Ixigo shares jump 9% on JM Financial's double upgrade, says correction is 'overdone'

Ixigo share price

• Ixigo shares jumped over 9 percent after JM Financial upgraded rating to 'Buy'
• JM Financial sees temporary slowdown but expects long-term growth for Ixigo
• Target price cut to Rs 275, implying over 29 percent upside from previous close

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The shares of Ixigo-parent Le Travenues Technology jumped more than 9 percent on January 13 after JM Financial upgraded its rating on the stock to 'Buy' from 'Reduce', citing multiples reasons.

The shares of the company rose to Rs 232.55 apiece, snapping a four-session losing streak.

JM Financial on Ixigo:

JM Financial noted that Ixigo shares have corrected approximately 20 percent since the end of November 2025 due to expectation of relatively slower growth in the flights business in Q3 and Q4 FY26 after recent disruptions in the industry and an unfavourable base (Kumbh Mela benefit last year), and uncertainty around margin due to ramp-up in its tech, supply-side and promotional investments towards hotels’ OTA.

However, the domestic brokerage believes that the current phase represents a temporary earnings and sentiment overhang, which shall ease over the next few quarters. “From a medium-to-long-term perspective, Ixigo remains well positioned to grow faster than peers owing to its effective cross-sell of services across various apps, sharp focus on superior customer experience and robust traction for its differentiated value-added services,” it added.

JM Financial however lowered its target price for the stock to Rs 275 per share from Rs 300 per share, based on a cut in FY26–28E earnings by 4–8 percent and target P/E to 60x (from 65x). The latest target price implies an upside potential of more than 29 percent from the stock’s previous closing price.

The domestic brokerage noted that the recent correction has materially improved the risk-reward, prompting the double upgrade.

Ixigo share price:

Ixigo shares have fallen more than 3 percent in the past five days, and over 8 percent in the past one month. This came after the stock jumped 29.5 percent in the past six months, and around 61 percent in the past one year.

The stock currently has a P/E ratio of 164.28. Its market capitalization stands at Rs 10,016 crore.

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