TBO Tek Ltd
TBOTEK NSE
TBO Tek Ltd
Leisure ServicesNSE: TBOTEK BSE: 544174 Tour & Travel
Key Fundamentals
SmallcapTour & TravelLeisure ServicesMarket Cap
₹17,665 Cr
Volatility
Moderate
P/E Ratio
67.02
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 11.4 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 5d agoAI opinion · based on fundamentals
Risk high
TBO Tek Ltd is a travel distribution platform with a market cap of ₹17,428 Cr trading at a PE of 66.1x. The company delivered FY25 revenue of ₹1,737 Cr (+25% YoY) and PAT of ₹230 Cr (+15% YoY), with a 5-year profit CAGR of 90% and 3-year ROE of 24%, but carries elevated debtor days and pays no dividend despite consistent profitability.
Bull Case 7
- Exceptional 5-year compounded profit growth of 90% CAGR demonstrates strong earnings scalability from a platform-based business model
- FY25 revenue grew 25% YoY to ₹1,737 Cr with Gross Transaction Value crossing ₹30,000 Cr, showing continued platform adoption
- 3-year ROE of 24.3% indicates efficient capital deployment relative to equity base
- TTM sales growth of 69% signals accelerating top-line momentum beyond the 3-year CAGR of 36%
- Global distribution network spanning 159,000+ travel buyers across 100+ countries provides diversified revenue streams with Europe and APAC driving incremental growth
- Adjusted EBITDA reached ₹329 Cr in FY25 (+22% YoY), confirming operating leverage in the business
- Asset-light platform model with 5-year compounded sales CAGR of 80% shows ability to scale without proportional capital expenditure
Bear Case 8
- PE ratio of 66.1x is significantly elevated relative to broader market averages, pricing in years of high growth with limited margin of safety
- Debtor days of 724 (per screener data, recently noted at 310 days) are extremely high, indicating substantial working capital locked in receivables
- Stock trades at 11.3x book value, leaving limited downside protection if growth expectations are not met
- Zero dividend payout despite reporting consistent profits of ₹201 Cr (FY24) and ₹230 Cr (FY25), offering no income return to shareholders
- FY25 PAT growth of 15% YoY significantly lags revenue growth of 25%, suggesting margin compression or rising costs
- Last year ROE declined to 17% from 3-year average of 24%, indicating potential deterioration in capital efficiency
- Q4 FY25 PAT of ₹59 Cr on revenue of ₹446 Cr implies a net margin of ~13.2%, narrower than full-year FY24 margins of ~14.4%
- 1-year stock CAGR of 18% underperforms the profit growth trajectory, possibly reflecting market re-rating concerns at current valuations
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago Headwinds 1
- Q1FY27 profit dips 8% QoQ Aug 4
Consolidated net profit fell 8% QoQ to ₹237.18 crore in Q1FY27, with revenue down 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, driven by 81% revenue surge to ₹9,257.80 Mn following 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
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 near-term sequential softness with Q1FY27 profit and revenue declining QoQ on seasonal factors. The acquisition-led revenue expansion is a clear positive, though investors should watch whether sequential weakness persists beyond seasonal effects. The trend remains constructive on a YoY basis, with the next quarter's results key to confirming sustained growth.
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 ₹17665.06 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 67.02. 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]