India’s online travel-booking platform ixigo has been gathering momentum. In the quarter ended September 2025, its operating revenue rose about 36-37 % year-on-year to around ₹282-283 crore. At the same time, gross transaction value (GTV) climbed too — signalling that more users are engaging with trains, buses and flights through the platform.
Yet, despite the top-line growth, ixigo slipped into the red in Q2 FY26: a loss of about ₹3.5 crore compared to a profit of about ₹13.1 crore in Q2 FY25. A big culprit: one-time ESOP costs of ~₹27 crore and a steep 51 % jump in total expenses.
So what’s going on beneath the numbers? Their leadership points to a “tough” broader travel ecosystem — with
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