TRAVELFOOD
Travel Food Services share price & financials
- Price
- ₹1,293.6
- Market cap
- ₹17.2k Cr
- Sector
- Consumer Services
- Calls analysed
- 5
Travel Food Services Limited Q1 FY27
What went well
- System-wide sales grew 18% YoY to INR 8.4 billion, demonstrating strong performance despite external disruptions.
- Consolidated revenue from operations grew 20.6% YoY to INR 4.5 billion, indicating robust top-line expansion.
- Consolidated PAT increased 35.6% YoY to INR 1.3 billion, with PAT margin expanding to 28.5% from 25.3% last year, driven by sales growth and a INR 131 million GST provision write-back.
What to watch
- Overall passenger traffic was broadly flat year-on-year due to the Middle East conflict, particularly impacting international routes.
- System-wide like-for-like (LFL) sales growth was 0.8% for the quarter, significantly impacted by traffic migration in specific markets like Mumbai and Guwahati.
What Travel Food Services Limited does
Travel Food Services operates travel quick-service restaurant (QSR) outlets and premium airport lounges at airports in India, Malaysia and Hong Kong, running the business through joint ventures with airport operators including Adani Airport Holdings Ltd. and GMR Airports Ltd. It earns concession-based revenue from a portfolio of in-house, international and regional F&B brands as well as branded lounges sold to travellers and, for lounges, to bank/credit-card partners. The company has also launched EATS, a technology platform enabling direct bank-to-lounge access for cardholders. It is expanding into newly awarded airport concessions such as Cochin, Delhi Terminal 1, Navi Mumbai and the upcoming Noida airport, and is exploring international lounge and expressway QSR opportunities.
Segments
- Travel QSR
- Lounges
- Airports with presence
- 20
- Travel QSR outlets
- 518 (across India and Malaysia, as of Mar-26)
- Lounges
- 39 (across India, Malaysia and Hong Kong, as of Mar-26)
- Brand portfolio
- 145 in-house, international and regional brand partners
- Market share in Indian airport Travel QSR market
- 30%
- Market share in Indian airport lounge market
- 45%
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 5 delivered 3 missed 7 open- New Unit Mobilization delivered said Q1 FY26 Promised: 50+ units mobilized during the current year Q1 FY27: Target period FY26 concluded. Final status remains achieved.
- EBITDA Margin went quiet said Q1 FY26 Promised: Sustainable margin gain at Q1 levels (~38.5%) Q1 FY27: Target period FY26 concluded. Final status remains ghosted as the full-year figure was never provided.
- FY27 Passenger Traffic Growth at risk said Q4 FY26 Promised: Anticipated 5% level for FY27 Q1 FY27: Passenger traffic was broadly flat YoY in Q1 FY27, significantly below the 5% annual target. Management hopes for a strong H2 recovery.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 10.9%, net profit up 37.0% 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 | 283 | 326 | 306 | 313 | 292 +3% | 357 +10% | 340 +11% | 347 +11% |
| EBITDA | 107 | 130 | 122 | 132 | 127 +19% | 158 +22% | 173 +42% | 143 +8% |
| Net profit | 67 | 91 | 73 | 81 | 77 +15% | 111 +22% | 98 +34% | 111 +37% |
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 −2.1% 1Y
1Y: ₹1,280.3 on 10 Sept 2025 → ₹1,253.6. High ₹1,428.6 (7 Aug 2026), low ₹1,043.7 (27 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.1%
- 14 Aug
- Q4 FY26
- +4.2%
- 26 May
- Q3 FY26
- −3.6%
- 13 Feb
- Q2 FY26
- −0.0%
- 13 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 7.2% a year over 1 year, FY25 to FY26. Operating margin widened to 45.3%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹1.2k Cr | ₹1.3k Cr |
| Operating profit | ₹471 Cr | ₹590 Cr |
| Operating margin | 38.8% | 45.3% |
| Interest | ₹43 Cr | ₹62 Cr |
| Depreciation | ₹118 Cr | ₹139 Cr |
| Net profit | ₹300 Cr | ₹367 Cr |
| Net margin | 24.7% | 28.2% |
| Cash from operations | ₹433 Cr | ₹334 Cr |
| Free cash flow | ₹392 Cr | ₹308 Cr |
| ROCE | 41.0% | 45.0% |
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 | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹102 Cr | ₹94 Cr | ₹532 Cr | ₹678 Cr | ₹1.2k Cr | ₹1.1k Cr |
| Borrowings | ₹1 Cr | ₹0 Cr | ₹28 Cr | ₹364 Cr | ₹286 Cr | ₹214 Cr |
| Other liabilities | ₹59 Cr | ₹91 Cr | ₹609 Cr | ₹360 Cr | ₹537 Cr | ₹488 Cr |
| Total liabilities | ₹167 Cr | ₹188 Cr | ₹1.2k Cr | ₹1.4k Cr | ₹2.0k Cr | ₹1.8k Cr |
| Fixed assets | ₹13 Cr | ₹11 Cr | ₹333 Cr | ₹366 Cr | ₹630 Cr | ₹251 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹5 Cr | ₹11 Cr | ₹35 Cr | ₹17 Cr |
| Investments | ₹66 Cr | ₹86 Cr | ₹368 Cr | ₹408 Cr | ₹698 Cr | ₹722 Cr |
| Other assets | ₹87 Cr | ₹91 Cr | ₹468 Cr | ₹620 Cr | ₹644 Cr | ₹825 Cr |
| Total assets | ₹167 Cr | ₹188 Cr | ₹1.2k Cr | ₹1.4k Cr | ₹2.0k Cr | ₹1.8k 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 Sep 2025, DIIs added +1.99 pp while FIIs trimmed −1.12 pp. The shareholder count shrank 19% to 52,997.
- Promoters
- 86.2%
- FIIs
- 1.6%
- DIIs
- 10.0%
- Public
- 2.1%
Since Sep 2025
- DIIs +1.99 pp
- FIIs −1.12 pp
- Public −0.85 pp
How it drifted, 4 quarters
Over this window DIIs went from 8.0% to 10.0% — +2.0 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 86.2%, FIIs 2.8%, DIIs 8.0%, Public 3.0%.Dec '25: Promoters 86.2%, FIIs 2.4%, DIIs 8.8%, Public 2.6%.Mar '26: Promoters 86.2%, FIIs 1.6%, DIIs 9.7%, Public 2.5%.Jun '26: Promoters 86.2%, FIIs 1.6%, DIIs 10.0%, Public 2.1%.
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.
- ICICI Prudential Flexicap Fund Mutual fund +0.44 pp 5.20% held
- Caterering Collective Private Limited (Formerly Kapco Banquets and Catering Private Limited) newly disclosed 0.00% held
- Whiz Hospitality LLP (Formerly Whiz Edu Centre LLP) newly disclosed 0.00% held
- Kliff Reality Holding LLP newly disclosed 0.00% held
- Kliff Properties LLP newly disclosed 0.00% held
- Kliff Ventures LLP newly disclosed 0.00% held
- Kliff Investments newly disclosed 0.00% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Travel Food Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| SSP Asia Pacific Holdings Limited | 50.01% | unchanged |
| Kapur Family Trust* (Represented through it's Trustee - SNVK Management Services Private Limited) | 36.18% | unchanged |
| ICICI Prudential Flexicap Fund Mutual fund | 5.20% | +0.44 pp |
| Karan Kapur | 0.00% | unchanged |
| Sunil Kapur | 0.00% | unchanged |
| Neelu Kapur | 0.00% | unchanged |
| Aditi Varun Kapur | 0.00% | unchanged |
| Ved Kapur | 0.00% | unchanged |
| Jay Kapur | 0.00% | unchanged |
| Harish Balram Talreja | 0.00% | unchanged |
| Malti Harish Talreja | 0.00% | unchanged |
| Shivani Saahil Murarka | 0.00% | unchanged |
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 TRAVELFOOD
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.01 L shares (+1.0%).
- Held by funds
- ₹7 Cr
- 5 schemes
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹4 Cr · 0.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹4 Cr | +0.00 L | Mar '26 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹2 Cr | +0.00 L | Mar '26 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Mar '26 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Mar '26 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
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, 1 trimmed — net +523 shares (+1.0%)
- Funds are sitting on
- +2%
- vs est. average cost
- Held by funds
- ₹7 Cr
- 5 schemes · ≈ 0.04% of the company
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹4 Cr · 0.1% of that fund
Shares held by these funds +8%
Mar '26 52,055 shares Jul '26
What the price assumes
ExpensiveTo justify its price of ₹1254, this stock must grow earnings at 29% every year for 7 years. Our analysis caps realistic growth at ~22%. At that growth it is worth ₹879 — downside of 30%.
- Growth the price implies
- 29.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 22.3% a year
- net profit, FY25–FY26
- The gap
- 0.1 pp
- -30% downside if it only repeats history
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Travel Food Services Limited
Guides on how to read this kind of business and the numbers that matter.