{"id":315960,"date":"2026-10-19T11:16:42","date_gmt":"2026-10-19T05:46:42","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=315960"},"modified":"2026-10-19T11:16:42","modified_gmt":"2026-10-19T05:46:42","slug":"ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/","title":{"rendered":"Ixigo Share Price Jumps 13% After Q2 Results, but Motilal Oswal Sees Risks"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>The Ixigo share price rose as much as 13% to Rs 163.38 on 19 Oct 2026 after Le Travenues Technology reported an all-time high Q2 FY27 profit of Rs 63.42 crore. That includes a Rs 40.66 crore one-time gain from selling part of its Freshbus stake, while adjusted EBITDA fell 17% to Rs 23.58 crore. Motilal Oswal&#8217;s last rating I found is Neutral with a Rs 215 target from August.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The Ixigo share price jumped after Q2 FY27 because net profit hit a record Rs 63.42 crore, revenue rose 13% to Rs 320.96 crore and gross transaction value grew 22% to Rs 5,304.47 crore. However, Rs 40.66 crore of the profit came from the partial sale of the Freshbus stake, and adjusted EBITDA fell 17% to Rs 23.58 crore as the company spent more on hotels and technology. Motilal Oswal downgraded the stock to Neutral from Buy on 7 August with a Rs 215 target, citing reinvestment, margin pressure and train volume pressure, and I could not find a newer note after Q2. So the Ixigo share price is rewarding growth and hotels momentum, while the quality of this quarter&#8217;s profit is the main risk.<\/p>\n<\/p><\/div>\n<p>The Ixigo share price has been a weak performer over the past year, with the live quote of Rs 160.98 still far below its 52-week high of Rs 339.15. A 13% jump in the Ixigo share price on Monday therefore reads as relief, and investors need to separate recurring earnings from the one-off gain.<\/p>\n<p>This guide covers the Q2 FY27 numbers, the one-off gain, segment trends, Motilal Oswal&#8217;s risks and the key levels for the Ixigo share price. It is educational and not a recommendation to buy or sell the share.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#Ixigo_Share_Price_Today_Live_Snapshot\" title=\"Ixigo Share Price Today: Live Snapshot\">Ixigo Share Price Today: Live Snapshot<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#Ixigo_Q2_FY27_Results_What_Drove_the_Ixigo_Share_Price\" title=\"Ixigo Q2 FY27 Results: What Drove the Ixigo Share Price\">Ixigo Q2 FY27 Results: What Drove the Ixigo Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#Segment_Trends_Behind_the_Ixigo_Share_Price\" title=\"Segment Trends Behind the Ixigo Share Price\">Segment Trends Behind the Ixigo Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#Motilal_Oswals_Risks_for_the_Ixigo_Share_Price\" title=\"Motilal Oswal&#8217;s Risks for the Ixigo Share Price\">Motilal Oswal&#8217;s Risks for the Ixigo Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#Q2_Against_Q1_and_Other_Checks_on_the_Ixigo_Share_Price\" title=\"Q2 Against Q1 and Other Checks on the Ixigo Share Price\">Q2 Against Q1 and Other Checks on the Ixigo Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#What_to_Watch_Next_for_the_Ixigo_Share_Price\" title=\"What to Watch Next for the Ixigo Share Price\">What to Watch Next for the Ixigo Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#Why_did_the_Ixigo_share_price_jump_13\" title=\"Why did the Ixigo share price jump 13%?\">Why did the Ixigo share price jump 13%?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#Is_the_profit_behind_the_Ixigo_share_price_jump_all_from_operations\" title=\"Is the profit behind the Ixigo share price jump all from operations?\">Is the profit behind the Ixigo share price jump all from operations?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#What_risks_does_Motilal_Oswal_see_for_Ixigo\" title=\"What risks does Motilal Oswal see for Ixigo?\">What risks does Motilal Oswal see for Ixigo?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#What_happened_to_Ixigos_adjusted_EBITDA\" title=\"What happened to Ixigo&#8217;s adjusted EBITDA?\">What happened to Ixigo&#8217;s adjusted EBITDA?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#How_is_the_Ixigo_hotels_business_doing\" title=\"How is the Ixigo hotels business doing?\">How is the Ixigo hotels business doing?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#What_is_the_Ixigo_share_price_range\" title=\"What is the Ixigo share price range?\">What is the Ixigo share price range?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#Which_Ixigo_segment_shrank\" title=\"Which Ixigo segment shrank?\">Which Ixigo segment shrank?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/ixigo-gains-13-percent-after-q2-results-but-motilal-oswal-sees-risks\/#Is_this_article_investment_advice\" title=\"Is this article investment advice?\">Is this article investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Ixigo_Share_Price_Today_Live_Snapshot\"><\/span><strong>Ixigo Share Price Today: Live Snapshot<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail at 11:08 AM IST, 19 Oct 2026<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Last traded price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 160.98, up about 11.4% from Rs 144.46<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Day range<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Open Rs 154.39; low Rs 149.53; high Rs 163.38<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Volume<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 3.22 crore shares traded so far<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">52-week range<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 136.35 to Rs 339.15<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Distance from the 52-week high<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 52.5% below (my calculation)<\/td>\n<\/tr>\n<\/table>\n<p>One report shows the Ixigo share price down 55.84% over one year and 17.78% over six months, so the rally is a bounce inside a long downtrend. The company is listed as Le Travenues Technology on the exchanges.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Compare internet and travel stocks on the Univest Screener<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ixigo_Q2_FY27_Results_What_Drove_the_Ixigo_Share_Price\"><\/span><strong>Ixigo Q2 FY27 Results: What Drove the Ixigo Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Metric<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q2 FY27<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Change<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net profit<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 63.42 crore, an all-time high<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Against a loss of Rs 3.2 crore a year ago<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">One-time gain<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 40.66 crore from the partial Freshbus stake sale<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Included in profit<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit before tax excluding the gain and ESOP<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 33.53 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 37%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue from operations<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 320.96 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up about 13% from Rs 284.23 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Gross transaction value<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 5,304.47 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 22%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Contribution margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 124.86 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 14%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Adjusted EBITDA<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 23.58 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Down 17% from Rs 28.48 crore<\/td>\n<\/tr>\n<\/table>\n<p>Profit without the Freshbus gain would be about Rs 22.8 crore before tax effects (my calculation), still a good number but well below the headline. Other income was Rs 22.08 crore against Rs 5.17 crore a year earlier, which also helped the Ixigo share price reaction. Group CEO Aloke Bajpai, co-CEO Rajnish Kumar and CFO Saurabh Devendra Singh said the profit was aided by the Freshbus stake sale and that they will keep investing in Hotels and AI.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Segment_Trends_Behind_the_Ixigo_Share_Price\"><\/span><strong>Segment Trends Behind the Ixigo Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Segment revenue<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q2 FY27 (Rs crore)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q2 FY26 (Rs crore)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Change<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Train<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">149.14<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">128.11<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 16.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Flight<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">82.66<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">89.39<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Down 7.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Bus<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">81.04<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">65.44<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 23.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Hotel<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">8.10<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1.29<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 527.9%<\/td>\n<\/tr>\n<\/table>\n<p>Hotels is the new story, with gross transaction value of Rs 111.34 crore, up 159%, room nights of over 4.7 lakh, up 295%, a take rate above 12% and over 86% of bookings from captive users. Flight revenue fell 7.5% even though flight gross transaction value grew 37%, which suggests a lower take rate, my reading, and hotels still posts operating losses.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to set price alerts on Ixigo.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Motilal_Oswals_Risks_for_the_Ixigo_Share_Price\"><\/span><strong>Motilal Oswal&#8217;s Risks for the Ixigo Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Point<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail from the August note<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Why it matters<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rating<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Neutral, down from Buy, target Rs 215 on 65 times FY28E EPS<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 33.6% above the Ixigo share price of Rs 160.98 (my calculation), but set before Q2<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Q1 EBITDA miss<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 0.24 billion against Rs 0.3 billion estimated; margin 6.8% against 9.4%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Higher advertising and branding spend<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Reinvestment<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Gains from trains, flights and buses go into AI, hotels, B2B and the ecosystem<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Margins may not expand soon<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Volume pressure<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Acknowledged in the train business<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Train is the largest revenue line<\/td>\n<\/tr>\n<\/table>\n<p>I did not find a Motilal Oswal note after the Q2 results, so these are the risks from its latest rating that I could verify, and the target price may change. The Q2 numbers fit the risk story, with adjusted EBITDA down 17% and about Rs 10 crore of extra cost tied to scaling hotels.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Q2_Against_Q1_and_Other_Checks_on_the_Ixigo_Share_Price\"><\/span><strong>Q2 Against Q1 and Other Checks on the Ixigo Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Q1 FY27 revenue per the August note<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 360 crore, so Q2 is about 11% lower (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Q1 FY27 gross transaction value<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 5,524 crore, so Q2 is about 4% lower (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Cash at 30 September 2026<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 640.53 crore, up from Rs 344.49 crore in March<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Advertising and branding spend<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Reported down 21% to Rs 15.8 crore in Q2<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Tax matter<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">A Karnataka GST show cause notice proposing about Rs 23.8 crore for FY23; the company plans to contest it<\/td>\n<\/tr>\n<\/table>\n<p><strong>Risk:<\/strong> A record profit powered by a one-off gain can fade, and the Ixigo share price may give back part of the jump if adjusted EBITDA keeps falling.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next_for_the_Ixigo_Share_Price\"><\/span><strong>What to Watch Next for the Ixigo Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>A post-Q2 note from Motilal Oswal and other brokerages on the Ixigo share price<\/li>\n<li>Adjusted EBITDA in Q3 against the Rs 23.58 crore base<\/li>\n<li>Hotels gross transaction value and room nights after the 295% rise<\/li>\n<li>Train and flight take rates, since flight revenue fell 7.5%<\/li>\n<li>Whether the Ixigo share price holds above Rs 150 after the jump<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Ixigo share price jumped on a record profit, solid growth and a hotels breakout, but the headline is flattered by a Rs 40.66 crore one-off gain and falling adjusted EBITDA. Judge it on adjusted earnings and hotels progress, and use the August Motilal Oswal risks as a checklist.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_the_Ixigo_share_price_jump_13\"><\/span><strong>Why did the Ixigo share price jump 13%?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Le Travenues reported a record Q2 FY27 profit of Rs 63.42 crore, revenue growth of 13% and gross transaction value growth of 22%, with hotels growing fast.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_profit_behind_the_Ixigo_share_price_jump_all_from_operations\"><\/span><strong>Is the profit behind the Ixigo share price jump all from operations?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. Rs 40.66 crore came from the partial sale of the Freshbus stake. Profit before tax excluding that gain and ESOP was Rs 33.53 crore, up 37%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_risks_does_Motilal_Oswal_see_for_Ixigo\"><\/span><strong>What risks does Motilal Oswal see for Ixigo?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> In its August note it flagged margin and profit pressure from reinvestment in new initiatives and volume pressure in trains, with a Neutral rating and a Rs 215 target.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_happened_to_Ixigos_adjusted_EBITDA\"><\/span><strong>What happened to Ixigo&#8217;s adjusted EBITDA?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> It fell 17% to Rs 23.58 crore from Rs 28.48 crore, as spending on hotels and technology rose.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_is_the_Ixigo_hotels_business_doing\"><\/span><strong>How is the Ixigo hotels business doing?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Hotels gross transaction value rose 159% to Rs 111.34 crore, room nights rose 295% to over 4.7 lakh and revenue rose 528% to Rs 8.1 crore, but it still posts operating losses.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Ixigo_share_price_range\"><\/span><strong>What is the Ixigo share price range?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The live quote was Rs 160.98 at 11:08 AM IST, with a 52-week range of Rs 136.35 to Rs 339.15.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_Ixigo_segment_shrank\"><\/span><strong>Which Ixigo segment shrank?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Flight revenue fell 7.5% to Rs 82.66 crore, even though flight gross transaction value grew 37%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_article_investment_advice\"><\/span><strong>Is this article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. It is educational and not a recommendation to buy or sell.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Why did the Ixigo share price jump 13%?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Le Travenues reported a record Q2 FY27 profit of Rs 63.42 crore, revenue growth of 13% and gross transaction value growth of 22%, with hotels growing fast.\"}},{\"@type\":\"Question\",\"name\":\"Is the profit behind the Ixigo share price jump all from operations?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. Rs 40.66 crore came from the partial sale of the Freshbus stake. Profit before tax excluding that gain and ESOP was Rs 33.53 crore, up 37%.\"}},{\"@type\":\"Question\",\"name\":\"What risks does Motilal Oswal see for Ixigo?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"In its August note it flagged margin and profit pressure from reinvestment in new initiatives and volume pressure in trains, with a Neutral rating and a Rs 215 target.\"}},{\"@type\":\"Question\",\"name\":\"What happened to Ixigo's adjusted EBITDA?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"It fell 17% to Rs 23.58 crore from Rs 28.48 crore, as spending on hotels and technology rose.\"}},{\"@type\":\"Question\",\"name\":\"How is the Ixigo hotels business doing?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Hotels gross transaction value rose 159% to Rs 111.34 crore, room nights rose 295% to over 4.7 lakh and revenue rose 528% to Rs 8.1 crore, but it still posts operating losses.\"}},{\"@type\":\"Question\",\"name\":\"What is the Ixigo share price range?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The live quote was Rs 160.98 at 11:08 AM IST, with a 52-week range of Rs 136.35 to Rs 339.15.\"}},{\"@type\":\"Question\",\"name\":\"Which Ixigo segment shrank?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Flight revenue fell 7.5% to Rs 82.66 crore, even though flight gross transaction value grew 37%.\"}},{\"@type\":\"Question\",\"name\":\"Is this article investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. It is educational and not a recommendation to buy or sell.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ixigo share price jumped 13% after record Q2 FY27 profit, but a one-off Freshbus gain, falling adjusted EBITDA and Motilal Oswal&#8217;s risks need a closer look.<\/p>\n","protected":false},"author":38,"featured_media":315959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[13168,13172,13171,13169,13170,10419,1127],"class_list":["post-315960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ixigo","tag-ixigo-hotels","tag-ixigo-q2-results","tag-ixigo-share-price","tag-le-travenues-technology","tag-motilal-oswal","tag-travel-stocks"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["315959"],"rank_math_title":["Ixigo Share Price: 13% Jump on Record Q2 Profit, Risks to Weigh"],"rank_math_description":["Ixigo share price jumped 13% after Q2 FY27 results. See the Rs 63.42 crore record profit, the Rs 40.66 crore one-off gain, adjusted EBITDA fall and Motilal Oswal's risks."],"rank_math_focus_keyword":["Ixigo share price"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/ixigo-share-price-jumps-13-after-q2-results-but-motilal-oswal-sees-risks.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/315960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=315960"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/315960\/revisions"}],"predecessor-version":[{"id":315961,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/315960\/revisions\/315961"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/315959"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=315960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=315960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=315960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}