Ixigo shares rally 7% as JM Financial upgrades to 'Buy', eyes 29% upside

Ixigo share price today: Shares of Le Travenues Technology Ltd, which owns and operates online travel platform ixigo, jumped as much as 7.12 per cent on Tuesday, January 13, 2026, after domestic brokerage JM Financial upgraded the stock to ‘Buy’, on the back of improved risk-reward following a sharp correction and intact medium-to-long-term growth prospects.

 

The stock rose to an intraday high of ₹228.40 per share. Around 11:00 AM, ixigo shares were trading 6.87 per cent higher at ₹227.85 apiece. By comparison, the BSE Sensex was down 0.08 per cent at 83,813 levels.

 

JM Financial has set a revised target price of ₹275 per share, implying an upside of nearly 29 per cent from current levels, even after cutting its target from ₹300 earlier.

 

 

The brokerage noted that ixigo’s stock has corrected around 20 per cent since the end of November 2025, driven by concerns over near-term growth and margins. These included expectations of relatively slower growth in the flights business during the second half of FY26 due to temporary air industry disruptions and an unfavourable base effect from Kumbh Mela-related travel demand last year, as well as uncertainty around margins amid increased investments in technology, supply-side expansion and promotions for its hotels OTA business.

 

JM Financial believes these challenges represent a temporary earnings and sentiment overhang rather than a structural issue. “We believe the current phase shall ease over the next few quarters,” the brokerage said, adding that ixigo remains well-positioned to grow faster than peers over the medium to long term.

 

While the brokerage trimmed its FY26-28 earnings estimates by 4-8 per cent and reduced its target price-to-earnings multiple to 60x from 65x, it said the recent correction has materially improved the stock’s risk-reward profile, prompting the upgrade to ‘Buy’ from ‘Reduce’.

 

On the air travel segment, JM Financial said the recent industry disruption, primarily seen in early December 2025, is not structural for online travel agencies (OTAs), as underlying passenger demand remains strong. As stability returns, ixigo is expected to regain growth momentum, supported by improving air connectivity in tier-2 and smaller cities, where the company enjoys strong brand recall due to its utility-led offerings and regional language support.

 

The brokerage also flagged a high base effect from Kumbh Mela-related travel demand in the second half of FY25, which could keep year-on-year gross transaction value (GTV) growth optically softer, particularly in the March quarter of FY26. However, it expects growth rates to normalise from the first quarter of FY27 once the base effect fully plays out.

 

JM Financial remains constructive on ixigo’s medium-to-long-term outlook, noting that India’s travel ecosystem continues to benefit from structural tailwinds such as improving infrastructure, connectivity and affordability. These trends are expected to be more pronounced in tier-2 and smaller cities, where demand growth is outpacing tier-1 markets, an area where ixigo has a strong foothold.

 

The brokerage also sees upside optionality in ixigo’s hotels OTA business, where the company is prioritising product improvements and curated supply over discount-led growth. It expects losses, if any, to remain limited in the foreseeable future and said management remains disciplined on capital allocation, with any potential acquisitions likely to be profitable and synergy-accretive.

 

That said, JM Financial said the recent stock price correction appears overdone, with current valuations pricing in near-term uncertainties while underappreciating ixigo’s structural advantages and recovery potential, making the stock an attractive long-term entry point.

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