1. Number one budget-hotel platform - four to five years On track - At the Q1 FY27 call, management's ambition is to become the number one discovery and booking platform for India's mid-market and budget hotels "over the next four to five years". Q1 FY27 saw half a million heads on beds, 10,000+ direct hotel partnerships across 700 towns, the Brevistay acquisition completed and hotels the fastest-growing line of business by GTV, with no market-share ranking disclosed.
2. Q1 FY27 growth to improve vs Q4 FY26 Delivered - At the Q4 FY26 call, management said they expect Q1 FY27 growth to improve versus Q4 FY26 because Q1 FY27 lacks the same Kumbh base effect. Q1 FY27 revenue grew 13% YoY against Q4 FY26's 8%, and GTV grew 19% YoY against 9%.
3. Train OTA market share - maintain and mildly increase from 62% Delivered - At the Q4 FY26 call, management said they expect trains to "maintain and mildly increase market share at the level that we are" (currently 62% OTA share) rather than aggressively chase share. Q1 FY27 OTA train market share increased to 63% from 62% in Q4 FY26.
4. Prosus fundraise - ₹1,296 cr preferential issuance Delivered - At the Q2 FY26 call, management announced a fundraiser of around ₹1,296 crores through preferential issuance to Prosus/MIH Investments One B.V., with capital expected within "a maximum of a couple of weeks" of the EGM. The issue completed at ₹1,295.56 cr proposed; ₹749.94 cr was utilised by Q1 FY27, with the Trenes (Europe) acquisition already made from the fundraise.
5. Grow significantly faster than market - hotels, buses, flights over next few years On track - At the Q1 FY26 call, management said over the next few years ixigo can continue to grow significantly faster than the market in hotels, buses and flights, and in line with online market growth in trains, reiterated in Q2 FY26. Q1 FY27 buses GTV grew 39% and flights 27% against \~2% industry passenger growth, trains GTV grew 4%, and hotels is the fastest-growing line of business by GTV.
6. Technology/AI investment - elevated for next few quarters, may reduce contribution margin Delivered - At the Q3 FY25 call, management guided elevated technology/AI investment "would still guide for this investment to be there for the next few quarters," and it "might take a few percentage points away from the PM [contribution margin]". Technology costs grew more than 50% YoY in Q3 FY25, contribution margin fell from 45% in Q3 FY25 to 36% in Q3 FY26 and 40.6% in Q1 FY27, with the rate of increase now expected to moderate.
7. ESOP cost - within \~₹20 cr per year Missed - At the Q2 FY25 call, management said ESOP cost would stay broadly \~₹3 crores per quarter, and at Q4 FY25 "roughly within the range of around 20 maximum. It might go slightly above 20"; Q1 FY26 revised this to around, slightly north of, ₹30 crores per year. FY26 total ESOP expense was ₹481.39 Mn (₹48.14 cr), including a one-off ₹26.93 cr milestone-based charge, and Q1 FY27 ESOP expense was ₹4.87 cr.
8. Zoop - no cash burn for next couple of years On track - At the Q2 FY25 call, management committed on Zoop: "We would not burn anything, at least for the next couple of years… on this business". Q3 FY25 showed "decent growth in food orders while maintaining profitability", Q1 FY26 saw more than 10,000 orders per day, and Q1 FY27 food on trains crossed 17 lakh meals, with no disclosed Zoop loss in our record.
9. Bus contribution margin - 60%+ ballpark while growing faster than market Missed - At the Q2 FY25 call, management committed to keep bus contribution margin "in the 60% plus kind of ballpark" while growing faster than the market; by Q4 FY26 management declined to reaffirm any CM floor, focusing on absolute rupee contribution margin and EBITDA. Bus CM% fell from 65.22% in Q2 FY25 to 45% in Q3 FY26 and 53% in Q1 FY27, with FY26 full-year at 51.40%, while bus GTV grew 46% in FY26 and 39% in Q1 FY27.
10. Customer inducement cost - 3% to 3.5% of GTV Partial - At the Q1 FY25 call, management said branding plus performance marketing plus discounts will be kept "between 3% to 3.5%" of GTV on a year-long basis, reiterated at Q2 FY25 and Q4 FY25. Q3 FY25 customer inducement costs were about 3.5% of GTV, but by Q1 FY27 the target was restated as "in the 4% of the GTV range, whenever we can", with advertising spend up \~80% sequentially to \~Rs. 32-33 crores.
11. Train gross take rate - maintain \~6% annually Delivered - At the Q2 FY25 call, management guided that the trains gross take rate of "6% kind of a take rate, on an annual basis is something we will continue to maintain". FY25 train gross take rate was 6.04%, FY26 was 6.09%, and Q1 FY27 was 6.54%.
12. IPO use-of-funds - working capital, technology/data science, inorganic growth Partial - The IPO prospectus objects were working capital (₹45.00 cr), technology/data science investments (₹25.80 cr), and inorganic growth/GCP (revised from ₹40.308 cr to ₹41.871 cr due to lower offer-related expenditure), each with an FY25-FY26 completion horizon. The working capital object was completed with a delay of 3 months, with ₹43.437 cr utilised of ₹45.00 cr as of March 2026, while the technology and inorganic objects remained "On Schedule" and GCP proceeds utilised reached ₹28.073 cr by June 2026.
13. Carry forward tax losses - fully utilized by FY26 Delivered - Management expected to fully utilize the carried forward tax losses by FY26, stating the company will exhaust its tax shields in FY26 and begin paying current tax. FY26 closed with PAT of ₹71.48 cr and tax expense normalized.