TBO Tek Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Hotels & Packages: 83.6% • Air Ticketing: 12.1% • Others: 4.2%
AI Sector View
AI GENERATEDConsumer Services
Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.
PROS
- Company has a healthy return on capital (ROCE) of 32.7%
- Company has a good return on equity (ROE) track record: 3 Years ROE 30.6%
- Company has delivered good sales growth of 80.0% CAGR over last 5 years
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 32.4% YoY, showing strong momentum
CONS
- Operating cash flow has been negative in recent years
- Total debt has risen sharply - up 373.0% year on year
- Operating margins have contracted to 14.1% from 20.6%
- Recurring exceptional / one-off items are inflating headline profit
- Stock is trading at 7.6x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| IRCTC | 467.70 | 26.86 | 37416.00 | 1.92 | 330.16 | -0.16 | 1369.53 | 18.10 | 47.50 | 28.23 |
| TBOTEK | 1672.75 | 68.62 | 18164.02 | 0.00 | 83.36 | 32.38 | 925.78 | 81.07 | 19.59 | 14.91 |
| CORDELIA | 109.50 | 152.03 | 7927.20 | 0.00 | 227.73 | — | 1901.12 | — | 74.77 | 23.68 |
| IXIGO | 161.65 | 83.35 | 7130.14 | 0.00 | 34.24 | 80.75 | 356.75 | 13.44 | 6.67 | 5.72 |
| THOMASCOOK | 108.05 | 23.24 | 5082.46 | 0.46 | 63.71 | -13.39 | 2091.89 | -13.13 | 21.13 | 4.46 |
| EASEMYTRIP | 5.80 | 0.00 | 2311.10 | 0.00 | -11.69 | -363.84 | 134.71 | 18.38 | 21.68 | -9.98 |
| YATRA | 114.05 | 57.45 | 1789.63 | 0.00 | 0.34 | -97.88 | 187.90 | -10.45 | 7.03 | 6.61 |
| DREAMFOLKS | 67.01 | 0.00 | 356.96 | 0.00 | -13.83 | -165.03 | 39.01 | -88.82 | 6.00 | -53.24 |
| INTLTRAVHS | 281.85 | 13.06 | 225.32 | 1.95 | 5.64 | -17.93 | 55.27 | -3.06 | 15.00 | 14.06 |
| TRANSCOR | 25.30 | 8.48 | 80.99 | 2.37 | 2.18 | 113.84 | 284.99 | 24.31 | 15.40 | 0.68 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 345 | 352 | 327 | 369 | 418 | 451 | 422 | 446 | 511 | 568 | 784 | 814 | 926 | |
| 278 | 283 | 271 | 306 | 340 | 375 | 367 | 381 | 437 | 479 | 684 | 709 | 835 | |
| Operating Profit | 67 | 70 | 56 | 63 | 79 | 75 | 55 | 65 | 74 | 88 | 100 | 105 | 90 |
| OPM % | 19.41% | 19.79% | 17.16% | 17.11% | 18.79% | 16.72% | 13.10% | 14.51% | 14.49% | 15.52% | 12.80% | 12.94% | 9.76% |
| -4 | 1 | 12 | 9 | 15 | 15 | 20 | 25 | 20 | 15 | 7 | 13 | 13 | |
| Interest | 2 | 2 | 3 | 4 | 6 | 6 | 6 | 5 | 5 | 9 | 15 | 15 | 15 |
| Depreciation | 6 | 7 | 8 | 15 | 12 | 13 | 13 | 14 | 14 | 16 | 26 | 30 | 33 |
| Profit before Tax | 54 | 62 | 57 | 53 | 76 | 71 | 57 | 71 | 75 | 78 | 66 | 74 | 103 |
| Tax % | 13.13% | 9.92% | 10.75% | 12.93% | 19.33% | 15.70% | 12.24% | 16.84% | 16.39% | 13.65% | 18.77% | 18.43% | 19.30% |
| Net Profit | 0 | 0 | 0 | 0 | 61 | 60 | 50 | 59 | 63 | 68 | 54 | 60 | 83 |
| 4.71 | 5.54 | 5.06 | 4.58 | 5.85 | 5.71 | 4.70 | 5.54 | 5.90 | 6.32 | 5.03 | 5.62 | 7.77 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 441 | 571 | 142 | 483 | 1,065 | 1,393 | 1,737 | 2,677 | 3,092 | |
| 397 | 484 | 163 | 449 | 866 | 1,132 | 1,453 | 2,299 | 2,708 | |
| Operating Profit | 44 | 87 | -21 | 34 | 198 | 261 | 285 | 378 | 384 |
| OPM % | 9.93% | 15.29% | -15.10% | 7.06% | 18.63% | 18.75% | 16.39% | 14.12% | 12.42% |
| 1 | 18 | 5 | 38 | 24 | 21 | 75 | 54 | 48 | |
| Interest | 6 | 5 | 2 | 7 | 14 | 19 | 33 | 52 | 53 |
| Depreciation | 5 | 12 | 11 | 16 | 34 | 36 | 52 | 86 | 106 |
| Profit before Tax | 34 | 88 | -30 | 46 | 174 | 227 | 275 | 293 | 321 |
| Tax % | 23.14% | 17.29% | -15.62% | 26.75% | 14.76% | 11.61% | 16.27% | 16.71% | 17.62% |
| Net Profit | 26 | 73 | -34 | 34 | 148 | 201 | 230 | 244 | 265 |
| EPS | 2.53 | 7.00 | -3.28 | 3.32 | 14.07 | 19.39 | 21.17 | 22.50 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 80%
- 3 Years:
- 36%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 19%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 8%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 32%
- 3 Years:
- 31%
- Last Year:
- 18%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 10 | 10 | 10 | 11 | 11 |
| Minority Interest | 0 | 0 | 0 | 0 | -3 | 0 | 0 | 0 |
| 159 | 238 | 202 | 221 | 325 | 522 | 1,149 | 1,493 | |
| 24 | 27 | 10 | 59 | 65 | 240 | 203 | 757 | |
| Trade Payables | 500 | 285 | 173 | 727 | 1,803 | 3,603 | 4,321 | 5,422 |
| 176 | 290 | 233 | 310 | 422 | 570 | 640 | 1,752 | |
| Total Liabilities | 861 | 842 | 621 | 1,328 | 2,622 | 4,946 | 6,324 | 9,436 |
| 44 | 35 | 23 | 92 | 136 | 349 | 345 | 1,619 | |
| 0 | 0 | 0 | 0 | 0 | 2 | 173 | 263 | |
| 0 | 0 | 0 | 0 | 0 | 3,307 | 4,061 | 5,314 | |
| Cash & Bank | 296 | 288 | 332 | 504 | 661 | 854 | 1,285 | 1,278 |
| 521 | 519 | 266 | 731 | 1,825 | 435 | 460 | 962 | |
| Total Assets | 861 | 842 | 621 | 1,328 | 2,622 | 4,946 | 6,324 | 9,436 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 107 | 9 | 54 | 215 | 260 | 226 | 289 | -21 | |
| Cash from Investing | -41 | -14 | -26 | -31 | -106 | -157 | -441 | -418 |
| Cash from Financing | -5 | -8 | -5 | -16 | -14 | 115 | 365 | 441 |
| 47 | -25 | 19 | 152 | 117 | 185 | 213 | 3 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-31 - Please find enclosed Voting Results and Consolidated Scrutinizer's Report
2026-08-27 - TBO Tek Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-08-27 - TBO Tek Limited has informed the Exchange about the proceedings of the 20th Annual General Meeting.
2026-08-25 - Please find enclosed the Schedule of Investor Conference.
2026-08-10 - Please find enclosed the letter dispatched to the Members of the Company for the Annual Report of Financial Year 2025-26
2026-08-06 - Please find enclosed the Newspaper Publication regarding the Notice of 20th AGM and E-voting Information.
2026-08-05 - Please find enclosed the Transcript of the Investor Earnings Conference Call
2026-08-05 - TBO Tek Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report for the Financial Year 2025-26'.
2026-08-05 - TBO Tek Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 27, 2026
News
Recent coverage and analyst commentary for TBOTEK
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