IRCTC, Ixigo, RateGain, TBO Tek: Top travel stocks to buy; check fresh targets, ratings and more

Choice Institutional Equities has initiated coverage on four travel-related stocks — RateGain Travel Technologies Ltd, TBO Tek, Le Travenues Technology Ltd (Ixigo) and Indian Railway Catering & Tourism Corporation Ltd (IRCTC) — with a Positive view on the sector, saying India’s travel and tourism industry is entering a platform-led growth phase. The brokerage said rising digital adoption, fragmented supply and increasing online penetration are creating fresh opportunities across the travel value chain.

According to Choice, India’s travel and tourism economy generated $263.6 billion in 2025, with domestic travel accounting for 86 per cent of total tourism spending. It expects online travel penetration to rise to 46 per cent by FY27E, which it said provides a sizeable runway for continued digital adoption.

Choice on Travel 3.0
Choice said the next phase of the sector’s evolution, which it described as "Travel 3.0", will move beyond digital bookings towards connected, data-driven and intelligence-led platforms. The brokerage said the market is shifting to a platform-led model, with increasing digitalisation allowing companies to capture value across four key control points — intelligence, distribution, demand aggregation and transactions.

Within this framework, Choice has classified RateGain as the intelligence play, TBO Tek as the B2B distribution platform, Ixigo as the consumer demand and discovery play, and IRCTC as the transactions and inventory play. It said these segments could create distinct monetisation opportunities as travel moves from offline distribution to connected digital platforms.

Ratings and target prices
Choice has initiated coverage with a Buy rating on RateGain, TBO Tek and IRCTC, while Ixigo has been assigned an Add rating. It has set a target price of Rs 1,185 for RateGain Travel Technologies, Rs 2,075 for TBO Tek, Rs 190 for Le Travenues Technology and Rs 560 for IRCTC.

RateGain Travel Technologies
Choice said RateGain Travel Technologies is a key enabler of supplier-side digitisation and that its full-stack travel revenue optimisation solutions place it well to benefit from rising technology adoption across the travel industry. The brokerage said the company’s strategic acquisitions have expanded its product depth, global reach and cross-selling opportunities, and added that its transaction-led model and platform synergies could support growth and margin expansion.

TBO Tek
On TBO Tek Ltd, Choice said the company operates a network-driven B2B travel marketplace that can create a durable competitive moat by connecting travel suppliers and distributors. It identified the acquisition of Classic Vacations and the company’s geographical expansion as key growth drivers, and said its scalable, asset-light platform could support operating leverage and margin expansion as the business grows.

Ixigo
Choice described Ixigo as one of the fastest-growing domestic online travel agencies and said it sees room for the company to continue gaining market share. The brokerage said Ixigo’s focus on the next billion users and cross-selling opportunities across its travel ecosystem could support long-term growth, while operating leverage may drive sustained margin expansion as the platform scales.

IRCTC
Choice said IRCTC can deepen its digital moat beyond its traditional ticketing utility and evolve into a more integrated mobility platform. The brokerage also pointed to growth opportunities in hospitality and thematic tourism, supported by an asset-light model and structural demand tailwinds, and said the company’s scalable platform could support gradual margin expansion as these businesses expand.

Overall, Choice said the four companies offer exposure to distinct structural opportunities emerging from India’s shift towards a more connected and digital travel ecosystem. Its framework places RateGain in travel intelligence, TBO Tek in B2B distribution, Ixigo in consumer demand and discovery, and IRCTC in transactions and inventory, giving investors exposure to different parts of the evolving travel value chain.