TBO Tek Q2 FY26 Concall Decoded: The Travel Bazaar That Refuses to Slow Down ✈️

After a turbulent Q1 filled with geopolitical turbulence and economic jet lag, TBO Tek’s Q2 feels like the flight finally took off. The travel-tech duo Ankush and Gaurav were all smiles — and why not? With a 12% jump in GTV and 19% rise in gross profit, TBO seems to be cruising at altitude again. The Classic Vacations acquisition adds a luxury twist — because apparently, when you’ve conquered B2B travel, you start selling five-star sunsets too.

And no, they’re not worried about “macro headwinds.” As Gaurav put it, “we’ll find growth levers.” Translation: turbulence is for economy class. 🛫

At a Glance

• GTV up 12% – The global travel wallet just got heavier.
• Hotels up 20% – Tourists might be broke, but still sleep in style.
• Gross Profit up 19% – Margins and optimism both widened.
• Adjusted EBITDA ₹104 Cr (+16%) – “Operating leverage” a.k.a. making Excel proud.
• Classic Vacations acquired – A 500M GTV bet on luxury jet-setters.
• EBITDA margin 18.3% (pre M&A) – Stronger than your rupee post-holiday.
• APAC up 40% – Australians and Indonesians are back outside.
• LatAm up only 10% – Blame currencies and Brazil’s installment plans.

Management’s Key Commentary

“Classic Vacations adds $500 million GTV to our $3.5 billion base.”
(Translation: We just bought a luxury toy without breaking the wallet.)

“EBITDA growth catching up with GP — operating leverage at work.”
(Translation: We’ve finally stopped overspending on PowerPoints. 💼)

“Hotels business grew 20%, air de-growth arrested.”
(Translation: Planes may fly less, but beds still sell.)

“India business stabilizing; Middle East and Europe on fire.”
(Translation: Desi agents are steady; Dubai’s still printing visas.)

“LatAm facing structural issues — forex, taxes, and vibes.”
(Translation: Brazil is complicated, even in Excel. 🇧🇷)

“Classic’s 22% take rate, 11% GP — accretive from day one.”
(Translation: Luxury hotels actually pay better than budget airlines.)

“New agents now 6.9% of GTV vs 4.3% last year.”
(Translation: Our customer funnel isn’t clogged anymore. 😏)

Numbers Decoded