TBO Tek Limited has informed the Exchange about Transcript
TBOTEK · price
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TBO Tek reported a resilient but challenging Q1 FY26, with monthly transacting buyers up 5% to over 29,500, GTV up 2%, revenue up 22% and gross profit up 19% despite multiple headwinds including the India-Pakistan conflict, Iran-Israel tensions, and the Air India crash during peak summer travel season. EBITDA was flat on a like-to-like basis with marginal PAT growth, weighed down by continued investments in international expansion (about two-thirds of planned hiring is done) and travel disruptions. The company highlighted encouraging traction in its international business, with monthly active agents rising from 8,600-9,000 last year to nearly 11,000 in June, T1 agent additions more than doubling, and 4.2% of Q1 GTV now coming from new travel agents added in the same quarter versus 2.2% a year ago. Management expects operating leverage and margin stabilization to flow through by Q4 FY26 as the remaining one-third of investments gets completed and new KAMs become fully productive.
Near-term margins remain under pressure from ongoing international expansion and weak airline business, but management has signalled a clear path to margin recovery in Q4 FY26, which could be a positive trigger for the stock. Investors should watch for the new KAM productivity ramp-up and any signs of demand normalization in Europe (Israel recovery) and Brazil, as these will be key to delivering on the promised operating leverage.