TBO Tek Limited delivered robust financial results for the quarter ended June 30, 2026 (Q1FY27), reporting an 81% year-on-year (YoY) surge in consolidated revenue to ₹925.8 crore and a 32% jump in net profit after tax to ₹83.4 crore. During its earnings conference call held on July 30, 2026, management attributed this performance to significant operating leverage, successful integration of Classic Vacations, and resilient growth in Europe and Asia-Pacific despite severe travel disruptions caused by geopolitical tensions in the Middle East.

The Board of Directors approved the revised unaudited standalone and consolidated financial results in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. S.R. Batliboi & Co. LLP, the statutory auditors, issued an unmodified limited review report. The revision supersedes the earlier submission to BSE Limited and National Stock Exchange of India Limited.

Financial Performance Overview

Consolidated Gross Transaction Value (GTV) rose 37% YoY to ₹11,154.3 crore. Revenue from operations jumped to ₹925.8 crore from ₹511.3 crore in Q1FY26. Gross profit grew 66% to ₹552.4 crore. EBITDA increased to ₹143.5 crore, while Adjusted EBITDA reached ₹149.9 crore, up from ₹84.7 crore in the prior period. A net foreign exchange loss of ₹5.5 crore impacted the bottom line.

Organic Growth and Regional Resilience

Management emphasized that the quarter was challenging due to Middle East disturbances affecting global travel corridors. Despite this, organic GTV grew 22% YoY to ₹9,918 crore. Europe delivered 24% YoY growth, driven by prior market development investments, while North America saw a 363% GTV growth due to seasonal peaks and the integration of Classic Vacations. The Middle East region itself delivered flat performance, with only 1% growth in constant currency terms.

Co-Founder and Joint Managing Director Gaurav Bhatnagar noted that the diversity of source markets provided resilience. "No one country or region heavily dominates our top line, which helps us cushion effects like those seen in the last quarter," he stated. The company also began reporting constant currency figures for transparency, noting an 11% gap between hotel GTV in constant currency versus INR due to rupee depreciation.

Classic Vacations Integration Strategy

The acquisition of Classic Vacations is progressing as planned, with bulk integration expected by Q3FY27. Management outlined a three-pronged strategy: expanding the feet-on-street sales team in North America, integrating back-office and customer service systems including enterprise CRM, and completing platform migration by the end of the calendar year.

Currently, TBO supply powers a portion of Classic’s inventory, with intercompany sales standing at approximately ₹64 crore. Full bidirectional selling will commence post-platform migration. Gaurav Bhatnagar highlighted that North America now accounts for nearly a quarter of hotel GTV, providing access to a resilient corridor. He noted that cost synergies are largely realized, while revenue synergies from cross-selling will accelerate in subsequent quarters.

What the Numbers Show

The data reveals a clear inflection point in TBO Tek’s operating model: gross profit growth is consistently outpacing SG&A expansion. With organic SG&A growing at just 4% in constant currency terms versus 16% gross profit growth, the platform is demonstrating scalable economics. This structural efficiency allows incremental profits to flow directly to the bottom line. Management indicated that EBITDA to Gross Profit conversion should continue to improve, targeting steady-state margins of 45–60% in the long term, though no short-term guidance was provided.

Regulatory Disclosures

The auditor’s report emphasized a show-cause notice from the Enforcement Directorate under the Foreign Exchange Management Act (FEMA), 1999, alleging violations worth ₹493.70 million. The Reserve Bank of India declined post-facto approvals in April and September 2025. Adjudication proceedings remain sub-judice, with no financial adjustments made to the Q1FY27 results pending the outcome.

TBO Tek Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year April 1, 2025 to March 31, 2026, to BSE Limited and the National Stock Exchange of India Limited. The report has been prepared on a standalone basis in compliance with Regulation 30 and Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and covers disclosures across all nine principles of the National Guidelines on Responsible Business Conduct (NGRBC). M/s. S.R. Batliboi & Co. LLP has provided an Independent Limited Assurance Report on the BRSR Core Indicators for the year ended March 31, 2026.

Company Overview and Financial Profile

TBO Tek Limited, incorporated in 2006 (CIN: L74999DL2006PLC155233), operates as one of the leading global travel distribution platforms, simplifying the travel ecosystem for both suppliers and buyers. Its supplier network spans hotels, airlines, cruises, car rentals, transfers, and rail services, while its buyer base includes retail and API buyers such as travel agencies, independent travel advisors, tour operators, travel management companies, online travel platforms, super-apps, and loyalty apps. The following table summarises key financial and operational parameters:

Business Activities and Product Mix

TBO Tek's operations are classified under Travel Agency, Tour Operator & Other Reservation Service Activities, accounting for 100% of its turnover. The company's revenue mix across key product and service categories is presented below:

The company operates 31 offices across 13 states in India and serves customers in international markets, with exports contributing 38.30% of total turnover. It has no manufacturing plants and does not operate internationally-registered offices.

Workforce and Diversity

As at the end of FY 2025-26, TBO Tek reported a total workforce of 1,543 employees, comprising 1,511 permanent and 32 other-than-permanent employees. The gender composition and representation in leadership are outlined below:

The company also employs 4 permanently differently abled employees, all male. With respect to leadership representation:

Median remuneration data for FY 2025-26 is as follows:

ESG Governance and Material Issues

TBO Tek's Joint Managing Directors serve as the highest authority responsible for ensuring the effective implementation of all company policies. The BRSR covers all nine NGRBC principles, with Board-approved policies in place for each. The company has identified 16 material responsible business conduct issues, including privacy and data security, business ethics and governance, human rights, diversity and inclusion, employee wellbeing, corporate governance, risk management, employee engagement and development, climate change risk and disclosure, anti-corruption and anti-bribery, board diversity, product and service transparency, sustainable operations and infrastructure, quality customer experience, advertising and communications, and geopolitical conflicts (a newly added material topic for FY 2025-26).

Key governance policies — including the Code of Conduct, Anti-Bribery and Anti-Corruption Policy, Anti-Money Laundering Policy, Whistleblower Policy, Human Rights Policy, Equal Opportunity Employment Policy, Health & Safety Policy, Stakeholder Grievance Redressal Policy, and CSR Policy — are publicly available on the company's website. The company has achieved compliance and certification against internationally recognised frameworks including SOC 2 (AICPA), PCI DSS (PCI SSC), and GDPR (EU Data Protection Authorities). No material monetary or non-monetary fines, penalties, or punishments were imposed on the company or its directors/KMPs during FY 2025-26, and no data breaches were recorded.

Environmental and Subsidiary Disclosures

TBO Tek operates as a technology platform with a low energy intensity profile. Air emissions from company-owned DG sets were reported at 0.02 MT for NOx and 0.02 MT for SOx in FY 2025-26. The company does not operate any sites classified as Designated Consumers under the PAT Scheme, has no operations in ecologically sensitive areas, and reported full compliance with applicable environmental laws and regulations in India during FY 2025-26. Electronic waste is managed through CPCB-authorised vendors, and the company participates in tree plantation initiatives, including a drive conducted in August 2025 in collaboration with Donate an Hour NGO. The company holds 22 subsidiaries and step-down subsidiaries globally, with 100% shareholding in each, none of which participate in the Business Responsibility initiatives of the listed entity. The BRSR and the Independent Limited Assurance Report form part of TBO Tek's Annual Report for FY 2025-26 and are available on the company's website.