Ixigo Share Price Jumps 13% After Q2 Results, but Motilal Oswal Sees Risks

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's last rating I found is Neutral with a Rs 215 target from August.

Updated: 19 Oct 2026 • 11:16 am

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Ixigo Share Price Jumps 13% After Q2 Results, but Motilal Oswal Sees Risks

Quick Answer

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's profit is the main risk.

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.

This guide covers the Q2 FY27 numbers, the one-off gain, segment trends, Motilal Oswal's risks and the key levels for the Ixigo share price. It is educational and not a recommendation to buy or sell the share.

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Table of Contents

Ixigo Share Price Today: Live Snapshot

Item	Detail at 11:08 AM IST, 19 Oct 2026
Last traded price	Rs 160.98, up about 11.4% from Rs 144.46
Day range	Open Rs 154.39; low Rs 149.53; high Rs 163.38
Volume	About 3.22 crore shares traded so far
52-week range	Rs 136.35 to Rs 339.15
Distance from the 52-week high	About 52.5% below (my calculation)

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.

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Ixigo Q2 FY27 Results: What Drove the Ixigo Share Price

Metric	Q2 FY27	Change
Net profit	Rs 63.42 crore, an all-time high	Against a loss of Rs 3.2 crore a year ago
One-time gain	Rs 40.66 crore from the partial Freshbus stake sale	Included in profit
Profit before tax excluding the gain and ESOP	Rs 33.53 crore	Up 37%
Revenue from operations	Rs 320.96 crore	Up about 13% from Rs 284.23 crore
Gross transaction value	Rs 5,304.47 crore	Up 22%
Contribution margin	Rs 124.86 crore	Up 14%
Adjusted EBITDA	Rs 23.58 crore	Down 17% from Rs 28.48 crore

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.

Segment Trends Behind the Ixigo Share Price

Segment revenue	Q2 FY27 (Rs crore)	Q2 FY26 (Rs crore)	Change
Train	149.14	128.11	Up 16.4%
Flight	82.66	89.39	Down 7.5%
Bus	81.04	65.44	Up 23.8%
Hotel	8.10	1.29	Up 527.9%

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.

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Motilal Oswal's Risks for the Ixigo Share Price

Point	Detail from the August note	Why it matters
Rating	Neutral, down from Buy, target Rs 215 on 65 times FY28E EPS	About 33.6% above the Ixigo share price of Rs 160.98 (my calculation), but set before Q2
Q1 EBITDA miss	Rs 0.24 billion against Rs 0.3 billion estimated; margin 6.8% against 9.4%	Higher advertising and branding spend
Reinvestment	Gains from trains, flights and buses go into AI, hotels, B2B and the ecosystem	Margins may not expand soon
Volume pressure	Acknowledged in the train business	Train is the largest revenue line

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.

Q2 Against Q1 and Other Checks on the Ixigo Share Price

Item	Detail
Q1 FY27 revenue per the August note	About Rs 360 crore, so Q2 is about 11% lower (my calculation)
Q1 FY27 gross transaction value	Rs 5,524 crore, so Q2 is about 4% lower (my calculation)
Cash at 30 September 2026	Rs 640.53 crore, up from Rs 344.49 crore in March
Advertising and branding spend	Reported down 21% to Rs 15.8 crore in Q2
Tax matter	A Karnataka GST show cause notice proposing about Rs 23.8 crore for FY23; the company plans to contest it

Risk: 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.

What to Watch Next for the Ixigo Share Price

A post-Q2 note from Motilal Oswal and other brokerages on the Ixigo share price
Adjusted EBITDA in Q3 against the Rs 23.58 crore base
Hotels gross transaction value and room nights after the 295% rise
Train and flight take rates, since flight revenue fell 7.5%
Whether the Ixigo share price holds above Rs 150 after the jump

Conclusion

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.

Disclaimer: 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).

Frequently Asked Questions

Why did the Ixigo share price jump 13%?

Ans. 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.

Is the profit behind the Ixigo share price jump all from operations?

Ans. 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%.

What risks does Motilal Oswal see for Ixigo?

Ans. 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.

What happened to Ixigo's adjusted EBITDA?

Ans. It fell 17% to Rs 23.58 crore from Rs 28.48 crore, as spending on hotels and technology rose.

How is the Ixigo hotels business doing?

Ans. 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.