TBO Tek Limited has announced robust financial results for Q3FY26, reporting significant growth across key metrics driven by the integration of Classic Vacations and broad-based expansion across international markets. The company released its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

Financial Performance Highlights

The company delivered strong performance across all major financial parameters during Q3FY26. The integration of Classic Vacations contributed meaningfully to the overall scale and performance metrics.

Business Performance and Growth Drivers

The quarter witnessed broad-based growth across Europe, APAC, MEA and India markets. Monthly Transacting Buyers reached 33,324, representing a 16% YoY increase, with the international business showing particularly strong momentum with a 49.1% YoY growth.

Management Commentary

Mr. Gaurav Bhatnagar, Co-founder and Joint MD, highlighted the significance of Classic Vacations integration, stating that the consolidation meaningfully expands the platform's scale and provides critical mass in the US market. He emphasized the continued strong performance of key markets including Europe, MEA and APAC.

Mr. Ankush Nijhawan, Co-founder and Joint MD, noted the broad-based growth characterizing the quarter, with India business returning to solid double-digit growth trajectory driven by airlines business expansion. The combination of domestic strength and broader platform performance enabled the company to deliver adjusted EBITDA of ₹115 Cr, up 53% YoY.

Earnings Conference Call Recording Available

Following the announcement of Q3FY26 results, TBO Tek Limited has made available the audio/video recording of its earnings conference call held on February 11, 2026. The recording, which discusses the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, is now hosted on the company's website at www.tbo.com .

Financial Position and Regulatory Compliance

Despite acquisition-related cash outflows of approximately ₹979 Cr during the quarter, the company maintained a strong financial position with cash and cash equivalents of ₹1,492 Cr. This includes bank balances and liquid investments, augmented by significant negative working capital from Classic Vacations.

The results announcement and conference call recording availability were communicated pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary Neera Chandak signed the regulatory filing, with the information also made available on the company's website at www.tbo.com .

Goldman Sachs has issued a buy recommendation for TBO Tek Limited, setting an optimistic target price for the e-commerce and app-based aggregator company.

Analyst Recommendation Details

The global investment bank has assigned a buy rating to TBO Tek shares with a specific price target that indicates potential upside for investors.

Company Profile

TBO Tek Limited operates in the e-commerce and app-based aggregator sector, positioning itself as a technology-driven platform company. The company is classified as a mid-cap stock in the Indian equity markets.

Investment Implications

The buy recommendation from Goldman Sachs represents a positive assessment of TBO Tek's business fundamentals and growth prospects. Investment banks typically issue buy ratings when they expect a stock to outperform the broader market or deliver returns above their required threshold.

The target price of ₹1,710.00 provides investors with a specific price objective that the analyst believes the stock can achieve based on their valuation methodology and market analysis. This buy rating indicates positive analyst sentiment for the e-commerce aggregator stock, which may be of interest to potential investors considering TBO Tek for their portfolio.