ixigo has announced its unaudited financials for the second quarter of fiscal year 2027, posting strong 13% year-on-year growth in operating revenue. During Q2 FY27, ixigo posted an operating revenue of ₹321 crore against ₹284 crore reported in the same quarter of the previous fiscal year. This top-line growth was accompanied by significant non-operational earnings improvements, which helped the company successfully position itself for a strong bottom line during the quarter.

Segment-wise revenue contribution and impact of FreshBus exit

ixigo’s revenue has varied across different components of its travel portfolio during the quarter, as per the analysis of its revenue streams. In Q2 FY27, train bookings accounted for the majority of the company’s operating revenue, rising 16.4% year-on-year to ₹149.1 crore from ₹128.1 crore in Q2 FY26. 

Bus fare revenue also showed healthy growth with a 23.8% increase to ₹81 crore, from ₹65.4 crore. For revenue from flight bookings, the figure fell by 7.5%, from ₹89.4 crore to ₹82.7 crore. The hotel industry saw the largest share rise at 35.1 per cent, with revenue ticking up sharply to ₹8.1 crore from ₹1.3 crore during the corresponding period last year.

One of the key highlights in ixigo’s Q2 FY27 financials was the company’s change from net loss to net profit, shifting from a figure of ₹3.46 crore in the same quarter of the previous year to ₹63.42 crore this year. This profitability was significantly attributed to the strategic sale of the company’s share in FreshBus and the other income recorded of ₹22 crore, taking total income up to ₹343 crore. 

The net profit figure reflected an exceptional gain of ₹36.6 crore arising directly from the sale of FreshBus and related fair value gain on the held stake. EBIT after tax and extraordinary items fell by 30% quarter-on-quarter to ₹33.5 crore from ₹48 crore in Q1FY27, while adjusted EBITDA slipped 17% year-on-year to ₹23.58 crore.

Expense management and operating revenue

In FY 2027 Q2, ixigo deliberately segmented its operational expenses, including a 13.2% decrease in employee benefit expenses to ₹64.38 crore from ₹74.18 crore in the previous quarter of the previous fiscal year. 

Total expenditure witnessed a year-on-year increase of 6% to ₹309.5 crore. There was a 10% decline in total operating revenue from ₹357 crore reported in Q1 FY27.

In the first half of FY27, the cumulative operating revenue of ixigo witnessed 13% year-on-year growth to ₹678 crore from ₹600 crore, along with overall profit of ₹97.6 crore. After the earnings announcement, shares of ixigo ended up 4.6% higher at ₹144.46 with a market cap of ₹6,102 crore.

Conclusion

In Q2 FY27, the financial performance of ixigo has indicated continuous improvement in operating income and profitability due to prudent portfolio management decisions, including the exit from FreshBus and favorable performance from train and bus bookings. Though the performance of some categories, such as flights, has shown slight contraction and EBITDA showed an annual decline, the performance of the company in tapping domestic travel demand through the rail and road channels is evident. With overall profit of ₹97.6 crore in the first half of the fiscal year and market valuation stability, ixigo is reinforcing its position in the Indian online travel aggregators market.