TBO Tek revenue jumps 83% to Rs 814 crore Q4 FY26 as hotels business drives growth

Travel distribution platform TBO Tek reported strong fourth-quarter revenue growth, driven by continued expansion in its hotels and ancillary services business, although profit growth remained modest.

The Gurugram-based company said revenue from operations rose 83% year-on-year to Rs 814 crore in the three months to March 2026, up from Rs 446 crore in the same period a year earlier.

Its PAT attributable to shareholders increased to Rs 60 crore from Rs 59 crore, while total income rose to Rs 827 crore from Rs 463 crore.

At the operating level, EBITDA climbed to Rs 105 crore from Rs 72 crore, while adjusted EBITDA increased 40% to Rs 111 crore. The company's adjusted EBITDA margin stood at 13.6%.

Hotels and ancillary services remained TBO Tek's largest business segment, generating revenue of Rs 676 crore during the quarter, a 90% increase from a year earlier. The segment accounted for around 83% of total revenue.

Airlines contributed Rs 86 crore in revenue, while other segments added Rs 53 crore.

Gross transaction value (GTV) rose 29% to Rs 10,079 crore, with international markets contributing 63% of the total. Monthly transacting buyers increased 15% year-on-year to 32,751.

The company's take rate, a measure of revenue earned as a percentage of transaction value, improved to 8.1%, compared with 5.7% a year earlier.

Total expenses rose to Rs 753 crore in the quarter from Rs 401 crore a year earlier. Service fees were the largest expense item at Rs 320 crore, while employee benefit expenses stood at Rs 170 crore.

For the full financial year, revenue from operations increased 54% to Rs 2,677 crore, compared with Rs 1,737 crore in FY25.

Its annual PAT rose to Rs 244 crore from Rs 230 crore, while adjusted EBITDA increased 26% to Rs 414 crore.

Gross transaction value for the year reached Rs 36,809 crore, up 19%, and monthly transacting buyers averaged 31,577, an increase of 11%.

The company reported Rs 1,022 crore in cash and cash equivalents at year-end, while its broader cash, bank balance, bank deposit and liquid investment position stood at Rs 1,592 crore. Operating cash flow turned negative and investing outflows remained high.

Total assets rose to Rs 9,309 crore as of 31 March 2026, from Rs 6,214 crore a year earlier, reflecting business expansion and acquisition-related activity.

The results underline the company's growing reliance on its higher take-rate hotels and ancillary business, alongside increasing contributions from international markets, as it continues to expand its global travel distribution platform.

Commenting on the performance, Ankush Nijhawan, Co-founder and Joint MD, TBO Tek Limited, said: “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 MD, TBO Tek Limited, said: “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. The operating performance during January and February clearly demonstrated the scalability characteristics of the platform, with Gross Profit growth meaningfully outpacing cost growth.”