TBO Tek Ltd logo

TBO Tek Ltd

TBOTEK NSE

Incorporated in 2006, TBO Tek Ltd is in the business of operating multiple online technology platforms and providing access to book global travel inventory aggregated through travel suppliers like airlines, hotels, etc.[1]

AI Verdict: BUY Confidence: 7%

TBO Tek demonstrates exceptional revenue growth at 54% TTM sales CAGR and strong 5-year profit CAGR of 91%, supported by unanimous analyst consensus with 100% buy ratings. However, the premium valuation at 64.8x PE and high debtor days of 724 warrant caution, making this a high-conviction but high-risk growth bet.

Key Fundamentals

SmallcapTour & TravelLeisure Services
Market Cap
₹15,798 Cr
Volatility
Moderate
P/E Ratio
64.95
EBITDA
₹370 Cr
Return on Equity
36.82%
Debt to Equity
0.24
Book Value
₹142.8
EPS
₹19.78
52W High
₹1,764.8
52W Low
₹1,004.2

Technical Indicators

Key Insights

Strengths

3
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 90.8% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 24.6%

Weaknesses

3
  • Stock is trading at 10.1 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has high debtors of 724 days.

Growth Rate

Revenue Growth
48.81% ↗
Net Income Growth
4.81% ↘
Cash Flow Change
27.51% ↗
ROE
-47.75% ↘
ROCE
-27.11% ↘
EBITDA Margin (Avg.)
-27.71% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
BUY
Risk high

TBO Tek demonstrates exceptional revenue growth at 54% TTM sales CAGR and strong 5-year profit CAGR of 91%, supported by unanimous analyst consensus with 100% buy ratings. However, the premium valuation at 64.8x PE and high debtor days of 724 warrant caution, making this a high-conviction but high-risk growth bet.

Bull Case 7
  • Unanimous analyst consensus with 100% buy ratings from all 10 analysts covering the stock, indicating strong institutional conviction
  • Exceptional 5-year compounded profit growth of 91% CAGR demonstrates scalable and profitable business model
  • TTM sales growth of 54% shows accelerating revenue momentum, significantly above the 3-year CAGR of 36%
  • Consistent ROE track record with 3-year average of 25% and 5-year average of 26%, reflecting efficient capital allocation
  • Market cap of Rs 16,012 Cr positions TBO Tek as a mid-cap with significant runway for re-rating as the travel tech platform scales
  • 5-year compounded sales CAGR of 80% indicates the company has captured substantial market share in the B2B travel distribution space
  • Company is expected to deliver a good upcoming quarter, suggesting near-term earnings catalyst for stock re-rating
Bear Case 7
  • Stock trades at 64.8x PE, a steep premium that leaves little margin of safety if growth decelerates even slightly
  • Price-to-book ratio of 10.2x is extremely elevated, implying the market is pricing in years of flawless execution
  • Debtor days of 724 is alarmingly high, indicating significant working capital stress and potential collection risk
  • Zero dividend yield despite repeated profitability suggests the company is not returning cash to shareholders
  • Last year ROE declined to 18% from 3-year average of 25%, signaling potential margin compression or capital inefficiency
  • TTM profit growth of only 13% versus 54% revenue growth indicates significant margin pressure and declining operating leverage
  • 1-year stock CAGR of 16% underperforms the revenue growth of 54%, suggesting the market is already questioning sustainability of high multiples

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 3
  • OPM decline in Q4 FY26 May 29

    Operating profit margin fell to 12.94% in Q4 FY26 from 13.81% in Q4 FY25, indicating pressure on operational efficiency despite strong revenue growth.

  • Modest Q4 profit growth May 29

    Net profit rose only 2.02% to ₹60.10 crore in Q4 FY26 despite sales surging 83%, suggesting cost pressures from Classic Vacations integration and SG&A investments.

  • Geopolitical disruptions acknowledged May 29

    Management noted FY26 acted as a stress test due to geopolitical disruptions, with the India business only recovering in H2 with 12% YoY growth after a weak first half.

Positives 6
  • Q4 sales surge 83% YoY May 29

    Revenue jumped 83% to ₹814.36 crore in Q4 FY26 from ₹446.13 crore, with GTV reaching ₹10,079 crore (up 29% YoY) and adjusted EBITDA up 40% to ₹111 crore.

  • FY26 full-year growth robust May 29

    Full-year sales grew 54% to ₹2,677.48 crore, net profit rose 6.27% to ₹244.31 crore, GTV reached ₹36,809 crore (up 19%), and adjusted EBITDA grew 26% to ₹414 crore.

  • Strong cash position at ₹1,592 cr May 29

    TBO Tek closed FY26 with cash and equivalents of ₹1,592 crore including bank balance and liquid investments, providing substantial financial flexibility.

  • Hotels segment broad-based growth May 29

    Hotels + Ancillaries showed strong momentum with Europe, APAC, and MEA growing 22%, 46%, and 22% YoY respectively on a full-year basis.

  • Full-year OPM improved to 15.84% May 29

    Annual operating profit margin expanded to 15.84% from 13.81% in FY25, with SG&A expenses moderating as investments matured and gross profit growth outpacing cost growth.

  • Q4 gross profit up 59% May 29

    Gross profit surged 59% to ₹494 crore in Q4 from ₹311 crore YoY, demonstrating strong operational leverage across the platform.

Neutral 4
  • Promoter declares no encumbrance Jun 13

    Promoter Arjun Nijhawan declared no encumbrance on TBO Tek shares in FY 2025-26 under SEBI regulations, a routine regulatory disclosure.

  • Investor conference call June 4 May 30

    TBO Tek scheduled a virtual group conference call with Australian FIIs on June 4, 2026, organized by CLSA Group.

  • Classic Vacations integration on track May 29

    Integration of Classic Vacations spanning platform, supply, commercial, and talent is on track for completion by end of Q3 FY27.

  • Board approves auditor appointment May 29

    Board re-appointed three independent directors for a second term and appointed Grant Thornton Bharat LLP as internal auditor for FY 2026-27.

TL;DR: TBO Tek delivered strong top-line growth in FY26 with sales up 54% and GTV up 19%, though profit growth was more muted at 6.27% as the company absorbed Classic Vacations integration costs and geopolitical headwinds. The platform showed resilience across geographies with improving OPM on a full-year basis and a healthy cash position of ₹1,592 crore. Key risks include margin compression in individual quarters and integration execution. The trend is improving as SG&A moderates and India business recovers, with FY27 expected to benefit from a fully integrated Classic Vacations by Q3.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
281
345
352
327
369
418
451
422
446
511
568
784
814
Expenses
245
278
283
271
304
340
375
367
381
437
479
684
709
Operating Profit
36
67
70
56
66
79
75
55
65
74
88
100
105
OPM %
13%
19%
20%
17%
18%
19%
17%
13%
15%
14%
16%
13%
13%
Other Income
6
-4
1
12
7
15
15
20
25
20
15
7
13
Interest
2
2
2
3
4
6
6
6
5
5
9
15
15
Depreciation
7
6
7
8
15
12
13
13
14
14
16
26
30
PBT
34
54
62
57
53
76
71
57
71
75
78
66
74
Tax %
16%
13%
10%
11%
13%
19%
16%
12%
17%
16%
14%
19%
18%
Net Profit
28
47
56
51
46
61
60
50
59
63
68
54
60
EPS in Rs
2.57
4.59
5.41
4.93
4.47
5.61
5.53
4.6
5.43
5.8
6.22
4.94
5.53
Figures in ₹ Crores

Profit & Loss

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
343
441
571
142
483
1,065
1,393
1,737
2,677
Expenses
292
395
484
163
451
876
1,126
1,453
2,308
Operating Profit
51
46
87
-21
32
189
267
285
370
OPM %
15%
10%
15%
-15%
7%
18%
19%
16%
14%
Other Income
9
-1
18
5
37
24
15
75
54
Interest
5
6
5
2
7
14
19
33
44
Depreciation
1
5
12
11
16
25
36
52
86
PBT
53
34
88
-30
46
174
227
275
293
Tax %
33%
23%
17%
16%
27%
15%
12%
16%
17%
Net Profit
36
26
73
-34
34
148
201
230
244
EPS in Rs
188
139
385
-180
3.23
13.84
19.39
21.17
22.5
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
Figures in ₹ Crores

Balance Sheet

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
2
2
2
2
10
10
10
11
11
Reserves
130
159
238
202
221
330
534
1,184
1,540
Borrowings
0
21
17
8
63
71
210
214
756
Other Liabilities
462
644
536
364
976
2,147
4,100
4,797
7,002
Total Liabilities
594
826
793
576
1,271
2,558
4,855
6,206
9,309
Fixed Assets
2
44
35
23
92
136
349
345
1,633
CWIP
0
0
4
9
0
0
14
39
0
Investments
0
0
0
0
0
0
2
173
263
Other Assets
592
782
755
545
1,179
2,422
4,490
5,649
7,413
Total Assets
594
826
793
576
1,271
2,558
4,855
6,206
9,309
Figures in ₹ Crores

Cash Flow

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
6
93
-3
51
198
237
226
289
-21
Investing
7
-39
-6
-28
-27
-85
-154
-443
-418
Financing
-5
-5
-8
-5
-16
-14
115
365
441
Net Cash Flow
8
49
-18
17
156
138
188
210
3
Free Cash Flow
5
75
-12
43
184
230
188
236
-87
CFO/OP
34
231
11
-255
674
138
95
112
9
Figures in ₹ Crores

Ratios

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
311
314
194
309
401
537
867
853
724
Cash Conversion Cycle
311
314
194
309
401
537
867
853
724
Working Capital Days
-81
-129
-36
-391
-234
-137
-114
-104
-98
ROCE %
—
29%
42%
1%
18%
53%
43%
27%
18%

Shareholding Pattern

As of Mar 2026
Promoters 44.41%
FIIs 29.71%
DIIs 20.34%
Public 3.08%
Others 2.46%
Total 100.00%
  Dec 2021Nov 2023Apr 2024May 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
51.26%
51.26%
51.26%
44.41%
44.41%
44.41%
44.41%
44.41%
44.41%
44.41%
44.41%
44.41%
FIIs
0.00%
0.00%
0.00%
40.26%
42.79%
43.06%
38.05%
31.61%
30.12%
30.74%
30.85%
29.71%
DIIs
0.00%
0.00%
0.00%
7.91%
6.60%
6.60%
11.78%
17.88%
19.18%
18.91%
19.01%
20.34%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
0.00%
0.00%
0.00%
4.09%
3.18%
3.04%
2.95%
3.28%
3.56%
3.26%
3.12%
3.08%
Others
48.74%
48.74%
48.74%
3.32%
3.02%
2.89%
2.81%
2.82%
2.74%
2.69%
2.61%
2.46%
No. of Shareholders
9
17
45
1,17,094
32,696
31,523
32,900
33,572
36,588
36,262
38,109
37,625

Documents

Frequently Asked Questions about TBO Tek Ltd

What does TBO Tek Ltd do?
Incorporated in 2006, TBO Tek Ltd is in the business of operating multiple online technology platforms and providing access to book global travel inventory aggregated through travel suppliers like airlines, hotels, etc.[1]
Where is TBO Tek Ltd (TBOTEK) listed?
TBO Tek Ltd is listed on the Indian stock exchanges. It is listed on NSE: TBOTEK and BSE: 544174. You can view its live share price, financials, and ratios on Tapetide.
Which sector does TBO Tek Ltd belong to?
TBO Tek Ltd operates in the Consumer Discretionary sector within the Leisure Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of TBO Tek Ltd?
TBO Tek Ltd has a market capitalisation of approximately ₹15798.44 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of TBO Tek Ltd?
The Price-to-Earnings (PE) ratio of TBO Tek Ltd is 64.95. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of TBO Tek Ltd?
Over the past 52 weeks, TBO Tek Ltd has traded between a low of ₹1,004.2 and a high of ₹1,764.8. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of TBO Tek Ltd?
TBO Tek Ltd has a Return on Equity (ROE) of 36.82%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research TBO Tek Ltd on Tapetide?
On Tapetide, you can view TBO Tek Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 2006, TBO Tek Ltd is in the business of operating multiple online technology platforms and providing access to book global travel inventory aggregated through travel suppliers like airlines, hotels, etc.[1]

Website tbo.com
Listed 2024-05-15
Face Value ₹ 1
Issued Size 10,85,87,787

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