Smallcap stock that delivered over 100% returns in last 6 months to add to your watchlist

Synopsis:
Ixigo’s stellar six-month rally, strong user metrics, and rapid growth across trains, flights, and buses position it as a challenger to MakeMyTrip

India’s online travel industry has been on a steep growth trajectory, fuelled by rising internet penetration, strong demand for affordable travel, and deeper penetration in Tier II and III cities.

Against this backdrop, one travel stock has been making headlines with a stellar rally over the last six months, capturing investor attention with both financial performance and user metrics.

Le Travenues Technology Ltd., better known for its flagship platform Ixigo, currently commands a market capitalization of Rs. 10,987.91 crore. The stock trades at Rs. 281.45, delivering a remarkable 109.70 percent return in just six months. Its strong momentum and scaling business model have positioned it as a credible contender to established players in the sector.

About the Company

Le Travenues Technology operates multiple online platforms including ixigo.com, confirmtkt.com, and abhibus.com, offering ticketing and booking services across airlines, trains, buses, hotels, and cabs. With a strong focus on the “Next Billion Users” in India, the company has emerged as the country’s largest travel platform with a wide reach in smaller towns.

As of the latest data, the platform boasts 84.13 million monthly active users across more than 2,400 towns. Lifetime downloads have crossed 713.66 million, while lifetime registered users stand at 320.8 million.

Out of these, 46.93 million are lifetime transacted users, with the platform achieving an impressive repeat transaction rate of 85.8 percent. Penetration in Tier II and Tier III towns accounts for 94.05 percent of its user base, highlighting its dominance in untapped geographies.

During FY25, Ixigo booked 122.95 million annual passenger segments. Key innovations include the introduction of no-cost EMIs and book-now-pay-later facilities through banks and NBFCs, AI agent “TARA” that now handles over 60 percent of customer voice calls, and enhanced “Price Lock” features allowing fare protection for up to 14 days.

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Key Performance Indicators

In Q1FY26, Ixigo reported a Gross Transactional Value (GTV) of Rs. 46,446.58 million, a significant increase from Rs. 29,881.49 million in Q1FY25. The company delivered strong growth across all major business segments. 

In the train ticketing business, passenger volumes rose by 26 percent to 26.61 million, while GTV expanded 30 percent to Rs. 20,551.01 million. Revenue from operations increased by 29 percent to Rs. 1,299.21 million, and contribution margin improved 14 percent to Rs. 410.06 million, maintaining a healthy contribution margin ratio of 32 percent.

The flight ticketing segment saw the sharpest expansion, with passenger volumes growing 78 percent year-on-year to 2.79 million and GTV rising 81 percent to Rs. 18,480.53 million. Revenue from operations jumped 149 percent to Rs. 1,031.93 million, while contribution margin more than doubled to Rs. 429.60 million, representing a margin of 42 percent.

Bus ticketing also recorded robust growth, with passenger volumes increasing 74 percent to 6.67 million and GTV climbing 81 percent to Rs. 6,810.40 million. Revenue nearly doubled, rising 93 percent to Rs. 766.36 million, while contribution margin advanced 44 percent to Rs. 422.64 million, delivering a margin of 55 percent. 

Overall, the company’s revenue mix remained well balanced with trains contributing 41.3 percent, flights 32.8 percent, buses 24.4 percent, and other services 1.5 percent of total revenue.

Financial Snapshot

Ixigo’s financials underscore strong scalability. On a sequential basis, sales rose from Rs. 284 crore to Rs. 314 crore, up 10.6 percent. Operating profit increased from Rs. 21 crore to Rs. 23 crore, a 9.5 percent growth. Profit before tax rose from Rs. 24 crore to Rs. 26 crore, an 8.3 percent increase, while net profit climbed from Rs. 17 crore to Rs. 19 crore, higher by 11.8 percent.

On a year-on-year basis, the growth is more pronounced. Sales expanded from Rs. 182 crore in Q1FY25 to Rs. 314 crore in Q1FY26, a 72.5 percent rise. Operating profit grew from Rs. 15 crore to Rs. 23 crore, up 53.3 percent.

Profit before tax advanced from Rs. 18 crore to Rs. 26 crore, higher by 44.4 percent, and net profit improved from Rs. 15 crore to Rs. 19 crore, reflecting a 26.7 percent increase.

Comparison with MakeMyTrip

MakeMyTrip, India’s most established OTA, reported revenue growth of 5.6 percent year-on-year. Adjusted Net Profit grew 11 percent whereas Adjusted Operating Profit grew by 21 percent.

In comparison, Le Travenues delivered much sharper growth. Its revenue rose 72.5 percent year-on-year, operating profit increased 53.3 percent, profit before tax grew 44.4 percent, and net profit improved 26.7 percent.

Segmentally, hotels and packages contributed 52.7 percent of revenue, air ticketing 22.4 percent, bus ticketing 14.4 percent, and other services 10.5 percent. The company has over 83 million lifetime transacted customers, 520 million app downloads, and 4.1 million loyalty members. However, its six-month return stands at only 10 percent compared to Ixigo’s 102 percent.

Le Travenues, on the other hand, has 46.93 million lifetime transacted users, 713.66 million app downloads, and 320.8 million registered users. It enjoys a repeat transaction rate of 85.8 percent and has strong Tier II and III penetration at 94.05 percent.

With trains contributing 41.3 percent of revenue, flights 32.8 percent, buses 24.4 percent, and others 1.5 percent, Ixigo’s business mix is more diversified in mass-market segments and reflects its rapid scaling.

While MakeMyTrip remains a dominant player with higher absolute revenues and profits, Ixigo’s pace of growth, customer base expansion, and market penetration into Tier II/III cities indicate it is scaling rapidly in segments MakeMyTrip already leads.

Conclusion

Ixigo’s six-month rally highlights rising investor confidence in its ability to tap India’s fast-growing, mass-market travel demand. Strong growth across trains, flights, and buses, backed by high repeat usage and innovative features, has made it a serious challenger to MakeMyTrip. 

That said, MMT’s scale, dominance in hotels, and profitability still set it apart. Ixigo may well be on the path to becoming “the next MakeMyTrip on Dalal Street,” but its long-term success will depend on consistent execution, margin expansion, and sustaining growth momentum.

Written By Manan Gangwar

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