuesAI Limited
IT Services / Digital
match 113
57
16.3
6.6%
+43%
FAIR VALUE
MASTEK
Micro
Mastek Limited
IT Services / Digital
match 113
72
12.1
15.3%
+58%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-09T17:52:44.766Z
Management commentary snapshot
FY26 revenue grew 34% YoY to INR 12,280.39 Mn, with Adjusted EBITDA up 28% YoY to INR 1,209.47 Mn. Q4 FY26 revenue increased 8% YoY to INR 3,080.50 Mn, and Adjusted EBITDA rose 4% YoY to INR 303.29 Mn, despite a high base effect and Middle-East crisis.
The company delivered robust FY26 growth in revenue and Adjusted EBITDA, driven by diversified business and operating discipline. Q4 growth moderated due to a high base and external factors, but market share gains and AI integration are strategic priorities for future expansion.
Current business mix
GTV by Vertical (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Flight42.0%
Train42.0%
Bus16.0%
Growth engines
Diversified Business Model
FY26 demonstrated the advantage of having a diversified business supported by resilient growth engines.
AI-Native Re-imagination
ixigo NEXT is a sneak peek of the agentic AI capabilities we’re working on for app experience.
Value Added Services
Upsell Value-Added Services to enhance Experience & Monetization, including ixigo Assured Flex and Alternate Travel Plan.
Cross-selling and Up-selling
Targeted cross-selling to expand share of wallet across our ecosystem of Flights, Trains, Buses, Hotels.
Capacity and execution
Metro Station Branding
Secured multi-year branding rights for 'ixigo New Delhi Metro Station' with station branding and in-metro announcements.
On-Train Food Delivery Partnership
Partnered with Swiggy to offer on-train food delivery from 40,000+ restaurants across 160+ stations on ixigo Trains & ConfirmTkt apps.
Government Bus Services Expansion
Partnered with KSRTC to expand digital access to government bus services across Karnataka and beyond.
ChatGPT Integration
ixigo, ConfirmTkt and AbhiBus native apps are now LIVE on ChatGPT.
Tailwinds
Rising Per Capita Incomes
Rising Per Capita Incomes Will Shift the Income Pyramid, leading to increased discretionary spending.
Growth in Online Penetration
Robust growth expected in Indian Travel & Tourism Market with increasing online penetration across segments.
OTA Market Outpacing Overall Travel
Indian OTA Market is outpacing the overall travel and online markets with an 18% CAGR (FY23–28).
Headwinds
High Base Effect
Q4 growth trajectory was maintained despite the high base-effect of MahaKumbh last year.
Middle-East Crisis
Q4 growth trajectory was maintained despite the current Middle-East crisis.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for understanding annual growth and mitigating seasonality in the travel sector. QoQ provides insight into sequential momentum, execution, and the immediate impact of market conditions or strategic initiatives.
Sector KPIs management disclosed
Monthly Active Users (MAU)
84.82 Mn (Q4 FY26)
Annual Passenger Segments Booked
141.52 Mn (FY26)
Repeat Transaction Rate
85.55% (FY26)
Ancillary Attachment Rate
31.36% (Q4 FY26)
Management forward view
AI at the Core
The next phase of our journey is all about reinventing our org as well as customer experience, by putting AI at the core.
Operating Discipline and Cash Conversion
The biggest highlight of the year was our operating discipline and cash conversion.
Market Share Gains
Q4 maintained our growth trajectory with market-share gains, despite external challenges.
Autonomous Operations through AI
Improve Operating Leverage Through Investment In Deep Tech & AI, Autonomous Operations Through AI Investments.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Annualized Revenue per Employee | ~2 Cr | Increasing YoY with operating leverage, indicating AI-enabled efficiency. |
| Ancillary Attachment Rate | 31.36% (Q4 FY26) | Growth in value-added service adoption, reflecting monetization strategy effectiveness. |
| Contribution Margin % | 39.39% (Q4 FY26) | Stability or improvement in segment profitability, crucial for overall financial health. |
| Cash Flow from Operations | INR 1,957.32 Mn (FY26) | Continued strong cash conversion, supporting future investments and financial flexibility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 60th percentile within Consumer. Main check: financial discipline is weak at 38/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
48 docs text-extracted · 18 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Consumer: 60th pctile, median 66 · Micro: 34th pctile, median 73
Evidence depth
Financial-only
48 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
38
weak · capital discipline
Results
80
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.07.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸ROCE is low at 6.8%.
- ▸ROE is low at 5.5%.
- ▸ROCE trend is -2.2%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Le Travenues Technology Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Oct - Newspaper Advertisement on financial results for the quarter and half year ended September 30, 2026
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 17 Oct - ixigo reported Q2 FY27 results: GTV Rs 5,304.47 Cr, revenue Rs 320.96 Cr, PAT Rs 63.42 Cr.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30 And Other Applicable Provisions Of The SEBI (LODR) Regulations, 2015 - Earnings Release On Financial Results For Quarter And Half Year Ended September 30, 2026 17 Oct - Q2 FY27 earnings release: revenue ₹320.96 Cr, PAT ₹63.42 Cr, GTV ₹5,304.47 Cr; Freshbus sale gain ₹40.7 Cr.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 1 Oct - Members approved increase in authorised share capital to ₹100 crore at September 30, 2026 AGM.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep - ixigo to attend BofA Asia Pacific Conference 2026 in Hong Kong on September 21, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep - Schedule of Analyst / Investor Meeting to be held on September 18, 2026
Source: Bse
Annual reportSep 2026
Sep 2026 · Notice Of The Twentieth Annual General Meeting To Be Held On September 30, 2026 And Annual Report For FY 2025-26 7 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep - Newspaper Advertisement for Notice of Twentieth Annual General Meeting and E-Voting Information
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Diversification / Disinvestment 13 Aug - Ixigo to sell 46,264 Freshbus CCPs for ₹36.6 crore; holding falls to 8.27%, ending associate status.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.