Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹18150 Cr.
Stock P/E
74.3
P/B
11.4
Current Price
₹1671.5
Book Value
₹ 146.2
Face Value
1
52W High
₹1764
52W Low
₹ 1005.5
Dividend Yield
0%

TBO Tek Overview

Business

TBO Tek Ltd. is a global travel distribution platform that operates on a Business-to-Business (B2B) model. It connects travel buyers (such as travel agencies, tour operators, corporate clients, and independent travel advisors) with a wide range of travel suppliers (including airlines, hotels, car rental companies, cruise lines, and other ancillary service providers). The company's proprietary platform, 'TBO+', facilitates bookings and transactions across various travel segments. TBO Tek makes money primarily through commissions and mark-ups on bookings facilitated through its platform, charging suppliers for distribution reach and providing competitive pricing and inventory to its buyer network.

Revenue Mix

TBO Tek typically segments its business into two primary categories:

Air: Revenue generated from flight bookings.

Non-Air: Revenue generated from bookings of hotels, packages, cruises, car rentals, transfers, and other ancillary travel services.

Geographically, its revenue mix is global, with significant contributions from India and an expanding international presence, particularly in emerging markets. Specific percentage contributions vary and are disclosed in financial reports.

Industry

TBO Tek operates in the highly competitive and fragmented global travel services industry, specifically within the B2B travel distribution segment. The industry structure involves Global Distribution Systems (GDSs), other B2B platforms, direct supplier channels, and traditional offline aggregators. TBO Tek has positioned itself as one of the leading global B2B travel distribution platforms, particularly strong in emerging markets, by offering a comprehensive inventory, advanced technology, and a wide network of both suppliers and buyers. It aims to simplify the travel booking process for travel agents, acting as a one-stop shop.

MOAT

Network Effect: As more suppliers join its platform, it becomes more attractive to travel buyers, and conversely, a larger base of travel buyers attracts more suppliers, creating a powerful self-reinforcing loop.

Scale & Reach: Its extensive global network of over 147,000 travel buyers and relationships with over 70,000 suppliers provides significant negotiating power and a wide inventory.

Proprietary Technology Platform (TBO+): The robust and scalable technology platform, built over years, offers comprehensive features and integrations, making it difficult and costly for competitors to replicate.

Switching Costs: For travel agencies that have integrated their operations and trained their staff on the TBO+ platform, switching to an alternative can involve significant time, effort, and potential disruption.

Growth Drivers

Global Travel Recovery: Continued rebound in leisure and business travel volumes post-pandemic.

Digitization of Travel Agencies: Increasing adoption of online booking platforms by traditional and independent travel agencies, especially in emerging markets.

Geographic Expansion: Deepening penetration in existing markets and expanding into new, high-growth geographies.

Expansion of Product Portfolio: Adding more diverse travel products and ancillary services beyond flights and hotels (e.g., experiences, cruises) to increase transaction value per buyer.

Strategic Acquisitions: Pursuing inorganic growth opportunities to expand market share, technology capabilities, or geographic reach.

Risks

Industry Cyclicality & External Shocks: The travel industry is highly sensitive to economic downturns, geopolitical events, health crises (like pandemics), and natural disasters.

Intense Competition: Faces strong competition from other B2B travel platforms, GDSs, direct supplier booking channels, and emerging technologies.

Technology Obsolescence & Cybersecurity: Risk of its platform becoming outdated or vulnerable to cyberattacks, impacting data security and operational continuity.

Supplier Concentration & Relationships: Reliance on maintaining strong relationships and favorable terms with a large number of diverse travel suppliers.

Regulatory & Compliance Risks: Operating in numerous countries exposes it to diverse and evolving regulatory frameworks.

Foreign Exchange Fluctuations: Significant international operations lead to exposure to currency risks.

Management & Ownership

TBO Tek was co-founded by Gaurav Bhatnagar and Ankush Nijhawan, who serve as key promoters and hold significant leadership positions within the company. They bring extensive experience in the travel and technology sectors. The management team is generally perceived as experienced in scaling a global B2B platform. Post-IPO, the ownership structure includes the promoter group retaining a substantial stake, alongside institutional investors and a public float.

Outlook

TBO Tek is well-positioned to capitalize on the secular tailwinds of global travel growth and the ongoing digitization of the B2B travel ecosystem, particularly in rapidly expanding markets. Its strong network effects and proprietary technology platform provide a durable competitive advantage. However, the company operates in a highly competitive and cyclical industry, vulnerable to macroeconomic fluctuations and disruptive technological changes. Its ability to maintain growth and profitability will depend on continued innovation, successful geographic and product expansion, and effective management of supplier and buyer relationships amid intense market pressures.

TBO Tek Share Price

Live · BSE / NSE · Inception: 2006
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

TBO Tek Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 369 418 451 422 446 511 568 784 814 926
Other Income 9 15 15 17 16 13 15 12 13 13
Total Income 378 434 465 439 463 524 583 797 827 939
Total Expenditure 306 340 375 367 381 437 479 684 709 788
Operating Profit 72 94 90 72 81 87 103 113 118 151
Interest 4 6 6 6 5 5 9 15 15 15
Depreciation 15 12 13 13 14 14 16 26 30 33
Exceptional Income / Expenses 0 0 0 4 9 8 0 -5 0 0
Profit Before Tax 53 76 71 57 71 75 78 66 74 103
Provision for Tax 7 15 11 7 12 12 11 12 14 20
Profit After Tax 46 61 60 50 59 63 68 54 60 83
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 47 61 60 50 59 63 68 54 60 83
Adjusted Earnings Per Share 4.5 5.6 5.5 4.6 5.4 5.8 6.2 4.9 5.5 7.7

TBO Tek Profit & Loss

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 441 571 142 483 1065 1393 1737 2677 3092
Other Income 7 18 35 30 21 28 62 51 53
Total Income 448 588 177 513 1086 1421 1799 2729 3146
Total Expenditure 397 484 163 449 866 1132 1453 2299 2660
Operating Profit 51 105 13 64 219 289 347 429 485
Interest 6 5 2 7 14 19 33 52 54
Depreciation 5 12 11 16 34 36 52 86 105
Exceptional Income / Expenses -6 0 -29 8 3 -7 13 2 -5
Profit Before Tax 34 88 -30 46 174 227 275 293 321
Provision for Tax 8 15 5 12 26 26 45 49 57
Profit After Tax 26 73 -34 34 148 201 230 244 265
Adjustments 0 0 0 0 -4 2 0 0 0
Profit After Adjustments 26 73 -34 34 144 202 230 244 265
Adjusted Earnings Per Share 2.5 7 -3.3 3.2 13.8 19.4 21.2 22.5 24.3

TBO Tek Balance Sheet

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 161 240 204 232 340 545 1195 1551
Minority's Interest 0 0 0 0 -3 0 0 0
Borrowings 0 0 0 3 6 135 90 557
Other Non-Current Liabilities 26 31 14 58 59 109 77 119
Total Current Liabilities 675 571 403 1035 2221 4157 4962 7209
Total Liabilities 861 842 621 1328 2622 4946 6324 9436
Fixed Assets 44 35 23 92 136 349 345 1619
Other Non-Current Assets 2 4 15 5 4 20 54 50
Total Current Assets 816 803 583 1230 2482 4577 5924 7767
Total Assets 861 842 621 1328 2622 4946 6324 9436

TBO Tek Cash Flow

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 220 270 252 269 425 563 751 962
Cash Flow from Operating Activities 93 -3 50 198 237 226 289 -21
Cash Flow from Investing Activities -41 -14 -26 -31 -106 -157 -441 -418
Cash Flow from Financing Activities -5 -8 -5 -16 -14 115 365 441
Net Cash Inflow / Outflow 47 -25 19 152 117 185 213 3
Closing Cash & Cash Equivalent 270 252 269 425 563 751 962 1022

TBO Tek Ratios

# Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 2.53 7 -3.28 3.23 13.84 19.39 21.17 22.5
CEPS(Rs) 3.05 8.13 -2.21 4.74 17.5 22.71 25.95 30.46
DPS(Rs) 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 15.44 23.06 19.58 22.21 32.13 51.09 106.85 138.52
Core EBITDA Margin(%) 9.93 15.29 -15.1 7.06 18.63 18.75 16.39 14.12
EBIT Margin(%) 9.02 16.29 -19.09 10.9 17.7 17.66 17.7 12.9
Pre Tax Margin(%) 7.77 15.45 -20.83 9.53 16.36 16.29 15.8 10.95
PAT Margin (%) 5.97 12.78 -24.08 6.98 13.95 14.4 13.23 9.12
Cash Profit Margin (%) 7.2 14.85 -16.24 10.22 17.13 17 16.22 12.35
ROA(%) 3.06 8.56 -4.67 3.46 7.52 5.3 4.08 3.1
ROE(%) 16.36 36.35 -15.37 15.48 52.42 46.24 27.16 18.34
ROCE(%) 24.72 46.33 -12.18 24.02 64.84 47.93 30.58 19.59
Receivable days 314.41 218.41 545.09 245.95 359.53 638.49 773.92 639.05
Inventory Days 0 0 0 0 0 0 0 0
Payable days 0 0 0 0 0 0 0 0
PER(x) 0 0 0 0 0 0 56.93 47.01
Price/Book(x) 0 0 0 0 0 0 11.28 7.63
Dividend Yield(%) 0 0 0 0 0 0 0 0
EV/Net Sales(x) -0.67 -0.5 -2.33 -1.02 -0.61 -0.51 6.87 4.05
EV/Core EBITDA(x) -5.74 -2.73 -24.79 -7.7 -2.94 -2.45 34.44 25.27
Net Sales Growth(%) 0 29.47 -75.16 240.8 120.29 30.83 24.75 54.1
EBIT Growth(%) 0 133.71 -129.11 294.62 257.73 30.55 24.99 12.33
PAT Growth(%) 0 176.95 -146.82 198.75 340.4 35.07 14.62 6.27
EPS Growth(%) 0 176.94 -146.82 198.74 327.82 40.14 9.17 6.27
Debt/Equity(x) 0 0 0 0.01 0.02 0.25 0.12 0.43
Current Ratio(x) 1.21 1.41 1.45 1.19 1.12 1.1 1.19 1.08
Quick Ratio(x) 1.21 1.41 1.45 1.19 1.12 1.1 1.19 1.08
Interest Cover(x) 7.21 19.39 -10.97 7.93 13.24 12.88 9.34 6.63
Total Debt/Mcap(x) 0 0 0 0 0 0 0.01 0.06

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +54% +36% +80% —
Operating Profit CAGR +24% +25% +101% —
PAT CAGR +6% +18% — —
Share Price CAGR +10% — — —
ROE Average +18% +31% +32% +25%
ROCE Average +20% +33% +37% +31%

TBO Tek Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 44.41 %
FII 28.93 %
DII (MF + Insurance) 21.09 %
Public (retail) 5.57 %
# Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 44.4144.4144.4144.4144.4144.4144.4144.4144.41
FII 42.7943.0638.0531.6130.1230.7430.8529.7128.93
DII 6.66.611.7817.8819.1818.9119.0120.3421.09
Public 6.25.935.766.16.35.955.745.545.57
Others 000000000
Total 100100100100100100100100100

TBO Tek Peer Comparison

Travel Services Edit Columns

TBO Tek Quarterly Price

10-year quarterly close · BSE
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News & Updates

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TBO Tek Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 31%
  • Company is almost debt free.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend.
  • Promoter holding is low: 44.41%.
  • Stock is trading at 11.4 times its book value.
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