Travel Food Services Ltd
TRAVELFOOD NSE
Travel Food Services Ltd
Consumer DiscretionaryNSE: TRAVELFOOD BSE: 544443 Leisure Services
Incorporated in 2007, Travel Food Services Ltd provides Travel QSR and Lounge services in India and abroad.[1]
AI Verdict: BUY Confidence: 6%
Travel Food Services offers strong profit growth (54% CAGR over 5 years) and excellent ROE of 35-36%, supported by unanimous analyst buy ratings. However, the premium valuation at 38.8x PE and 12.2x PB, combined with deteriorating working capital metrics, warrants caution on entry timing.
Key Fundamentals
SmallcapRestaurantsLeisure ServicesMarket Cap
₹17,466 Cr
Volatility
Moderate
P/E Ratio
39.84
EBITDA
₹649 Cr
Debt to Equity
0.39
Book Value
₹109.56
52W High
₹1,445
52W Low
₹1,008.5
Technical Indicators
Key Insights
Strengths
4- Company has reduced debt.
- Company has delivered good profit growth of 53.9% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 36.1%
- Company has been maintaining a healthy dividend payout of 37.0%
Weaknesses
3- Stock is trading at 12.1 times its book value
- Debtor days have increased from 36.3 to 58.5 days.
- Working capital days have increased from -1.41 days to 128 days
Growth Rate
Revenue Growth
-6.52% ↘
Net Income Growth
15.22% ↗
Cash Flow Change
45.86% ↗
ROE
5.66% ↗
ROCE
18.40% ↗
EBITDA Margin (Avg.)
0.45% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoBUY
Risk medium
Travel Food Services offers strong profit growth (54% CAGR over 5 years) and excellent ROE of 35-36%, supported by unanimous analyst buy ratings. However, the premium valuation at 38.8x PE and 12.2x PB, combined with deteriorating working capital metrics, warrants caution on entry timing.
Bull Case 8
- Exceptional profit growth of 53.9% CAGR over the last 5 years demonstrates strong earnings momentum
- Consistently high return on equity at 35% last year and 36% on a 3-year average, indicating efficient capital deployment
- Unanimous analyst consensus with 100% buy ratings from all 4 covering analysts
- Compounded sales growth of 59% over 5 years reflects rapid top-line expansion in the travel food segment
- Company has actively reduced debt, improving balance sheet quality and financial flexibility
- Healthy dividend payout ratio of 37% with current yield of 0.77%, showing shareholder-friendly capital allocation
- TTM profit growth of 22% even as sales dipped 2%, indicating margin expansion and operational efficiency
- 10-year compounded profit growth of 28% demonstrates long-term sustainable earnings trajectory
Bear Case 8
- Stock trades at 12.4x book value, a steep premium that leaves limited margin of safety
- PE ratio of 38.8x is elevated for a consumer discretionary name, pricing in significant future growth
- Working capital days have deteriorated sharply from -1.41 days to 128 days, signaling cash conversion issues
- Debtor days increased from 36.3 to 58.5 days, suggesting slower collections or weaker bargaining power
- TTM sales growth turned negative at -2%, raising concerns about near-term demand slowdown
- Market cap of Rs 17,681 crore demands sustained high growth that may be difficult to maintain at scale
- 3-year sales CAGR of 16% is decelerating significantly from the 5-year CAGR of 59%, indicating growth normalization
- No 52-week high/low data available limits technical assessment of current price positioning
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago Positives 2
- New airport F&B license won Jun 18
Travel Food Services signed a 5-year license agreement to operate an F&B outlet at Kempegowda International Airport, expanding its airport presence.
- ICICI Pru MF crosses 5% stake Jun 10
ICICI Prudential Mutual Fund bought 1,00,011 shares on Jun 8, raising its holding to 66,06,276 shares (5.017%) from 4.94%, crossing the key 5% threshold via open market purchase.
Neutral 2
- No promoter share encumbrance in FY26 Jun 9
SSP Asia Pacific Holdings declared no encumbrance on Travel Food Services equity shares for FY 2025-26, filed with BSE/NSE on Apr 7, 2026, confirming promoter shares remain lien-free.
- Tax demand reduced to ₹14.40 crore May 28
A rectification order cut the tax demand and penalty from ₹40.20 crore to ₹14.40 crore — a 64% reduction. The company plans to appeal the remaining amount.
TL;DR: Travel Food Services is seeing positive institutional interest with ICICI Prudential MF crossing the 5% ownership mark, and continues to expand its airport F&B footprint with a new 5-year Bengaluru airport license. The reduced tax demand (from ₹40.20 crore to ₹14.40 crore) removes some overhang though the appeal is pending. With no material headwinds emerging and steady business development, the near-term trend appears stable to slightly improving.
Quarterly Results
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 410 | 500 | 411 | 367 | 375 | 356 | 456 | 461 |
| Expenses | 308 | 340 | 253 | 232 | 229 | 221 | 275 | 274 |
| Operating Profit | 102 | 160 | 158 | 135 | 146 | 135 | 181 | 186 |
| OPM % | 25% | 32% | 38% | 37% | 39% | 38% | 40% | 40% |
| Other Income | 31 | 20 | 28 | 43 | 29 | 35 | 44 | 53 |
| Interest | 17 | 5 | 14 | 10 | 9 | 8 | 10 | 37 |
| Depreciation | 29 | 31 | 33 | 33 | 34 | 38 | 39 | 40 |
| PBT | 86 | 145 | 139 | 134 | 132 | 124 | 177 | 162 |
| Tax % | 31% | 24% | 26% | 21% | 28% | 21% | 23% | 24% |
| Net Profit | 60 | 110 | 103 | 107 | 95 | 98 | 137 | 123 |
| EPS in Rs | 143 | 277 | 7.42 | 7.81 | 6.97 | 7.27 | 10.08 | 9.17 |
Profit & Loss
| Mar 2016 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 501 | 774 | 162 | 388 | 1,067 | 1,396 | 1,688 | 1,648 |
| Expenses | 398 | 646 | 198 | 363 | 693 | 980 | 1,134 | 999 |
| Operating Profit | 103 | 128 | -36 | 24 | 374 | 417 | 554 | 649 |
| OPM % | 21% | 16% | -22% | 6% | 35% | 30% | 33% | 39% |
| Other Income | 5 | 15 | 20 | 20 | 84 | 133 | 122 | 161 |
| Interest | 10 | 2 | 5 | 5 | 48 | 52 | 46 | 64 |
| Depreciation | 22 | 21 | 22 | 17 | 83 | 111 | 126 | 150 |
| PBT | 76 | 119 | -43 | 22 | 327 | 387 | 504 | 595 |
| Tax % | 33% | 29% | 25% | 68% | 23% | 23% | 25% | 24% |
| Net Profit | 51 | 104 | -60 | 13 | 251 | 298 | 380 | 452 |
| EPS in Rs | 104 | 269 | -148 | 32.04 | 630 | 743 | 27.58 | 33.49 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 50% | 31% | 31% |
Balance Sheet
| Mar 2016 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 13 | 13 |
| Reserves | 84 | 513 | 459 | 472 | 652 | 870 | 1,040 | 1,430 |
| Borrowings | 60 | 21 | 26 | 38 | 383 | 416 | 333 | 245 |
| Other Liabilities | 139 | 169 | 147 | 208 | 294 | 407 | 516 | 592 |
| Total Liabilities | 286 | 706 | 636 | 722 | 1,332 | 1,696 | 1,903 | 2,280 |
| Fixed Assets | 115 | 75 | 59 | 99 | 353 | 387 | 372 | 636 |
| CWIP | 8 | 0 | 24 | 2 | 6 | 23 | 39 | 28 |
| Investments | 0 | 370 | 304 | 309 | 464 | 594 | 868 | 776 |
| Other Assets | 163 | 261 | 249 | 313 | 510 | 693 | 624 | 839 |
| Total Assets | 286 | 706 | 636 | 722 | 1,332 | 1,696 | 1,903 | 2,280 |
Cash Flow
| Mar 2016 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating | 70 | 104 | 14 | 45 | 322 | 353 | 515 | 393 |
| Investing | -55 | -120 | -11 | -55 | -197 | -155 | -215 | -150 |
| Financing | -1 | 13 | -4 | 11 | -104 | -172 | -343 | -221 |
| Net Cash Flow | 14 | -3 | -1 | 1 | 21 | 26 | -43 | 22 |
| Free Cash Flow | 22 | 78 | -24 | 21 | 285 | 276 | 454 | 354 |
| CFO/OP | 68 | 111 | -40 | 275 | 103 | 116 | 111 | 82 |
Ratios
| Mar 2016 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 34 | 31 | 58 | 44 | 39 | 27 | 23 | 58 |
| Inventory Days | 21 | 13 | 70 | 32 | 18 | 15 | 11 | 18 |
| Days Payable | 111 | 69 | 254 | 131 | 310 | 368 | 461 | 514 |
| Cash Conversion Cycle | -56 | -25 | -126 | -55 | -252 | -325 | -427 | -438 |
| Working Capital Days | -22 | -17 | -157 | -100 | -60 | -72 | -61 | 128 |
| ROCE % | — | — | -9% | 4% | 47% | 36% | 41% | 42% |
Documents
1
Regulation 30 - Update
13 Apr - Delhi High Court set aside 2022 arbitral award in company’s favour; execution application disposed. 13 Apr - Delhi High Court set aside 2022 arbitral award in company’s favour; execution application disposed.
2
Closure of Trading Window
25 Mar - Trading window closed from 1 April 2026 until 48 hours after audited Q4/FY2026 results. 25 Mar - Trading window closed from 1 April 2026 until 48 hours after audited Q4/FY2026 results.
4
Announcement under Regulation 30 (LODR)-Investor Presentation
12 Feb - Investor Presentation on Q3 & 9MFY26 Financial Results 12 Feb - Investor Presentation on Q3 & 9MFY26 Financial Results
5
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
13 Feb - Audio of Q3 FY2025-26 earnings call (13 Feb 2026) uploaded to company's investor website. 13 Feb - Audio of Q3 FY2025-26 earnings call (13 Feb 2026) uploaded to company's investor website.
Frequently Asked Questions about Travel Food Services Ltd
What does Travel Food Services Ltd do?
Incorporated in 2007, Travel Food Services Ltd provides Travel QSR and Lounge services in India and abroad.[1]
Where is Travel Food Services Ltd (TRAVELFOOD) listed?
Travel Food Services Ltd is listed on the Indian stock exchanges. It is listed on NSE: TRAVELFOOD and BSE: 544443. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Travel Food Services Ltd belong to?
Travel Food Services 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 Travel Food Services Ltd?
Travel Food Services Ltd has a market capitalisation of approximately ₹17465.97 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Travel Food Services Ltd?
The Price-to-Earnings (PE) ratio of Travel Food Services Ltd is 39.84. 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 Travel Food Services Ltd?
Over the past 52 weeks, Travel Food Services Ltd has traded between a low of ₹1,008.5 and a high of ₹1,445. This range helps investors understand the stock's price volatility and recent trading levels.
Does Travel Food Services Ltd pay dividends?
Yes, Travel Food Services Ltd has a dividend yield of 0.78%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
How can I research Travel Food Services Ltd on Tapetide?
On Tapetide, you can view Travel Food Services 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 2007, Travel Food Services Ltd provides Travel QSR and Lounge services in India and abroad.[1]