ixigo swings to ₹63 Cr consolidated PAT YoY, but one-off gain masks revenue slip

Le Travenues Technology (ixigo) swung to a consolidated net profit of ₹63.42 Cr in Q2 FY27, against a loss of ₹3.46 Cr in Q2 FY26 — a genuine YoY turnaround even after stripping out the quarter's one-off. Revenue from operations grew 13.5% YoY to ₹320.96 Cr but fell 10.0% QoQ from ₹356.75 Cr in Q1 FY27, landing below the ₹350–360 Cr range our pre-result preview had flagged as on-plan; GTV-linked topline growth clearly decelerated from the summer-travel-driven Q1 peak. The headline PAT is inflated by a ₹40.66 Cr exceptional gain (Note 7) booked on the August 13, 2026 sale of Freshbus CCPS — ₹25.76 Cr gain on sale plus ₹12.24 Cr fair-value remeasurement of the retained stake — after which Freshbus ceased to be an associate. Stripping this out (tax-adjusted at the quarter's ~11.5% effective rate), underlying PAT was ~₹27.5 Cr: still clears last year's loss, but down roughly 20% from Q1 FY27's ₹34.24 Cr, which carried no exceptional item — a sequential compression, not the margin hold the preview's "can margins hold" framing was testing for. Reported NPM (net profit/total income) rose to 18.5% from 8.9% in Q1, but adjusted NPM was ~8.0%, essentially flat-to-softer QoQ. That adjusted ~₹27.5 Cr PAT does sit inside the preview's expected ₹25–30 Cr range, so on an underlying basis profit was in-line even as revenue missed. By segment, Flight revenue fell 20.9% QoQ to ₹82.66 Cr and Bus fell 21.0% QoQ to ₹81.04 Cr, while Train grew 8.5% QoQ to ₹149.14 Cr; Hotel revenue jumped to ₹8.10 Cr (3.7x QoQ) after the consolidation of Brevistay Hospitality (54.66% stake, consolidated effective July 1, 2026), though Hotel remained loss-making at ₹(1.21) Cr at the segment-result level. The Board also allotted 173,780 ESOP shares and raised authorised share capital to ₹100 Cr this quarter, and the company carries an unresolved ₹23.79 Cr tax show-cause notice received September 30, 2026, not reflected as a provision in this quarter's ₹8.28 Cr consolidated tax expense. Management gave no formal numeric FY27 guidance on the Q1 call — only a multi-year ambition to be a top travel platform in 4–5 years — so there is no specific target to grade this print against. Standalone PAT of ₹57.84 Cr tracked close to consolidated ₹63.42 Cr, with no material divergence between the two bases.