Indian online travel agent Ixigo slips; PhillipCapital initiates with 'buy'

Le Travenues Technology

26/05/2026 05:29

** Shares of Ixigo, formally known as Le Travenues Technology LETR.NS, down 1.6% at 174.20 rupees

** Brokerage PhillipCapital initiates coverage on Ixigo stock with a "buy" rating and a street high PT of 230 rupees - data compiled by LSEG

** Ixigo is one of the fastest-growing online travel agency with ~8.6% FY26 share with potential to reach 11%–12% by FY28; growth supported by structural tailwinds in India's expanding online travel market - PhillipCapital

** Adds that flights and buses are fastest-growing as trains remain the core anchor and a cross-sell funnel. Hotels represent the next big opportunity, supported by recent funding and improving take rates

** Says unlike MakeMyTrip's historically loss-making growth, Ixigo has focused on cost efficiency and traveler-focused products, achieving profitability since FY23 despite smaller scale

** LETR stock down 27%, YTD

 (Reporting by Urvi Dugar in Bengaluru)

 ((UrviManoj.Dugar@thomsonreuters.com;))