TBO Tek

TBOTEK

NSE

BSE

SectorLeisure Services

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Company insights, generated from the most recent coverage.

Classic Vacations integration benefits still 'a few quarters away'; cross-selling generated only ₹65 Cr intercompany sales in Q1.
Q1 FY27 PAT growth (32.4%) lagged revenue growth (~81%), signaling margin compression as expenses grew faster than profits.
Management guided for only ~2.5% EBITDA margin on GTV for FY27, not targeting 45-60% EBITDA margins in near-to-medium term.

The Quarter story

The two most recent quarterly results, compared side-by-side.

TBO Tek shows strong profitability recovery and international growth, though domestic margins and sales face seasonal volatility.

Adjusted EBITDA grew from ₹85 Cr to ₹150 Cr from Q1 FY26 to Q1 FY27 — strong profitability recovery

Consolidated Gross Profit fluctuated from ₹483 Cr to ₹385.1 Cr from Q3 FY26 to Q1 FY27 — margin volatility persists

International GTV expanded from ₹4,527 Cr to ₹5,918.6 Cr from Q1 FY26 to Q1 FY27 — accelerating overseas demand

Revenue from operations dipped from ₹784.3 Cr to ₹595.0 Cr from Q3 FY26 to Q1 FY27 — seasonal sales pressure

Adjusted EBITDA margin climbed from 14.4% to 17.81% from Q3 FY26 to Q1 FY27 — improving cost efficiency

India GTV share fell from 18% to 9% from Q2 FY26 to Q1 FY27 — normalized domestic booking mix

North America GTV share jumped from 8% to 24% from Q1 FY26 to Q1 FY27 — surging regional booking demand

Cities with feet-on-street in India held steady at 69 from Q2 FY26 to Q1 FY27 — limited domestic network expansion

Monthly transacting buyers rebounded from 30,063 to 31,540 from Q4 FY26 to Q1 FY27 — resilient consumer engagement

Europe GTV share fluctuated from 35% to 33% from Q1 FY26 to Q1 FY27 — uneven regional contribution

About the company

TBO Tek Limited is a global travel distribution platform incorporated in 2006. It simplifies travel transactions between suppliers (hotels, airlines, car rentals, etc.) and buyers (travel agencies, tour operators, online travel companies). The company operates through two main portals: TBO Holidays and Travel Boutique Online. TBO Tek's platform allows for customizable holiday packages, real-time booking, and instant confirmations. The company serves over 100 countries, supports multiple currencies, and processes transactions approximately every three seconds. In 2023, General Atlantic acquired a minority stake in TBO Tek. The company went public through an IPO in May 2024, raising Rs 1550.8 Crore.

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