Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Travel Food Services Limited
NSE: TRAVELFOODConsumer CyclicalRestaurants
- Last close
- ₹1,157.80
- Day change
- −₹0.40 (−0.03%)vs
- Market cap
- ₹15,823 crIndian rupees
- Research updated
- 1 report
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About Travel Food Services
Travel Food Services Limited operates as a leading provider of food and beverage services across Indian airports and select international locations. The company specializes in travel quick service restaurants (Travel QSR), offering curated dining concepts through a portfolio of 127 partner brands and proprietary offerings, alongside premium lounge services. Its Travel QSR segment operates hundreds of outlets across various airport terminals, providing diverse cuisine options and dining formats to travelers. The lounge division manages upscale facilities featuring fine dining, business centers, relaxation areas, and specialized services such as wine and tea sommelier offerings. Travel Food Services also extends its operations to in-flight catering and retail food services on aircraft. The company distributes its services through strategic partnerships with major airport operators and airlines, catering to both domestic and international passenger bases. Founded in 2007 and headquartered in Mumbai, Travel Food Services holds significant market positions in the Indian airport dining sector, establishing itself as a key operator within the country's travel and leisure services industry.
- Sector
- Consumer Cyclical
- Industry
- Restaurants
- Listing
- NSE: TRAVELFOOD
- Chief executive
- Mr. Varun Kapur
- Employees
- 4,394
- Headquarters
- Mumbai, India
- ISIN
- INE103V01028
- Website
- travelfoodservices.com
Public research · Report of
Business model & financial foundation
Travel Food Services (NSE: TRAVELFOOD), Airport food service and lounges: revenue of ₹1,648 crore in FY26 (-2.4% on FY25), an EBITDA margin of 39.4%, net profit of ₹441.0 crore and net cash of ₹835.6 crore.
- Revenue, FY26 (₹ crore)
- 1,648
- consolidated
- Revenue growth, FY26
- -2.4%
- on FY25
- EBITDA margin, FY26
- 39.4%
- EBITDA (Operating EBITDA excluding other income and JV profit) / revenue
- Net profit, FY26 (₹ crore)
- 441.0
- to owners
- Return on equity, FY26
- 35.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -835.6
- Net debt excluding leases; negative is net cash
- Market capitalisation (₹ crore)
- 16,007
- at the close of 17 Oct 2026
Company profile
TFS earns from airport QSR outlets, lounges and emerging travel services, combining proprietary and licensed brands with airport concessions. Controlled operations are consolidated; material airport partnerships and overseas investments contribute equity-accounted profit, not sales. Traffic, passenger spend and contract openings drive growth, while concession terms and labour mobilisation determine margins.
| Item | Value |
|---|---|
| Legal name | Travel Food Services Limited |
| Exchange and ticker | NSE: TRAVELFOOD; BSE: 544443 |
| ISIN | INE103V01028 |
| CIN | L55209MH2007PLC176045 |
| Sector | Consumer Cyclical |
| Industry | Airport food service and lounges |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2023-09-30) |
| Market capitalisation | ₹16,007 crore (17 Oct 2026) |
| Shares outstanding | 13.17 crore shares (FY26) |
| Price | ₹1,201 (close, 17 Oct 2026) |
| 52-week range | ₹1,035 - ₹1,471 (to 17 Oct 2026) |
| Website | https://www.travelfoodservices.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Travel Food Services (Delhi Terminal 3) Private Limited | 60% | Delhi airport QSR and lounges |
| QMT Lifestyle and Technology Services Private Limited | 100% | Travel services |
| Eliteassist Technology and Services Private Limited | 100% | Airport services |
| Travel Food Services Global Private Limited | 100% | International investments |
| Travel Food Services Worldwide FZCO | 100% | International expansion |
| Semolina Kitchens Limited | 24.99% | Equity-accounted JV: airport food service |
| GMR Hospitality Limited | 30% | Equity-accounted JV: airport hospitality |
| SSP TFS HK Lounge Limited | 49% | Equity-accounted JV: Hong Kong lounges |
| Mumbai Airport Lounge Services Private Limited | 44.4% | Equity-accounted associate: lounges |
| Select Service Partner Malaysia Sdn Bhd | 49.9% | Equity-accounted associate: Malaysia food service |
| Tabemono True Aromas Limited | 24.99% | Equity-accounted associate: food service |
The structure list includes material equity-accounted partnerships labelled as such; their sales are not consolidated. SSP and Kapur family are controlling shareholders.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 86.19% | 86.19% | 86.19% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 2.39% | 1.55% | 1.64% | |
| Domestic institutions | 8.84% | 9.71% | 10.02% | |
| of which mutual funds | 6.43% | 7.24% | 7.88% | |
| Retail | 2.17% | 2.12% | 1.80% | |
| Other | 0.41% | 0.43% | 0.35% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Travel Food Services runs airport travel QSR outlets and lounges, mostly in India, plus lounges in Malaysia and Hong Kong. Concessions come from airport operators: the operator takes a revenue share or minimum guarantee, and TFS runs a portfolio of owned and licensed brands. FY26 consolidated revenue was INR 1,647.8 cr. By category, QSR was INR 913.6 cr, lounges INR 670.1 cr and others INR 64.2 cr; these are revenue categories, not reportable segments, because the company reports a single segment.
Material partnerships are equity-accounted and do not sit in sales: Semolina (deconsolidated 14 Oct 2024), GMR Hospitality, the Hong Kong lounge JV, Mumbai Airport Lounge Services and SSP Malaysia. Their FY26 share of profit was INR 66.4 cr. Delhi T3 is a 60% subsidiary; its minority share was INR 11.29 cr in FY26.
TFS controls brands, site operations and staffing. It does not control airport traffic, concession tenders or bank and card lounge-eligibility rules.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Travel QSR revenue category (not Ind AS108 segment) | 913.6 | 55.4% |
| Lounge services revenue category (not Ind AS108 segment) | 670.1 | 40.7% |
| Management and other services revenue category | 64.2 | 3.9% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Jubilant FoodWorks (JUBLFOOD) | Branded QSR; broader domestic consumer exposure rather than airport concessions |
| Devyani International (DEVYANI) | Multi-brand QSR franchise economics |
| Sapphire Foods (SAPPHIRE) | Multi-brand QSR cost and store ramp-up economics |
| Westlife Foodworld (WESTLIFE) | QSR store rollout economics |
| Restaurant Brands Asia (RBA) | QSR network expansion and margins |
| IRCTC (IRCTC) | Travel-linked captive demand; different concession and regulatory risks |
Financial databook
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from operations | 1,066 | 1,396 | 1,688 | 1,648 |
| Cost of revenue (vendor classification) * | 358.3 | 499.6 | 571.9 | 551.0 |
| Other operating costs (vendor classification) * | 311.3 | 445.5 | 535.8 | 392.4 |
| EBITDA (vendor classification) * | 450.4 | 530.1 | 643.5 | 784.6 |
| Operating EBIT excluding other income and JV profit | 375.0 | 301.3 | 427.8 | 498.1 |
| Finance costs | 47.8 | 51.7 | 45.7 | 63.9 |
| Profit before tax including JV/associate profit | 327.1 | 387.5 | 504.3 | 595.5 |
| Total current and deferred tax expense | 75.8 | 89.3 | 124.7 | 143.1 |
| Profit for period including non-controlling interests | 251.3 | 298.1 | 379.7 | 452.3 |
| Diluted earnings per share (₹) | 18.52 | 21.85 | 27.58 | 33.42 |
| Materials, purchases and inventory change | 284.7 | 296.4 | 251.7 | |
| Employee benefits expense | 229.9 | 276.5 | 256.2 | |
| Other expenses including concession fees | 469.6 | 560.7 | 491.4 | |
| Operating EBITDA excluding other income and JV profit | 412.1 | 554.1 | 648.5 | |
| Other income excluding equity-accounted JV profit | 66.1 | 75.0 | 94.8 | |
| Depreciation and amortisation | 110.8 | 126.3 | 150.4 | |
| Share of profit of associates and joint ventures net of tax | 71.8 | 47.3 | 66.4 | |
| Exceptional items | 0.00 | 0.00 | 0.00 | |
| Profit attributable to non-controlling interests | 10.3 | 16.5 | 11.3 | |
| Profit attributable to owners | 287.8 | 363.2 | 441.0 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity attributable to owners | 665.0 | 873.6 | 1,053 | 1,443 |
| Borrowings excluding leases | 383.0 | 63.8 | 0.00 | 0.00 |
| Cash and cash equivalents | 42.2 | 68.1 | 25.3 | 47.7 |
| Trade receivables | 114.0 | 105.0 | 106.2 | 264.1 |
| Inventories | 10.6 | 11.6 | 8.89 | 12.5 |
| Trade payables including MSME | 178.4 | 274.7 | 339.1 | 354.7 |
| Net property plant and equipment excluding ROU | 0.00 | 122.2 | 121.0 | 104.2 |
| Capital work in progress | 17.3 | 22.8 | 38.6 | 28.3 |
| Total assets | 1,332 | 1,696 | 1,903 | 2,280 |
| Non-controlling interests equity | 14.3 | 16.8 | 21.1 | |
| Current and non-current lease liabilities | 352.3 | 333.1 | 244.8 | |
| Current investments plus other bank balances | 486.1 | 601.6 | 787.8 | |
| Net debt excluding leases; negative is net cash | -490.4 | -626.9 | -835.6 | |
| Right-of-use assets | 262.5 | 248.8 | 183.1 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Net cash generated from operating activities | 295.1 | 352.9 | 514.8 | 393.0 |
| Free cash flow (vendor definition) * | 284.3 | 274.0 | 452.9 | 353.5 |
| Dividend paid per consolidated cash flow; negative | -4.20 | -75.7 | -198.0 | -60.0 |
| Purchase of PP&E and intangibles; outflow negative | -36.7 | -78.9 | -61.9 | -39.4 |
| Lease principal plus lease interest paid; negative | n.r. | n.r. | n.r. |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Period-end issued shares (not diluted weighted average) | 13.17 | 0.39 | 13.17 | 13.17 |
| Diluted weighted-average shares; split/bonus-adjusted EPS basis | 13.17 | 13.17 | 13.20 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 500.4 | 410.9 | 366.6 | 375.1 | 355.9 | 456.2 | 460.7 | 452.2 |
| Cost of revenue (vendor classification) * | 162.2 | 134.3 | 128.1 | 116.2 | 141.9 | 119.7 | 146.5 | |
| Other operating costs (vendor classification) * | 178.2 | 119.0 | 103.8 | 104.5 | 133.1 | 154.8 | 143.8 | |
| EBITDA (vendor classification) * | 180.3 | 185.8 | 177.4 | 170.2 | 225.7 | 239.3 | 219.6 | |
| Operating EBIT excluding other income and JV profit | 129.2 | 124.6 | 101.5 | 112.3 | 96.9 | 142.2 | 146.7 | 120.4 |
| Finance costs | 4.83 | 14.0 | 9.74 | 8.68 | 8.01 | 9.80 | 37.4 | 7.89 |
| Profit before tax including JV/associate profit | 144.7 | 138.8 | 134.5 | 132.4 | 123.9 | 176.8 | 162.3 | 170.2 |
| Current and deferred tax | 34.4 | 35.6 | 27.9 | 37.4 | 26.0 | 40.0 | 39.7 | 41.5 |
| Profit for period including non-controlling interests | 110.3 | 103.2 | 106.6 | 95.0 | 97.9 | 136.8 | 122.6 | 128.8 |
| Diluted earnings per share (₹) | 8.14 | 7.42 | 7.81 | 6.95 | 7.26 | 10.06 | 9.15 | 9.60 |
| Operating EBITDA excluding other income and JV profit | 160.0 | 157.6 | 134.7 | 145.8 | 135.2 | 181.2 | 186.3 | 161.9 |
| Share of profit of associates and JVs net of tax | 2.13 | 6.26 | 23.2 | 8.04 | 14.3 | 21.7 | 22.4 | 11.6 |
| Materials purchases and inventory change | 84.4 | 73.0 | 62.4 | 62.6 | 57.2 | 73.4 | 58.6 | 64.6 |
| Employee benefits expense | 77.8 | 61.2 | 65.7 | 67.6 | 59.0 | 68.5 | 61.1 | 81.9 |
| Other expenses including concession fees | 178.2 | 119.0 | 103.8 | 99.0 | 104.5 | 133.1 | 154.7 | 143.8 |
| Other income excluding equity-accounted JV profit | 18.2 | 21.9 | 19.5 | 20.7 | 20.7 | 22.8 | 30.6 | 46.2 |
| Depreciation and amortisation | 30.7 | 33.0 | 33.2 | 33.5 | 38.3 | 39.0 | 39.6 | 41.5 |
| Profit attributable to non-controlling interests | 3.20 | 5.47 | 3.71 | 3.19 | 2.13 | 4.17 | 1.80 | 2.03 |
| Profit attributable to owners | 107.2 | 97.7 | 102.9 | 91.8 | 95.8 | 132.7 | 120.8 | 126.7 |
| Exceptional items | 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 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue growth | 31.0% | 20.9% | -2.4% | |
| EBITDA margin | 29.5% | 32.8% | 39.4% | |
| Net margin | 20.6% | 21.5% | 26.8% | |
| Return on equity | 37.4% | 37.7% | 35.3% | |
| Return on capital employed | 35.8% | 30.4% | 43.0% | 39.9% |
| Return on assets | 19.0% | 20.2% | 21.1% | |
| Net debt (₹ crore) | -490.4 | -626.9 | -835.6 | |
| Net debt / EBITDA | -1.19x | -1.13x | -1.29x | |
| Interest cover | 7.84x | 5.83x | 9.36x | 7.80x |
| Asset turnover | 0.80x | 0.92x | 0.94x | 0.79x |
| Receivable days | 39 | 27 | 23 | 59 |
| Inventory days (on revenue) | 4 | 3 | 2 | 3 |
| Payable days (on revenue) | 61 | 72 | 73 | 79 |
| Cash conversion | 1.23x | 1.42x | 0.89x | |
| Capex intensity | 3.4% | 5.7% | 3.7% | 2.4% |
| Free cash flow (₹ crore) | 258.4 | 274.0 | 452.9 | 353.5 |
| Dividend payout | 26.3% | 54.5% | 13.6% | |
| EPS, diluted (₹) | 18.52 | 21.85 | 27.58 | 33.42 |
| Book value per share (₹) | 50.50 | 2,256 | 80.00 | 109.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and JV profit) / 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 excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and JV profit).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / 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 earnings per share).
- 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 Travel Food Services 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 Travel Food Services
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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