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Stock Analysis

Description

TBO Tek Limited is a travel distribution platform operating online technology platforms to provide access to global travel inventory from airlines and hotels. It focuses on the B2B segment, offering services via its platform Travelboutiqueonline.com.

Key Growth Triggers

Strategic acquisition of US-based luxury travel firm Classic Vacations LLC to strengthen presence in the US market.
Partnerships with technology providers like Amadeus for AI-driven offerings to enhance services for travel agents.
Expansion in international markets and focus on the Hotels + Ancillary business segment, which contributes significantly to GTV and boosts blended take rate.

Order Book

Currently no data available for Order Book.

Key Red Flags

Ongoing FEMA adjudication proceedings related to alleged contraventions with potential for significant penalties, for which RBI has not acceded to post-facto approval.
High debtors, indicated by a debtor days of 259 as of March 2025, impacting working capital management.
Uncertainty surrounding the full financial impact and resolution of FEMA proceedings, with potential compounding penalty estimated at INR 16.16 million.

Key Dates To Watch

Trading window closure: January 1, 2026.
Announcement of Q3 FY26 financial results: Expected around January 2-3, 2026 (48 hours after declaration).

Corporate Announcements

30th Mar 26

Impact Rating: 5

TBO Tek Limited will close its trading window for designated persons and their relatives from April 1, 2026, up to 48 hours post the announcement of its Q4FY26 and FY26 financial results.

17th Mar 26

Impact Rating: 6

TBO Tek's shareholders voted to approve the continuation of Mr. Bhaskar Pramanik as a Non-Executive Independent Director, enabling him to continue his role beyond the age of 75, with the resolution passing on March 15, 2026.

17th Mar 26

Impact Rating: 8

TBO Tek Limited announced the successful passage of a special resolution by its members, approving the continuation of Mr. Bhaskar Pramanik's directorship as a Non-Executive Independent Director upon reaching the age of 75 years.

16th Mar 26

Impact Rating: 3

TBO Tek Limited has filed a Deed of Variation for its Employees Benefit Trust, changing its principal office location effective March 16, 2026. This administrative update follows SEBI regulations and aims to improve trust management.

27th Feb 26

Impact Rating: 3

TBO Tek Limited announced the relocation of its registered office within New Delhi, with the new address becoming effective from March 1, 2026.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	I R C T C	675.55	40.41	54044.00	1.18	341.86	9.69	1145.99	7.71	49.03	4798.86	33.42	1337.24	337.64	12.69	19.87	0.02
2.	TBO Tek	1647.60	378.00	17890.92	0.00	9.84	-27.19	144.25	1.62	14.43	572.63	8.12	47.33	9.88	21.80	4.83	0.12
3.	BLS Internat.	316.45	21.64	13029.54	0.32	185.70	26.77	736.63	48.81	33.62	2652.82	28.24	602.04	175.23	6.12	24.22	0.19
4.	Le Travenues	233.35	212.06	10210.91	0.00	-3.47	-125.44	282.74	36.94	12.62	1123.11	5.25	48.15	-3.18	13.30	6.85	0.04
5.	Thomas Cook (I)	144.12	28.04	6779.12	0.31	70.75	-21.45	2073.84	3.50	18.69	8511.67	5.27	241.78	50.97	2.87	3.91	0.22
6.	Yatra Online	174.56	49.34	2739.13	0.00	14.28	95.62	350.87	48.42	5.34	1014.91	7.65	55.51	14.28	3.37	2.88	0.07
7.	Easy Trip Plann.	7.37	49.57	2680.36	0.00	-36.04	-85.52	118.34	-18.20	20.89	522.18	12.42	54.07	3.75	3.10	10.70	0.04
–	Median: 11 Co.	233.35	40.0	2739.13	0.0	6.39	-21.45	144.25	7.71	20.89	572.63	12.42	48.15	6.39	3.24	6.85	0.06

Quarterly Results

Standalone figures in ₹ crores

	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2023	Sep 2024	Sep 2025
Sales	124.16	133.59	149.08	154.37	148.75	123.44	137.79	146.04	127.93	141.95	144.25
Expenses	106.86	124.88	118.72	126.97	129.34	108.67	122.23	136.60	106.81	128.67	135.29
Operating Profit	17.30	8.71	30.36	27.40	19.41	14.77	15.56	9.44	21.12	13.28	8.96
Other Income	7.94	12.48	-4.28	10.33	8.09	3.97	0.14	10.29	2.52	10.25	11.45
Profit before tax	18.28	15.22	20.02	31.35	21.66	12.75	7.94	13.81	16.99	17.61	13.35
Tax %	25.27%	25.36%	24.38%	25.65%	25.58%	24.55%	27.33%	37.73%	25.72%	22.94%	26.29%
Net Profit	13.66	11.36	15.13	23.30	16.11	9.62	5.78	8.60	12.62	13.57	9.84
EPS in Rs	1.31	1.05	1.45	2.15	1.48	0.92	0.55	0.79	1.21	1.25	0.91

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	220	265	309	379	102	264	476	539	576	573
Expenses	195	230	294	325	104	232	390	450	511	526
Operating Profit	25	35	15	54	-2	32	86	89	65	47
Other Income	12	15	7	13	27	29	11	6	41	42
Interest	0	1	1	3	2	4	11	13	12	7
Depreciation	1	1	1	12	11	14	16	19	17	17
Profit before tax	36	48	20	53	14	42	70	63	78	64
Net Profit	24	31	13	39	9	31	52	47	57	46
EPS in Rs	124.20	162.77	69.07	204.77	49.07	3.01	4.96	4.53	5.23	4.23
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	2	2	2	2	2	10	10	10	11	11
Reserves	85	116	129	168	178	192	248	305	775	810
Borrowings	0	0	0	17	0	3	62	73	67	103
Other Liabilities	249	286	390	301	216	451	489	550	559	596
Total Liabilities	336	404	521	488	396	656	810	938	1,412	1,519
Fixed Assets	1	1	22	0	21	79	72	81	72	113
Gross Block	8.62	11.41	33.05	65.58	41.89	107.86	117.69	145.50	153.05	–
Accumulated Depreciation	7.41	10.14	10.78	11.35	21.11	29.33	45.56	64.80	81.02	–
CWIP	0	0	0	0	0	0	0	2	4	1
Investments	16	16	16	16	16	16	16	18	18	117
Other Assets	319	387	483	472	358	561	722	838	1,318	1,289
Total Assets	336	404	521	488	396	656	810	938	1,412	1,519

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	38	-23	104	-15	43	42	31	99	55
Cash from Investing Activity	5	2	-15	-12	-27	-3	2	-23	-295
Cash from Financing Activity	-0	-4	-16	-8	-5	-15	-13	-13	378
Net Cash Flow	43	-25	73	-35	11	24	20	64	137

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	211	268	260	152	170	284	237	237	259
Inventory Days	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	211	268	260	152	170	284	237	237	259
Working Capital Days	-141	-40	-134	-38	-326	-146	-52	-59	-44
ROCE %	–	48%	22%	35%	8%	24%	31%	25%	14%

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	44.40%	44.40%	44.40%	44.40%	44.40%	44.40%
FIIs	42.79%	43.06%	38.05%	31.61%	30.11%	30.73%
DIIs	6.61%	6.59%	11.78%	17.88%	19.18%	18.90%
Public	3.98%	3.72%	3.60%	3.99%	4.27%	3.96%

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

TBO Tek to Close Trading Window from April 1, 2026, Ahead of FY26 Results

31st March 2026, 3:23 am

TBO Tek Shareholders Approve Director's Continuation Post-75 Years

17th March 2026, 8:33 pm

TBO Tek Members Approve Continuation of Director Bhaskar Pramanik's Tenure

17th March 2026, 8:25 pm

TBO Tek Limited Files Deed of Variation for ESOP Trust, Changes Principal Office

16th March 2026, 11:55 pm

TBO Tek to Shift Registered Office in Delhi from March 1, 2026

28th February 2026, 3:40 am

Published by Other Websites

External media mentions & references

India's Travel Boom: 4 Platform Stocks Poised to Ride the Surge

29th March 2026, 1:39 pm

Motilal Oswal Reveals Top Stock Picks: ICICI Pru AMC, TBO Tek Lead Growth Bets

27th March 2026, 12:18 pm

India's New-Age IPOs Face Brutal Re-Rating Amid Geopolitical Storm

26th March 2026, 2:43 pm

Motilal Oswal Ignites TBO Tek: 'Buy' Rating, 28% Upside Forecast

25th March 2026, 10:35 am

Motilal Oswal Bullish on TBO Tek, Sets Rs 1,360 Target

24th March 2026, 12:21 pm

News Articles

Editorial & research coverage

Anand Rathi Eyes Polycab India Rally: Buy Rating, ₹9073 Target

19th January 2026, 1:29 pm

Anand Rathi Elevates TBO Tek Target to ₹2000, Reaffirms Buy

16th January 2026, 1:48 pm

India's IPO Boom: 11 Tech Giants Eye ₹36,700 Cr in 2026

12th January 2026, 5:21 pm

Brokerage Bullish: JM Financial Bets on TBO Tek for 15% Surge with Luxury Travel Focus!

16th December 2025, 12:52 pm

Analyst Alert: Maruti Suzuki Target Soars, JSW Energy Downgraded! Top Stock Insights Revealed

16th December 2025, 7:19 am

Documents

Announcements

Closure of Trading Window

Announcement under Regulation 30 (LODR)-Investor Presentation

Announcement under Regulation 30 (LODR)-Credit Rating

10 Dec - CARE assigned/reaffirmed CARE A-/A2+ for ₹1,148.50 crore facilities on Dec 10, 2025.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Credit Ratings

Rating update

15 Dec from care

Rating update

12 Sep 2025 from care

2 Apr 2025 from care

2 Apr 2024 from care

1 Apr 2022 from care

12 Mar 2021 from care

Concalls

Dec 2025

PPT

Dec 2025

PPT

Dec 2025

PPT

Nov 2025

Transcript PPT Recording

Sep 2025

Sep 2025

May 2025

Feb 2025

Feb 2025

Nov 2024

Nov 2024

Sep 2024

Aug 2024

Jun 2024

Stock Analysis

Description

TBO Tek Limited is a travel distribution platform operating online technology platforms to provide access to global travel inventory from airlines and hotels. It focuses on the B2B segment, offering services via its platform Travelboutiqueonline.com.

Key Growth Triggers

Strategic acquisition of US-based luxury travel firm Classic Vacations LLC to strengthen presence in the US market.
Partnerships with technology providers like Amadeus for AI-driven offerings to enhance services for travel agents.
Expansion in international markets and focus on the Hotels + Ancillary business segment, which contributes significantly to GTV and boosts blended take rate.

Order Book

Currently no data available for Order Book.

Key Red Flags

Ongoing FEMA adjudication proceedings related to alleged contraventions with potential for significant penalties, for which RBI has not acceded to post-facto approval.
High debtors, indicated by a debtor days of 259 as of March 2025, impacting working capital management.
Uncertainty surrounding the full financial impact and resolution of FEMA proceedings, with potential compounding penalty estimated at INR 16.16 million.

Key Dates To Watch

Trading window closure: January 1, 2026.
Announcement of Q3 FY26 financial results: Expected around January 2-3, 2026 (48 hours after declaration).

Corporate Announcements

30th Mar 26

Impact Rating: 5

TBO Tek Limited will close its trading window for designated persons and their relatives from April 1, 2026, up to 48 hours post the announcement of its Q4FY26 and FY26 financial results.

17th Mar 26

Impact Rating: 6

17th Mar 26

Impact Rating: 8

16th Mar 26

Impact Rating: 3

27th Feb 26

Impact Rating: 3

TBO Tek Limited announced the relocation of its registered office within New Delhi, with the new address becoming effective from March 1, 2026.

TBO TEK Ltd

ABOUT

KEY POINTS

Description

Key Growth Triggers

Order Book

Key Red Flags

Key Dates To Watch

Peer Comparision

Quarterly Results

Profit & Loss

Compounded Profit Growth

Compounded Sales Growth

Return on Equity

Stock Price CAGR

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

BSE Announcements AI Summary

Published by Other Websites

News Articles

Documents

Announcements

Annual Reports

Credit Ratings

Concalls

Description

Key Growth Triggers

Order Book

Key Red Flags

Key Dates To Watch