TBO Tek Limited , a leading global travel distribution platform, has reported robust financial results for the second quarter of fiscal year 2026, marked by broad-based growth and improved profitability. The company also announced the completion of its acquisition of Classic Vacations, a U.S.-based luxury travel company.

Financial Highlights

For Q2 FY26, TBO Tek reported:

*Before acquisition-related costs

The company's performance reflects a strong recovery from Q1's macro headwinds, with key markets like Europe, APAC, and India showing positive momentum.

Operational Performance

• Monthly Transacting Buyers reached 30,662, up 8% YoY, driven by a 23.6% YoY increase in International MTBs.
• Hotels + Ancillaries GTV grew by 20.4% YoY, expanding its saliency in the business mix to 64% of GTV and 87% of Gross Profit.
• The India business arrested the degrowth trend, marking early signs of stability and recovery.

Classic Vacations Acquisition

TBO Tek completed the acquisition of Classic Vacations, a premier B2B2C luxury travel company, for $125 million on October 1, 2025. The acquisition is expected to strengthen TBO's position in the high-value U.S. luxury travel market and expand its global footprint.

IPO Proceeds Utilization

As of September 30, 2025, TBO Tek has utilized ₹1,968.94 crore out of the total ₹3,810.64 crore raised from its IPO. The funds have been allocated as follows:

The company has transferred ₹1,100 crore to its wholly-owned subsidiary, Tek Travels DMCC, for the Classic Vacations acquisition.

Management Commentary

Ankush Nijhawan, Co-founder and Joint MD, stated, "Our growth this quarter was broad-based across regions, led by strong momentum in international markets and early signs of stabilization in India. We are confident of sustaining profitable growth and strengthening the foundation for long-term value creation."

Gaurav Bhatnagar, Co-founder and Joint MD, added, "This quarter's performance reflects both the strength of our model and the discipline of execution. 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."

Outlook

With the completion of the Classic Vacations acquisition and strong Q2 performance, TBO Tek is well-positioned for continued growth. The company's focus on expanding its global presence, particularly in the luxury travel segment, and its improving profitability metrics suggest a positive outlook for the coming quarters.

Investors should note that the company is currently facing ongoing adjudication proceedings with the RBI regarding alleged FEMA violations worth ₹71.23 crore, with the next hearing scheduled for November 3, 2025. The outcome of this matter may impact future financial results.

TBO Tek's strategic investments in technology, expansion of its agent network, and focus on high-value markets demonstrate its commitment to long-term growth in the global travel distribution space.

TBO Tek Limited, a leading global travel distribution platform, has reported robust growth across its key markets for the quarter ended September 30. The company's performance highlights a strong recovery from the previous quarter's macro headwinds, with significant momentum observed in Europe, Middle East and Africa (MEA), and Asia-Pacific (APAC) regions.

Financial Highlights

• Revenue from operations increased by 26% year-over-year to ₹5,675.10 crore
• Gross Transaction Value (GTV) grew by 12% year-over-year to ₹8,901.00 crore
• Adjusted EBITDA before acquisition-related costs stood at ₹104.00 crore, up 16% year-over-year
• Profit After Tax (PAT) rose by 12.4% year-over-year to ₹68.00 crore

Regional Performance

Europe

Europe remained TBO TEK's largest source market for Hotel and Ancillary business, demonstrating a strong 20% year-over-year growth in GTV. The region's performance was led by high-potential markets such as Spain, France, Germany, Italy, and Israel.

Middle East and Africa (MEA)

The MEA region delivered impressive results with Hotels and Ancillary GTV growing 27% year-over-year to ₹1,600.00 crore. Growth was primarily driven by GCC markets, particularly the UAE, Qatar, and Kuwait.

Asia-Pacific (APAC)

APAC emerged as the fastest-growing region for TBO TEK, with Hotels and Ancillary GTV surging 41% year-over-year to ₹523.00 crore. The company expanded its presence in markets such as Singapore, Hong Kong, Philippines, Thailand, and Malaysia.

India

The India business showed signs of stabilization, marking a complete arrest of the headline degrowth trend. The Hotels and Ancillaries segment in India grew by 4% year-over-year to ₹518.00 crore, indicating healthy underlying demand.

Operational Metrics

Strategic Developments

During the quarter, TBO TEK announced the agreement to acquire 100% equity stake in Classic Vacations for $125 million. The acquisition, completed on October 1, is expected to strengthen TBO TEK's position in the premium outbound segment and expand its presence in the U.S. luxury travel market.

Management Commentary

Mr. Ankush Nijhawan, Co-founder and Joint MD of TBO TEK Limited, stated, "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."

Mr. Gaurav Bhatnagar, Co-founder and Joint MD, added, "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."

As TBO TEK continues to expand its global presence and enhance its service offerings, the company appears well-positioned to capitalize on the recovering travel market and drive sustainable growth across its key regions.

Note: All financial figures are in Indian Rupees (₹) unless otherwise stated.