TBO Tek Limited has informed the Exchange about General Updates
TBOTEK · price
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Awaiting price reaction for this filing.
TBO Tek reported Q1 FY2026 revenue of ₹511.3 Cr, up 22% year-on-year, crossing ₹500 Cr for the first time despite significant macro headwinds (Pahalgam incident, Air India crash, India–Pakistan tensions, Israel–Iran conflict). Profit after Tax rose to ₹63 Cr (up 3.4% YoY), while Adjusted EBITDA was nearly flat at ₹84.7 Cr, pressured by a 28.8% jump in SG&A expenses tied to sales force expansion. Gross Transaction Value (GTV) grew ~2% YoY to ₹8,119 Cr, but the higher-margin Hotel + Ancillary business surged 13% YoY to ₹5,060 Cr, now accounting for 62.3% of GTV. Regionally, APAC led with 35% YoY growth, followed by MEA (+25%), North America (+11%), and Europe (+9%), while LATAM slipped 2% on Brazil tax changes. The company sits on ₹1,425 Cr in cash and expects full revenue benefits from its growth investments to play out by Q4 FY2026.
Margin expansion story is intact — revenue grew far faster than GTV (22% vs 2%) thanks to improving product mix and take rates, which should appeal to long-term investors. However, near-term profitability is being weighed down by aggressive hiring and platform investments, and the Indian airline segment remains fragile, so short-term stock reaction may be muted until the Q4 FY2026 payoff materializes.