Travel Food Services Ltd(TRAVELFOOD)

NSE: TRAVELFOODBSE: 544443

₹ 1,143-1.56%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 15,054 crWebsite: www.travelfoodservices.comUpdated: 27 Oct 2026

About

Travel Food Services (TFS) operates travel quick-service restaurants and airport lounges exclusively within airports in India and internationally, making it a specialist captive-audience food and beverage concessionaire. Its system-wide footprint reached 580 travel QSR outlets and lounges across 21 airports as of June 2026, with system-wide sales of INR 32,144 million in FY26. TFS also operates a technology platform (EATS) providing direct bank-to-lounge access integration, and has set up international entities in Dubai and Indonesia to pursue APAC and Middle East expansion.^[1][2][3]

Network reach

System-wide footprint stood at 580 outlets as of June 2026: 541 travel QSR outlets and 39 lounges across 21 airports, with 87 QSR outlets and 2 lounges added in the prior 12 months.^[1]
System-wide sales reached INR 32,144 million in FY26, growing 25.4% YoY, against passenger traffic growth of just 1.2% at TFS-managed airports.^[2]
System-wide sales reached INR 8,437 million in Q1 FY27, growing 18% YoY, with consolidated revenue growing 20.6% YoY to INR 4,522 million.^[1]
Contract retention rate was 92.1% as of June 2026.^[1]

Brand portfolio

Premium and celebrity-led brands added include Gordon Ramsay Street Burger and Street Pizza (launched at Delhi and Mumbai airports), Nando's, and Wagamama.^[2][4]

Key operating numbers

System-wide LFL sales growth was 0.8% in Q1 FY27 (9.4% for FY26, 12.5% in Q3 FY26); excluding affected markets (Mumbai, Guwahati, South India), system-wide LFL was ~7% in Q1 FY27.^[1][2][4]
Consolidated LFL sales growth was 4.2% in Q1 FY27, compared with 9.4% system-wide for FY26.^[1][2]
Net contract gains were 15.9% system-wide and 20.2% consolidated in Q1 FY27.^[1]
Adjusted gross profit margin was ~81% in Q1 FY27; full-year FY26 gross margin was 84.7% vs 81.7% in FY25.^[1][2]
EBITDA margin was 35.8% in Q1 FY27, down 308 bps YoY from 38.9%, driven by elevated employee and pre-operating costs at newly commissioned Noida, Cochin, and Delhi outlets.^[1]
EBITDA margin was 39.4% for full-year FY26 and 40.4% in Q4 FY26 (+368 bps YoY).^[2]

Technology platform

Wholly owned subsidiary Elite Assist Technology and Services (EATS) operates a technology platform providing direct integration with banks and card networks for lounge access; launched in Q3 FY26.^[3][4]
EATS has been extended to non-TFS lounges at smaller airports, creating an incremental revenue stream beyond the captive TFS network.^[4]
EATS ramp-up caused trade receivables to spike to INR 264 crore at March 2026 from a historical average of INR 100-110 crore; normalisation to ~40-45 debtor days was guided by end of H1 FY27.^[2]

Expansion pipeline

Over 50 outlets are currently under construction across Noida, Navi Mumbai, Delhi, and Bhogapuram airports, expected to open largely in FY27 with earnings uplift over 12-18 months post-opening.^[1]
Annual capex for FY27 is guided at INR 50-60 crore, primarily for mobilisation of Delhi, Cochin, and Noida concessions.^[2]
International entities have been set up in Dubai and Indonesia to pursue airport lounge and QSR opportunities in APAC and the Middle East; Asia is the near-term priority given current Middle East uncertainty.^[1][2]
Highway expressway wayside amenity QSR identified as a medium-to-long-term growth vertical; the government has planned ~1,000 wayside amenities on expressways.^[1]
Bangalore T1 upgradation is expected to create multiple new outlet opportunities over the next 12 months; TFS has already won one KFC outlet there.^[1]

Recent developments

Mr. Vikas Kapoor resigned as Whole-time Director and Chief Financial Officer on 7 October 2026.^[5]
Bhogapuram Airport (Vizag) operations commenced on 17 August 2026 under the GHL JV.^[1]
TFS commenced operations at Noida International Airport in June 2026 with 6 outlets and 1 domestic lounge, taking its system-wide presence to 21 airports.^[1]
Passenger services (meet-and-greet, porter) were launched at Noida International Airport under the Elite Assist brand in Q1 FY27, TFS's first such service offering; planned for expansion to additional airports.^[1]
A GST provision write-back of INR 131 million was recognised in Q1 FY27 following a favourable rectification order.^[1]
A second Kyra Lounge was opened at Hong Kong International Airport in Q4 FY26 in partnership with SSP and Airport Dimensions, marking TFS's first international lounge outside India.^[2]
TFS secured a contract in Q3 FY26 to operate 33 travel QSR units at Delhi Airport Terminal 1 for 11 years, giving it a presence across all three terminals at India's largest aviation hub.^[4]

Market Cap

₹15,054 Cr

High / Low

₹1,465 / 1,035

Stock P/E

32.6

Price / Book

10.8

Book Value

₹110

EPS

₹33.5

No. of Shares

13.17 Cr

ROCE

42.2%

ROE

30.6%

OPM

34.0%

Debt / Equity

0.00

Sales

₹1,648 Cr

Net Profit

₹452 Cr

Promoter holding

86.2%

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