Travel distribution platform reports broad-based growth across global markets, with expanding margins and robust cash generation
TBO Tek Ltd, one of the world’s leading B2B travel distribution platforms, has reported a strong financial performance for the first quarter of FY27, driven by resilient global travel demand, expanding international operations and improving operating leverage.
For the quarter ended 30 June 2026, the company posted 81% year-on-year growth in revenue from operations, which rose to INR 926 crore, while Gross Transaction Value (GTV) increased 37% to INR 11,154 crore despite ongoing geopolitical uncertainty in the Middle East.
Broad-Based Global Growth
TBO Tek attributed the strong performance to broad-based growth across its key markets, including India, Asia-Pacific (APAC), Europe, North America and Latin America (LATAM).
The company’s active customer base also continued to expand, with Monthly Transacting Buyers (MTBs) increasing 14% year-on-year to 33,736, reflecting continued adoption of its global travel distribution platform.
Hotels Business Continues to Lead
The Hotels and Ancillary segment remained the company’s largest growth driver during the quarter.
Gross Transaction Value in this segment reached INR 7,578 crore, representing 50% year-on-year growth.
Regional performance included:
- Asia-Pacific: Up 56%
- Europe: Up 37%
- Latin America: Up 20%
Meanwhile, the Airlines segment generated INR 3,577 crore in GTV, an increase of 17% over the corresponding quarter last year. Within India, the airline business recorded 14.7% year-on-year growth, supported by continued strength in domestic and outbound travel demand.
Margins Expand on Operating Leverage
TBO Tek’s profitability improved significantly during the quarter as higher transaction volumes translated into stronger operating efficiencies.
Key financial highlights included:
- Revenue: INR 926 crore (up 81%)
- Gross Profit: INR 552 crore (up 66%)
- Adjusted EBITDA: INR 150 crore (up 77%)
- Profit After Tax (PAT): INR 83 crore (up 32%)
The company noted that adjusted EBITDA grew faster than gross profit, demonstrating the operating leverage built into its technology platform and global operating model.
Healthy Cash Position
TBO Tek also strengthened its balance sheet during the quarter.
As of 30 June 2026, cash and cash equivalents—including bank balances, deposits and liquid investments—stood at INR 1,984 crore, an increase of INR 392 crore compared with 31 March 2026.
The improvement was supported partly by the release of working capital, resulting in cash generation that exceeded adjusted EBITDA during the quarter.
Management Commentary
Commenting on the results, Gaurav Bhatnagar, Co-founder and Joint Managing Director of TBO Tek, said the company’s diversified sourcing network and global supply ecosystem enabled it to adapt quickly as travel demand shifted across destinations, airlines and routes.
He added that the scalability of the platform and operating infrastructure would allow the company to support significantly higher business volumes without a proportional increase in operating costs.
Ankush Nijhawan, Co-founder and Joint Managing Director, said the India business continued to build on a strong foundation, with sustained growth in airline distribution. He noted that the company remains optimistic about the long-term potential of India’s expanding outbound travel market while continuing to generate healthy cash flows through disciplined execution.
Outlook
The first-quarter performance underscores TBO Tek’s continued expansion as global travel demand strengthens across leisure and business segments. With a diversified geographic footprint, increasing customer adoption and improving profitability, the company appears well positioned to capitalise on the continued recovery and growth of international travel markets.
