TBO Tek logo

TBO Tek

TBOTEK NSE

Key Fundamentals

SmallcapTour & TravelLeisure Services
Market Cap
₹18,685 Cr
Volatility
Moderate
P/E Ratio
68.59
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

Tapetide Score

Data-driven rating, 0–100. How it works →

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 11.7 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% higher than 3Y
Net Income Growth
6.26% lower than 3Y
Cash Flow Change
-107% higher than 3Y
ROE
-18.14% lower than 3Y
ROCE
-30.67% higher than 3Y
EBITDA Margin (Avg.)
-17.67% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

TBO Tek is a B2B travel distribution platform with a market cap of about Rs 18,266 Cr. It trades at 69.3x earnings and 11.82x book value. Revenue has compounded at 36% over 3 years and grew 69% on a TTM basis, but TTM profit grew only 25% and ROE fell to 17% last year from a 3-year average of 24%. The company pays no dividend and reports debtor days of 724, which is high.

Bull Case 7
  • Revenue is growing fast: TTM compounded sales growth is 69%, and the 3-year sales CAGR is 36%. Part of the TTM jump likely comes from acquisitions, including the Jumbonline hotel-distribution business.
  • Return on equity has been solid, with a 3-year average ROE of 24% and a 5-year average of 26%. This fits an asset-light platform model that needs little capital to grow.
  • Profit compounded at a 90% CAGR over 5 years, and sales at an 80% CAGR. The business has grown well past its pre-pandemic scale.
  • The 3-year profit CAGR of 19% and TTM profit growth of 25% show earnings still growing at double digits, even after the post-COVID recovery phase.
  • The company pays no dividend (0% yield), so all earnings stay in the business. That funds international expansion and acquisitions without depending mainly on debt.
  • The stock has returned 14% over the past year, so the market has so far absorbed its premium valuation of 69.3x P/E.
  • Near-term expectations are positive, with the company expected to report a good quarter. That could support earnings momentum against a TTM profit growth base of 25%.
Bear Case 8
  • The valuation is demanding. A P/E of 69.3 against TTM profit growth of 25% gives a PEG of roughly 2.8, which leaves little room for any slowdown in execution.
  • The stock trades at 11.82x book value, a high multiple that assumes returns stay elevated. Last year's ROE of 17% is below the level that usually justifies a P/B near 12x.
  • Receivables look stretched, with debtor days reported at 724. This points to heavy working-capital needs or collection risk, though some of it may reflect net revenue being small relative to gross booking values.
  • Profit is growing much slower than revenue: TTM sales grew 69% while TTM profit grew 25%. Over 3 years, sales grew at a 36% CAGR versus 19% for profit, which suggests margins are shrinking as the company scales and acquires.
  • Capital efficiency is slipping. ROE fell to 17% last year from a 3-year average of 24% and a 5-year average of 26%, possibly because acquisitions and a larger equity base are diluting returns.
  • The 5-year profit CAGR of 90% and sales CAGR of 80% start from a pandemic-depressed travel base. They overstate the company's normal growth rate compared with the 3-year profit CAGR of 19%.
  • The stock has a short listed history. It went public in 2024, so no 3-year or 5-year stock CAGR is available to judge how it holds up through a full travel-industry cycle.
  • The company pays no dividend (0% yield) despite repeated profits. Shareholders at a 69.3x P/E depend entirely on continued earnings growth for returns.

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

AI News Digest

1d ago
Headwinds 4
  • Middle East travel momentum softens Sep 22

    Seat capacity curbs and geopolitical conflict have slowed travel momentum in the Middle East. TBO Tek's regional GTV is still growing year-on-year.

  • Dollar strength, inflationary pressures Sep 22

    Dollar strength and inflation are near-term risks. Jefferies expects the market to focus on 2-year CAGR volume trends and EBITDA growth under these pressures.

  • Near-term margin pressure Sep 22

    Margins are under pressure now. Jefferies expects a recovery only in H2, depending on possible price hikes and cost cuts.

  • GenAI disruption risk Sep 22

    Generative AI could disrupt standard single-point bookings handled by online travel agencies. Management says complex itinerary fulfilment and real-time changes still need B2B platforms.

Positives 6
  • Jefferies Buy, target ₹1,905 Sep 22

    Jefferies kept its 'buy' rating with a target price of ₹1,905. That is about 11.9% above the current market price of ₹1,703.10.

  • 20%+ Hotel GTV CAGR guidance Sep 22

    At the Jefferies India Forum 2026, management said it is confident of 20%+ constant currency CAGR in Hotel GTV over the next five years.

  • KAM bench driving operating leverage Sep 22

    Earlier Key Account Manager hires are moving into a high-productivity phase, since new cohorts take 6-8 quarters to reach peak efficiency. Jefferies expects EBITDA to grow faster than GTV, and profit faster still.

  • Classic Vacations luxury integration Sep 22

    Full front-end integration of Classic Vacations' luxury inventory into TBO's global network is due by calendar year-end. Management expects cross-selling across both customer bases.

  • North America upside from acquisitions Sep 22

    North America makes up 25% of hotel GTV and should gain from integrating recent acquisitions. Europe and APAC remain the main organic growth engines.

  • Sticky wholesale base, 50% GTV Sep 22

    The wholesale division accounts for 50% of total GTV, runs mostly via APIs and has lower churn than the retail agent channel. Localised payments and multi-currency settlement support this base.

Neutral 1
  • VOYA AI tool for agents Sep 22

    TBO uses its in-house AI tool VOYA to automate itinerary generation and admin work for travel agents. Management sees AI as a tool that helps operations, not a threat to its model.

TL;DR: TBO Tek's long-term growth story looks intact. Jefferies reiterated its Buy with a ₹1,905 target, management guided 20%+ CC Hotel GTV CAGR for five years, and the maturing KAM bench plus the Classic Vacations luxury expansion should help margins. Near-term risks are Middle East disruption, dollar strength, inflation and compressed margins that are only expected to recover in H2. Generative AI is a longer-term risk to simple bookings. The trend looks steady to improving, and the next checkpoints are H2 margin recovery and completing the Classic integration by calendar year-end.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars 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
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
Figures in ₹ Crores

Cash Flow

Particulars 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
-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
Figures in ₹ Crores

Ratios

Particulars 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
-134
ROCE %
—
29%
42%
1%
18%
53%
43%
27%
18%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view TBO Tek insights

60 extracted metrics + investor summaries across FY18–FY27.

Log in — free

Shareholding Pattern

Others2.34%Promot.44.41%Public3.23%DIIs21.09%FIIs28.93%As ofJun 2026

Documents

Frequently Asked Questions about TBO Tek

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 trades as TBOTEK on the NSE and under code 544174 on the BSE.
Which sector does TBO Tek Ltd belong to?
TBO Tek Ltd is classified under the Leisure Services sector, in the Tour & Travel industry.
What is the market capitalisation of TBO Tek Ltd?
TBO Tek Ltd has a market capitalisation of ₹18,685 Cr, which places it in the Mid Cap band.
What is the PE ratio of TBO Tek Ltd?
TBO Tek Ltd trades at a PE ratio of 68.59, on earnings per share of ₹19.78, against a book value of ₹142.8 per share.
What is the 52-week high and low of TBO Tek Ltd?
Over the last 52 weeks TBO Tek Ltd has traded between ₹1,004.2 and ₹1,764.8.
What is the Return on Equity (ROE) of TBO Tek Ltd?
TBO Tek Ltd reported a return on equity of 15.75%. Its debt-to-equity ratio is 0.49.

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

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/TBOTEK.md for TBO Tek Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our MCP server.

Explore More

More in Leisure Services → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List