Please find enclosed Shareholder''s Letter on Unaudited Standalone and Consolidated Financial Results for the quarter ended on June 30, 2026 (Revised).
RESULTS
▲ Positive Development
LOW RISK
📅 Filed on BSE: 29 Jul 2026, 11:09 PM IST · BSE ID: 98e7bf42-84ca-49bd-92d1-327b20d32f6c
View Original BSE Filing (PDF)
💡
In Simple Terms
TBO TEK reported strong Q1 FY27 results, with total transaction value up 37% and profits increasing significantly.
🤖 AI Summary
- TBO TEK Ltd. filed a revised Shareholders’ Letter for its unaudited Q1 FY27 Standalone and Consolidated Financial Results.
- Gross Transaction Value (GTV) for Q1 FY27 stood at ₹11,154 Cr, marking a 37% YoY increase.
- Organic GTV, excluding Classic Vacations, increased 22% YoY to ₹9,918 Cr for the quarter.
- Organic Adjusted EBITDA grew 25% YoY, with Adjusted EBITDA margin expanding to 18% for the quarter.
- Cash and Cash Equivalents reached ₹1,984 Cr as of June 30, 2026, an increase of ₹392 Cr from March 31, 2026.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Gross Transaction Value (GTV) Q1 FY27
₹11,154 Cr
37%
Organic GTV (without Classic Vacations) Q1 FY27
₹9,918 Cr
22%
Organic Hotels + Ancillary business growth (without Classic Vacations) Q1 FY27
27.3%
Consolidated Hotels + Ancillary business growth (with Classic Vacations) Q1 FY27
49.8%
India Airlines business growth Q1 FY27
14.7%
Consolidated Airlines business growth Q1 FY27
16.9%
Monthly Transacting Buyers (MTBs) Q1 FY27
33,736
14%
Organic Gross Profit growth Q1 FY27
16%
Organic Adjusted EBITDA growth Q1 FY27
25%
Organic Adjusted EBITDA margin Q1 FY27
18%
Cash and Cash Equivalents as on June 30, 2026
₹1,984 Cr
Increase in Cash and Cash Equivalents from March 31, 2026
₹392 Cr
🏢 How This Affects the Company
The company's platform demonstrated resilience by absorbing disruption and shifting travel flows across alternate destinations and geographies, with strong growth in Hotels + Ancillary business (49.8% YoY Consolidated).
Adjusted EBITDA growth outpaced Gross Profit growth, with organic Adjusted EBITDA expanding 25% YoY, leading to a 18% Adjusted EBITDA margin. Cash and Cash Equivalents increased by ₹392 Cr to ₹1,984 Cr.
Moderation in SG&A growth (organic SG&A grew 4% YoY CC) and flat total headcount costs suggest improved operating leverage from prior investments in technology and infrastructure.
The broadness of the platform and geographic diversity helped mitigate risks from geopolitical disruptions in the Middle East, though the region's lower saliency affected blended Gross Profit margins.
👥 What This Means For Shareholders
✅
Action Required
No immediate action is required from shareholders based on this filing.
👤
Who Is Affected
All shareholders are affected as the company's Q1 FY27 unaudited financial performance indicates growth in GTV and Adjusted EBITDA, alongside an increase in cash reserves.
🔍
Management Signal
Management is focused on delivering profitable growth through operating leverage, adapting to market disruptions, and investing in technology, particularly AI, for future expansion.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Q2 FY27 financial results — observe sustained GTV growth and margin expansion.
Updates on Classic Vacations integration — track completion by end of Q3 FY27.
Developments from AI Centre of Excellence — monitor impact on advisor productivity and customer experience.
LOW RISK
Despite geopolitical headwinds, the company demonstrated strong growth and operating leverage.
💡 Investor Takeaway
TBO TEK reported Q1 FY27 GTV of ₹11,154 Cr, up 37% YoY, with organic Adjusted EBITDA growing 25% YoY to an 18% margin. Cash and Cash Equivalents increased by ₹392 Cr to ₹1,984 Cr as of June 30, 2026, demonstrating improved operating leverage and cash generation.
⚖️ Strengths & Concerns
✅ Positives
- Gross Transaction Value increased 37% YoY to ₹11,154 Cr in Q1 FY27, with organic GTV growing 22% YoY to ₹9,918 Cr.
- Organic Adjusted EBITDA grew 25% YoY, with Adjusted EBITDA margin expanding to 18%, indicating improved operating leverage.
- Cash and Cash Equivalents rose by ₹392 Cr to ₹1,984 Cr as of June 30, 2026, driven by working capital release.
⚠️ Concerns
- India Hotels + Ancillary business GTV contracted by 2% YoY, attributed to volumes rerouting to lower Average Daily Rate (ADR) destinations.
- Disruptions in the Middle East, a higher-margin market, affected the blended Gross Profit margin of the Hotels and Ancillaries business.
📅 Company Track Record
Recently listed — IPO March 2026. This is one of the company's first public financial disclosures post-listing, providing an initial view of its operational and financial performance.
Based on publicly available historical data. For context only.
❓ Frequently Asked Questions
What was TBO TEK's Gross Transaction Value (GTV) in Q1 FY27?
TBO TEK's Gross Transaction Value (GTV) for Q1 FY27 was ₹11,154 Cr, which is a 37% increase year-over-year.
How did TBO TEK's organic Adjusted EBITDA perform in Q1 FY27?
The organic Adjusted EBITDA for TBO TEK grew 25% year-over-year in Q1 FY27, with the Adjusted EBITDA margin expanding to 18% for the quarter.
What was TBO TEK's cash and cash equivalents balance as of June 30, 2026?
As of June 30, 2026, TBO TEK's Cash and Cash Equivalents (including bank balances, bank deposits and liquid investments) amounted to ₹1,984 Cr.
Did TBO TEK's India Hotels + Ancillary business grow in Q1 FY27?
No, the GTV for TBO TEK's India Hotels + Ancillary business contracted by 2% on a year-over-year basis in Q1 FY27.
What was the growth in Monthly Transacting Buyers (MTBs) for TBO TEK in Q1 FY27?
Monthly Transacting Buyers (MTBs) for TBO TEK reached 33,736 in Q1 FY27, reflecting a 14% increase year-over-year.
Questions based on this BSE filing only. For information purposes.