Jefferies continues its positive outlook on TBO Tek Limited , reaffirming a 'Buy' rating with a price target of ₹1,950. The global investment banking firm's recommendation reflects sustained confidence in the travel technology company's market position and growth prospects.

Analyst Recommendation Details

The brokerage firm's maintained rating indicates stability in their assessment of TBO Tek's investment potential. The price target of ₹1,950 represents Jefferies' valuation of the company's shares based on their analysis of business fundamentals and market conditions.

Company Profile

TBO Tek Limited operates in the e-commerce and app-based aggregator sector, specializing in travel technology solutions. The company is classified as a mid-cap stock.

Market Context

Jefferies' decision to maintain its 'Buy' rating suggests the brokerage continues to view TBO Tek favorably. The unchanged price target indicates consistency in their valuation methodology and expectations for the company's performance.

The investment firm's continued positive stance on TBO Tek underscores their confidence in the travel technology company's prospects. This recommendation may be influenced by factors such as TBO Tek's market position, growth potential, and overall performance in the travel technology sector.

TBO Tek Limited conducted an investor conference on December 12, 2025, presenting comprehensive business updates and market insights under Regulation 30 of SEBI listing regulations. The presentation highlighted the company's strong performance in H1 FY26 and strategic positioning in the expanding luxury travel market.

H1 FY26 Financial Performance

TBO Tek demonstrated robust growth across key operational metrics during the first half of FY26, reinforcing its market leadership in travel distribution.

The company's revenue growth of 24.10% significantly outpaced GTV growth, indicating improved monetization and operational efficiency across business segments.

Luxury Travel Market Expansion

The presentation emphasized the structural upswing in luxury travel, driven by 60 million affluent millionaires globally, followed by 600 million aspirers. Luxury tourism is growing at twice the rate of regular travel, with a 10% CAGR projected through 2028.

The data reveals that 57% of travelers are more interested in visiting new destinations compared to five years ago, while 68% agree that trip planning has become more complex, creating opportunities for assisted travel platforms.

Hotels Business Delivers Strong Growth

TBO Tek's hotels segment has shown consistent expansion over the past three years, with global footprint demonstrating strong growth trends across markets. The company achieved 60% year-on-year growth rate in regional hotel segments during H1 FY26.

Technology and Innovation Leadership

The company has implemented comprehensive technology upgrades, including CRM-led organizational transformation across sales and supply operations. Key achievements include:

• 70% adoption rate of in-house designed systems in less than a year
• Significant automation gains reducing customer service tickets
• Launch of AI-driven search experience and improved platform usability

Premium Product Initiatives

TBO Tek's Platinum program is scaling rapidly, featuring curated selection of prestigious hotels including Rosewood, One&Only, The Peninsula, and other luxury brands. The program covers 55 hotels with 71% growth in participating partners.

Market Position and Future Outlook

The presentation positioned TBO Tek to capitalize on the AI-led transformation in travel, with focus on building connected trips for luxury travelers. The company is developing solutions across the advisor-traveler spectrum, from back-end operations to traveler-facing applications.

With 37,000 active agents, 320 suppliers, 40% market coverage, and 430,000 top-tier connections, TBO Tek demonstrates strong network effects and learning advantages in the evolving travel distribution landscape.