On the operating front, EBITDA rose 69% YoY to ₹32.5 crore, with adjusted EBITDA up 54% at ₹31.4 crore, underscoring margin improvements across its operations.

This comes on the back of a sharp uptick in GTV, which touched ₹4,644.7 crore in Q1, up 55% over the same period last year, driven by robust growth in flights and bus bookings, the company noted. Flight and bus segments posted an impressive 81% YoY increase in GTV, while train GTV saw a 30% jump.

“We continue to see rapid growth and have hit new all-time highs,” said co-founders Rajnish Kumar and Aloke Bajpai. “Our playbook—rooted in customer focus, cross-sell and up-sell capabilities, tech-driven efficiencies, and rising brand salience—is delivering across verticals.”

JM Financial maintains ‘Buy’ rating

Domestic brokerage JM Financial expects ixigo to continue to deliver above-market growth in the near term on the back of effective cross-sell of services across its various apps, immense focus on superior customer experience and robust traction for its differentiated value-added services. It has retained a ‘Buy’ rating.

The brokerage said that accelerated growth investments led to a dip in contribution margin (% of revenue) by 700 bps YoY to 40.7%. Despite that, and an increase in spends towards branding, EBITDA margin was down only 112 bps YoY to 8.1%.

The management plans to continue to invest in technology, AI, new initiatives as well as brand marketing to enhance customer experience. “While this may lead to a disproportionate increase in technology cost in the near term, it would help increase customer engagement and stickiness in the long term,” the report noted.

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ixigo hits all-time high on strong Q1; travel stock soars 75% in three months