NSE: TRAVELFOOD · BSE: 544443
TRAVEL FOOD SERVICES LTD
Operates food and beverage outlets and lounges at airports, running 518 Travel QSR outlets and 39 lounges across 20 airports in India, Malaysia, and Hong Kong under 145 brands. Earnings come from selling food, beverages, and lounge services to airport travellers through these airport concessions. FY26 consolidated revenue was ₹1,647.796 crore with net profit of ₹452.317 crore, and the board has recommended a dividend of ₹10.25 per equity share. System-wide sales of ₹32,144 million grew 25.4% year-on-year, driven by like-for-like growth of 9.4% and net contract gains of 13.1%. Other operating expenses form the largest cost line at 29.8% of revenue, followed by employee costs at 15.5% and materials (food and beverage supplies) at 13.3%. The company is debt-free with cash reserves of ₹8,356 million and listed on NSE and BSE via an IPO completed in July 2025. Promoter-group entity SSP Asia Pacific Holdings Limited links the business to a global airport food service operator. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Travel QSR outlets, Airport lounges. Asset-light airport food and beverage concessionaire with a multi-brand QSR and lounge model.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,648 |
| EBITDA (ex other income) | 649 |
| margin % | 39.4 |
| Owners' profit | 441 |
| EPS, as reported (₹) | 33.49 |
| ROE % · ROCE % | 30.9 · 37.6 |
| Debt / equity (x) | 0.00 |
| Cash from operations | 393 |
| Capex | (39) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 375 | 356 | 456 | 461 | 452 |
| Profit before tax | 124 | 110 | 155 | 140 | 159 |
| Net profit | 95 | 98 | 137 | 123 | 129 |
| EPS (₹) | 6.97 | 7.27 | 10.08 | 9.17 | 9.62 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JUBILANT FOODWORKS LTD | 28,340 | 65.4 | 11.87 | 15.5 | 18.6 | 8.8 | 23.5 | 20.3 |
| TRAVEL FOOD SERVICES LTD ◆ | 14,946 | 31.4 | 10.21 | 20.0 | 30.9 | 33.5 | — | 46.0 |
| DEVYANI INTERNATIONAL LTD | 14,777 | — | 7.84 | 17.9 | (2.3) | (1.1) | — | 17.3 |
| WESTLIFE FOODWORLD LTD | 9,325 | 293.1 | 15.06 | — | 5.2 | — | 21.6 | 13.5 |
| RESTAURANT BRAND ASIA LTD | 6,840 | — | 9.93 | 18.9 | (29.6) | (7.8) | — | 14.6 |
| SAPPHIRE FOODS INDIA LTD | 6,444 | — | 4.64 | 13.4 | (2.3) | (1.4) | — | 16.3 |
| UNITED FOODBRANDS LIMITED | 2,564 | — | 7.98 | 12.9 | (19.3) | (6.3) | 21.4 | 16.7 |
| SPICE LOUNGE FOOD WORKS LIMITE | 1,413 | 56.3 | 11.49 | 91.8 | 7.9 | 3.9 | — | 13.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.4 | 56.3 | 3 of 9 | 75% |
| P/B | 10.2 | 8.0 | 8 of 11 | 30% |
| ROCE | 33.5 | 2.4 | 2 of 12 | 91% |
| ROE | 30.9 | 0.3 | 1 of 11 | 100% |
| Debt / Equity | 0.0 | 0.4 | 1 of 10 | 89% |
| EBITDA margin | 46.0 | 17.3 | 1 of 11 | 100% |
| Revenue growth | 20.6 | 16.6 | 4 of 12 | 73% |
| Profit growth | 35.6 | 113.8 | 8 of 11 | 30% |
| Market cap | 14946 | 2564 | 2 of 13 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Allotment of 6,040 equity shares under TFS ESOP Plan | capital market events | low | — | — |
| 8 Oct 2026 · Travel Food Services CFO and Whole-time Director Vikas Kapoor resigns | management changes | critical | — | — |
| 8 Oct 2026 · Travel Food Services remits FY26 final dividend of Rs 10.25 per share | corporate actions | high | — | — |
| 25 Sept 2026 · Trading window closure from 1 Oct 2026 ahead of Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · Travel Food Services: All 3 AGM resolutions passed; Rs 10.25 dividend approved | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Travel Food Services holds 19th AGM; declares Rs 10.25 final dividend | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Allotment of 30,669 equity shares under TFS ESOP Plan | capital market events | low | — | — |
| 27 Aug 2026 · 19th AGM notice, e-voting and 10 percent dividend - Travel Food Services | compliance | minimal | — | — |
| 26 Aug 2026 · 19th AGM notice and Annual Report sent to shareholders with unregistered emails | compliance | minimal | — | — |
| 25 Aug 2026 · Travel Food Services files first BRSR for FY 2025-26 | compliance | low | — | — |
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.