Operates a B2B travel distribution platform under the TBO (tbo.com) brand, supplying hotel inventory, airline tickets and packaged travel to travel agents and tour operators. In FY26, revenue of 2,677.48 crore came primarily from Hotels and packages at 83.6% (2,239.239 crore), Air ticketing at 12.1% (324.502 crore), and Others at 4.2% (113.739 crore). The platform offers access to over 1 million hotels and 750-plus airlines globally. The Classic Vacations LLC acquisition, completed in October 2025 for USD 125 million, expanded the hotels and packages business. The cost structure is dominated by other operating expenses at 65.8% of revenue and employee costs at 20.4%, with negligible direct materials (0%) and depreciation at 3.2%, reflecting an asset-light marketplace model. Adjusted EBITDA margin stood at 15.8% in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotels and packages (84%), Air ticketing (12%), Others (4%). Asset-light B2B travel distribution and marketplace platform
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,393 | 1,737 | 2,677 |
| EBITDA (ex other income) | 251 | 288 | 372 |
| margin % | 18.0 | 16.6 | 13.9 |
| Owners' profit | 202 | 230 | 244 |
| EPS, as reported (₹) | 19.85 | 21.73 | 22.88 |
| ROE % · ROCE % | 36.8 · 29.7 | 19.2 · 21.6 | 15.8 · 15.0 |
| Debt / equity (x) | 0.25 | 0.11 | 0.42 |
| Cash from operations | 222 | 68 | 46 |
| Capex | (9) | (6) | (13) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 451 | 422 | 446 | 511 | 568 | 784 | 814 | 926 |
| Profit before tax | 71 | 57 | 71 | 75 | 78 | 66 | 74 | 103 |
| Net profit | 60 | 50 | 59 | 63 | 68 | 54 | 60 | 83 |
| EPS (₹) | 5.71 | 4.70 | 5.54 | 5.90 | 6.32 | 5.03 | 5.62 | 7.77 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Air ticketing | 242 | 9.0 |
| Hotels and packages | 1,155 | 43.1 |
| Others | 114 | 4.2 |
| Air | 82 | 3.1 |
| Hotel | 661 | 24.7 |
| Hotels & Packages | 423 | 15.8 |
| Total, before eliminations | 2,677 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDIAN RAIL TOUR CORP LTD |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 31 Aug 2026 · TBO Tek 20th AGM: All 7 resolutions passed with strong majority | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Shareholders approve re-appointment of 4 Independent Directors | management changes | medium | — | — |
| 27 Aug 2026 · TBO Tek 20th AGM held on Aug 27 2026; all resolutions passed | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Schedule of Investor Conferences - September 2026 | investor communications | low | — | — |
| 10 Aug 2026 · TBO Tek dispatches Annual Report FY25-26 letters; 20th AGM on Aug 27, 2026 | compliance | minimal | — | — |
| 6 Aug 2026 · Newspaper publication of 20th AGM notice and e-voting information | compliance | minimal | — | — |
| 5 Aug 2026 · TBO Tek Q1 FY27 earnings call transcript; growth and operating leverage | investor communications | medium | — | — |
| 5 Aug 2026 · TBO Tek files BRSR for FY 2025-26 with limited assurance | compliance | low | — | — |
| 5 Aug 2026 · TBO Tek 20th AGM Notice on Aug 27, 2026 with FY26 Annual Report | board shareholder meetings | low | — | — |
| 5 Aug 2026 · TBO Tek submits 20th AGM Notice and FY26 Annual Report | board shareholder meetings | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 37,096 |
| 26.6 |
| 8.61 |
| 18.9 |
| 32.3 |
| 40.8 |
| — |
| 33.5 |
| TBO TEK LIMITED ◆ | 18,252 | 67.9 | 11.77 | 42.2 | 15.8 | 13.1 | — | 16.3 |
| BLS INTL SERVS LTD | 9,553 | 13.5 | 3.43 | 10.2 | 26.0 | 25.4 | 44.4 | 30.9 |
| LE TRAVENUES TECHNOLOGY L | 6,963 | 81.4 | 3.40 | 56.6 | 3.5 | 4.7 | — | 15.0 |
| THOMAS COOK (INDIA) LTD | 5,038 | 22.8 | 2.00 | 7.5 | 8.7 | 9.3 | 60.2 | 7.4 |
| EASY TRIP PLANNERS LTD | 2,323 | 22.4 | 2.85 | — | (5.8) | (5.4) | 38.1 | (4.7) |
| YATRA ONLINE LIMITED | 1,814 | 58.4 | 2.18 | 17.7 | 5.6 | 5.5 | — | 8.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 67.9 | 26.6 | 79 of 91 | 13% |
| P/B | 11.8 | 2.0 | 77 of 83 | 7% |
| ROCE | 13.1 | 5.4 | 26 of 101 | 75% |
| ROE | 15.8 | 5.8 | 17 of 87 | 81% |
| Debt / Equity | 0.4 | 0.1 | 63 of 87 | 28% |
| EBITDA margin | 16.3 | 23.4 | 59 of 85 | 31% |
| Revenue growth | 81.1 | 12.1 | 4 of 89 | 97% |
| Profit growth | 32.4 | 17.5 | 33 of 83 | 61% |
| Market cap | 18252 | 388 | 6 of 103 | 95% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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