TBO Tek Ltd
TBOTEK NSE
TBO Tek Ltd
Leisure ServicesNSE: TBOTEK BSE: 544174 Tour & Travel
Key Fundamentals
SmallcapTour & TravelLeisure ServicesMarket Cap
₹18,191 Cr
Volatility
Moderate
P/E Ratio
70.09
EBITDA
₹421 Cr
Return on Equity
15.75%
Debt to Equity
0.49
Book Value
₹142.8
EPS
₹19.78
52W High
₹1,764.8
52W Low
₹1,004.2
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view TBO Tek Ltd insights
48 extracted metrics + investor summaries across FY18–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
3- Company is expected to give good quarter
- Company has delivered good profit growth of 90.2% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 24.3%
Weaknesses
3- Stock is trading at 11.9 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
51.65% ↗
Net Income Growth
6.26% ↘
Cash Flow Change
-107.19% ↘
ROE
-18.14% ↘
ROCE
-30.67% ↘
EBITDA Margin (Avg.)
-17.67% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1d agoAI opinion · based on fundamentals
Risk high
TBO Tek is a B2B travel technology platform with a market cap of ~Rs 17,861 Cr, trading at a PE of 66.9x. The company delivered FY25 revenue of ~Rs 1,738 Cr (+25% YoY) and PAT of ~Rs 230 Cr (+15% YoY), with a 5-year profit CAGR of 90% and 3-year ROE averaging 24%. However, elevated valuations at 11.4x book value, zero dividend payout, and very high debtor days of 724 present notable concerns.
Bull Case 8
- Exceptional 5-year profit CAGR of 90.2%, demonstrating sustained earnings compounding from a scalable asset-light platform model
- FY25 revenue grew 25% YoY to ~Rs 1,738 Cr and TTM revenue growth stands at 69%, indicating accelerating top-line momentum
- 3-year average ROE of 24.3% reflects efficient capital deployment despite being a technology platform business
- Gross Transaction Value (GTV) crossed Rs 30,832 Cr in FY25, up ~16% YoY, showing growing platform throughput and network effects
- International expansion into 15 new countries in FY25, with Europe and APAC driving growth, diversifying revenue away from India dependence
- Asset-light business model with minimal capex requirements supports high free cash flow conversion and scalability without dilution
- Adjusted EBITDA grew 22% YoY to Rs 329 Cr in FY25, demonstrating operating leverage even as the company invests in new geographies
- Q4 FY25 PAT surged 26% YoY to Rs 59 Cr, suggesting re-acceleration in profit growth after a relatively slower first half
Bear Case 8
- Stock trades at PE of 66.9x, significantly above the broader market average, leaving little room for execution misses
- Debtor days at 724 days is extremely elevated, indicating significant working capital locked in receivables and potential collection risk
- Price-to-book ratio of 11.4x implies the market is pricing in substantial future growth that may already be discounted
- Zero dividend yield despite consistent profitability, offering no return to shareholders outside capital appreciation
- FY25 PAT growth of only 15% YoY (Rs 230 Cr vs Rs 201 Cr) marks a sharp deceleration from the 5-year CAGR of 90%, raising sustainability questions
- Last year ROE declined to 17% from the 3-year average of 24%, suggesting diminishing returns on incremental equity
- High competitive intensity in B2B travel tech from global players and regional aggregators could pressure take rates over time
- Revenue CAGR of 27% over FY17-24 is strong but the current PE of 66.9x prices in growth well beyond historical rates
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 6h ago Headwinds 1
- Q1FY27 profit dips 8% QoQ Aug 4
Consolidated net profit fell 8% QoQ to ₹237.18 crore in Q1FY27, with revenue declining 6% to ₹938.44 crore due to seasonal headwinds.
Positives 1
- Q1FY26 profit surges 25% YoY Jul 29
Consolidated net profit rose 24.9% YoY to ₹833.58 Mn for Q1FY26, with revenue surging 81% to ₹9,257.80 Mn driven by the Classic Vacations LLC acquisition.
Neutral 3
- BRSR filed for FY 2025-26 Aug 5
TBO Tek submitted its Business Responsibility and Sustainability Report for FY 2025-26 with limited assurance by S.R. Batliboi & Co. LLP, covering ESG disclosures across nine NGRBC principles.
- Board approves Q1 FY26 financials Jul 30
The Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, at its meeting on July 29, 2026.
- Q1 FY27 earnings call scheduled Jul 22
TBO Tek announced an earnings conference call on July 30, 2026, at 16:00 IST to discuss Q1 FY27 unaudited financial results.
TL;DR: TBO Tek shows strong YoY growth momentum with Q1FY26 profit up 25% driven by the Classic Vacations acquisition, but faces sequential softness with an 8% QoQ profit dip in Q1FY27 on seasonal headwinds. The acquisition-led revenue surge is a clear positive, though investors should watch whether sequential weakness persists. The trend remains structurally positive on a YoY basis, but near-term seasonality may cap upside until travel demand picks up.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 345 | 352 | 327 | 369 | 418 | 451 | 422 | 446 | 511 | 568 | 784 | 814 | 926 |
| Expenses | 278 | 283 | 271 | 304 | 340 | 375 | 367 | 381 | 437 | 479 | 684 | 709 | 788 |
| Operating Profit | 67 | 70 | 56 | 66 | 79 | 75 | 55 | 65 | 74 | 88 | 100 | 105 | 138 |
| OPM % | 19% | 20% | 17% | 18% | 19% | 17% | 13% | 15% | 14% | 16% | 13% | 13% | 15% |
| Other Income | -4 | 1 | 12 | 7 | 15 | 15 | 20 | 25 | 20 | 15 | 7 | 13 | 13 |
| Interest | 2 | 2 | 3 | 4 | 6 | 6 | 6 | 5 | 5 | 9 | 15 | 15 | 15 |
| Depreciation | 6 | 7 | 8 | 15 | 12 | 13 | 13 | 14 | 14 | 16 | 26 | 30 | 33 |
| PBT | 54 | 62 | 57 | 53 | 76 | 71 | 57 | 71 | 75 | 78 | 66 | 74 | 103 |
| Tax % | 13% | 10% | 11% | 13% | 19% | 16% | 12% | 17% | 16% | 14% | 19% | 18% | 19% |
| Net Profit | 47 | 56 | 51 | 46 | 61 | 60 | 50 | 59 | 63 | 68 | 54 | 60 | 83 |
| EPS in Rs | 4.59 | 5.41 | 4.93 | 4.47 | 5.61 | 5.53 | 4.6 | 5.43 | 5.8 | 6.22 | 4.94 | 5.53 | 7.68 |
Profit & Loss
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 343 | 441 | 571 | 142 | 483 | 1,065 | 1,393 | 1,737 | 2,677 | 3,092 |
| Expenses | 292 | 395 | 484 | 163 | 451 | 876 | 1,132 | 1,453 | 2,299 | 2,660 |
| Operating Profit | 51 | 46 | 87 | -21 | 32 | 189 | 261 | 285 | 378 | 432 |
| OPM % | 15% | 10% | 15% | -15% | 7% | 18% | 19% | 16% | 14% | 14% |
| Other Income | 9 | -1 | 18 | 5 | 37 | 24 | 21 | 75 | 54 | 48 |
| Interest | 5 | 6 | 5 | 2 | 7 | 14 | 19 | 33 | 52 | 53 |
| Depreciation | 1 | 5 | 12 | 11 | 16 | 25 | 36 | 52 | 86 | 106 |
| PBT | 53 | 34 | 88 | -30 | 46 | 174 | 227 | 275 | 293 | 321 |
| Tax % | 33% | 23% | 17% | 16% | 27% | 15% | 12% | 16% | 17% | — |
| Net Profit | 36 | 26 | 73 | -34 | 34 | 148 | 201 | 230 | 244 | 265 |
| EPS in Rs | 188 | 139 | 385 | -180 | 3.23 | 13.84 | 19.39 | 21.17 | 22.5 | 24.37 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 6,996 |
| Total Liabilities | 594 | 826 | 793 | 576 | 1,271 | 2,558 | 4,855 | 6,206 | 9,303 |
| Fixed Assets | 2 | 44 | 35 | 23 | 92 | 136 | 349 | 345 | 1,619 |
| CWIP | 0 | 0 | 4 | 9 | 0 | 0 | 14 | 39 | 14 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 173 | 263 |
| Other Assets | 592 | 782 | 755 | 545 | 1,179 | 2,422 | 4,490 | 5,649 | 7,407 |
| Total Assets | 594 | 826 | 793 | 576 | 1,271 | 2,558 | 4,855 | 6,206 | 9,303 |
Cash Flow
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating | 6 | 93 | -3 | 51 | 198 | 237 | 226 | 289 | -21 |
| Investing | 7 | -39 | -6 | -28 | -27 | -85 | -154 | -443 | -361 |
| Financing | -5 | -5 | -8 | -5 | -16 | -14 | 115 | 365 | 441 |
| Net Cash Flow | 8 | 49 | -18 | 17 | 156 | 138 | 188 | 210 | 60 |
| Free Cash Flow | 5 | 75 | -12 | 43 | 184 | 230 | 188 | 236 | -87 |
| CFO/OP | 34 | 231 | 11 | -255 | 674 | 138 | 97 | 112 | 9 |
Ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | -134 |
| ROCE % | — | 29% | 42% | 1% | 18% | 53% | 43% | 27% | 18% |
Documents
1
Announcement under Regulation 30 (LODR)-Change in Management
1 May - Mr. Deepak Khanna resigned from senior management effective April 30, 2026, due to personal reasons. 1 May - Mr. Deepak Khanna resigned from senior management effective April 30, 2026, due to personal reasons.
2
Announcement under Regulation 30 (LODR)-Change in Management
1 May - Mr. Deepak Khanna resigned from senior management effective April 30, 2026, due to personal reasons. 1 May - Mr. Deepak Khanna resigned from senior management effective April 30, 2026, due to personal reasons.
3
Closure of Trading Window
30 Mar - Trading window closed from April 1, 2026 until 48 hours after results for quarter/FY ended March 31, 2026. 30 Mar - Trading window closed from April 1, 2026 until 48 hours after results for quarter/FY ended March 31, 2026.
5
Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
17 Mar - Members approved continuation of Mr. Bhaskar Pramanik as independent director beyond age 75 on March 15, 2026. 17 Mar - Members approved continuation of Mr. Bhaskar Pramanik as independent director beyond age 75 on March 15, 2026.
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 Leisure Services sector within the Tour & Travel 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 ₹18190.63 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 70.09. 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 15.75%. 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]