TBOTEK
Large CapTBO Tek Limited
Services
TBO Tek Limited is a global B2B travel distribution platform, connecting travel buyers (agencies, tour operators) with suppliers (hotels, airlines, car rentals). It claims to be among the top four global B2B travel distributors, enabling seamless business transactions across 140 source markets and 30,000+ destinations.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 32/100margin compression · Rev +83% YoY · PAT +2% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹814 Cr | +82.5% | +3.8% |
| EBITDA | ₹105 Cr | +61.5% | +5.0% |
| Operating margin | 13.0% | -200 bps | +0 bps |
| PAT | ₹60 Cr | +1.7% | +11.1% |
| PAT margin | 7.4% | -586 bps | +48 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 reported results show strong YoY growth: GTV +29%, Revenue +83%, Gross Profit +59%, Adj. EBITDA +40%, significantly boosted by Classic Vacations acquisition. Organic growth was more moderate: GTV +16%, Revenue +21%, Gross Profit +14%, Adj. EBITDA +5%, with organic Adj. EBITDA margin declining QoQ and YoY.
The reported numbers are strong, but the underlying organic growth is decelerating, and margins are under pressure. While acquisitions provide a growth lever, sustained organic performance and margin stability are crucial. The company's focus on premium outbound and assisted travel is a strategic positive, but execution on buyer stickiness and take rate improvement needs close monitoring.
Organic GTV by Product (Q4 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Value Accretive Acquisitions
Strategy to acquire companies for enhanced data/tech capabilities, supplier network, and buyer base.
Global Platform User Growth
Focus on growing buyer base in existing and new geographies.
AI and High-Tech Innovation
Deploying AI and high-tech innovation for efficiency and to enhance platform experience and new product lines.
Business Diversification
Driving growth through new lines of business (e.g., Paxes, Umrah) and new product lines (e.g., Car Rental, Transfers).
Classic Vacations Acquisition
Acquired Classic Vacations in 2025, contributing to reported growth.
Jumbonline S.L.U. Acquisition
Acquired Jumbonline S.L.U. in 2024, expanding the business footprint.
Demographic Shift
Developed world is older and prosperous; developing world is young and reaching higher income thresholds, driving travel demand.
Outbound Travel Megatrend
More people will travel outside their countries, creating a large opportunity for assisted travel, longer trips, and multi-service bookings.
Underserved Assisted Travel Market
Offline/assisted travel channel is highly fragmented and underserved, with no large global player, presenting a whitespace opportunity.
Geopolitical Headwinds
Company reports 'structural resilience against geopolitical headwinds' impacting the operating environment.
Growth and Expansion Plans
Future results could differ materially due to risks related to growth and expansion plans.
Technological Changes
Future results could differ materially due to risks related to technological changes.
Fluctuation in Earnings and FX Rates
Future results could differ materially due to risks related to fluctuation in earnings and foreign exchange rates.
Managing International Operations
Future results could differ materially due to risks related to the ability to manage international operations.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential to assess the impact of acquisitions and overall market growth, especially for a business with potential seasonality. QoQ comparison is critical to track sequential momentum, organic performance, and margin trends.
Monthly Transacting Buyers (Reported)
32,751 in Q4 FY26, up 15% YoY.
Monthly Transacting Buyers (Organic)
30,063 in Q4 FY26, up 6% YoY (vs 31,262 in Q3 FY26, down 4% QoQ).
Gross Transaction Value (GTV) (Reported)
10,079 Cr. in Q4 FY26, up 29% YoY.
Gross Transaction Value (GTV) (Organic)
9,038 Cr. in Q4 FY26, up 16% YoY (vs 8,664.1 Cr. in Q3 FY26, up 4.3% QoQ).
Increase Buyer Stickiness and Share of Wallet
Business approach focuses on increasing buyer stickiness and share of wallet through multi-product sales.
Improve Take Rate
Focus on product and geography mix to improve the overall take rate.
Achieve Higher EBITDA Margins
Aim to improve operating leverage to achieve higher EBITDA margins.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Organic GTV Growth | 16% YoY (Q4 FY26) | Sustained sequential and YoY growth rates, especially in international markets. |
| Organic Adjusted EBITDA Margin | 15.40% (Q4 FY26) | Stabilization and improvement in margins, reversing the recent declining trend. |
| Hotels and Ancillary GTV Mix | 62.6% (Q4 FY26) | Continued growth in this higher-margin segment to drive overall profitability. |
| International Transacting Buyers (Organic) | 12,257 (Q4 FY26) | Growth in international buyer base, which is a key driver for the company's global expansion strategy. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -15.8% / mo
Technical chart
TBOTEKweekly · 6M-26.9%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 42.
- RSI(14) at 42 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 30% off 52W high · 21% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 20/25 to the score.
- Quality contributes 8/20 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Altman Z is 1.7, in distress territory.
- Fair-value margin of safety is negative at -49.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 54th percentile within Services. Main check: cash conversion is weak at 52/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-21 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Services: 54th pctile, median 66 · Large: 28th pctile, median 74
60 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-21 Cr.
- ▸Altman Z is 1.71.
- ▸ROCE trend is -11.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 53.20
- P/B
- 8.31
- EV/EBITDA
- 29.96
- Market Cap
- 12904.00Cr
Profitability
- ROE
- 17.60%
- ROCE
- 18.00%
- ROA
- 2.62%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 80.00%
- EPS 5Y
- 91.00%
- Revenue 3Y
- 36.00%
- EPS 3Y
- 20.00%
Balance Sheet
- Debt/Equity
- 0.49
- Interest Coverage
- 8.41×
- Altman Z
- 1.71
- Book Value
- 143.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- -21.00 Cr
- EPS TTM
- 22.50
Shareholding
- Promoter Hold
- 44.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 24%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.