TBO Tek Ltd(TBOTEK)

NSE: TBOTEKBSE: 544174

₹ 1,548.25+0.36%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 16,812 crWebsite: www.tbo.comUpdated: 24 Oct 2026

About

TBO Tek Ltd is a B2B travel distribution platform that aggregates hotel, airline, cruise, car rental, transfer, rail, insurance and experience inventory for travel agencies, tour operators, travel management companies and enterprise buyers across 150+ source market countries. TBO ranks among the top four B2B travel distribution platforms globally.^[1][2][3]

Products and inventory

Platform carries 1 million+ hotels, 750+ airlines and 10+ travel product lines covering 30,000+ destinations in 150+ countries as of FY26.^[2]
Buyers span retail travel agencies and independent advisors as well as enterprise clients: tour operators, travel management companies, online travel platforms, super-apps and loyalty apps.^[2]
Platinum luxury hotel program covers 180+ hotels across 70+ locations with 80% direct sourcing share as of Q3 FY26, generating incremental override commission income.^[4]
Voya, an AI-enabled tool for travel advisors to plan, customise and service complex journeys, completed early groundwork in FY26.^[2]

Platform scale and reach

65,000+ transacting buyers and advisors across 60+ countries; platform supports 16 languages, 90 currencies and records 28 million+ portal searches as of FY26.^[2]
Organic monthly transacting buyers: 30,390 in FY26 (+7% YoY); reported monthly transacting buyers including Classic Vacations: 32,751 in Q4 FY26 (+15% YoY).^[2][3]
2,600+ associates globally as of March 31, 2026; 1,543 on-roll employees on a standalone basis.^[2]
TBO maintains 31 national offices across 13 states in India (standalone entity).^[2]

Key operating metrics

Organic GTV: ₹34,722 crore in FY26 (+13% YoY); organic GTV in Q4 FY26 was ₹9,038 crore (+16% YoY).^[2][3]
Hotels & ancillary share of organic GTV rose to 62.6% in Q4 FY26 from 60.3% in Q4 FY25; airlines share fell to 37.4% from 39.7%.^[3]
Organic blended take rate: 6.0% in Q4 FY26; hotels & ancillary take rate 7.9% (up from 7.6% YoY); airlines take rate 2.3% (down from 2.6% YoY).^[3]
Organic GP-to-Adjusted-EBITDA conversion: 25.3% in Q3 FY26, steady vs Q3 FY25; organic GP-to-EBITDA conversion ~26% in Q1 FY27.^[4][5]
Key Account Manager productivity increased 43% YoY on a GTV basis in FY26.^[2]
International share of organic GTV reached 59% in Q4 FY26; exports contributed 38.30% of standalone total turnover in FY26.^[3][2]

Geography

Europe is the largest region by Hotels & Ancillaries GTV at 37% share in Q4 FY26, followed by APAC at 18% and Latin America at 14%.^[3]
Europe grew 24% YoY in Q1 FY27 even amid Middle East-related travel disruptions; Middle East delivered 1% GTV growth in constant currency terms in Q1 FY27.^[5]
India GTV: organic monthly transacting buyers 17,806 in Q4 FY26 vs 18,436 a year prior; India GTV returned to positive growth (+0.3% YoY) in Q2 FY26 after a de-growth period.^[3][6]
India Airlines GTV grew 15% YoY in Q1 FY27, aided by volume shifts toward East Asian carriers as Middle East carriers faced disruption.^[5]

Classic Vacations acquisition

Acquisition of 100% of Classic Vacations closed October 1, 2025 for $125 million (internal cash plus $70 million term debt); consolidation began Q3 FY26.^[6]
Classic Vacations operates at ~24.94% take rate (revenue/GTV) and ~19.6% GP-to-EBITDA conversion in Q3 FY26; EBITDA/GTV was 3.4% in Q1 FY27 (elevated by seasonality; full-year guided at ~2.5%).^[4][5]
Classic Vacations has ~10,000 luxury travel advisor relationships and consortium access (Virtuoso, Signature, etc.); North America combined GTV base (TBO + Classic) exceeded $600 million as of Q3 FY26.^[4]
Classic Vacations now contributes ~25% of consolidated hotel GTV as of Q1 FY27; TBO-to-Classic intercompany cross-sell GTV was ~₹65 crore in Q1 FY27.^[5]
Classic Vacations platform migration onto TBO booking ecosystem is targeted for completion by end of CY2026; Classic-to-TBO reverse cross-sell expected to launch in early CY2027.^[5]

Technology and AI

TBO established a dedicated AI Centre of Excellence in FY26, embedding AI across search, recommendations, servicing, supplier operations, software development and internal workflows.^[2]
Hotel search traffic doubled in the six months to September 2025 while cost per search (annualised) fell ~30% over the same period.^[6]
Hosting and bandwidth costs fell 14% in Q1 FY27 as infrastructure shifted from managed to self-managed solutions; described as the new cost baseline.^[5]

Recent developments

The Enforcement Directorate filed a show-cause notice under FEMA alleging violations of ₹493.70 million; TBO identified total contraventions of ₹712.25 million and filed a compounding application with the RBI.^[2]
TBO has completed 5 acquisitions cumulatively, including Bookabed, Jumbonline and Classic Vacations, as of FY26.^[2]
Constant currency reporting introduced from Q1 FY27 to address an 11% gap between hotel GTV measured in INR versus constant currency terms (vs. a 3% gap in Q1 FY26 vs Q1 FY25).^[5]
Net cash on the balance sheet exceeded ₹1,980 crore as of Q1 FY27.^[5]

Market Cap

₹16,812 Cr

High / Low

₹1,771 / 1,006

Stock P/E

66.0

Price / Book

11.3

Book Value

₹143

EPS

₹22.5

No. of Shares

10.86 Cr

ROCE

18.1%

ROE

17.8%

OPM

12.3%

Debt / Equity

0.42

Sales

₹2,677 Cr

Net Profit

₹244 Cr

Promoter holding

44.4%

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