Travel Food Services
Book Building issueMainboard₹2,000 Cr issue
+2.38%
Listing gain over issue price
Issue size
₹2,000 Cr
1 lot at cut-off
₹14,300
Lot size
13shares
Open
07 Jul 2025
Close
09 Jul 2025
Allotment
10 Jul 2025
Listing
14 Jul 2025
Listing performance
Issue price
₹1,100
Listed at
₹1,126.20
Listing-day close
₹1,075.20
Latest price
₹1,157.80
Close on 23 Oct 2026
Listing gain
+2.38%
Return since issue
+5.25%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 07 Jul 2025 – 09 Jul 2025
- Listing date
- 14 Jul 2025
- Face value
- ₹1 per share
- Issue price
- ₹1,100 per share
- Lot size
- 13 shares
- Issue type
- Book Building issue
- Total issue size
- ₹2,000 Cr
- Market cap at offer price
- ₹14,485 Cr
- Promoter holding
- 100.00% → 86.19% pre-issue → post-issue
- ISIN
- INE103V01028
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Kotak Mahindra Capital Co.Ltd.
- Registered office
- Block-A South Wing 1st Floor, Shiv Sagar Estate, Dr.Annie Besant Road, Worli, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 54,43,635 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 13 shares per lot, in multiples, at ₹1,100
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 13 | ₹14,300 |
| Retail (max) | 13 | 169 | ₹1,85,900 |
| S-HNI (min) | 14 | 182 | ₹2,00,200 |
| S-HNI (max) | 69 | 897 | ₹9,86,700 |
| B-HNI (min) | 70 | 910 | ₹10,01,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
54,43,635
Anchor portion
₹599 Cr
at ₹1,100 per share
Valuation and performance
Valuation at offer price
₹1,100 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 28.83 | 28.83 |
| P/E (×) | 38.15 | 38.15 |
| Price to book (×) | 13.82 | — |
| Market cap | — | ₹14,485 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 34.64%
- ROCE
- 51.40%
- PAT margin
- 21.54%
- EBITDA margin
- 40.07%
- NAV per share
- ₹79.62
- Price to book
- 13.82
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Travel Food Services
Travel Food Services Limited is a travel food and beverage company that operates curated Travel QSR concepts and airport lounge services tailored for customers' demands for speed and convenience within travel environments. As of March 31, 2025, the company operates a portfolio of 127 partner and in-house F&B brands across airports in India, Malaysia, and Hong Kong, and select highway sites in India. The company generates revenue through concession agreements with airport operators and highway authorities, through which it pays a percentage of revenue or minimum guaranteed amounts to the respective operators. In Fiscal 2025, revenue from operations was ₹16,877.39 million, with airport Travel QSR revenue contributing 50.62% and lounge services contributing 44.93% of total revenue.
Company Analysis
from RHPTravel Food Services Limited operates travel quick service restaurants (Travel QSR) and airport lounges across airports in India, Malaysia, and Hong Kong, as well as select highway sites in India.
Travel Food Services Limited is a travel food and beverage company that operates curated Travel QSR concepts and airport lounge services tailored for customers' demands for speed and convenience within travel environments. As of March 31, 2025, the company operates a portfolio of 127 partner and in-house F&B brands across airports in India, Malaysia, and Hong Kong, and select highway sites in India. The company generates revenue through concession agreements with airport operators and highway authorities, through which it pays a percentage of revenue or minimum guaranteed amounts to the respective operators. In Fiscal 2025, revenue from operations was ₹16,877.39 million, with airport Travel QSR revenue contributing 50.62% and lounge services contributing 44.93% of total revenue.
Travel food and beverage servicesAirport operations and concessionsLounge servicesQuick service restaurantsHighway amenities
Objects of the Issue
- Offer for Sale ₹20,000.00 million p.3
- Achievement of benefits of listing p.30
- General corporate purposes p.65
- The Offer comprises an Offer for Sale by the Promoter Selling Shareholder. Our Company will not receive any portion of the proceeds from the Offer. Achieve the benefits of listing the Equity Shares on the Stock Exchanges. ₹20,000.00 million p.93
- Offer for Sale by the Promoter Selling Shareholder ₹20,000.00 million p.460
Issue Structure
- Total Issue
- ₹20,000.00 million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to [●] Equity Shares bearing face value ₹1 each aggregating up to ₹20,000.00 million
- Price Band
- [●] to [●] per Equity Share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹1 each
Business Model
The company operates through concession agreements with airport operators and highway authorities. Revenue is generated through two primary segments: (1) Travel QSR business—offering a range of curated F&B concepts across partner and in-house brands, with revenue from partner brands accounting for 54.37% of Travel QSR revenue in Fiscal 2025; and (2) Lounge business—providing lounge services to customers through agreements with domestic and international airlines, card networks and issuers, loyalty programs, and financial institutions. The company pays a percentage of revenue or minimum guaranteed amounts (whichever is higher) to airport operators and highway authorities under its concession agreements.
Business Segments
Offers a range of food and beverage concepts across cuisines, brands and formats, which have been adapted to cater to customers' demands for speed and convenience within travel environments.
Offers lounge services within domestic and international airports, providing services primarily to first and business class passengers, members of airline loyalty programmes, select credit card and debit card holders, and members of loyalty programmes.
Quick-service restaurant operations at airports and highways serving food and beverages to travelers
Premium airport lounge operations providing hospitality services to first/business class passengers and airline members
Management services and other operational revenues from outlets
Operation of Quick Service Restaurant outlets in travel-related locations, particularly airports, serving food and beverages to travelers
Operation of private airport lounges providing facilities and services to travelers
Operates quick service restaurants adapted for travel environments at airports and select highway sites, offering fast food, cafes, bakeries, food courts and bars adapted for traveler needs with streamlined menus and takeaway focus
Operates designated areas within airport terminals providing first and business class passengers, loyalty program members, and select credit/debit card holders with food and beverage services, comfortable seating, workspace and ancillary services
Comprises joining fees and branding income from brand tie-ups and income from subleasing of airport space to third parties
Operates a range of F&B concepts adapted to QSR format at airports and highways, offering fast food, cafes, bakeries, food courts, and bars with diverse brand offerings including international, regional Indian, and in-house brands. Provides grab-and-go options and 24/7 services at certain airports.
Offers dedicated airline lounges accessible by first and business class passengers and premium members, as well as member lounges accessible by credit/debit card holders. Lounges feature F&B options, comfortable dining and bar spaces, spa services, golf simulators, mini theatre zones, and business facilities. Comprises 28 lounges in 10 Indian airports, 8 lounges in 3 Malaysian airports, and 1 lounge in Hong Kong as of March 31, 2025.
Travel QSR represents sale of food and beverages predominantly to passengers in travel locations such as airports and highways, comprising a range of curated food and beverage concepts across cuisines, brands and formats adapted to cater to customers' demands for speed and convenience within travel environments.
Lounge business comprises designated areas within airport terminals, accessible primarily by first and business class passengers, members of airline loyalty programmes, select credit card and debit card holders, and members of loyalty programmes and also for walk in customers.
Operating premium lounges at airports for passengers
Operating quick-service restaurants at airport terminals
Providing hospitality management services
Revenue from sales of F&B products to customers at Travel QSR outlets situated in airports and highway sites
Revenue from designated areas within airport terminals providing Lounge access primarily to first and business class passengers, members of airline loyalty programmes, and credit card and debit card holders
Income from management and other services recognized on accrual basis in accordance with contractual arrangements
Operation of quick-service restaurant outlets in airport terminals serving travelers with food and beverages
Operation of lounges at airport terminals and highways providing food and beverage services
SWOT Analysis
Strengths
- • Leading Travel QSR and Lounge operator in Indian airports(p.127)
- • Expertise in complex airport F&B operations(p.127)
- • Long-term airport operator relationships(p.127)
- • Extensive F&B brand portfolio(p.127)
- • Customer-centric operational model(p.127)
- • Experienced management team(p.127)
- • Leading market position in Indian airport Travel QSR and Lounge sectors(p.207)
- • Largest network of Travel QSRs and private airport lounges in India(p.207)
- • Strong contract retention and renewal rate with airport operators(p.201)
- • Diversified portfolio of 127 F&B brands across partner and in-house brands(p.211)
- • Deep expertise in complex airport operations and security requirements(p.209)
- • Presence in 14 major airports including 13 of India's top 15 airports by traffic(p.207)
- • Strong financial performance with high EBITDA margins(p.206)
- • Support from established global and local promoters with extensive hospitality experience(p.202)
- • Market leadership in Travel QSR operations in Indian airports(p.233)
- • Diversified portfolio of 127 F&B brands across international, regional Indian, and in-house concepts(p.221)
- • Strong in-house brand development and customization capabilities(p.221)
- • Central kitchen infrastructure enabling 24/7 operations and fresh food delivery(p.230)
- • Established relationships with leading airport operators and brand partners(p.222)
- • Award-winning in-house brands recognized for innovation(p.221)
- • Experienced workforce and training programs tailored to airport operations(p.231)
- • Stringent food safety standards and ISO certification(p.231)
- • Established market presence with diversified portfolio across travel locations(p.323)
- • Strong financial performance with consistent revenue growth(p.319)
- • Profitable operations with growing profit margins(p.319)
- • Experienced management team with strong hospitality credentials(p.276)
- • Global footprint through SSP Group plc parent company(p.292)
Weaknesses
- • Promoter litigation and regulatory investigations(p.50)
- • Significant contingent liabilities from airport disputes(p.78)
- • High employee attrition rates(p.65)
- • High rent costs as percentage of expenses(p.61)
- • Dependence on related party transactions(p.53)
- • Past statutory compliance delays(p.68)
- • Concentration of revenue in major airports creates dependency risk(p.208)
- • High operating costs in airport environment including security clearances and 24/7 operations(p.176)
- • Dependence on long-term concession agreements with average tenure of 8.21 years(p.210)
- • Limited international presence with operations in only Malaysia and Hong Kong(p.201)
- • Dependence on concession agreements with limited tenure averaging 8.21 years(p.226)
- • Concentration of concessions with expiration risk: 44.29% expiring in less than 5 years(p.226)
- • Requirement to obtain prior airport operator approval for menu and outlet changes(p.226)
- • Restrictions on certain non-core services and operational limitations(p.227)
- • Dependence on brand partner relationships for franchise operations(p.222)
- • Significant lease liabilities and operating commitments(p.318)
- • High finance costs despite low borrowings(p.319)
- • Dependence on related party transactions and promoter entities(p.297)
- • Complex ownership structure with multiple overlapping entities(p.298)
- • Audit trail deficiencies in accounting systems(p.335)
- • Disputed statutory dues pending across multiple jurisdictions(p.336)
- • Overdue statutory liabilities not yet paid(p.336)
- • Cash losses in multiple subsidiaries(p.337)
- • Associate company ceased operations(p.369)
- • Associate with negative net assets due to cumulative losses(p.370)
- • Outstanding tax demands and disputes(p.434)
- • Significant income tax assessment pending(p.434)
- • Pending regulatory approvals for outlets(p.437)
- • Dependence on specific licenses and permits by location(p.436)
Opportunities
- • Expansion in highway segment(p.69)
- • International Lounge expansion(p.67)
- • Strategic partnerships with airport operators(p.76)
- • Revenue growth momentum(p.56)
- • Projected high growth of Indian Travel QSR sector at 17-19% CAGR through FY34(p.205)
- • Strong growth expected in Indian Lounge sector at 22-24% CAGR through FY34(p.205)
- • Significant underpenetration of airport lounges in Indian airports with expansion potential(p.205)
- • Expansion opportunities in new airports with government infrastructure investment(p.205)
- • Growing expressway QSR market expected to reach ₹220-240 billion by FY34(p.192)
- • Increasing credit card penetration enabling lounge access through banks and card networks(p.187)
- • International expansion through ARAYA umbrella brand with SSP global support(p.204)
- • Growth of low-cost carriers increasing need for airport F&B services(p.205)
- • Expansion into international markets, particularly Southeast Asia and Middle East(p.226)
- • Growth in Lounge business with ARAYA umbrella brand strategy(p.225)
- • Continued expansion in Indian airports with new concession wins(p.228)
- • Highway site expansion with multi-brand food court format(p.224)
- • Technology-enabled innovation in customer experience and operations(p.220)
- • Strategic partnerships to access new markets and leverage operational expertise(p.229)
- • Expansion of Travel QSR and lounge operations across new airports and travel locations(p.323)
- • Growing international presence through SSP Group network(p.292)
- • Development of software applications and digital platforms(p.326)
- • Strategic partnerships and joint ventures in growth markets(p.323)
- • Expansion into new airport concessions and lounge operations(p.369)
- • Growth in management and service fee revenue(p.363)
- • Expansion in travel and airport food services(p.436)
- • Multiple outlet locations across Indian airports and highways(p.437)
- • Established brand portfolio through group companies(p.440)
Threats
- • Regulatory changes in food safety(p.51)
- • External competition in Travel QSR and Lounge sectors(p.55)
- • Airline industry cyclicality and disruptions(p.58)
- • Passenger traffic volatility and external shocks(p.83)
- • Dependence on Lounge partner programs(p.62)
- • Economic downturn impact on discretionary travel spending(p.82)
- • Airport operator dependency and concentration(p.60)
- • Dependence on macroeconomic conditions affecting discretionary travel spending(p.162)
- • Exposure to geopolitical uncertainty impacting international travel and operations(p.162)
- • Rising fuel costs can increase airline operational costs and air fares(p.162)
- • Environmental and climate policies may increase operating costs through decarbonization requirements(p.162)
- • Reliance on airport operator concessions and tender processes with contract renewal risks(p.175)
- • Competition intensity with multiple established players in travel QSR and lounge sectors(p.178)
- • Regulatory clearances and approvals complexity for airport operations(p.188)
- • Risk of loss of concession agreements upon expiration or non-renewal(p.222)
- • Competition from other Travel QSR and Lounge operators(p.233)
- • Regulatory and compliance requirements specific to airport operations(p.231)
- • Dependency on air passenger traffic fluctuations and seasonality(p.230)
- • Food safety and hygiene compliance risks across multiple outlets(p.231)
- • Operating model dependent on airport and highway location rights which may not be renewed(p.323)
- • Regulatory and compliance risks in multiple jurisdictions(p.323)
- • Economic cyclicality and dependence on travel and tourism industry(p.323)
- • Potential conflicts of interest with promoter group entities in similar business(p.48)
- • Foreign currency and exchange rate risks from international operations(p.319)
- • Pending arbitration disputes with airport authorities(p.362)
- • Contingent liabilities from interest demands by airport operators(p.373)
- • Regulatory changes impacting concession agreements(p.367)
- • Dependence on a few major customers(p.363)
- • Regulatory and licensing dependencies(p.436)
- • Complex multi-jurisdictional compliance requirements(p.436)
- • Excise and liquor regulation compliance(p.437)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| SSP Group plc | Corporate Promoter | — | — |
| SSP Asia Pacific Holdings Limited | Corporate Promoter | 49.00% | — |
| Kapur Family Trust | Promoter Selling Shareholder | 51.00% | — |
| Varun Kapur | Individual Promoter | — | — |
| Karan Kapur | Individual Promoter | — | — |
| SSP Group Holdings Limited | Corporate Promoter | — | — |
| SSP Financing Limited | Corporate Promoter | — | — |
| Kapur Family Trust | Promoter | — | — |
| SSP Asia Pacific Holdings Limited | Corporate Promoter | — | — |
| Varun Kapur | Individual Promoter | — | — |
| Karan Kapur | Individual Promoter | — | — |
| SSP Asia Pacific Holdings Limited | Promoter | 49.00% | [●] |
| Kapur Family Trust | Promoter and Promoter Selling Shareholder | 51.00% | [●] |
| SSP Group plc, SSP Group Holdings Limited, SSP Financing Limited and SSP Asia Pacific Holdings Limited | Promoter Group | — | — |
| Kapur Family Trust, Varun Kapur and Karan Kapur | Promoter Group | — | — |
| SSP Asia Pacific Holdings Limited | Corporate Promoter | — | 50.01% (post Inter-se Agreement effective before listing) |
| Kapur Family Trust (KFT) | Promoter | 51% (pre-SNVK amalgamation) | 49.99% (post-Inter-se Agreement) |
| Varun Kapur | Promoter | — | — |
| Karan Kapur | Promoter | — | — |
| SSP Group plc | Promoter | — | — |
| Kapur Family Trust | Promoter | — | — |
| Varun Kapur | Promoter | — | — |
| Karan Kapur | Promoter | — | — |
| SSP Group Holdings Limited | Promoter | — | — |
| SSP Financing Limited | Promoter | — | — |
| SSP Asia Pacific Holdings Limited | Promoter | — | — |
| Kapur Family Trust | Promoter | 51% | 51% |
| SSP Asia Pacific Holdings Limited | Promoter/Promoter Group | 49% | 49% |
| Varun Kapur | Promoter/Individual Promoter | — | — |
| Karan Kapur | Promoter/Individual Promoter | — | — |
| SSP Group plc | Promoter Group/Corporate Promoter | — | — |
| Kapur Family Trust | Promoter Selling Shareholder | — | — |
| Kapur Family Trust | Promoter Selling Shareholder | — | — |
Leadership
Varun Kapur · Managing Director and Chief Executive Officer
Ashwani Kumar Puri · Chairman and Independent Director
Vikas Vinod Kapoor · Chief Financial Officer and Whole-time Director
Neeta Arvind Singh · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Travel Food Services IPO FAQs
What is the lot size of Travel Food Services IPO?
The minimum lot size of Travel Food Services IPO is 13 shares. One lot costs ₹14,300 at the cut-off price.
When does Travel Food Services IPO open and close?
Travel Food Services IPO opened for subscription on 07 Jul 2025 and closed on 09 Jul 2025.
What is the listing date of Travel Food Services IPO?
Travel Food Services IPO listed on 14 Jul 2025.