Synopsis: Shares of Ixigo-parent Le Travenues Technology rose sharply upto 10 percent after JM Financial upgraded the stock to ‘Buy’ from ‘Reduce’, saying the recent fall in the share price has already factored in near-term challenges and over time will grow faster than peers.
The shares of this travel services provider majorly engaged in running online platforms, providing information and booking services for the travel industry, jumped upto 10 percent after JM Financial upgraded the stock to Buy from Reduce.
With the market capitalization of Rs. 9854 Crores the shares of Le Travenues Technology have reached an intraday high of Rs. 232.55 per share rising nearly 10 percent from its previous day close of Rs. 213 per share.
Why did the stock jump?
JM Financial pointed out that Ixigo shares had corrected by around 20 percent since the end of November 2025, mainly due to concerns over slower growth in the flights business in Q3 and Q4 FY26. These concerns came after recent disruptions in the travel industry and an unfavourable comparison base because of the Kumbh Mela-related boost last year.
There was also uncertainty around margins as the company stepped up investments in technology, supply-side systems, and promotions for its hotels’ OTA business. Despite these near-term pressures, the brokerage said the current phase is only a temporary earnings and sentiment overhang that should ease in the coming quarters.
From a medium-to-long-term perspective, Ixigo remains well positioned to grow faster than peers owing to its effective cross-sell of services across various apps, sharp focus on superior customer experience and robust traction for its differentiated value-added services.
While the brokerage cut its target price to Rs. 275 per share from Rs. 300, following a 4–8 percent reduction in FY26–28 earnings estimates and a lower valuation multiple, it still sees over 29 percent upside from the previous closing price of Rs. 213, which supported the strong move in the stock.
Financials
Le Travenues Technology is engaged in the business of running online platforms named ixigo, confirmtkt,abhibus, for providing information and booking services for the travel industry across airlines, trains, hotels, buses and cabs in real-time. The company is one of India’s leading travel platforms which has over 90 percent penetration in Tier 2 and Tier 3 cities and with over 740 million downloads, it has over 85 percent of repeat customers and also transacted over 50.4 million users.
Year on Year analysis: Revenue from operations has increased from Rs. 206.47 Crore to Rs. Rs. 282.75 Crore, up 37 percent. Operating profit has turned into an operating loss of Rs. 5.19 Crore from operating profit of Rs. 16.03 Crore. It turned net loss in Q2FY26 from a profit of Rs. 13.09 Crore to a loss of Rs. 3.47 Crore.
Quarter on Quarter analysis: Revenue from operations has decreased from Rs. 314.47 Crore to Rs. Rs. 282.75 Crore, down 10 percent. Operating profit has turned into an operating loss of Rs. 5.19 Crore from operating profit of Rs. 23.19 Crore. It turned net loss in Q2FY26 from a profit of Rs. 18.95 Crore in Q1FY26 to a loss of Rs. 3.47 Crore.
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