Ixigo Q4FY26: PAT jumps 91%, GTV hits ₹18,693cr

Key takeaway from ixigo’s latest filing

Le Travenues Technology (ixigo) reported a sharp rise in profitability for Q4FY26 alongside strong FY26 growth, according to its exchange filing. The company said Gross Transaction Value (GTV) for FY26 rose 25% year-on-year (YoY) to ₹18,692.7 crore, while revenue from operations increased 34% YoY to ₹1,228 crore. Adjusted EBITDA also moved higher, with the company reporting a 28% YoY rise to ₹120.9 crore. The quarter stood out for profits, with profit after tax (PAT) at an all-time high of ₹32.1 crore, up 91% YoY.

The update comes at a time when travel demand has been uneven due to macro volatility, and ixigo also referenced disruption in air travel due to the Middle East situation. Even so, the company said it continued to see market-share gains during the quarter.

FY26 performance: GTV, revenue and operating efficiency

For FY26, ixigo’s headline metrics showed operating leverage alongside growth. The exchange filing reported cash flow from operations (CFO) rising 60% YoY to ₹195.7 crore, up from ₹122.2 crore in the prior year. The company linked the increase to improved operating efficiency.

Management also pointed to category-level momentum within the broader year. The company reported more than 50% YoY growth in flight and bus revenue during FY26 despite what it called a volatile macro environment. These details suggest ixigo’s business mix is shifting toward segments with higher growth, even as some categories face near-term shocks.

Q4FY26 snapshot: quarterly numbers and profitability

Alongside the annual filing, the provided details included quarter-specific numbers for Q4FY26. The company’s gross transaction value for the quarter was stated at ₹4,797.7 crore, up 9% YoY. Revenue from operations for Q4FY26 came in at ₹308.1 crore, up 8% YoY. Contribution margin for the quarter was reported at ₹121.4 crore, up 0.4% YoY, with contribution margin percentage at 39%.

Adjusted EBITDA for Q4FY26 was reported at ₹30.3 crore compared with ₹29.1 crore in Q4FY25, indicating 4% YoY growth. The key highlight remained PAT, which was stated at ₹32.1 crore for the quarter versus ₹16.8 crore in the year-ago period, a 91% jump.

Flights take the lead by GTV in Q4FY26

Ixigo said flights emerged as its largest business by GTV in Q4FY26, crossing ₹2,018 crore. The company also said that, in Q4, buses became its largest vertical by contribution margin. Together, these data points underline how the company’s growth is being driven by multiple verticals, not only train-ticketing where ixigo has traditionally had strong visibility.

What management said about AI and product direction

In a joint statement, Aloke Bajpai and Rajnish Kumar said FY26 delivered 34% revenue growth and 28% adjusted EBITDA growth YoY. They added that Q4 maintained the growth trajectory with market-share gains, despite a high base effect related to the Maha Kumbh last year and the current Middle East crisis.

Management also laid out a clear product and technology priority. They said the next phase is about reinventing the organisation and customer experience by putting AI at the core. They referred to “ixigo NEXT” as a preview of the “agentic AI capabilities” under development.

Brokerage lens: moderation in Q4 GTV growth

A brokerage note referenced in the provided text said ixigo’s consolidated GTV growth moderated to 8.6% YoY in Q4FY26, down from 21.5% in Q3FY26. It attributed the moderation to a high base linked to the Kumbh Mela and headwinds in air travel due to Middle East disruptions.

Despite the moderation at a consolidated level, the same note said bus and flight segments remained resilient. It cited bus GTV growth of 26.1% YoY and flight GTV growth of 18.1% YoY, while train GTV declined 5%.

Valuation and estimates: change in P/E multiple and consolidation impact

The same brokerage reduced its target price-to-earnings (P/E) multiple to 50x from 55x earlier, following the consolidation of Trenes. At the same time, it raised FY27E to FY28E consolidated revenue estimates by 1% to 5% and increased adjusted EBITDA margin assumptions by 49 to 54 basis points, citing the Trenes consolidation as a supporting factor.

Timeline: earnings call schedule

Ixigo scheduled its Q4 and full-year FY26 earnings call for May 21, 2026, with a related update dated May 06, 2026. The call timing matters for investors tracking commentary on demand conditions, the impact of Middle East disruptions, and any quantified progress on AI-led initiatives such as ixigo NEXT.

Key numbers table

Market impact: what investors are likely to track

The reported combination of revenue growth, higher adjusted EBITDA, and stronger cash flow from operations provides a measurable signal on operating efficiency. Investors will also watch whether the shift toward flights and buses sustains, especially since flights became the largest vertical by GTV in Q4FY26 and the company reported over 50% YoY growth in flight and bus revenue during FY26.

Another factor is demand volatility. The brokerage note explicitly pointed to a high base from the Kumbh Mela and air travel headwinds linked to Middle East disruptions, which it said affected consolidated GTV growth rates. Segment-level divergence, with bus and flight growth offset by train weakness, may influence how the market values mix and resilience across verticals.

Analysis: why the mix and consolidation matter

Two themes stand out in the data provided. First is mix and profitability. With buses leading in contribution margin and flights leading in GTV, ixigo appears to be building scale in categories that can materially influence overall monetisation. Second is the Trenes consolidation referenced by the brokerage, which affected both valuation assumptions (lower P/E multiple) and forward estimates (higher consolidated revenue projections and higher adjusted EBITDA margin assumptions).

Management’s emphasis on AI and ixigo NEXT suggests the company is also positioning product changes as part of the growth plan. For investors, the near-term focus is likely to remain on execution evidence in upcoming quarters, including whether segment resilience continues amid external travel shocks.

Conclusion

Ixigo’s FY26 filing highlighted 25% YoY GTV growth to ₹18,692.7 crore, 34% revenue growth to ₹1,228 crore, and a 60% rise in cash flow from operations to ₹195.7 crore. Q4FY26 delivered a record PAT of ₹32.1 crore, up 91% YoY, alongside steady growth in GTV, revenue and adjusted EBITDA. The next key checkpoint is the May 21, 2026 earnings call, where investors will look for updated commentary on demand conditions, segment trends, and the rollout of AI-led initiatives such as ixigo NEXT.