💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 39.39% YoY to INR 9,142.46 million in FY25. Segment growth: Flight revenue increased 73.09% to INR 2,533.93 million; Train revenue grew 23.36% to INR 4,569.02 million; Bus revenue rose 49.44% to INR 1,969.24 million.

Geographic Revenue Split

A significant portion of the user base is derived from non-Tier I cities (Next Billion Users), with over 50% of new flight bookers originating from the NBU app user base. Specific regional percentage splits are not disclosed.

Profitability Margins

Profit After Tax (PAT) moderated to INR 602.52 million in FY25, a 17.53% decline from INR 730.61 million in FY24, primarily due to a net tax charge of INR 259.64 million. Standalone PAT grew 17.55% to INR 634.50 million.

EBITDA Margin

EBITDA surged 86.36% to INR 988.84 million in FY25, with margins improving from 7.98% to 10.61%. Adjusted EBITDA grew 71.34% to INR 947.72 million, maintaining a 10% margin in Q2 FY26 despite capacity headwinds.

Capital Expenditure

The company raised INR 740.10 crore through its IPO in June 2024 and is undertaking a preferential issuance of INR 1,296 crore to fund AI-led growth, hotel OTA investments, and inorganic opportunities.

Credit Rating & Borrowing

Current borrowings stood at INR 63.23 million as of March 31, 2025, down 80.47% from INR 323.69 million in FY24. Specific credit ratings and interest rate percentages are not disclosed.

⚙️ Operational Drivers

Raw Materials

As a digital travel platform, primary operational costs are Employee Benefits (17.89% of revenue at INR 1,636.17 million) and Other Expenses including Payment Gateway and Cloud costs (73.26% of revenue at INR 6,697.65 million).

Import Sources

Not applicable for an OTA; however, technology infrastructure is sourced globally via cloud service providers and payment aggregators.

Key Suppliers

Key partners include IRCTC (trains), various domestic and international airlines (flights), and bus operators. Specific tech vendors like AWS or Google Cloud are implied but not named.

Capacity Expansion

Current capacity is measured by 82.18 million Monthly Active Users (MAU) as of H1 FY26. Expansion is focused on the Hotel OTA space and AI-first customer experiences using the INR 1,296 crore fundraise.

Raw Material Costs

Other expenses (including marketing and tech costs) increased 42.20% to INR 6,697.65 million in FY25. Discounts increased 57.44% to INR 2,770.71 million to support user retention.

Manufacturing Efficiency

Operational efficiency is reflected in the 131.45% rise in Profit Before Tax (excluding exceptional items) in FY25, driven by operating leverage as revenue grew faster than fixed costs.

Logistics & Distribution

Distribution is entirely digital via the ixigo, ConfirmTkt, and AbhiBus apps, targeting the Next Billion Users (NBU) segment.

📈 Strategic Growth

Expected Growth Rate

35-40%

Growth Strategy

Growth will be driven by a 'One-stop' multi-brand ecosystem, scaling the Hotel OTA segment, and AI-led customer experience enhancements. The company uses a 'utility-first' approach to convert train status users into transactional customers.

Products & Services

Train ticket bookings, Flight ticket bookings, Bus ticket bookings, Food delivery on trains (Zoop), and Value-Added Services (Travel Guarantee, Price Lock).

Brand Portfolio

ixigo, ConfirmTkt, AbhiBus, Zoop.

New Products/Services

Expansion into the Hotel OTA space and enhanced food delivery services via the Zoop acquisition (majority stake) to increase the average transaction value per user.

Market Expansion

Deepening penetration in non-Tier I cities (NBU markets) and expanding the service portfolio to include a comprehensive 'AI-first' travel stack.

Market Share & Ranking

Maintains OTA market leadership in the train segment. Flight revenue grew 60% in Q2 FY26, significantly outperforming the overall market which contracted by 2%.

Strategic Alliances

Partnership with FreshBus (associate company) and the acquisition of Zoop Web Services to bolster the food-on-track segment.

🌍 External Factors

Industry Trends

The industry is shifting toward mobile-first, AI-driven booking experiences. ixigo is positioning itself as an 'AI-first' travel ecosystem to capture the growing NBU market which is expanding faster than Tier I.

Competitive Landscape

Competes with better-capitalized OTAs; however, ixigo maintains higher capital efficiency, growing 23x in revenue vs pre-COVID (FY19) levels.

Competitive Moat

Moat is built on a utility-led ecosystem (train tracking) that drives low-cost customer acquisition and high retention. This is sustainable due to the high switching costs of integrated travel apps and localized multilingual support.

Macro Economic Sensitivity

Travel demand is sensitive to inflation and economic slowdowns, which can delay recovery in business and outbound travel segments.

Consumer Behavior

Shift toward localized, multilingual interfaces and a preference for value-added 'peace of mind' services like flexible cancellations.

Geopolitical Risks

Geopolitical tensions and visa restrictions are cited as primary risks that can impact international travel demand and operational recovery.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to IRCTC's ticketing policies and aviation regulations. Changes in visa policies or travel restrictions directly impact segment volumes.

Environmental Compliance

Not disclosed as a significant cost factor for the digital platform.

Taxation Policy Impact

The company faced a significant reversal of tax credits in FY25, leading to a deferred tax charge of INR 174.62 million compared to a credit of INR 121.21 million in FY24.

Legal Contingencies

Share issue expenses of INR 11.67 million were recorded in FY25. Specific pending court case values are not disclosed in the provided text.

⚠️ Risk Analysis

Key Uncertainties

Capacity constraints in aviation and seasonal impacts (stronger monsoons) can impact quarterly GTV growth by 5-10%.

Geographic Concentration Risk

High concentration in the Indian domestic market, specifically targeting the 'Next Billion Users' in non-Tier I cities.

Third Party Dependencies

Significant dependency on IRCTC for the train segment, which remains the largest revenue contributor (INR 4,569.02 million).

Technology Obsolescence Risk

Mitigated by continuous investment in AI and mobile evolution; the company is transitioning to an 'AI-first' customer experience to stay competitive.

Credit & Counterparty Risk

Trade receivables stood at INR 1,388.75 million; the company maintains a strong balance sheet with significant cash reserves from the IPO and recent fundraise.