TBO Tek Limited (BSE: 544174 | NSE: TBOTEK)

Introduction

On 29 July 2026, TBO Tek Limited filed a revised shareholders’ letter with the BSE and NSE (Regulation 30 of the SEBI Listing Regulations). The revision corrects an inadvertent error in the earlier unaudited standalone and consolidated financial results for the quarter ended 30 June 2026 (Q1 FY27).

---

Revised Shareholders’ Letter – Q1 FY27 (Quarter ended 30 June 2026)

Key Financial Highlights (Unaudited)

• Gross Transaction Value (GTV): ₹11,154 Cr (↑ 37% YoY)
  • Organic GTV (excluding Classic Vacations): ₹9,918 Cr (↑ 22% YoY)
• Hotels + Ancillary
  • Organic growth: 27.3% YoY
  • Consolidated growth (with Classic Vacations): 49.8% YoY
• India Airlines: 14.7% YoY growth (consolidated + 16.9% YoY)
• Monthly Transacting Buyers (MTBs): 33,736 (↑ 14% YoY)
• Gross Profit: ₹385.1 Cr (↑ 16% YoY)
• Adjusted EBITDA: ₹106.0 Cr (↑ 25% YoY)
• Adjusted EBITDA margin (organic): 18% (up from 15.4% in Q4 FY26)
• Cash & cash equivalents: ₹1,984 Cr (↑ ₹392 Cr QoQ); includes ₹65 Cr draw‑down of a working‑capital facility with Jumbonline.

Profit & Loss Summary (₹ Cr)

Metric	Q1 FY27	Q1 FY26	YoY Change
Revenue from operations (incl. Classic Vacations)	925.8	814.4	↑ 14%
Gross Profit	385.1	333.3	↑ 16%
SG&A (excluding ESOP)	279.1	248.6	↑ 12%
Adjusted EBITDA	106.0	84.7	↑ 25%
Adjusted EBITDA Margin	16.2%	13.6%	↑ 2.6 pts

Organic (without Classic Vacations) figures are disclosed separately in the annex of the filing.

Segment Performance

Segment	GTV (₹ Cr)	Revenue (₹ Cr)	Take‑Rate
India (source market)	3,999.8	112.2	2.8%
International (source market)	7,154.5	813.6	11.4%
Airlines (product)	3,576.6	81.2	2.3%
Hotels + Ancillary (product)	7,577.7	799.7	10.6%

• MTBs – India: 18,322; MTBs – International: 15,414.
• Geographic growth: APAC (+56% YoY), Europe (+37% YoY), LATAM (+20% YoY); MEA flat (+1% CC YoY) due to Middle‑East geopolitical headwinds.

Cost Structure & Operating Leverage

• SG&A growth slowed to ~4% in constant‑currency terms, reflecting flat headcount costs and a 13.7% YoY decline in hosting & bandwidth expenses.
• Operating leverage: Gross profit outpaced SG&A, expanding organic Adj. EBITDA margin from 23.5% (Q4 FY26) to 27.5% (Q1 FY27).
• Payment gateway charges grew in line with GTV; other SG&A components (employee benefits, business support services) showed modest increases.

Regulatory Disclosure

• The filing complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• The revised letter supersedes the earlier version submitted on the same day.
• Full disclosure is available on the company website: https://www.tbo.com/engagement/investors/#StockExchangeSubmission.

Foreign‑Exchange Impact & Risks

• Net foreign‑exchange loss for the quarter: ₹5.5 Cr (after netting ₹1.2 Cr unrealized gains).
• Currency depreciation adds an inflationary pressure on the cost base; SG&A growth ex‑FX is 4% YoY.
• Ongoing geopolitical uncertainty in the Middle East continues to affect margin contribution from higher‑margin markets.

Working Capital & Liquidity

• Cash increase driven by timing‑related working‑capital release; not expected to be a recurring source of cash.
• The ₹65 Cr facility draw‑down with Jumbonline is included in the cash balance.

Management Commentary (Founders’ Message)

• The platform’s scalability is delivering operating leverage: gross profit growth > SG&A growth, leading to higher Adj. EBITDA margins.
• Classic Vacations integration remains on track, with bulk completion expected by Q3 FY27.
• Continued investment in AI and technology aims to boost advisor productivity and deepen customer experiences.
• Management emphasizes resilience through geographic diversification and supply‑breadth amid ongoing disruptions.

---

Investor Takeaways

• Revenue Momentum: Strong top‑line growth (14% YoY) driven by both organic expansion and Classic Vacations contribution.
• Improving Margins: Operating leverage is evident; Adjusted EBITDA margin rose to 16.2% (from 13.6% YoY).
• Liquidity Strength: Cash generation exceeds Adjusted EBITDA, providing a solid liquidity cushion.
• Geopolitical & FX Risks: Middle‑East disruptions modestly pressure margins; foreign‑exchange volatility adds cost pressure.
• Strategic Progress: Ongoing Classic Vacations integration and AI initiatives position the business for continued scaling.

The revised shareholders’ letter is the definitive source for the unaudited Q1 FY27 results and can be accessed via the company’s investor relations portal.