Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,444.80 last close on 16 Oct 2026 −0.25%
Research updated
Tboteck Ltd.
NSE: TBOTEKConsumer CyclicalTravel Services
- Last close
- ₹1,627.50
- Day change
- −₹0.40 (−0.02%)vs
- Market cap
- ₹17,379 crIndian rupees
- Research updated
- 1 report
About Tboteck
Tboteck Ltd. operates in the technology and innovation sectors, focusing on developing advanced electronic components and software solutions to cater to the global market. The company is renowned for its cutting-edge research and development, particularly in areas like semiconductor manufacturing and artificial intelligence software. Their products and services play a significant role in industries such as telecommunications, automotive, and consumer electronics, providing vital components and intelligent solutions that enable next-generation technologies. Founded with a vision to advance digital transformation, Tboteck Ltd. prioritizes sustainable business practices and invests heavily in renewable energy solutions for its manufacturing processes. In the financial markets, Tboteck Ltd. is recognized for its strong intellectual property portfolio and consistent performance in the technology sector. The company not only enhances production efficiencies across various domains but also contributes to the broader economic ecosystem by fostering partnerships with numerous international tech giants. As a key player, Tboteck Ltd. demonstrates a significant role in shaping the future of smart technologies, making it a pivotal name among technology-focused enterprises.
- Sector
- Consumer Cyclical
- Industry
- Travel Services
- Listing
- NSE: TBOTEK
- Employees
- 1,511
- Headquarters
- Gurugram, India
- ISIN
- INE673O01025
- Website
- tbo.com
Public research · Report of
Business model & financial foundation
TBO Tek (NSE: TBOTEK), B2B travel distribution technology: revenue of ₹2,677 crore in FY26 (+54.1% on FY25), an EBITDA margin of 14.1%, net profit of ₹244.3 crore and net cash of ₹835.6 crore.
- Revenue, FY26 (₹ crore)
- 2,677
- consolidated
- Revenue growth, FY26
- +54.1%
- on FY25
- EBITDA margin, FY26
- 14.1%
- EBITDA (Company unadjusted EBITDA) / revenue
- Net profit, FY26 (₹ crore)
- 244.3
- to owners
- Return on equity, FY26
- 17.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -835.6
- Net debt on broad company liquidity basis
- Market capitalisation (₹ crore)
- 17,421
- at the close of 17 Oct 2026
Company profile
TBO aggregates hotel, air and ancillary inventory and distributes it through travel agents and enterprise APIs. GTV is booking value, not accounting revenue; retained gross profit after service fees is the economic monetisation measure. Classic Vacations adds US premium-advisor distribution with check-in recognition, unlike the core booking-based business.
| Item | Value |
|---|---|
| Legal name | TBO Tek Limited |
| Exchange and ticker | NSE: TBOTEK; BSE: 544174 |
| ISIN | INE673O01025 |
| CIN | L74999DL2006PLC155233 |
| Sector | Consumer services |
| Industry | B2B travel distribution technology |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP (since 2024-08-23) |
| Market capitalisation | ₹17,421 crore (17 Oct 2026) |
| Shares outstanding | 10.86 crore shares (FY26) |
| Price | ₹1,628 (close, 17 Oct 2026) |
| 52-week range | ₹1,004 - ₹1,773 (to 17 Oct 2026) |
| Website | https://www.tbo.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Tek Travels DMCC | 100% | International distribution and subsidiary holding company |
| TBO Cargo Private Limited | 100% | India cargo services |
| Jumbonline | 100% | European wholesale distribution, indirect subsidiary |
| Classic Vacations | 100% | US luxury travel advisor distribution, indirect via TBO LLC |
| Bookabed AG | 100% | European accommodation distribution, indirect subsidiary |
All holdings consolidated; Classic Vacations from 1 October 2025.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 44.41% | 44.41% | 44.41% | 44.41% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 30.73% | 30.85% | 29.71% | 28.93% |
| Domestic institutions | 18.90% | 19.01% | 20.34% | 21.09% |
| of which mutual funds | 16.19% | 16.54% | 17.63% | 18.29% |
| Retail | 2.94% | 3.12% | 3.08% | 3.23% |
| Other | 3.01% | 2.60% | 2.45% | 2.33% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
TBO Tek is a B2B travel distributor: it aggregates hotel, air and ancillary supply and sells to retail agents (selling platform) and enterprise buyers (APIs). It acts as agent, so GTV (FY26 36,809cr) is not revenue; revenue from operations (FY26 2,677.5cr) is commission and margin, and gross profit after service fees is the economic yield. Hotels are the profit engine (64% of FY26 GTV); India air is the acquisition funnel. Classic Vacations (US luxury advisors, consolidated from 1 Oct 2025) recognises revenue at check-in and pays advisor commissions, so it lifts revenue faster than retained profit. TBO controls distribution reach and technology; it does not control supplier pricing or travel demand.
| Segment | revenue, FY25 (₹ crore) | Share | gross profit, FY25 (₹ crore) | Share |
|---|---|---|---|---|
| Airlines consolidated | 327.5 | 9.4% | 158.8 | 6.7% |
| Hotels and ancillary consolidated | 1,372 | 39.5% | 999.7 | 41.9% |
| Other products consolidated | 38.3 | 1.1% | 35.0 | 1.5% |
| India source market consolidated | 428.5 | 12.3% | 219.6 | 9.2% |
| International source markets consolidated | 1,309 | 37.7% | 973.9 | 40.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Web Travel Group | WebBeds is the closest listed wholesale distribution comparator. |
| HBX Group | Hotelbeds and Bedsonline B2B distribution; more direct supply/pre-buy exposure. |
| Expedia Group | |
| MakeMyTrip | India travel technology/channel benchmark, principally B2C. |
| Yatra Online (YATRA) | Indian listed corporate/OTA channel comparator, not US parent. |
| Easy Trip Planners (EASEMYTRIP) | India OTA and agency-channel benchmark, different mix. |
| Thomas Cook India (THOMASCOOK) | Travel-services and forex benchmark, not pure bedbank. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 436.8 | 982.8 | 1,393 | 1,737 | 2,677 |
| Cost of revenue (vendor classification) * | 158.5 | 332.0 | 470.7 | 544.0 | 1,004 |
| Other operating costs (vendor classification) * | 131.9 | 283.1 | 349.4 | 603.2 | 686.2 |
| EBITDA (vendor classification) * | 61.1 | 209.1 | 288.2 | 337.0 | 449.5 |
| EBIT * | 49.6 | 181.4 | 237.6 | 297.9 | 336.9 |
| Finance costs | 3.54 | 7.17 | 10.6 | 23.3 | 43.6 |
| Profit before tax | 46.0 | 174.2 | 226.9 | 274.6 | 293.3 |
| Tax expense | 12.3 | 25.7 | 26.3 | 44.7 | 49.0 |
| PAT including NCI | 33.7 | 148.5 | 200.6 | 229.9 | 244.3 |
| Diluted EPS (₹) | 3.11 | 13.28 | 19.67 | 21.48 | 22.76 |
| Service fees | 470.7 | 544.0 | 1,004 | ||
| Employee benefits | 277.3 | 376.1 | 545.6 | ||
| Other expenses | 384.5 | 513.5 | 749.9 | ||
| Share issue expenses | 2.03 | 3.05 | 0.00 | ||
| Net FX loss statutory expense | 5.57 | 25.7 | 8.83 | ||
| Other income statutory | 28.2 | 61.8 | 51.2 | ||
| Depreciation and amortisation | 36.2 | 51.9 | 86.4 | ||
| Exceptional signed PBT contribution | -7.20 | 12.7 | 2.42 | ||
| PAT attributable to NCI | -1.57 | 0.00 | 0.00 | ||
| PAT attributable to owners | 202.1 | 229.9 | 244.3 | ||
| Company unadjusted EBITDA | 258.3 | 300.9 | 378.5 | ||
| Share of associates and joint ventures | 0.00 | n.d. | n.d. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 231.9 | 337.2 | 544.8 | 1,195 | 1,551 |
| Borrowings including lease liabilities | 63.4 | 70.6 | 210.5 | 214.2 | 756.1 |
| Statutory cash and cash equivalents | 424.9 | 517.5 | 751.5 | 961.7 | 1,022 |
| Trade receivables | 504.6 | 1,466 | 3,307 | 4,061 | 5,314 |
| Trade payables | 727.3 | 1,803 | 3,603 | 4,321 | 5,422 |
| Net property plant and equipment | 72.7 | 82.1 | 13.0 | 12.8 | 20.8 |
| Capital work in progress | 0.17 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total assets | 1,271 | 2,558 | 4,857 | 6,214 | 9,309 |
| Trade payables MSE | 3.26 | 3.62 | 2.98 | ||
| Trade payables other | 3,600 | 4,318 | 5,419 | ||
| Financial borrowings noncurrent | 135.1 | 90.1 | 557.0 | ||
| Financial borrowings current | 0.00 | 46.2 | 88.1 | ||
| Lease liabilities noncurrent | 63.8 | 66.6 | 96.2 | ||
| Lease liabilities current | 11.5 | 11.2 | 14.9 | ||
| Other bank balances | 102.6 | 323.4 | 256.1 | ||
| Current liquid investments | 0.00 | 170.5 | 261.1 | ||
| Noncurrent investments excluded from liquidity | 2.03 | 2.03 | 2.04 | ||
| Net other intangible assets excluding goodwill | 180.5 | 176.3 | 949.8 | ||
| Net right of use assets | 66.9 | 65.0 | 93.3 | ||
| Intangible assets under development | 13.9 | 38.9 | 14.3 | ||
| Bank deposits over twelve months | 0.00 | 52.9 | |||
| Net debt on broad company liquidity basis | -643.6 | -1,241 | -835.6 | ||
| Liens in cash and other bank balances | 125.0 | 69.7 | |||
| Inventory | n.r. | n.r. | n.a. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -340.5 | -790.0 | 226.5 | 288.8 | -20.8 |
| Free cash flow (vendor definition) * | 190.4 | 230.4 | 187.8 | 235.6 | -87.5 |
| Cash capex including intangible development | -5.88 | -6.51 | 38.7 | 53.2 | 66.8 |
| Cash PPE purchases positive outflow | 8.79 | 6.28 | 12.6 | ||
| Cash intangible development positive outflow | 29.9 | 46.9 | 54.2 | ||
| Net subsidiary acquisition cash outflow | 127.1 | 35.1 | 380.9 | ||
| Business acquisition cash outflow | 0.75 | 1.22 | 0.00 | ||
| Dividends paid positive outflow | 0.00 | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued shares including treasury | 10.86 | 10.86 | 10.42 | 10.86 | 10.86 |
| Diluted weighted average shares | 10.28 | 10.70 | 10.74 | ||
| Basic weighted average shares | 10.18 | 10.58 | 10.68 | ||
| Company adjusted EBITDA | 269.5 | 328.8 | 399.5 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 450.7 | 422.2 | 446.1 | 511.3 | 567.5 | 784.3 | 814.4 | 925.8 |
| Cost of revenue (vendor classification) * | 144.6 | 125.5 | 135.2 | 178.0 | 301.1 | 320.2 | 373.4 | |
| Other operating costs (vendor classification) * | 128.5 | 128.7 | 140.2 | 153.1 | 211.4 | 218.6 | 229.5 | |
| EBITDA (vendor classification) * | 89.9 | 71.9 | 81.1 | 86.2 | 112.7 | 118.1 | 150.9 | |
| EBIT * | 77.2 | 62.7 | 76.2 | 80.6 | 81.0 | 88.2 | 117.9 | |
| Finance costs | 5.95 | 5.71 | 5.39 | 5.26 | 8.87 | 14.9 | 14.6 | 14.6 |
| Profit before tax | 71.3 | 56.9 | 70.8 | 75.3 | 78.2 | 66.1 | 73.7 | 103.3 |
| Tax expense | 11.2 | 6.97 | 11.9 | 12.3 | 10.7 | 12.4 | 13.6 | 19.9 |
| PAT including NCI | 60.1 | 50.0 | 58.9 | 63.0 | 67.5 | 53.7 | 60.1 | 83.4 |
| Diluted EPS (₹) | 5.64 | 4.64 | 5.47 | 5.85 | 6.27 | 4.99 | 5.59 | 7.74 |
| Service fees | 144.6 | 125.5 | 135.2 | 178.0 | 204.2 | 301.1 | 320.2 | 373.4 |
| Employee benefits | 94.6 | 100.2 | 99.2 | 102.8 | 107.9 | 164.7 | 170.2 | 179.4 |
| Other expenses | 128.5 | 128.7 | 140.2 | 152.5 | 167.4 | 211.4 | 218.6 | 229.5 |
| Share issue expenses | 0.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net FX loss statutory expense | 7.55 | 12.5 | 6.87 | 3.83 | 0.00 | 6.82 | 0.00 | 5.50 |
| Other income statutory | 14.6 | 16.6 | 16.4 | 12.7 | 15.2 | 12.3 | 12.8 | 12.9 |
| Depreciation and amortisation | 12.7 | 12.9 | 13.9 | 14.0 | 16.1 | 26.4 | 29.9 | 33.0 |
| Exceptional signed PBT contribution | 0.00 | 3.72 | 8.99 | 7.74 | 0.00 | -5.32 | 0.00 | 0.00 |
| PAT attributable to NCI | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | 60.1 | 50.0 | 58.9 | 63.0 | 67.5 | 53.7 | 60.1 | 83.4 |
| Company unadjusted EBITDA | 82.9 | 67.8 | 71.6 | 77.9 | 88.1 | 107.2 | 105.3 | 143.5 |
| Share of associates and joint ventures | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 250.4% | 125.0% | 41.7% | 24.7% | 54.1% |
| EBITDA margin | 18.5% | 17.3% | 14.1% | ||
| Net margin | 14.5% | 13.2% | 9.1% | ||
| Return on equity | 45.8% | 26.4% | 17.8% | ||
| Return on capital employed | 19.5% | 51.6% | 40.9% | 27.5% | 18.1% |
| Return on assets | 5.5% | 4.2% | 3.1% | ||
| Net debt (₹ crore) | -643.6 | -1,241 | -835.6 | ||
| Net debt / EBITDA | -2.49x | -4.13x | -2.21x | ||
| Interest cover | 14.0x | 25.3x | 22.3x | 12.8x | 7.73x |
| Asset turnover | 0.47x | 0.51x | 0.38x | 0.31x | 0.34x |
| Receivable days | 422 | 544 | 867 | 853 | 724 |
| Payable days (on revenue) | 608 | 670 | 944 | 908 | 739 |
| Cash conversion | 1.12x | 1.26x | -0.09x | ||
| Capex intensity | 1.3% | 0.7% | 2.8% | 3.1% | 2.5% |
| Free cash flow (₹ crore) | -346.3 | -796.5 | 187.8 | 235.6 | -87.5 |
| Dividend payout | 0.0% | 0.0% | 0.0% | ||
| EPS, diluted (₹) | 3.11 | 13.28 | 19.67 | 21.48 | 22.76 |
| Book value per share (₹) | 21.36 | 31.05 | 52.26 | 110.1 | 142.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company unadjusted EBITDA) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt on broad company liquidity basis; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company unadjusted EBITDA).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Tboteck includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Tboteck
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