TBO Tek Limited closed FY2026 on a strong note, reporting significant growth in revenue, transaction volumes and profitability despite a year marked by geopolitical tensions, macroeconomic uncertainty and disruptions across major travel markets. Backed by accelerating demand across international markets, strong performance in its Hotels and Ancillary segment, and the ongoing integration of Classic Vacations, the travel distribution platform demonstrated resilience while strengthening its position across India, APAC, Europe, the Middle East, North America and Latin America.
Global travel distribution platform TBO Tek has reported a strong financial performance for FY2026 and the fourth quarter ended March 31, delivering substantial growth across revenue, transaction value and profitability despite challenging geopolitical conditions that impacted several international travel corridors during the year.
The company announced audited results showing continued momentum across its global operations, supported by robust demand in hotel bookings, ancillary services and international travel distribution, alongside expanding market penetration across key geographies.
The performance comes at a time when the global travel sector continues to navigate geopolitical instability, fluctuating consumer demand patterns and evolving airline capacity dynamics, particularly following disruptions linked to tensions in the Middle East and broader macroeconomic uncertainties. Despite these challenges, TBO Tek delivered what management described as a demonstration of the structural resilience of its platform-led business model.
Revenue Climbs 83% as Transaction Volumes Accelerate
For the fourth quarter of FY2026, TBO Tek reported Gross Transaction Value (GTV) of ₹10,079 crore, representing a 29% year-on-year increase compared with ₹7,788 crore during the same period last year.
Revenue from operations rose sharply by 83% year-on-year to ₹814 crore, while gross profit increased 59% to ₹494 crore. Adjusted EBITDA for the quarter reached ₹111 crore, reflecting growth of 40% over the previous year.
On a full-year basis, the company achieved GTV of ₹36,809 crore, up 19% year-on-year, while adjusted EBITDA reached ₹414 crore, representing annual growth of 26%.
The sharp increase in revenue was largely driven by the Hotels and Ancillary segment, which recorded a 90% year-on-year increase during the quarter and continued to emerge as a key growth engine for the business.
Industry observers note that hotels remain one of the highest-margin segments within travel distribution, benefiting from strong international leisure demand, increased digital adoption by travel agents and growing cross-border travel activity.
International Markets Deliver Broad-Based Growth
A key highlight of FY2026 was the broad-based expansion recorded across multiple international markets, reflecting the increasing diversification of TBO Tek’s global business model.
The company reported strong performance across India, Asia-Pacific, Europe, the Middle East and Africa (MEA), North America and Latin America, underscoring its ability to sustain growth despite geopolitical disruptions affecting parts of the global travel ecosystem.
Within the Hotels and Ancillary segment, Europe delivered 22% year-on-year growth during the financial year, while APAC recorded an impressive 46% increase. The MEA region also achieved 22% growth, reflecting healthy demand across both outbound and inbound travel flows.
The results indicate that travel demand remains resilient across several major source and destination markets despite economic uncertainty and regional geopolitical tensions.
India Business Shows Strong Recovery
TBO Tek also highlighted a notable turnaround in its India business during the second half of FY2026.
The domestic business recorded 12% year-on-year growth during H2, reversing earlier pressures and demonstrating renewed momentum despite disruptions witnessed during December and March.
The improvement reflects continued recovery in domestic travel demand, increased adoption of digital travel distribution solutions and stronger engagement from travel agency partners across the country.
India remains one of the world’s fastest-growing travel markets, supported by rising disposable incomes, expanding aviation connectivity and increasing demand for both domestic and international travel experiences.
Classic Vacations Integration Expands Global Footprint
Another major development during the year was the ongoing integration of Classic Vacations, a strategic acquisition that has significantly expanded TBO Tek’s presence in the United States travel market.
Management stated that the majority of the integration process covering technology platforms, supplier relationships, commercial operations and talent integration is progressing as planned and is expected to be substantially completed by the end of the third quarter of FY2027.
The acquisition is viewed as a key step in strengthening TBO Tek’s global distribution capabilities while enhancing its access to one of the world’s largest outbound travel markets.
Analysts believe the integration could create additional cross-selling opportunities, improve supplier relationships and strengthen the company’s competitive positioning in the premium leisure travel segment.
Strong Balance Sheet Supports Future Expansion
TBO Tek ended FY2026 with cash and cash equivalents, including bank balances, deposits and liquid investments, totaling ₹1,592 crore.
The strong liquidity position provides the company with significant financial flexibility to support future investments, technology development, international expansion initiatives and potential strategic acquisitions.
The company’s management indicated that ongoing investments in commercial expansion, customer servicing capabilities and organisational scale made during FY2026 are already beginning to deliver operating leverage benefits.
Management Highlights Resilience and Scalability
Commenting on the company’s performance, Ankush Nijhawan, Co-founder and Joint Managing Director of TBO Tek, said FY2026 served as a real-world test of the platform’s resilience.
“FY26 acted as a real-world stress test for the resilience of our business model. Despite multiple significant geopolitical disruptions across important travel corridors, the platform continued demonstrating resilience across both growth and profitability. The India business demonstrated a strong trend reversal with a return to solid trajectory with 12% YoY growth in H2.”
Gaurav Bhatnagar, Co-founder and Joint Managing Director, highlighted the company’s investment strategy and improving operating efficiency.
“FY26 was marked by a significant investment cycle across commercial expansion, servicing capabilities and organisational scale. As these investments matured through the year, the growth trajectory of SG&A expenses began moderating while the underlying growth engines of the platform continued strengthening.”
He added that the company’s operating performance during January and February demonstrated the scalability of the platform, with gross profit growth significantly outpacing cost growth.
Outlook Remains Positive
Looking ahead, TBO Tek remains optimistic about long-term growth prospects driven by continued digitisation of travel distribution, increasing global travel demand and the expansion of its international platform ecosystem.
The company believes the structural drivers supporting its business—including growing adoption of digital booking platforms, expanding hotel inventory, international market diversification and operational scalability—will continue to support sustainable growth in both scale and profitability over the medium and long term.
As global travel continues to recover and evolve, TBO Tek’s latest results reinforce the increasing importance of technology-enabled distribution platforms in connecting travel suppliers, agents and consumers across international markets.
With a growing international footprint, strengthened balance sheet and expanding hotel and ancillary business, the company appears well-positioned to capitalise on the next phase of global travel industry growth.
