1. At a Glance – Air Miles, EBITDA Smiles?
₹1,520 per share. ₹16,511 Cr market cap. 70.7x earnings. 11.9x book value. Zero dividend. And a quarterly revenue jump of 85.8% YoY to ₹784 Cr.
Welcome to TBO Tek — where travel agents click, airlines smile, and investors debate whether this is MakeMyTrip’s B2B cousin or the next overvalued tech fantasy.
Q3 FY26 delivered ₹784 Cr revenue and ₹58 Cr PAT. Quarterly profit grew 24.2% YoY. ROE stands at 24.6%, ROCE at 26.7%. Sounds premium, right?
But hold your boarding pass.
Debt has ballooned to ₹719 Cr. Debtor days are sitting at a spicy 853 days. That’s not a credit cycle. That’s a pilgrimage.
The stock has fallen 3.3% in 3 months and 6% over 1 year — so Mr. Market isn’t clapping yet.
So what is TBO Tek?
A scalable B2B global travel tech platform riding outbound travel megatrends?
Or a high-multiple, acquisition-fueled machine that needs flawless execution?
Fasten your seatbelts.
2. Introduction – Travel Agents Are Not Dead. They Just Went Digital.
Remember when everyone said travel agents are finished?
Apparently, nobody told TBO Tek.
Founded in 2006, this company decided not to fight the online travel war directly. Instead of selling flights to consumers, it built the pipes that connect 20,000+ travel agents across 47+ countries to airlines and 7+ lakh hotels.
Think of it like this:
MakeMyTrip is the flashy front-end.
TBO is the invisible back-end middleman earning commission on every booking.
And the commissions aren’t tiny.
- 3–4% from airlines
- 6–8% from hotels
Hotels are the real gravy train.
In FY24, 68% revenue came from hotel & packages. Air ticketing was just 22%.
Now ask yourself — in a world where outbound travel is rising, premium assisted travel is growing, and offline agents still dominate complex bookings — does this platform sit in a sweet spot?
Or is it just riding post-COVID revenge travel?
Let’s dissect.
3. Business Model – WTF Do They Even Do?
Okay lazy investor, listen carefully.
TBO Tek connects:
- Hotels
- Airlines
- Travel agents
- Corporate travel managers
- Loyalty platforms
It does not own planes.
It
