NSE: TBOTEK · BSE: 544174
TBO TEK LIMITED
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
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDIAN RAIL TOUR CORP LTD | 36,008 | 25.8 | 8.36 | 18.3 | 32.3 | 40.8 | — | 33.5 |
| TBO TEK LIMITED ◆ | 16,683 | 62.1 | 10.76 | 38.5 | 15.8 | 13.1 | — | 16.3 |
| BLS INTL SERVS LTD | 8,976 | 12.7 | 3.22 | 9.5 | 26.0 | 25.4 | 44.4 | 30.9 |
| LE TRAVENUES TECHNOLOGY L | 6,230 | 72.8 | 3.04 | 50.4 | 3.5 | 4.7 | — | 15.0 |
| THOMAS COOK (INDIA) LTD | 4,250 | 19.3 | 1.68 | 6.1 | 8.7 | 9.3 | 60.2 | 7.4 |
| EASY TRIP PLANNERS LTD | 2,303 | 22.2 | 2.83 | — | (5.8) | (5.4) | 38.1 | (4.7) |
| YATRA ONLINE LIMITED | 1,195 | 38.5 | 1.44 | 11.7 | 5.6 | 5.5 | — | 8.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 62.1 | 26.5 | 73 of 87 | 16% |
| P/B | 10.8 | 1.9 | 78 of 83 | 6% |
| ROCE | 13.1 | 5.4 | 26 of 101 | 75% |
| ROE | 15.8 | 5.6 | 15 of 83 | 83% |
| Debt / Equity | 0.4 | 0.1 | 58 of 82 | 30% |
| 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 | 16683 | 293 | 8 of 103 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to review September quarter and half-year results | results | low | — | — |
| 21 Oct 2026 · TBO Tek gets ED order, faces 22 crore penalty in FEMA case | regulatory legal | high | — | — |
| 6 Oct 2026 · Reg 74(5) compliance certificate for Q2 FY26 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure from Oct 1 for Q2 Results | compliance | minimal | — | — |
| 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 | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.