ixigo weathers Middle East disruptions, Kumbh base effect to post record Q4 profit

India’s domestic travel demand remained resilient through geopolitical disruptions and a high base created by last year’s Maha Kumbh travel surge, helping travel platform Le Travenues Technology Limited post its highest-ever quarterly profit in the March quarter.

The company, which operates travel platform ixigo, reported a 91% year-on-year jump in profit after tax (PAT) for the fourth quarter of FY26 at ₹32.1 crore, even as the company navigated what it described as a volatile macro environment marked by the ongoing Middle East crisis and tough comparisons with last year’s Maha Kumbh-led demand.

For the full year FY26, ixigo’s gross transaction value rose 25% year-on-year to ₹18,692.7 crore, while revenue from operations climbed 34% to ₹1,228 crore. Adjusted EBITDA grew 28% to ₹120.9 crore, while cash flow from operations surged 60% to ₹195.7 crore.

The Gurugram-based company said flights and buses remained key growth drivers despite disruptions impacting the travel industry globally. Flight revenue rose 54% year-on-year to ₹390.7 crore in FY26, while bus revenue increased 51% to ₹298 crore. Bus gross transaction value grew 26% in the March quarter, while flight GTV rose 18%.

Flights also emerged as ixigo’s largest business by GTV during the quarter, crossing ₹2,018 crore.

“In FY26 we achieved 34% revenue growth and 28% adjusted EBITDA growth year-on-year. Q4 maintained our growth trajectory with market-share gains, despite the high base-effect of MahaKumbh last year and the current Middle-East crisis,” said Aloke Bajpai and Rajnish Kumar in a joint statement.

The company’s comments come at a time when the travel industry is grappling with uncertainty stemming from geopolitical tensions in West Asia, which have affected flight operations, ticket pricing and travel sentiment in some international corridors. At the same time, companies are also contending with an unusually high comparison base due to elevated domestic mobility during the Maha Kumbh period last year.

Domestic travel demand stays firm

Even amid these pressures, ixigo indicated that domestic travel demand remained strong, especially across rail, bus and air travel categories. Revenue from operations for the March quarter stood at ₹308.1 crore, while contribution margin for FY26 rose 18% to ₹474.3 crore.

EBITDA for the quarter increased 41% year-on-year, while profit before tax, share of loss of associates and exceptional items rose 41% to ₹38.3 crore in Q4 FY26. Full-year PAT stood at ₹71.5 crore.

Group CFO Saurabh Devendra Singh said the company’s diversified business model helped cushion volatility during the year.

“FY26 demonstrated the advantage of having a diversified business supported by resilient growth engines. Even in Q4 FY26, despite a high base effect, we delivered a resilient performance,” he said, adding that operating discipline and cash conversion were among the biggest highlights for the year.

Alongside growth in core travel segments, ixigo also sharpened its focus on artificial intelligence-led customer experiences. The company said it reimagined its app through “ixigo NEXT”, an AI-native platform featuring conversational travel assistant TARA and AI-powered trip planning tools.

During the March quarter, AI handled 4.35 million customer queries, while over 81% of voice calls were managed end-to-end using AI systems.

The company said its annual active users crossed 57 crore in FY26.