Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
TBO Tek Limited (TBOTEK)
Large CapConsumer stocks · Large cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 12:56 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
45NeutralSMA20 -1.5% / mo · MACD − · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 51
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TBOTEKD candles · FIT view+29.8%Latest close ₹1613.60 on 2026-10-19
Bar
+0.3%
RSI
41
MACD hist
-7.96
52W pos
79%
2026-10-19O ₹1608.10H ₹1640.00L ₹1606.00C ₹1613.60Vol 90,084 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TBOTEKNifty Consumer DurablesNifty 500
- TBOTEK
- +11.7%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +17.3 pp
Chart stats
19 Oct 2026- From 52W high
- -9.0%
- 52W range position
- 79%
- ATR (14)
- 3.3%
- Volume vs 20D
- 0.34x
- Avg traded value
- ₹43.2 Cr
- 20D price channel
- ₹1,601 - ₹1,772.5
₹1,772.5
₹1,004.2 - ₹1,772.5
₹54
Latest completed session
20-session average
21.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST39
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +81.2% · PAT +31.8% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model-98.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 85/100Rev +81% YoY · PAT +32% YoY · margin expansion · +14% QoQ
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹926 Cr | +81.2% | +13.8% |
| EBITDA | ₹138 Cr | +86.5% | +31.4% |
| Operating margin | 15.0% | +100 bps | +200 bps |
| PAT | ₹83 Cr | +31.8% | +38.3% |
| PAT margin | 9.0% | -337 bps | +159 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 65.70
- P/B
- 11.38
- EV/EBITDA
- 34.26
- Market Cap
- 17677.00Cr
Profitability
- ROE
- 17.40%
- ROCE
- 18.30%
- ROA
- 2.85%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 80.00%
- EPS 5Y
- 90.00%
- Revenue 3Y
- 36.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.49
- Interest Coverage
- 8.15×
- Altman Z
- 2.15
- Book Value
- 143.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- -21.00 Cr
- EPS TTM
- 24.37
Shareholding
- Promoter Hold
- 44.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 81%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,677+54.1% vs prev
Net Profit
₹ CrLatest: 244+6.1% vs prev
Return on Equity
%Latest: 15.7-18.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 41.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.5% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 9% off 52W high · 61% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
80
RS percentile
Stage 2 UptrendEstablished S2
1M return
-5.7%
3M return
+11.7%
6M return
+26.3%
1Y return
+2.1%
RS 1D
+3
RS 20D
-2
Sector rank
#8
Industry rank
-
Stage evidence
- Price is 12.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
21 Aug 2026
S2 age
40 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 111.24+0.17%
RS vs Nifty 500111
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth17/25
Quality10/20
Balance Sheet6/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
39
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
39/100 · legacy band WATCHLIST
Positive drivers
- Growth contributes 17/25 to the score.
- Quality contributes 10/20 to the score.
- Balance sheet contributes 6/15 to the score.
Main drags
- Fair-value margin of safety is negative at -98.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
65.7
PB
11.4
EV/EBITDA
34.3
ROE
17.4%
ROCE
18.3%
FCF Yield
—
Debt/Equity
0.5
MoS
-98.8%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
39
Previous: 39
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-98.8%
Previous: -98.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
38
38
38
38
38
38
39
39
39
39
39
39
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹280.02
-476.2% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹811.52
-98.8% MoS
PEG
1.07
Comparable companies
Peers
Business-comparable peers in Consumer — 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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
THOMASCOOK
Micro
Thomas Cook (India) Limited
Travel Services
match 48
50
21.2
9.2%
+35%
FAIR VALUE
IXIGO
Micro
Le Travenues Technology Limited
IT Services / Digital
match 35
31
53.7
4.8%
-38%
OVERVALUED
YATRA
Small
Yatra Online Limited
Travel Services
match 33
39
46.1
6.2%
-84%
WATCHLIST
DREAMFOLKS
Small
Dreamfolks Services Limited
Travel Services
match 32
36
—
3.8%
—
WATCHLIST
EASEMYTRIP
Small
Easy Trip Planners Limited
Travel Services
match 32
20
—
-0.5%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T18:42:40.294Z
Management commentary snapshot
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.
Current business mix
Organic GTV by Product (Q4 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Hotels and ancillary62.6%
Airlines37.4%
Growth engines
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).
Capacity and execution
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.
Tailwinds
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.
Headwinds
Geopolitical Headwinds
Company reports 'structural resilience against geopolitical headwinds' impacting the operating environment.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 69th percentile within Consumer. Main check: cash conversion is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
61 docs text-extracted · 18 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Consumer: 69th pctile, median 66 · Large: 42nd pctile, median 73
Evidence depth
Financial-only
61 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
95
strong · quarterly consistency
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.
- ▸ROCE trend is -11%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching TBO Tek Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 27 Aug - Shareholders approved re-appointment of four independent directors at AGM on August 27, 2026, for new terms.
Source: Bse
Annual reportAug 2026
Aug 2026 · Dispatch Of Letter To The Members Of The Company In Relation To The Annual Report For The Financial Year 2025-26 10 Aug - TBO Tek dispatched AGM notice and FY26 annual report; 20th AGM on August 27, 2026 via VC/OAVM.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Aug - The Newspaper Publication regarding the Notice of 20th AGM and E-voting Information.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1d - Q1 FY2027 earnings conference call scheduled for July 30, 2026 at 16:00 IST.
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 30 May - TBO Tek to attend a virtual FIIs conference call on June 4, 2026, organized by CLSA Group.
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Announcement
Compliances-Reg.24(A)-Annual Secretarial Compliance 30 May - TBO Tek filed FY26 Annual Secretarial Compliance Report; no non-compliances noted.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.