Le Travenues Q2 FY27 Results (NSE: IXIGO)
Signal: Loss reversed
The read
The operating trajectory improved from the ₹3.72 crore segment operating loss in Q2FY26 to ₹18.06 crore profit in Q2FY27, but the 5.6% margin remains below Q1FY27's 5.9% and reported PAT is not clean because ₹40.66 crore of exceptional gain and ₹22.08 crore of other income together exceeded operating profit.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹320.96 Cr | +12.9% | -10.0% |
| Net profit | ₹63.42 Cr | N/M from a ₹3.46 crore loss | |
| EPS | ₹1.37 | N/M from a loss | |
| EBIT margin | 5.6% |
P&L walk
Revenue grew 12.9% YoY to ₹320.96 crore, led by trains, buses and hotels, but operating profit was ₹18.06 crore, or 5.6% of revenue, while PAT of ₹63.42 crore was dominated by a ₹40.66 crore exceptional gain and ₹22.08 crore of other income.
Segments
Trains were the largest growth engine at ₹149.14 crore revenue, +16.4% YoY, while buses grew 23.9% to ₹81.04 crore and hotels expanded 527.9% to ₹8.10 crore; hotels remained loss-making at ₹6.21 crore versus a ₹0.71 crore loss YoY.
Key positives
- Revenue reached ₹320.96 crore, +12.9% YoY, with train revenue at ₹149.14 crore, +16.4%, bus revenue at ₹81.04 crore, +23.9%, and hotel revenue at ₹8.10 crore, +527.9%.
- Operating profit recovered to ₹18.06 crore from a ₹3.72 crore operating loss YoY, taking operating margin to 5.6% from negative territory.
- The group held ₹640.43 crore of cash and cash equivalents at September 30, 2026, while ₹278.00 crore of preferential-issue proceeds remained unutilised and temporarily invested.
Key concerns
- Quarterly revenue declined 10.0% QoQ to ₹320.96 crore, with flight and bus revenue each falling about 21% sequentially.
- Hotel operations remained loss-making at ₹6.21 crore despite revenue growth of 527.9% YoY, indicating that the acquired or expanded hotel business has not yet reached profitability.
- Operating margin fell 0.3pp QoQ to 5.6%, continuing the recent margin-contraction pattern in the prior results series.
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