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TBO Tek Results: Latest Quarterly Results & Analysis

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TBO Tek Ltd. 03 Nov 2025 17:08 PM
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Q2FY26 Quarterly Result Announced for TBO Tek Ltd.

Travel Support Services company TBO Tek announced Q2FY26 results

Consolidated Financial Highlights:

  • GTV of Rs 8,901 crore v/s Rs 7,937 crore [ 12% YoY]
  • Revenue from operations of Rs 568 crore v/s. Rs 451 crore [ 26% YoY]
  • Gross Profit of Rs 363 crore v/s. Rs 306 crore [ 19% YoY]
  • Adjusted EBITDA before acquisition related costs - Rs 104 crore v/s. Rs 90 crore [ 16% YoY]
  • PAT of Rs 68 crore v/s. Rs 60 crore [ 12.4% YoY].

Business Highlights:

  • The quarter saw a strong recovery from Q1’s macro headwinds, with key markets like Europe, APAC and India showing positive momentum
  • Monthly Transacting Buyers reached 30,662, up 8% YoY, driven by a 23.6% YoY increase in International MTBs while the Indian base remained steady at high engagement levels.
  • GTV grew 12% YoY to Rs 8,901 crore, led by strong performance across APAC, MEA, and Europe. Hotels Ancillaries GTV grew by 20.4% YoY.
  • The India business continued on its path of consolidation this quarter, marking a complete arrest of the headline degrowth trend, underscoring early signs of stability and recovery.
  • During the quarter, TBO announced the agreement to acquire 100% equity stake in Classic Vacations for $125 million. The acquisition was completed on 1st October 2025. We also recorded one-time acquisition related costs of Rs 13.15 crore.
  • Adjusted EBITDA Margin before Acquisition related Costs stood at 18.32% for quarter, up from 16.56% in Q1FY26
  • Europe remained our largest source market for Hotel Ancillary business while MEA ( 27% YoY) and APAC ( 41% YoY) were key growth drivers in the category.
  • Hotels Ancillaries expanded their saliency in the business mix, accounting for 64% of GTV and 87% of Gross Profit, underscoring the margin-accretive nature of growth

Ankush Nijhawan, Co-founder and Joint MD, TBO Tek said " Our growth this quarter was broad based across regions, led by strong momentum in international markets and early signs of stabilization in India. With Hotels and Ancillaries continuing to deepen their contribution and operating leverage beginning to play through, we are confident of sustaining profitable growth and strengthening the foundation for long-term value creation”

Gaurav Bhatnagar, Co-founder and Joint MD, TBO Tek said, “This quarter’s performance reflects both the strength of our model and the discipline of execution. Growth was broad based, profitability improved, and the business showed clear signs of structural operating leverage. With the KAM expansion nearing completion and Classic Vacations now part of the platform, we enter the next phase with sharper focus, stronger fundamentals, and a wider global footprint."

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Travel Support Services company TBO Tek announced Q1FY26 results

  • GTV of Rs 8,119 crore vs Rs 7,940 crore, change  2% YoY.
  • Revenue from operations of Rs 511 crore vs Rs 418 crore, change 22% YoY.
  • Gross Profit of Rs 333 crore vs Rs 280 crore, change 19% YoY.
  • Adjusted EBITDA of Rs 85 crore vs Rs 85 crore, change (0)% YoY.
  • PAT of Rs 63 crore vs Rs 61 crore, change 3% YoY.

Gaurav Bhatnagar, Co-founder & Joint MD, TBO Tek, said: "Q1FY26 saw the structural strength of our business being clearly demonstrated in the face significant headwinds. As we build on top of this solid base, during the quarter we started to see early yet clear green shoots of the impact of our investments in growth. Our active agents base, in the growth markets, has started showing a clear growth trajectory since February 2025, when we started our investments into growth. In Q1FY26, sales driven by new agents (agents acquired in the same financial year – FY26) were up 132% YoY vs sales driven by new agents in Q1FY25. We expect to complete our growth hiring and investments by Q2FY26 and expect Revenue growth to outpace SG&A expenses growth starting Q4FY26."

Ankush Nijhawan, Co-founder & Joint MD, TBO Tek, said: "Amid one of the most difficult quarters for the Indian travel space, our business started showing signs of a momentum change. From a 4% growth in our Hotels Ancillary business in India, to a reduction in India GTV YoY degrowth from Q4FY25 to Q1FY26, when the Industry was under severe pressure, our business is showing encouraging signs. With our strategic focus on driving higher share of wallet through cross-sell initiatives continuing to pay dividends with our Hotels & Ancillaries segment now contributing 20% to India GTV, we are optimistic about the remainder of the year and expect the headwinds to fade and be replaced by broad based strength.”

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Travel Support Services company TBO Tek announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • GTV of Rs 7,788 crore v/s Rs 7,511 crore [ 4% YoY]
  • Revenue from operations of Rs 446 crore v/s. Rs 369 crore [ 21% YoY]
  • Adjusted EBITDA of Rs 79 crore v/s. Rs. 69 crore [ 15% YoY].
  • PAT of Rs 59 crore v/s. Rs 46 crore [ 27% YoY].

FY25 Financial Highlights:

  • FY25 GTV came in at Rs 30,832 crore with 43% yoy growth in international markets.
  • GTV of Rs 7,788 crore v/s Rs 7,511 crore [ 4% YoY]
  • Revenue from operations of Rs 446 crore v/s. Rs 369 crore [ 21% YoY]
  • Adjusted EBITDA of Rs 79 crore v/s. Rs. 69 crore [ 15% YoY].
  • PAT of Rs 59 crore v/s. Rs 46 crore [ 27% YoY].
  • Strong balance sheet with Rs 1,450 crore cash and cash equivalent (including Fixed deposit and liquid funds) available for organic and inorganic expansion.

Ankush Nijhawan, Co-founder and Joint MD, TBO Tek, said, “Our Hotels & Ancillaries segment continues to demonstrate strong growth, now contributing 16% to India GTV,”

“We are strategically focused on driving higher share of wallet through cross-sell initiatives, supported by robust demand for outbound travel and a clear shift in consumer preference toward experiential, high-value itineraries. These structural tailwinds position us well for sustained, profitable growth in the Indian market.”

Gaurav Bhatnagar, Co-founder and Joint MD, TBO Tek, said, "In FY25, we laid the foundation for accelerating our business across geographies. Europe & APAC led the growth with 50% yoy growth. Company’s Tech and AI initiatives complement the rapid footprint expansion by helping drive better user experience and by improving platform performance. This gives us the confidence to maintain our expansion plans and aim for market leadership in the next 5-10 years.”

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Travel Support Services company TBO Tek announced Q3FY25 results

  • GTV of Rs 7,166 crore v/s Rs 5,678 crore [ 26% YoY].
  • Revenue from operations of Rs 422 crore v/s Rs 327 crore [ 29% YoY].
  • Adjusted EBITDA of Rs 75 crore v/s Rs 59 crore [ 26% YoY]. Margins at 18%.
  • PAT of Rs 50 crore v/s Rs 51 crore [-2% YoY]. Lower PAT primarily due to Rs 12.5 crore Forex Loss triggered by sharp movement in USD against other major currencies.

Ankush Nijhawan, Co-founder and Joint MD, TBO Tek, said: “We are pleased to have delivered a robust third quarter in our Hotels & Ancillaries segment. The saliency of our hotel and ancillaries segment continues to grow. We are looking to further drive share of wallet growth and cross-sell through initiatives like Platinum Desk for top Hotels and Ancillaries accounts. With 120 new airports connectivity in pipeline under UDAN initiative as per Budget 2025 and increase in TCS threshold to Rs 10 Lakhs, outbound travel is expected to get a boost.”

Gaurav Bhatnagar, Co-founder and Joint MD, TBO Tek, said: "We continue to deliver strong double-digit business growth in all International source markets. While the growth has been broad-based, contribution from Europe was especially strong. Company’s Tech and AI initiatives are bearing results along expected lines and helping drive better user experience – reflected in our NPS Score. This gives us the confidence to fast-track our planned investments and pursue geographic expansion in the identified regions.”

Result PDF

Travel Support Services company TBO Tek announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • GTV of Rs 7,937 crore v/s Rs 6,399 crore [ 24% YoY].
  • Revenue from operations of Rs 451 crore v/s. Rs 352 crore [ 28% YoY].
  • Adjusted EBITDA of Rs 90 crore v/s. Rs 72 crore [ 24% YoY]. Steady Margins at 20%.
  • PAT of Rs 60 crore v/s. Rs 56 crore [ 7% YoY]. PAT margins at 13%

H1FY25 Financial Highlights:

  • GTV of Rs 15,878 crore v/s Rs 13,347 crore [ 19% YoY].
  • Revenue from operations of Rs 869 crore v/s. Rs 697 crore [ 25% YoY].
  • Adjusted EBITDA of Rs 175 crore v/s. Rs 141 crore [ 24% YoY]. Steady Margins at 20%.
  • PAT of Rs 121 crore v/s. Rs 103 crore [ 17% YoY]. PAT margins at 14%.

Gaurav Bhatnagar, Co-founder and Joint MD, TBO Tek, said: "We have seen a strong double digit business growth in all International source markets, in spite of global geo-political headwinds. This has been driven by the broad-based contribution from non-air businesses and helped by company’s Tech and AI initiatives like H-Next, AI driven pricing and Voice-Bot and integration of Jumbonline, which are in alignment with our customer expectations”.

Ankush Nijhawan, Co-founder and Joint MD, TBO Tek, said: “We are pleased to have a robust second quarter. We have already seen significant growth in our hotel and non-air businesses. Our strategic focus on hotel business has allowed us to capture a larger share of the overall travel market, positioning us for continued growth. Increasing demand for outbound travel from India will continue to provide significant tailwinds for the business going forward.”

Result PDF

Travel Support Services company TBO Tek announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • GTV Increase to Rs 7,511 crore ( 22% vs prior year)
  • Revenue jumps to Rs 369 crore ( 31% % vs Prior year)
  • Adjusted EBITDA at Rs 69 crore ( 76% vs Prior year)
  • PAT at Rs 46 crore ( 64% vs prior year)  

FY24 Financial Highlights:

  • Revenue at Rs 1,393 crore, 31% vs prior year
  • PAT at Rs 201 crore 35% vs prior year  

Gaurav Bhatnagar, co-founder and Joint MD, TBO Tek Limited said, “FY24 was a landmark year for TBO. Following our successful IPO, we are thrilled to report another year of remarkable growth, with revenue soaring to 1,393 crore, showcasing 31% increase with adjusted EBITDA at Rs. 270 crore with 35% y-o-y growth and net profits after tax at Rs 201 crore, a 35% Increase, and gross transaction value surging to Rs 26,536 crore, marking a 19% YoY growth.“   

“Our acquisition of Jumbonline has already started showing positive results and contributed meaningfully to our bottom line in Q4. We believe that the results are a validation of strategy to focus on both organic and inorganic growth to drive EBITDA margin expansion via operating leverage. In the coming year, we will continue to invest in global market development, supply strengthening and platform innovation. We will be looking for strategic inorganic opportunities as well”, he added.

Ankush Nijhawan, Co-founder and Joint MD, TBO Tek Limited said, “Our company's remarkable trajectory has mirrored the robust growth in the travel industry. Government's UDAN scheme initiative, development of large no. of airports and estimated investment of USD 1.83 billion in airport infrastructure by 2026 will act as a catalyst to the company’s and the industry growth.

“The outbound air traffic is expected to reach 42 million passengers in 2027 growing at a CAGR of approximately 6% between 2023 and 2027. The outbound travel market is expected to grow at a CAGR of 11.1% over 2023 to 2027 reaching USUSD 19.6 billion. We remain committed to capitalizing on this dynamic industry, delivering innovative solutions and forging strategic partnerships. We understand the intricate requirements of our global customers, and always strive to deliver to their needs and further solidify our leadership position. An innovative culture in the company enables us to deliver offerings to our clients, allowing them to provide travel and leisure experiences to their customers. We are committed to company's sustainable growth to create long-term value stakeholders value by capitalizing on emerging industry trends backed by our solid foundation and visionary leadership”, he added.”

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