Revenue surges 86% YoY; Adjusted EBITDA (before M&A costs) rises 53% to ₹115 crore
TBO Tek Limited, one of the world’s leading B2B travel distribution platforms, reported a strong set of unaudited financial results for Q3 FY26, underscoring the scalability of its global marketplace model and the early impact of integrating Classic Vacations into its consolidated operations.
The quarter was marked by broad-based geographic growth, accelerating international momentum, and improved operating leverage — developments closely watched by senior executives across aviation, hospitality and global distribution.
Financial Highlights: Scale Expansion with Improving Conversion
For the quarter ended December 2025, TBO delivered:
- Gross Transaction Value (GTV): ₹9,709 crore, up 35% YoY (₹7,166 crore)
- Revenue from Operations: ₹784 crore, up 86% YoY (₹422 crore)
- Gross Profit: ₹483 crore, up 63% YoY (₹297 crore)
- Adjusted EBITDA (before M&A costs): ₹115 crore, up 53% YoY (₹75 crore)
- Profit Before Tax (before exceptional items): ₹71.4 crore, up 34% YoY
- Profit After Tax: ₹54 crore, up 7.4% YoY
All figures rounded off.
The 86% revenue growth significantly outpaced GTV growth, reflecting improved monetisation, product mix optimisation and the contribution from Classic Vacations. Enterprise GTV-to-Adjusted EBITDA (before M&A costs) conversion improved to 1.18% in Q3 FY26, compared with 1.05% in the same quarter last year. Classic Vacations delivered a notably higher 2.46% GTV-to-Adjusted EBITDA conversion, positively influencing consolidated margins.
Broad-Based Geographic Momentum
The quarter saw diversified growth across all key regions:
- Europe, APAC and MEA each recorded over 30% YoY growth in the Hotels + Ancillaries segment.
- The India business returned to a solid double-digit growth trajectory, supported by strength in the airlines vertical.
- International business recorded a 49.1% YoY increase, driving overall expansion.
Monthly Transacting Buyers (MTBs) reached 33,324, up 16% YoY. While India continued to contribute the largest absolute share of MTBs, the acceleration in international buyer activity highlights TBO’s deepening penetration in cross-border markets.
For travel industry leaders, the data signals a platform successfully scaling across mature and emerging source markets while maintaining geographic diversification — a critical buffer in a volatile macro environment.
Segment Performance: Hotels and Airlines Drive Growth
GTV expansion was led by balanced segmental performance:
- Hotels + Ancillaries: +46% YoY
- Airlines: +19.7% YoY
The hotels and ancillaries vertical remains a high-margin growth engine, particularly across Europe, APAC and the Middle East & Africa. Meanwhile, the airline segment’s steady growth reinforces TBO’s ability to leverage air connectivity as a demand driver within its broader ecosystem.
Classic Vacations Integration Strengthens US Footprint
Q3 FY26 marked the first quarter of consolidated reporting including Classic Vacations, significantly expanding TBO’s scale in the United States — one of the world’s largest outbound travel markets.
Management highlighted that the acquisition not only enhances GTV scale but also improves platform economics through higher EBITDA conversion and favourable working capital dynamics. Despite acquisition-related cash outflows of approximately ₹979 crore during the quarter, TBO closed Q3 with ₹1,492 crore in cash and cash equivalents, supported in part by Classic Vacations’ structurally negative working capital model.
Management Perspective: Operating Leverage Emerging
Gaurav Bhatnagar, Co-founder and Joint Managing Director, described the quarter as a milestone in integrating Classic Vacations into TBO’s financial and operating framework. He noted that consolidation meaningfully increases the platform’s scale and establishes critical mass in the US market.
Ankush Nijhawan, Co-founder and Joint Managing Director, emphasised the return of India to a strong double-digit growth trajectory, driven in part by the airlines business. He underscored that the combination of domestic strength and international expansion enabled the company to deliver ₹115 crore in Adjusted EBITDA (before M&A costs), up 53% YoY.
Strategic Outlook for Travel Industry Stakeholders
For CEOs and senior professionals across hospitality, aviation and travel technology, TBO’s Q3 FY26 results illustrate several structural themes:
- Platform Scalability: Revenue growth outpacing GTV indicates improving monetisation efficiency.
- Geographic Diversification: Balanced exposure across India, Europe, APAC and MEA mitigates regional cyclicality.
- Operating Leverage: Margin conversion improvement suggests inherent scalability beginning to manifest.
- US Market Expansion: The Classic Vacations integration strengthens presence in a high-value source market.
With organic cost growth moderating and integration benefits materialising, management signalled confidence in demonstrating stronger operating leverage from Q4 FY26 onward.
As global travel distribution evolves toward consolidated, technology-driven marketplaces, TBO Tek’s Q3 performance reinforces its positioning as a scaled, diversified intermediary capable of capturing growth across both established and emerging corridors.
