Le Travenues Technology Limited

Consumer Cyclical — Travel Services · NSE

₹145.98+₹7.86 (+5.69%)

DalalBaazaar Score

59 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by moderate debt load, negative free cash flow, small-cap size, which brings sharper price swings.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of Le Travenues Technology Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Le Travenues Technology Limited operates online travel agency (OTA) platforms in India.

IndustryTravel Services

SectorConsumer Cyclical

Employees624

Annual revenue₹1,228 Cr

How does it make money?

Turns over ₹1,228 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 624 employees supports ₹1.97 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin7.8%

Net margin5.9%

Revenue / employee₹1.97 Cr

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?Little sign of one

Returns on capital of 4.3% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE4.3%

ROE10.7%

Peer median ROE25.9%

What is the outlook?

8 analysts covering the stock expect revenue to grow about 26.7% and earnings to grow about 30.6% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+26.7%

Est. earnings growth+30.6%

Analysts8

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +145% while net margin moved +36% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+145%

Margin effect+36%

DalalBaazaar Score

59/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of 4.3% is below 10% — capital is not working hard
• ROCE has been broadly stable
✗ EBITDA margin of 7.8% is thin — little cushion if costs rise
• Net margin of 11.5% is reasonable
• Revenue has compounded at 34.8% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

61/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

52/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

76.4x

3Y Median

108.4x

30 monthly readings · mean 120.7x · range 68.4x–310.9x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 30% below its 3y median of 108.4x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟡Against its sector it is priced broadly in line with the peer median of 69.2x.

vs. its own history

Cheap

108.4x median over 30 months · -30%

vs. sector peers

Fair

69.2x median of 4 peers · +10%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

76.4x

P/B

3.17x

EV/EBITDA

64.2x

PEG

1.55

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Cash generation is improving
Free cash flow is up 594% over 3 years.
Valuation below its historical average
At 76.4x the stock trades 30% below its own median of 108.4x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Debt is rising
Total debt is up 339% over 3 years — worth checking what it funded.
Receivables growing faster than sales
Receivables are up 293% against revenue growth of 145% — customers are taking longer to pay.

Red Flags

2 items require attention · 2 high

🔴Debt has risen sharplyFinancial
Total debt is up 339% over 3 years, from ₹10 Cr to ₹44 Cr.
🔴Receivables growing faster than salesFinancial
Receivables up 293% against revenue up 145% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 30% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 293% against revenue up 145%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 26% a year✓ 34.8% CAGR
Latest reported year was 13.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 6%✓ 7.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹175 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 4.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 5 neutral · 3 weak

Market Cap

₹6,439 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

76.4x

Expensive

Expensive — verify against sector peers

P/B Ratio

3.17x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.91

Profitable

Profitable on a per-share basis

ROE

10.7%

Moderate

Moderate capital efficiency

ROCE

4.3%

Weak

Low return on total capital employed

Debt/Equity

0.88x

Moderate

Moderate leverage

Revenue Growth (YoY)

13.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

19.9%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹491 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹145.98

P/E (Forward)

36.1x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

ROA

2.5%

Weak

Assets generate little profit

Operating Margin

3.8%

Weak

Thin margins leave little room for error

Net Margin

11.5%

Good

Strong bottom-line conversion

Current Ratio

4.21

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.54

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

154.9 / 163.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

34.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹501 Cr	₹656 Cr	₹914 Cr	₹1,228 Cr	+34.8%
EBITDA	₹36 Cr	₹42 Cr	₹83 Cr	₹96 Cr	+38.8%
EBITDA Margin	7.1%	6.4%	9.0%	7.8%	—
PAT (Net Profit)	₹22 Cr	₹76 Cr	₹60 Cr	₹72 Cr	+49.4%
EPS	₹0.56	₹1.96	₹1.55	₹1.72	+45.5%
ROE	5.8%	17.0%	9.5%	3.5%	—
ROCE	5.0%	14.1%	13.0%	4.3%	—
Total Debt	₹10 Cr	₹46 Cr	₹40 Cr	₹44 Cr	+63.7%
Free Cash Flow	₹25 Cr	₹36 Cr	₹118 Cr	₹175 Cr	+90.7%

🟢 Revenue has grown at 34.8% a year over 3 years.

🟢 EBITDA has grown at 38.8% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 7.8% over 3 years.

🟢 PAT (Net Profit) has grown at 49.4% a year over 3 years.

🟢 EPS has grown at 45.5% a year over 3 years.

🔴 ROE has fallen from 5.8% to 3.5% over 3 years (-2.3 pts).

🟡 ROCE has held roughly flat at 4.3% over 3 years.

🔴 Total Debt has grown at 63.7% a year over 3 years.

🟢 Free Cash Flow has grown at 90.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,541 Cr

Total Liabilities

₹493 Cr

Total Debt

₹44 Cr

Cash & Equivalents

₹344 Cr

Operating Cash Flow

₹196 Cr

Capex

-₹21 Cr

Shareholding (proxy)

Institutional Holding

53.9%

Insider Holding

27.6%

Analyst Consensus

Recommendations

5 Buy · 3 Hold · 2 Sell

Target Price (Mean)

₹202

+38.4% vs CMP

Target Range

₹165 – ₹240

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

4 mixed2 general

IXIGO Share Price Rises 6.14% on Price Action and Valuation

Univest, 16 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

IXIGO Forecast — Price Target — Prediction for 2027

TradingView, 25 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

₹228: That's What Analysts Think Le Travenues Technology Limited (NSE:IXIGO) Is Worth After Its Latest Results

Simply Wall Street, 24 MayAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Le Travenues Technology Reports Rs 278 Crore Unutilized Proceeds for Q2FY27

Whalesbook, 17 Oct

IXIGO 52 Week Low Streak: Fourth Consecutive Session

Univest, 15 Oct

Le Travenues Technology Share Price Jumps 11% On Friday; Here's Why

Dalal Street Investment Journal, 12 JunPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate9/20

🟡Financial HealthAdequate12/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong9.9/15

🟡ValuationFair8.3/15

🟡RiskModerate4.5/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 26% a year34.8% CAGR
✓EBITDA margin holds above 6%7.8%
✓Free cash flow remains positive₹175 Cr
✓Debt / EBITDA stays below 2x0.5x
✗ROCE stays above 8%4.3%