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Le Travenues Technology Ltd

| Quarterly Financial Results Q3 FY 2025-26

BULLISH SENTIMENT

Report Source

⬤22nd Jan 26

Summary : Le Travenues Technology Limited reported strong Q3 and 9M FY26 consolidated financial results, driven by growth across travel segments, and successfully raised capital through IPO and preferential allotment to fund strategic growth initiatives and employee stock options, while navigating new Labour Code implications.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated Employee benefits expense for Q3 FY26: INR 450.53 million.
  2. Consolidated Other expenses for Q3 FY26: INR 2,460.91 million.
  3. Consolidated Total expenses for Q3 FY26: INR 2,958.53 million.
  4. Consolidated Revenue from operations for Q3 FY26: INR 3,175.64 million (vs. INR 2,417.61 million in Q3 FY25).
  5. Consolidated Revenue from operations for 9M FY26: INR 9,147.77 million (vs. INR 6,301.09 million in 9M FY25).
  6. Segment-wise revenue (9M FY26): Flight (INR 2,949.82 million), Train (INR 3,868.90 million), Bus (INR 2,176.42 million), Others (INR 152.63 million).
  7. Paid-up equity share capital increased from INR 437,579,188 to INR 438,071,307 due to ESOS allotment.
  8. Other equity (consolidated) as of Dec 31, 2025: INR 5,946.11 million.
  9. Share of loss from associate Fresh Bus Private Limited.
  10. Preferential issue to MIH Investments One B.V. for INR 12,955.63 million.
  11. Both standalone and consolidated unaudited financial results are presented for the quarter and nine months ended December 31, 2025.

Corporate Overview

  1. India (Registered office in Gurgaon, Haryana)
  2. Europe (Subsidiary: Ixigo Europe, Sociedad Limitada)
  3. Assessing financial implications of new Labour Codes on employee benefits.
  4. Online travel agency providing ticketing services for flight, train, and bus.
  5. Helping millions of travellers everyday through its apps.
  6. Formal and compliant, focusing on regulatory disclosures and financial performance.
  7. Millions of travellers
  8. Flight ticketing
  9. Train ticketing
  10. Bus ticketing
  11. Other operating revenue
  12. Utilizing IPO proceeds for working capital, cloud infrastructure, technology investments, and inorganic growth.
  13. Utilizing preferential allotment proceeds for organic and inorganic growth opportunities, and working capital requirements.

Risk Factors

  1. Financial impact of new Labour Codes.
  2. Unutilized IPO proceeds for growth.
  3. Unutilized preferential allotment funds.
  4. Regulatory compliance changes.

Key Drivers

  1. Strong revenue growth across segments.
  2. Successful capital raises for expansion.
  3. Employee stock options for talent.
  4. Investments in cloud and technology.

Auditor’s Report

  1. Unmodified review report for both consolidated and standalone financial results.

Board Commentary

  1. Increased gratuity and leave liability due to new Labour Codes, treated as an exceptional item.
  2. Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  3. Assessment of financial implications from new Labour Codes (2019, 2020) on employee benefits.
  4. IPO proceeds utilization for working capital, cloud infrastructure, technology, and inorganic growth (INR 935.18 million utilized, INR 191.53 million unutilized).
  5. Preferential allotment proceeds utilization for organic/inorganic growth and working capital (INR 1,880.53 million utilized, INR 11,075.10 million unutilized).

Corporate Governance

  1. Audit Committee reviewed consolidated financial results.
  2. Board/Compensation Committee approves ESOS grants and exercise price.

Management Discussion & Analysis

Future Strategy

  1. Invest in cloud infrastructure and technology.
  2. Pursue inorganic growth through acquisitions and strategic initiatives.
  3. Fund working capital requirements.
  4. Motivate and retain talented employees through stock option schemes.

Operational Focus Areas

  1. Ensuring compliance with SEBI Listing Regulations and Labour Codes.
  2. Effective utilization of IPO and preferential allotment proceeds for strategic growth.

Performance Drivers

  1. Strong revenue growth across Flight, Train, and Bus segments.
  2. Successful IPO and preferential equity issuance for funding growth initiatives.

Risk Control Measures

  1. Monitoring developments pertaining to Labour Codes and evaluating their impact on liabilities.

Critical Risks

  1. Financial implications from new Labour Codes impacting gratuity and leave liabilities.
Le Travenues Technology Ltd (IXIGO) Quarterly Report Analysis & Insights | Dhanarthi