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TBO Tek
SectorConsumer Services
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.
In the news
Jefferies Maintains Buy on TBO Tek, Targets ₹1,905
Jefferies Picks TBO Tek Over MakeMyTrip, Ixigo on Growth
TBO Tek Q1 FY27: Motilal Oswal sets ₹1,850 target, 35% revenue CAGR
TBO Tek, Blue Jet Healthcare: Buy recommendations for Wednesday
Top 10 stocks rated 'Buy' this week: 18-43% returns projected
Motilal Oswal Backs TBO Tek & Ixigo in India's Travel Boom
Motilal Oswal sees 30% upside in 3 travel stocks
TBO Tek Q4 profit up 2.02% to ₹60.10 cr, sales surge 83%
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
Company insights, generated from the most recent coverage.
Strong negative working capital profile means growth is largely self-funded; combined with healthy return ratios this lets TBO scale GTV without dilution or heavy debt.
Stock broke to a fresh 52-week high at ₹1,760 (+3.96%), trading above all 8 tracked SMAs with RSI at ~51.7 — momentum intact but not yet overbought, so the breakout is not exhausted.
Monthly transacting buyers grew only 14% YoY against 37% GTV growth — growth is coming from higher spend and take-rate per buyer, not customer acquisition, which is a less durable driver.