ixigo Q1 FY27: consolidated PAT +81% YoY to ₹34 Cr, but core profit slips

Le Travenues Technology (ixigo) reported consolidated revenue of ₹356.75 Cr for Q1 FY27 (quarter ended June 30, 2026), up 12.9% YoY and 15.8% QoQ, with consolidated PAT of ₹34.24 Cr, up 80.8% YoY (management's release rounds this to 81%) and 6.8% QoQ. Basic EPS was ₹0.73 versus ₹0.49 a year ago. Standalone PAT was ₹34.04 Cr (+53.1% YoY) on revenue of ₹335.76 Cr (+7.5% YoY), broadly tracking the consolidated trend. Available street coverage (Simply Wall St aggregate consensus) had pegged next-quarter revenue near ₹322 Cr and EPS near ₹0.50, so the print beats on both, though quarter-specific brokerage previews were not found — treat vsStreet as directional rather than a hard consensus match.

The headline PAT growth is substantially a function of other income rather than the core travel business. Other income jumped to ₹29.15 Cr from ₹6.96 Cr a year ago (+319% YoY) — treasury income off the company's still-unutilised IPO and preferential-issue proceeds (₹545.62 Cr unutilised as of June 30, 2026, parked in fixed deposits and liquid mutual funds). Strip that out: segment-level operating profit (before other income, unallocable costs, finance costs and D&A) rose 13.2% YoY to ₹144.94 Cr, roughly tracking revenue growth, but unallocable/corporate costs grew faster at 17.6% YoY to ₹120.57 Cr — leaving core operating profit at ₹18.99 Cr, down about 12.5% from ₹21.70 Cr a year ago. Headline consolidated net profit margin (PAT/total income) still expanded to 8.9% from 5.9% YoY because the other-income surge more than offset this core compression — a genuine but non-operating tailwind that should fade as the unutilised proceeds get deployed (₹65.69 Cr already committed to the post-quarter Brevistay hotels acquisition).

The stock went into the print at ₹202.67, up 1.1% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.

At the segment level, Bus (+33.8% YoY revenue to ₹102.55 Cr, +28.3% YoY segment profit to ₹54.22 Cr) and Train (+8.6% YoY revenue to ₹141.04 Cr, +28.6% YoY segment profit to ₹52.74 Cr) drove growth, consistent with management's prior framing of bus as a 'secular growth engine' and confirming that train's flagged policy-driven headwinds have not materially hit yet. Flight lagged — revenue was nearly flat (+1.3% YoY to ₹104.56 Cr) and segment profit fell 4.5% YoY to ₹41.04 Cr, running counter to management's stated intent to gain market share via product; the Others segment swung to a ₹3.06 Cr loss from a ₹1.86 Cr profit a year ago. Management's own framing — a 'resilient quarter, underpinned by the strength of its diversified multimodal business' despite a 'challenging macro environment' — is borne out by the Bus/Train diversification but understates that core profitability (ex other income) actually contracted. Alongside results, the board approved a further 11% stake increase in Zoop Web Services, additional investment in Ixigo Pte Ltd, and 40,888 fresh ESOP shares were allotted; no formal quantitative guidance was issued for Q2 FY27, so the guidance read here rests only on the qualitative segment commentary from the May 2026 call.