TBOTEK
TBO Tek share price & financials
- Price
- ₹1,489.8
- Market cap
- ₹18.1k Cr
- Sector
- Consumer Services
- Calls analysed
- 8
TBO Tek Q1 FY27
What went well
- Delivered growth both on top line and bottom line, showing resilience in a tough quarter (Page 4).
- Europe segment achieved 24% YoY growth, contributing significantly to overall performance (Page 4).
- Middle East delivered 1% growth in constant currency despite massive regional crisis (Page 4).
What to watch
- Q1 FY27 was the toughest quarter for the company in the last two years (Page 3).
- Increasing disturbances in the Middle East caused severe disruption in travel globally (Page 3).
What TBO Tek does
TBO Tek operates TBO.com, a B2B travel distribution platform that connects travel suppliers (hotels, airlines, car rentals, transfers, cruises, insurance and rail) with retail travel agents, tour operators, travel management companies and online travel agencies worldwide. It earns a take rate/commission on travel bookings (gross transaction value) routed through its platform across its Hotels & Ancillary and Airlines product lines, and India and International source markets. The company has grown through acquisitions of niche travel platforms, most recently Classic Vacations, a US luxury travel brand, alongside earlier acquisitions of Bookabed AG, Jumbonline S.L.U. and Island Hopper.
Segments
- Hotels and Ancillary
- Airlines
- India (source market)
- International (source market)
- Registered travel agent base
- ~200,000
- Transacting travel agents
- 50,000+
- Hotel inventory on platform
- 1 million+ hotels
- Airline inventory on platform
- 750+ airlines
- Source markets covered
- 140 countries
- Destinations sold
- 30,000+
Guidance record · Q1 FY27
what the last two calls moved 31 tracked 4 delivered 12 missed 15 open- Organic Air Business Growth delivered said Q3 FY26 Promised: Double digits over the medium term / early teens Q1 FY27: India Airlines GTV grew by 15% in the quarter, meeting the 'early teens' growth target.
- Adjusted EBITDA Margin went quiet said Q2 FY25 Promised: Maintain ~20% Q1 FY27: The original margin target was not addressed. Management continued to focus on GP to EBITDA conversion as the primary profitability metric, stating it 'should continue to improve'.
- Classic Vacations Platform Migration delayed said Q3 FY26 Promised: Complete in 2-3 quarters Q1 FY27: Timeline has been extended. Management now expects platform integration to finish by 'CY end of this current calendar year' (Q3 FY27) and migration to happen 'early next year' (Q4 FY27), beyond the original 2-3 quarter window.
All 31 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 81.2%, net profit up 31.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 451 | 422 | 446 | 511 | 568 +26% | 784 +86% | 814 +83% | 926 +81% |
| EBITDA | 75 | 55 | 65 | 74 | 88 +17% | 100 +82% | 105 +62% | 138 +86% |
| Net profit | 60 | 50 | 59 | 63 | 68 +13% | 54 +8% | 60 +2% | 83 +32% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +4.4% 1Y
1Y: ₹1,609 on 10 Sept 2025 → ₹1,679.5. High ₹1,745.1 (31 Aug 2026), low ₹1,018 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.6%
- 30 Jul
- Q4 FY26
- +0.4%
- 29 May
- Q3 FY26
- −2.4%
- 11 Feb
- Q2 FY26
- +0.9%
- 3 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 38.6% a year over 2 years, FY24 to FY26. Operating margin narrowed to 13.7%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹1.4k Cr | ₹1.7k Cr | ₹2.7k Cr |
| Operating profit | ₹259 Cr | ₹274 Cr | ₹367 Cr |
| Operating margin | 18.6% | 15.8% | 13.7% |
| Interest | ₹11 Cr | ₹23 Cr | ₹44 Cr |
| Depreciation | ₹36 Cr | ₹52 Cr | ₹86 Cr |
| Net profit | ₹200 Cr | ₹230 Cr | ₹245 Cr |
| Net margin | 14.4% | 13.2% | 9.2% |
| Cash from operations | ₹226 Cr | ₹289 Cr | ₹-21 Cr |
| Free cash flow | ₹188 Cr | ₹236 Cr | ₹-87 Cr |
| ROCE | 43.0% | 27.0% | 18.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹202 Cr | ₹221 Cr | ₹330 Cr | ₹534 Cr | ₹1.4k Cr | ₹1.5k Cr |
| Borrowings | ₹8 Cr | ₹63 Cr | ₹71 Cr | ₹210 Cr | ₹719 Cr | ₹756 Cr |
| Other liabilities | ₹364 Cr | ₹976 Cr | ₹2.1k Cr | ₹4.1k Cr | ₹5.2k Cr | ₹7.0k Cr |
| Total liabilities | ₹576 Cr | ₹1.3k Cr | ₹2.6k Cr | ₹4.9k Cr | ₹7.3k Cr | ₹9.3k Cr |
| Fixed assets | ₹23 Cr | ₹92 Cr | ₹136 Cr | ₹349 Cr | ₹452 Cr | ₹1.6k Cr |
| Capital work in progress | ₹9 Cr | ₹0 Cr | ₹0 Cr | ₹14 Cr | ₹1 Cr | ₹14 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹2 Cr | ₹263 Cr |
| Other assets | ₹545 Cr | ₹1.2k Cr | ₹2.4k Cr | ₹4.5k Cr | ₹6.8k Cr | ₹7.4k Cr |
| Total assets | ₹576 Cr | ₹1.3k Cr | ₹2.6k Cr | ₹4.9k Cr | ₹7.3k Cr | ₹9.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +1.91 pp while FIIs trimmed −1.18 pp. The shareholder count grew 3% to 37,774.
- Promoters
- 44.4%
- FIIs
- 28.9%
- DIIs
- 21.1%
- Public
- 4.0%
- Others
- 1.5%
Since Jun 2025
- DIIs +1.91 pp
- FIIs −1.18 pp
- Others −0.50 pp
How it drifted, 9 quarters
Over this window DIIs went from 6.6% to 21.1% — +14.5 pp.
Ownership split by quarter, oldest first. Jun '24: Promoters 44.4%, FIIs 42.8%, DIIs 6.6%, Public 4.0%, Others 2.2%.Sep '24: Promoters 44.4%, FIIs 43.1%, DIIs 6.6%, Public 3.7%, Others 2.2%.Dec '24: Promoters 44.4%, FIIs 38.0%, DIIs 11.8%, Public 3.6%, Others 2.2%.Mar '25: Promoters 44.4%, FIIs 31.6%, DIIs 17.9%, Public 4.0%, Others 2.1%.Jun '25: Promoters 44.4%, FIIs 30.1%, DIIs 19.2%, Public 4.3%, Others 2.0%.Sep '25: Promoters 44.4%, FIIs 30.7%, DIIs 18.9%, Public 4.0%, Others 2.0%.Dec '25: Promoters 44.4%, FIIs 30.9%, DIIs 19.0%, Public 3.8%, Others 1.9%.Mar '26: Promoters 44.4%, FIIs 29.7%, DIIs 20.3%, Public 3.9%, Others 1.7%.Jun '26: Promoters 44.4%, FIIs 28.9%, DIIs 21.1%, Public 4.0%, Others 1.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Isif Equity Ex-Top 100 Long-Short Fund AIF newly disclosed 4.18% held
- SBI Nifty 500 Index Fund Mutual fund newly disclosed 2.03% held
- Titanium Equity Long-Short Fund AIF newly disclosed 1.03% held
- Axis Mutual Fund Trustee Limited A/C Axis Mutual F Mutual fund +0.51 pp 1.62% held
- Nippon Life India Trustee Ltd-A/C Nippon India Sma Mutual fund +0.15 pp 3.87% held
- Canara Robeco Mutual Fund A/C Canara Robeco Small Cap Fund Mutual fund +0.11 pp 2.48% held
- Nijhawan Representation LLP newly disclosed 0.00% held
- Readwhere Digital FZCO newly disclosed 0.00% held
The same filing shows 1 holder trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of TBO Tek above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Lap Travel Private Limited | 21.60% | unchanged |
| Gaurav Bhatnagar | 17.33% | unchanged |
| General Atlantic Singapore Tbo Pte. Ltd VC / PE | 14.40% | unchanged |
| Augusta Tbo (Singapore) Pte. Ltd. FPI fund | 5.05% | unchanged |
| Manish Dhingra | 4.87% | unchanged |
| Isif Equity Ex-Top 100 Long-Short Fund AIF | 4.18% | newly disclosed |
| Nippon Life India Trustee Ltd-A/C Nippon India Sma Mutual fund | 3.87% | +0.15 pp |
| Tbo Korea Holdings Limited Corporate | 2.86% | unchanged |
| Canara Robeco Mutual Fund A/C Canara Robeco Small Cap Fund Mutual fund | 2.48% | +0.11 pp |
| SBI Nifty 500 Index Fund Mutual fund | 2.03% | newly disclosed |
| Government Pension Fund Global Sovereign | 1.81% | −0.07 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual F Mutual fund | 1.62% | +0.51 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in TBOTEK
Filings to Aug 2026
0 new, 4 added, 2 trimmed, 0 sold out — net −0.71 L shares (−1.0%).
- Held by funds
- ₹1.2k Cr
- 14 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹598 Cr · 0.7% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹598 Cr | held | Jun '24 |
| SBI Innovative Opportunities Fund SBI Mutual Fund | ₹352 Cr | held | Aug '24 |
| SBI Technology Opportunities Fund SBI Mutual Fund | ₹57 Cr | −0.72 L | May '24 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹53 Cr | held | Jun '24 |
| Nippon India Innovation Fund Nippon India Mutual Fund | ₹47 Cr | held | Mar '25 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹45 Cr | held | Jun '26 |
| Nippon India Retirement Fund - Wealth Creation Scheme Nippon India Mutual Fund | ₹21 Cr | held | Jul '26 |
| Nippon India MNC Fund Nippon India Mutual Fund | ₹11 Cr | held | Aug '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 2 trimmed — net −70,517 shares (−1.0%)
- Funds are sitting on
- +6%
- vs est. average cost
- Held by funds
- ₹1.2k Cr
- 14 schemes · ≈ 5.7% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹598 Cr · 0.7% of that fund
- Longest holder
- SBI Technology Opportunities Fund
- 2y 4m · since May '24
Shares held by these funds +1610%
May '24 69.90 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹1680, this stock must grow earnings at 39% every year for 7 years. Our analysis caps realistic growth at ~8%. At that growth it is worth ₹348 — downside of 79%.
- Growth the price implies
- 38.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 10.7% a year
- net profit, FY24–FY26 · EPS 7.7%
- The gap
- 0.3 pp
- -79% downside if it only repeats history
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse TBO Tek
Guides on how to read this kind of business and the numbers that matter.