IXIGO · Le Travenues Technology Ltd · NSE:IXIGO · BSE:544192

Analysis generated Mon 19-Oct-2026 · Swing (CNC) lens · Chanakya Rule 18/19 bucket-gate applied

LTP

₹160.16

+10.87% (+₹15.70)

Day Range

149.53–163.38

Open 154.39 · Prev 144.46

Volume

1.38 Cr

12.6× 20d avg (11.0 L)

Turnover

₹221 Cr

high-conviction day

52w High / Low

335 / 136

LTP 52% below high

Market Cap

₹7,055 Cr

Microcap-250 / India Internet

RSI(14)

54.6

neutral, off oversold

ATR20

3.54%

wide — news-driven vol

Ext vs 20DMA

+3.5%

below [10,20]% band

vs 200DMA

−10.5%

still in downtrend

Series/band: IXIGO trades in the EQ series on NSE (confirmed from live feed) — normal circuit bands, not BE. No trade-for-trade settlement constraint.

Overview

Fundamentals

Technicals

Risk-Reward

Action Plan

Sources

What happened

IXIGO is up +10.9% on a 12.6× volume surge (1.38 Cr shares vs ~11 L avg) with ₹221 Cr turnover — a textbook post-earnings gap-and-go. The trigger is the Q2 FY27 results announced Fri 17-Oct-2026 (next trading session = today).

Record PAT ₹63.42 Cr (vs a −₹3.46 Cr loss a year ago) — an all-time high.
Revenue from operations +12.9% YoY to ₹320.96 Cr; consolidated GTV +22%.
Hotels the new growth engine: hotel GTV up 159% YoY, hotel revenue ~2.6× to ₹111 Cr.
H1 FY27 revenue ~₹530 Cr (+22%); 480 mn Annual Active Users across ixigo / Confirmtkt / abhibus.

⚠️ Earnings-quality caveat (read before sizing): the ₹63 Cr PAT is heavily flattered by non-operating other income (₹60 Cr in the standalone P&L for the quarter). On an operating basis the quarter weakened: standalone operating profit fell to ~₹9 Cr with OPM 3.1% (vs ~5% in Jun-2026 and ~8–9% a year ago), and adjusted EBITDA was reported down ~17% YoY. So this is not a clean operating beat — the pop is partly a profit-quality/one-off re-rating.

Read-through: momentum + a headline "all-time high PAT" is doing the lifting; the underlying margin story is soft. That tempers follow-through.

Chanakya bucket-gate (Rule 18/19)

Gate	Required	IXIGO today	Pass?
Day move	8–12%	+10.87%	✓ PASS
Extension vs 20DMA	10–20%	+3.5%	✗ FAIL (too cold)
Hard avoid	ext > +40%	+3.5%	✓ n/a
Stage / trend	ideally above 200DMA	−10.5% vs 200DMA	✗ downtrend

Verdict on the gate: FAILS. Rule 19 requires both the day move and the 20DMA extension inside the bucket. IXIGO is a +10.9% headline move but only +3.5% above its 20DMA and 10.5% below its 200DMA — i.e. a news-driven bounce inside a longer downtrend, not a stage-2 breakout. Chasing this open is exactly what Rule 18 forbids. Do not buy the gap.

Screener-style fundamentals

Stock P/E

56.0

rich vs OTA peers

Book Value

₹49.4

P/B ≈ 3.2×

ROE

6.6%

low (3y ~8.6%)

ROCE

8.25%

low

Dividend Yield

0.0%

no payout

Face Value

₹1

—

Quarterly (standalone, ₹ Cr)

Metric	Sep-25	Dec-25	Mar-26	Jun-26	Sep-26 (Q2 FY27)
Sales	315	299	336	312*	291
Operating Profit	27	18	9	~12	9
OPM %	8%	5%	~3%	3.8%	3.1%
Other Income	19	29	6	~30	60
Net Profit	37	34	58	~58	58
EPS (₹)	0.62	0.85	0.78	~0.78	1.31

*Screener standalone figures; consolidated Q2 FY27 revenue ₹320.96 Cr / PAT ₹63.42 Cr (per company release). Standalone sales dipped QoQ while "other income" spiked to ₹60 Cr — the PAT record is not an operating record.

Balance sheet & returns

Almost debt-free, has reduced debt — a genuine strength.
5-yr profit CAGR ~65% off a low base; but ROE 6.6% / ROCE 8.3% are weak — capital efficiency is poor.
Trading at ~2.9–3.2× book; earnings include ~₹121 Cr other income (non-operating).

Shareholding (Sep-2026 quarter)

Holder	Stake	Trend
Promoter	0.0%	none — professional/VC-origin management
FII / FPI	56.5%	↓ from 61.3% (Jun-26); FPI count 148→134
DII	~17.1%	broadly steady
Public / Retail	~26.4%	—

Zero promoter holding + FII selling. No promoter skin-in-the-game, and foreign investors have been net reducing (61.3% → 56.5%) through the recent decline. Institutional ownership is very high (~74% FII+DII) — good quality of ownership, but the FII direction is a headwind.

Travel-OTA operating metrics

480 mn Annual Active Users; #2 India OTA after MakeMyTrip, by GTV.
Multi-brand: ixigo (flights/hotels), Confirmtkt (rail), abhibus (bus).
Hotels = fastest-growing vertical (GTV +159% YoY) — the structural story the market is paying for today.
Monetisation is low-take-rate (air/rail are thin-margin) → structurally low OPM (~3–9%); scale + hotels mix is the margin lever.

Technicals (daily, bhavcopy + live LTP)

Level	Value	LTP vs	Note
20DMA	154.69	+3.5%	just reclaimed today
50DMA	161.70	−0.9%	AT resistance — day high 163.38 kissed it
200DMA	178.99	−10.5%	downtrend intact
20d high / low	163.90 / 138.12	—	today's high ≈ 20d high
52w high / low	335 / 136	−52% / +17%	stock is 52% off its high
RSI(14)	54.6	neutral	rebounded from ~30s
ATR20	3.54%	wide	elevated on news flow

Structure

Trend: a long markdown from ₹335 → ₹136 (−59%) into the Oct low. Today is the first high-volume thrust back above the 20DMA.
Today's high 163.38 ≈ 50DMA (161.70) and the 20d high (163.90) — the bounce ran straight into overhead supply and stalled. That's a resistance test, not a breakout.
Consolidation/base: a 4-session tight coil 138–144 into the result; today gapped through it. A proper base has not yet formed above the breakout.
Support: 154 (20DMA) → 149.5 (today's low) → 144 (base top) → 138 (20d/52w low zone).
Resistance: 163.4 (today's high/20d high) → 179 (200DMA) → 183.5 (50d high).
Volume: 12.6× average — genuine institutional-grade participation, but it's a reaction volume, not an accumulation base.

Read: RSI-neutral + price below 200DMA + stalled at 50DMA = this is a counter-trend news bounce. For a swing entry we'd want to see it hold above 154 (20DMA) on a retest with contracting volume, then break 164 on volume. Until then it's unproven.

Risk-reward & swing sizing (CNC)

Risk budget 1–2% per trade; portfolio max-DD −5%. Volatility-scaled stop (Rule 15): gap = clip(max(6%, 2.0×ATR20), 6%, 15%). ATR20 = 3.54% → 2.0×ATR = 7.1%.

Scenario	Entry zone	Stop (SL)	Stop %	Target	R:R
A. Preferred — buy the retest (resting dip)	152–156	144.5	~7%	179 (200DMA)	~3.1R
B. Tighter structure stop	152–156	148.8 (2×ATR)	~4.5%	164 → 179	1.9R / 5.2R
C. ❌ Chase the open at 160	160	148.8	7.1%	182.9 (2R)	2R but extended entry

Concrete plan if taken (Scenario A)

Entry zone: ₹152–156 (a pullback into the 20DMA / today's breakout zone). Not a market order at ₹160.
Stop-loss: ₹144.5 — just under the pre-result base top (₹144) and today's low. ≈7% risk, inside the ATR-scaled band.
Targets: no hard TP (Rule 12–13) — trail. Reference levels: ₹164 (first resistance, ~1.5R), ₹179 = 200DMA (~3.1R), ₹183.5 = 50d high.
Position size: on a ₹5,00,000 book, 1.5% risk = ₹7,500 → ÷ 7% stop ≈ ₹1,07,000 notional, but capped by the ₹25k-per-name swing cap → ~₹25,000 notional ≈ 160 shares (lot-friendly; price ≥₹20, not BE). At ₹25k notional / 7% stop, cash risk ≈ ₹1,750 (0.35% of book) — comfortably inside the −5% DD budget.
GTT shape (Rule 17): a resting dip BUY GTT or a re-armed DAY-validity LIMIT at the entry zone — never a marketable order at the open. Attach a trailing SELL GTT (−6% / ₹4 trail) only on fill.

Why the reward is real but the timing isn't: ₹144 → ₹179 is a genuine 3R path if the earnings narrative holds and the 20DMA defends. The risk is buying into a 50DMA stall on a profit-quality-flattered quarter.

Verdict: WATCH-ONLY — do not chase the +10.9% open

Not actionable as a fresh entry today. IXIGO fails the Chanakya bucket-gate: the day move (+10.9%) is in-band but the 20DMA extension is only +3.5% (below the 10–20% band), and the stock is −10.5% below its 200DMA — a news bounce inside a downtrend that stalled exactly at the 50DMA / 20d high (₹163–164). Rule 18 explicitly says: on a day-1 move this size, never buy the next open — take a resting dip.

What would make it actionable

Retest & hold: pullback to ₹152–156 that holds the 20DMA (₹154.7) on 2–3 sessions of contracting volume → arm a dip BUY GTT / DAY-limit at that zone.
Or a clean breakout: a close above ₹164 on ≥3× volume with the extension climbing toward the 10–20% band → then it enters the bucket legitimately.
Operating confirmation: watch Q3 for OPM recovering above ~5% (today's pop leans on other income, not operations).

What could go wrong

Profit-taking fade: a +11% gap on a flattered quarter often gives back half within 2–3 sessions — chasing locks in the top of the move.
50DMA/200DMA supply: ₹162–179 is a wall of overhead resistance from the markdown; each level can reject.
Margin structure: OPM 3.1% and falling; any travel-demand or competitive (MMT/Yatra) shock hits earnings hard.
FII distribution: 56.5% FII and falling — institutions have been sellers into strength.
No promoter to defend the price; retail-heavy float can swing violently on sentiment.
High beta / high ATR (3.54%): a −7% stop can be hit in a single session on a weak Monday.

Add to Suggestions? — YES, as WATCH + a conditional dip plan (not an active buy)

Field	Value
Ticker	IXIGO
Sector	Travel OTA / Consumer Discretionary
View	Bullish — post Q2 FY27 record-PAT re-rate; hotels +159% GTV
Confidence	4 / 10 (record headline vs weak operating margin & FII selling)
Status	WATCH (conditional) — do not enter at open
Entry (dip only)	₹152–156 (20DMA retest); arm as dip BUY GTT / re-armed DAY limit
Stop-Loss	₹144.5 (under base top ₹144 & today's low) ≈ −7%
Target	₹179 (200DMA) ≈ 3.1R; trail, no hard TP. Interim ₹164.
R:R	~3.1R from the dip entry
Horizon	Swing, 3–10 sessions
Position size	~₹25,000 notional (~160 sh); 1.5% cash risk (0.35% of book)
Catalyst	Q2 FY27 results (17-Oct) — record PAT ₹63.4 Cr, hotels GTV +159%
Source	Chanakya single-stock analysis · Rule 18/19 bucket-gate
Invalidate	Close below ₹144 (base) or ₹138 (52w low) → thesis dead

Sources

NSE live feed (via db/chanakya/nse_live.py) — LTP, OHLC, volume, turnover, change%: nseindia.com
NSE bhavcopy cache (via db/bhav.py, nsearchives) — 250-session closes for 20/50/200DMA, RSI, ATR20: nsearchives.nseindia.com
Screener.in — P/E, book value, ROE, ROCE, quarterly P&L, shareholding: screener.in/company/IXIGO
Company / BSE filing — Q2 FY27 Media Release (17-Oct-2026): bseindia.com PDF
ixigo Investor Relations — Q2 FY27 earnings release, FAQ, investor presentation: investors.ixigo.com/financials
Moneycontrol — "ixigo swings to Rs 63-crore profit in Q2 FY27, hotels emerge as next growth engine": moneycontrol.com
Economic Times — "ixigo Q2 profit at Rs 63 cr on robust show in hotel booking biz": economictimes.com
Business Standard — "Ixigo reports ₹63 crore net profit, 13% revenue growth in Q2 FY27": business-standard.com
Trendlyne — shareholding pattern (FII 61.28%→56.51%, Sep-2026 qtr): trendlyne.com
Angel One — FII 56.51% / DII 17.08% / retail 26.41%: angelone.in

Disclaimer
This report is generated by an AI assistant for educational and informational purposes only. It does not constitute investment advice, a buy/sell recommendation, or SEBI-registered research. Past performance does not guarantee future returns. Trading carries significant risk of loss. Please consult a SEBI-registered financial advisor before making any investment decisions. Data sourced from NSE, BSE, Moneycontrol, and other public sources. Verify all data independently.