# TBO Tek (TBOTEK) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/tbotek

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,569
- Change: -0.48%
- As of: 2026-11-06
- 1D return: -0.48%
- 5D return: +2.40%
- 1M return: -5.85%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

As of 2026-11-06, TBOTEK (₹1,569.0) exhibits a fragmented technical structure where short-term momentum conflicts with longer-term positioning. The daily trend is weak and bearish, confirmed by the price trading below the 20-period EMA, 50-period EMA, 20-period SMA, 50-period SMA, and the Supertrend indicator. Daily ADX stands at 16.86, indicating low conviction despite recent anomalies: a +7.0% wide intraday range on 2026-11-03 and a +4.0% move on 2026-11-02. Conversely, the weekly setup remains bullish with price above the Supertrend and key EMAs, while the monthly view shows price above all moving averages but below the Supertrend. This divergence suggests the stock is consolidating within a broader uptrend but facing near-term selling pressure. Risk is elevated, with annualized volatility at +40.8% and a current drawdown of -12.4%. Key resistance lies at ₹1,595.25 (1.67% above), while immediate support is found at the pivot level of ₹1,565.97 (0.19% below).

- Daily Trend Weakness: Price is below all major short-term moving averages (20/50 EMA/SMA) and the Supertrend; ADX of 16.86 confirms lack of strong directional conviction.
- Timeframe Divergence: Weekly structure remains bullish (price above Supertrend and EMAs), contrasting with the daily bearish signal, suggesting consolidation within a larger context.
- Near-Term Levels: Immediate support at ₹1,565.97 (-0.19%); first resistance cluster at ₹1,595.25–₹1,595.93 (+1.67% to +1.72%).
- Volatility & Risk: High annualized volatility (+40.8%) and ATR of 3.84% indicate significant price swings; current drawdown is -12.4% from available highs.

- Inside Bar
- Bearish Engulfing Reversal
- Evening Star
- Hammer

### News Context

TBO Tek reported strong financial performance for the quarter ended September 30, 2026, with net profit rising 12.4% year-on-year to ₹76 crore and revenue surging 52.5% to ₹866 crore. This growth was driven by operating leverage and service differentiation across its Hotels and Ancillary and Airlines segments, despite ongoing geopolitical disruptions in key markets like West Asia. The company’s liquidity position strengthened significantly, with cash and cash equivalents reaching ₹2,060 crore as of September 30, 2026, following a $10 million prepayment of term debt.

In broader market context, domestic institutional investors (DIIs) have overtaken foreign institutional investors (FIIs) in Nifty 50 ownership, with DII stakes hitting a 16-quarter high of 25.8% while FII holdings fell to a 16-quarter low of 22.1%, according to Elara Securities data. While this structural shift indicates increased domestic confidence in large-cap equities, it is a general market trend rather than a company-specific development for TBO Tek.

- TBO Tek's Q2 FY2027 net profit grew 12.4% YoY to ₹76 crore, with revenue jumping 52.5% to ₹866 crore, attributed to operating leverage and recovery in West Asian markets.
- Cash and cash equivalents stood at ₹2,060 crore as of September 30, 2026, after a $10 million prepayment of term debt, strengthening the balance sheet.
- Domestic institutional investors (DIIs) now hold a 16-quarter high 25.8% stake in the Nifty 50, surpassing FIIs' 16-quarter low of 22.1%, per Elara Securities data.

- [DIIs overtake FIIs in Nifty 50 ownership as domestic share hits 16-quarter high](https://www.cnbctv18.com/market/diis-overtake-fiis-nifty-50-holdings-domestic-investors-alpha-article-20027843.htm)
- [TBO Tek Q2 results: Net profit rises 12%, revenue jumps nearly 53% YoY](https://www.cnbctv18.com/market/earnings/tbo-tek-q2-results-net-profit-rises-12-revenue-jumps-nearly-53-yoy-20025199.htm)

### Official Filings

TBO Tek Limited (NSE: TBOTEK) reported unaudited financial results for Q2 and H1 FY27 ended September 30, 2026, alongside significant operational and legal disclosures. The company posted consolidated revenue of ₹866 Crores (+53% YoY) and Adjusted EBITDA of ₹152 Crores (+47% YoY), supported by a 31% YoY increase in Gross Transaction Value (GTV) to ₹11,695 Crores. However, management disclosed an estimated net financial loss of ₹8.1 Crores due to employee collusion and unauthorized bookings, with police complaints filed and insurance claims initiated. Additionally, the company faces a FEMA adjudication order imposing penalties; it has decided not to make provisions in its books, citing high confidence in winning the appeal. On the capital front, TBO Tek prepaid $10 Million of term debt during the quarter, leaving cash and cash equivalents at ₹2,060 Crores as of September 30, 2026.

- Strong Top-Line Growth: Consolidated revenue rose 53% YoY to ₹866 Crores and GTV increased 31% YoY to ₹11,695 Crores, driven by Hotels + Ancillary GTV growth of 39%.
- Operational Loss from Collusion: An estimated ₹8.1 Crore loss was recorded due to suspected employee collusion and unauthorized bookings; police complaints are filed and insurance claims are being pursued.
- Regulatory Appeal Status: No provision has been made for a FEMA adjudication penalty based on management's assessment that the chances of winning the appeal are high.
- Debt Prepayment & Liquidity: The company prepaid $10 Million in term debt during the quarter, maintaining a strong cash position of ₹2,060 Crores as of September 30, 2026.

- [TBO Tek Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/9810411243_05112026150929_SETranscript.pdf)
- [TBO Tek Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20299_WebXMLFile_20261105_151149805.xml)
- [TBO Tek Limited has informed the Exchange regarding 'Change in Corporate Office Address of Registrar and Share Transfer Agent'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/9810411243_04112026155008_SEIntimation_RTA.pdf)
- [Please find enclosed the Newspaper Publication. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/9810411243_03112026112633_SEIntimationNP.pdf)
- [TBO Tek Limited has informed the Exchange about Audio Recording of the Investor Earnings Conference Call held on November 03, 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/9810411243_03112026195820_SERecording.pdf)
- [TBO Tek Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20299_WebXMLFile_20261103_200935398.xml)
- [TBO Tek Limited has informed the Exchange about Shareholders Letter on Financial Results |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/9810411243_02112026195115_ShareholderLettter02112026__1_.pdf)
- [TBO Tek Limited has informed the Exchange regarding Press Release on Financial Results |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/9810411243_02112026195544_PR02112026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751558_02112026103835_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751559_02112026103924_WEB.xml)

### Fundamentals

TBO Tek’s FY2026-27 Q2 results reveal a divergence between top-line momentum and bottom-line execution. Revenue declined sequentially from ₹926 crore in Q1 to ₹866 crore in Q2, while expenses fell less sharply, compressing profitability. Net profit dropped to ₹76 crore (from ₹83.4 crore), with Basic EPS falling to ₹7.08 per share. Operating profit also contracted to ₹99.7 crore from ₹103 crore, driven by rising finance costs which increased to ₹17 crore from ₹14.6 crore.

Despite the quarterly slowdown, the longer-term trajectory remains robust. Year-on-year sales growth accelerated to 53% for the Sep 2026 quarter, and TTM sales reached ₹3,390 crore. However, earnings quality faces pressure: Cash Flow from Operations turned negative (-₹21 crore) in Mar 2026 compared to positive inflows previously, coinciding with a sharp drop in CFO/EBITDA conversion to just 9%. The balance sheet has expanded significantly, with total assets growing to ₹9,932 crore as of Sep 2026, supported by higher borrowings (₹671 crore in Sep 2026 vs ₹214 crore in Mar 2025). While Working Capital Days improved to -134 days, the cash burn highlights the capital intensity of this growth phase.

- Sequential Profit Compression: Q2 FY2026-27 net profit fell to ₹76 crore and EPS to ₹7.08 as revenue declined to ₹866 crore while finance costs rose to ₹17 crore.
- Earnings Quality Divergence: Despite strong YoY sales growth (53%), operating cash flow turned negative (-₹21 crore in FY26) and CFO/EBITDA conversion plummeted to 9%, signaling working capital or tax timing pressures.
- Balance Sheet Expansion: Total assets grew to ₹9,932 crore by Sep 2026, funded partly by increased borrowings (₹671 crore) and reduced CWIP (₹0), indicating a shift from construction to operational asset deployment.
- Next Checkpoint: Monitor whether Q3 revenue stabilizes above ₹866 crore and if operating cash flow returns to positive territory, validating that the current cash burn is temporary.

### Bull Case

TBO Tek’s Q2 FY2026 results demonstrate strong operational momentum, with revenue jumping 52.5% year-on-year to ₹866 crore and net profit rising 12.4% to ₹76 crore. This growth was driven by broad-based expansion across Hotels and Ancillary and Airlines segments, supported by operating leverage and recovery in key markets like West Asia. The company’s balance sheet remains robust, holding ₹2,060 crore in cash and cash equivalents as of September 30, 2026, following a $10 million prepayment of term debt. Additionally, the weekly technical trend is bullish, contrasting with the daily bearish signal, suggesting potential short-term stabilization after recent volatility.

- Q2 revenue surged 52.5% YoY to ₹866 crore, while net profit grew 12.4% to ₹76 crore, reflecting strong operating leverage.
- Cash reserves stand at ₹2,060 crore as of September 30, 2026, after repaying $10 million in term debt, indicating improved liquidity.
- Weekly technical trend is bullish, offering a counterbalance to the prevailing daily bearish momentum and near-term support levels around ₹1,546–₹1,537.
- Growth persists despite geopolitical disruptions, highlighting resilience in core markets including West Asia.

- [DIIs overtake FIIs in Nifty 50 ownership as domestic share hits 16-quarter high](https://www.cnbctv18.com/market/diis-overtake-fiis-nifty-50-holdings-domestic-investors-alpha-article-20027843.htm)
- [TBO Tek Q2 results: Net profit rises 12%, revenue jumps nearly 53% YoY](https://www.cnbctv18.com/market/earnings/tbo-tek-q2-results-net-profit-rises-12-revenue-jumps-nearly-53-yoy-20025199.htm)
- [TBO Tek Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/9810411243_05112026150929_SETranscript.pdf)
- [TBO Tek Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20299_WebXMLFile_20261105_151149805.xml)
- [TBO Tek Limited has informed the Exchange regarding 'Change in Corporate Office Address of Registrar and Share Transfer Agent'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/9810411243_04112026155008_SEIntimation_RTA.pdf)
- [Please find enclosed the Newspaper Publication. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/9810411243_03112026112633_SEIntimationNP.pdf)
- [TBO Tek Limited has informed the Exchange about Audio Recording of the Investor Earnings Conference Call held on November 03, 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/9810411243_03112026195820_SERecording.pdf)
- [TBO Tek Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20299_WebXMLFile_20261103_200935398.xml)
- [TBO Tek Limited has informed the Exchange about Shareholders Letter on Financial Results |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/9810411243_02112026195115_ShareholderLettter02112026__1_.pdf)
- [TBO Tek Limited has informed the Exchange regarding Press Release on Financial Results |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/9810411243_02112026195544_PR02112026.pdf)

### Bear Case

TBO Tek faces near-term technical headwinds and elevated volatility despite strong operational performance. The stock is trading in a bearish daily trend, with the Supertrend indicator signaling downside pressure as of November 6, 2026. Technical metrics show weakening momentum: the Average Directional Index (ADX) on the daily timeframe is low at 16.86, indicating a lack of strong directional conviction, while the 20-day and 50-day simple moving averages are sloping negatively (-26.65 and -12.59 respectively). The stock has pulled back from recent highs, recording a current drawdown of -12.4% against a maximum historical drawdown of -43.4%. Annualized volatility remains high at +40.8%, suggesting significant price fluctuation risk for investors. Although the weekly trend remains bullish, the immediate daily setup reflects selling pressure, with the stock closing at ₹1,569.00 below key resistance levels around ₹1,595–₹1,601.

- Daily technical trend is bearish as of 2026-11-06, with Supertrend direction negative and short-term moving averages (SMA 20/50) sloping down.
- Current price drawdown stands at -12.4%, with annualized volatility at +40.8%, indicating heightened price instability.
- Momentum indicators are weak: Daily ADX is 16.86 (low trend strength), and Minus DI (17.07) exceeds Plus DI (14.1), favoring sellers.
- Stock closed at ₹1,569.00, facing immediate resistance at ₹1,595.25 (1.67% above), limiting near-term upside potential.

- [DIIs overtake FIIs in Nifty 50 ownership as domestic share hits 16-quarter high](https://www.cnbctv18.com/market/diis-overtake-fiis-nifty-50-holdings-domestic-investors-alpha-article-20027843.htm)
- [TBO Tek Q2 results: Net profit rises 12%, revenue jumps nearly 53% YoY](https://www.cnbctv18.com/market/earnings/tbo-tek-q2-results-net-profit-rises-12-revenue-jumps-nearly-53-yoy-20025199.htm)
- [TBO Tek Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/9810411243_05112026150929_SETranscript.pdf)
- [TBO Tek Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20299_WebXMLFile_20261105_151149805.xml)
- [TBO Tek Limited has informed the Exchange regarding 'Change in Corporate Office Address of Registrar and Share Transfer Agent'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/9810411243_04112026155008_SEIntimation_RTA.pdf)
- [Please find enclosed the Newspaper Publication. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/9810411243_03112026112633_SEIntimationNP.pdf)
- [TBO Tek Limited has informed the Exchange about Audio Recording of the Investor Earnings Conference Call held on November 03, 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/9810411243_03112026195820_SERecording.pdf)
- [TBO Tek Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20299_WebXMLFile_20261103_200935398.xml)
- [TBO Tek Limited has informed the Exchange about Shareholders Letter on Financial Results |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/9810411243_02112026195115_ShareholderLettter02112026__1_.pdf)
- [TBO Tek Limited has informed the Exchange regarding Press Release on Financial Results |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/9810411243_02112026195544_PR02112026.pdf)

### FAQs

**How did TBO Tek perform financially in Q2 FY27, and what drove the growth?**

For the quarter ended September 30, 2026, TBO Tek reported a 12.4% year-on-year increase in net profit to ₹76 crore and a 52.5% rise in revenue to ₹866 crore. Management attributed this performance to operating leverage, service differentiation, and recovery in key markets including West Asia, despite ongoing geopolitical disruptions.

**What specific operational and regulatory risks were disclosed in the recent earnings call?**

The company disclosed an estimated net financial loss of ₹8 crores due to employee collusion and unauthorized bookings, for which police complaints were filed and insurance claims initiated. Additionally, management noted a FEMA adjudication order; they intend to appeal the penalty based on legal advice that the chances of winning are high, and thus no provision has been made in the books.

**What is the current status of the Classic Vacations integration?**

Management provided updates on the integration of Classic Vacations, noting that the tech platform integration is complete. A beta launch for the integrated platform is expected in late November 2026.

**How has the stock price performed recently, and what are the key technical levels?**

As of November 6, 2026, the stock closed at ₹1,569.0 with a market capitalization of approximately ₹17,119 crore. The stock has declined -7.3% over the past month but gained +22.8% over six months. Daily technical indicators show a bearish supertrend direction, with immediate support near ₹1,546.53 and resistance near ₹1,595.25.

- [DIIs overtake FIIs in Nifty 50 ownership as domestic share hits 16-quarter high](https://www.cnbctv18.com/market/diis-overtake-fiis-nifty-50-holdings-domestic-investors-alpha-article-20027843.htm)
- [TBO Tek Q2 results: Net profit rises 12%, revenue jumps nearly 53% YoY](https://www.cnbctv18.com/market/earnings/tbo-tek-q2-results-net-profit-rises-12-revenue-jumps-nearly-53-yoy-20025199.htm)
- [TBO Tek Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/9810411243_05112026150929_SETranscript.pdf)
- [TBO Tek Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20299_WebXMLFile_20261105_151149805.xml)
- [TBO Tek Limited has informed the Exchange regarding 'Change in Corporate Office Address of Registrar and Share Transfer Agent'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/9810411243_04112026155008_SEIntimation_RTA.pdf)
- [Please find enclosed the Newspaper Publication. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/9810411243_03112026112633_SEIntimationNP.pdf)
- [TBO Tek Limited has informed the Exchange about Audio Recording of the Investor Earnings Conference Call held on November 03, 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/9810411243_03112026195820_SERecording.pdf)
- [TBO Tek Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20299_WebXMLFile_20261103_200935398.xml)
- [TBO Tek Limited has informed the Exchange about Shareholders Letter on Financial Results |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/9810411243_02112026195115_ShareholderLettter02112026__1_.pdf)
- [TBO Tek Limited has informed the Exchange regarding Press Release on Financial Results |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/9810411243_02112026195544_PR02112026.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹1,565.97
- Risk regime: Price Risk Requires Attention

### Support levels
- 1537.9312499999999
- 1473.075390625
- 1340.2

### Resistance levels
- 1595.249609375
- 1601.6
- 1682.43125

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.48% |
| return_10 | +2.97% |
| return_1m | -7.34% |
| return_1y | -0.61% |
| return_20 | -5.85% |
| return_3m | -3.33% |
| return_5 | +2.40% |
| return_6m | +22.79% |
| return_since_start | -10.93% |
| return_ytd | -3.37% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -43.44% |
| annualized_volatility | +40.77% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# TBO Tek Limited FY2026-27 Q2: Revenue grows 52.5% year on year

Consolidated revenue from operations was ₹865.6 crore in Q2 FY2026-27, down 6.5% from Q1 but up 52.5% from the year-earlier quarter. Profit before exceptional items and tax eased 3.5% sequentially to ₹99.7 crore, while profit for the period fell 8.8% to ₹76.0 crore; both were higher year on year.

## Revenue and operating performance

Revenue from operations declined by ₹60.2 crore from ₹925.8 crore in Q1 FY2026-27. Expenses decreased 6.5% to ₹780.7 crore from ₹835.4 crore, while profit before exceptional items and tax fell by ₹3.6 crore to ₹99.7 crore.

Revenue had increased from ₹784.3 crore in Q3 FY2025-26 to ₹814.4 crore in Q4 and ₹925.8 crore in Q1 FY2026-27, before easing in Q2. Despite that sequential pullback, Q2 revenue was 52.5% above the ₹567.5 crore recorded in Q2 FY2025-26. Profit before exceptional items and tax rose 27.4% year on year, from ₹78.2 crore.

## Pre-tax profit, tax and earnings per share

Profit before tax declined 11.4% sequentially to ₹91.5 crore. Finance costs rose 16.4% to ₹17.0 crore from ₹14.6 crore in Q1 FY2026-27, while tax expense decreased to ₹15.5 crore from ₹19.9 crore. Profit for the period was ₹76.0 crore, down from ₹83.4 crore in Q1, but up 12.5% from ₹67.5 crore in Q2 FY2025-26.

Basic earnings per share were ₹7.08 and diluted earnings per share were ₹7.05, compared with ₹7.77 and ₹7.74, respectively, in Q1 FY2026-27.

## Balance sheet at 30 September 2026

Trade receivables stood at ₹5,737.2 crore at 30 September 2026, up from ₹5,314.3 crore at 31 March 2026 and ₹4,522.7 crore at 30 September 2025. Trade payables were ₹6,070.7 crore, compared with ₹5,422.0 crore at 31 March 2026 and ₹4,629.0 crore a year earlier.

Cash and cash equivalents were ₹1,393.7 crore at 30 September 2026, above ₹1,021.6 crore at 31 March 2026 but below ₹1,768.8 crore at 30 September 2025. Equity increased to ₹1,737.3 crore from ₹1,550.7 crore at 31 March 2026. Noncurrent borrowings fell to ₹411.8 crore from ₹557.0 crore, while current borrowings rose to ₹153.7 crore from ₹88.1 crore. Total assets were ₹9,932.0 crore and current liabilities were ₹7,650.2 crore.

## Key Takeaway

Q2 revenue and profit before exceptional items and tax were well above year-earlier levels, despite sequential declines from Q1. Profit for the period also grew year on year, but fell more sharply sequentially than pre-exceptional pre-tax profit; finance costs rose while tax expense declined. Receivables and payables were higher than at March-end, and cash remained below its September 2025 level.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +44.41%
- FII holding: +6.63%
- DII holding: +21.09%
- Mutual fund holding: +18.29%
- Retail holding: +3.23%
- Promoter pledged: +0.00%

### Major reported shareholders

- LAP TRAVEL PRIVATE LIMITED — +21.60% (Bodies Corporate)
- Gaurav Bhatnagar — +17.33%
- GENERAL ATLANTIC SINGAPORE TBO PTE. LTD — +14.40%
- AUGUSTA TBO (SINGAPORE) PTE. LTD. — +5.05%
- Manish Dhingra — +4.87%
- ISIF EQUITY EX-TOP 100 LONG-SHORT FUND — +4.18%
- NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA VAL — +3.87%
- TBO KOREA HOLDINGS LIMITED — +2.86%
- CANARA ROBECO MUTUAL FUND A/C CANARA ROBECO SMALL — +2.48%
- SBI NIFTY 500 INDEX FUND — +2.03%

## Official filings

- 2026-11-05 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/9810411243_05112026150929_SETranscript.pdf)
- 2026-11-05 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20299_WebXMLFile_20261105_151149805.xml)
- 2026-11-04 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/9810411243_04112026155008_SEIntimation_RTA.pdf)
- 2026-11-03 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/9810411243_03112026112633_SEIntimationNP.pdf)
- 2026-11-03 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/9810411243_03112026195820_SERecording.pdf)
- 2026-11-03 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20299_WebXMLFile_20261103_200935398.xml)
- 2026-11-02 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/9810411243_02112026195115_ShareholderLettter02112026__1_.pdf)
- 2026-11-02 — Press Release: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/9810411243_02112026195544_PR02112026.pdf)
- 2026-11-02 — Financial Results Filing: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751558_02112026103835_WEB.xml)
- 2026-11-02 — Financial Results Filing: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751559_02112026103924_WEB.xml)
- 2026-10-28 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/9810411243_28102026121537_SEINtimation.pdf)
- 2026-10-28 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20299_WebXMLFile_20261028_124253073.xml)
- 2026-10-27 — Board Meeting Notice: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/9810411243_27102026145551_PriorIntimation27102026.pdf)
- 2026-10-27 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_20299_WebXMLFile_20261027_150036681.xml)
- 2026-10-27 — Board Meeting Notice: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_20299_WebXMLFile_20261027_150036681.xml)
- 2026-10-21 — Shareholding Disclosure: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742459_21102026110846_WEB.xml)
- 2026-10-21 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/9810411243_21102026191256_SEIntimation21012026.pdf)
- 2026-10-21 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_20299_WebXMLFile_20261021_220348614.xml)
- 2026-10-06 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/9810411243_06102026110756_74_5_06102026.pdf)
- 2026-09-28 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/9810411243_28092026173535_TWC_28092026.pdf)
- 2026-09-28 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_20299_WebXMLFile_20260928_174255392.xml)
- 2026-09-17 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20299_WebXMLFile_20260917_154827692.xml)
- 2026-08-31 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/9810411243_31082026195322_Results31082026.pdf)
- 2026-08-27 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/9810411243_27082026192118_SEProceedings.pdf)
- 2026-08-27 — Generic Announcement: TBO Tek Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/9810411243_27082026194434_SEReappointment.pdf)

## News and market events

- 2026-11-05 — CNBC-TV18: **DIIs overtake FIIs in Nifty 50 ownership as domestic share hits 16-quarter high** — Domestic institutional investors have overtaken foreign institutional investors in Nifty 50 ownership, with their stake rising to a 16-quarter high of 25.8% while FII holdings fell to a 16-quarter low of 22.1%, according to Elara Securities data. This structural shift is evident across broader market indices and specific sectors, as domestic funds increased exposure in banking, auto, and IT stocks while reducing foreign reliance in mid-cap and small-cap segments. — [Source](https://www.cnbctv18.com/market/diis-overtake-fiis-nifty-50-holdings-domestic-investors-alpha-article-20027843.htm)
- 2026-11-02 — CNBC-TV18: **TBO Tek Q2 results: Net profit rises 12%, revenue jumps nearly 53% YoY** — TBO Tek reported a 12.4% year-on-year increase in net profit to ₹76 crore and a 52.5% rise in revenue to ₹866 crore for the September quarter, driven by broad-based growth across its Hotels and Ancillary and Airlines segments. The company attributed this performance to operating leverage, service differentiation, and recovery in key markets including West Asia, despite ongoing geopolitical disruptions. Cash and cash equivalents stood at ₹2,060 crore as of September 30, 2026, following a $10 million prepayment of term debt. — [Source](https://www.cnbctv18.com/market/earnings/tbo-tek-q2-results-net-profit-rises-12-revenue-jumps-nearly-53-yoy-20025199.htm)
- 2026-10-01 — Economic Times: **TBO Tek shares gain 3%; Nuvama initiates 'Buy' with Rs 2,200 target** — Shares of travel tech firm TBO Tek rose nearly 3% on Thursday to Rs 1,733 after brokerage Nuvama initiated coverage with a Buy rating and a Rs 2,200 target price. The brokerage expects a 35% earnings CAGR over FY27-FY29E, driven by international expansion and hotel business growth. — [Source](https://economictimes.indiatimes.com/markets/ipos/fpos/tbo-tek-shares-gain-3-nuvama-initiates-buy-with-rs-2200-target/articleshow/134609231.cms)
- 2026-09-23 — BUSINESSTODAY: **IRCTC, Ixigo, RateGain, TBO Tek: Top travel stocks to buy; check fresh targets, ratings and more** — travel stocks, travel stocks India, Choice Institutional Equities, RateGain Travel Technologies, TBO Tek, Ixigo, IRCTC, RateGain share price, TBO Tek share price, Ixigo share price, IRCTC share price, travel sector stocks, travel stocks to buy, RateGain target price, TBO Tek target price, Ixigo target price, IRCTC target price, best travel stocks in India, travel stocks India target price, Choice Buy rating on RateGain, Choice Buy rating on TBO Tek, Choice Buy rating on IRCTC, Choice Add rating on Ixigo — [Source](https://www.businesstoday.in/markets/trending-stocks/story/irctc-ixigo-rategain-tbo-tek-top-travel-stocks-to-buy-check-fresh-targets-ratings-and-more-557304-2026-09-23)
- 2026-09-22 — The Hindu: **Broker’s call: TBO Tek (Buy)** — Jefferies — [Source](https://www.thehindubusinessline.com/markets/brokers-call-tbo-tek-buy/article71495101.ece)
- 2026-08-05 — Economic Times: **Market Trading Guide: TBO Tek among 2 stock recommendations for Thursday** — Indian markets surrendered early gains to end lower, but realty, auto and metal stocks outperformed. Analysts recommend Kirloskar Brothers and TBO Tek as breakout buys, citing bullish technical patterns, strong momentum, improving volumes and favourable risk-reward setups for short-term gains. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/market-trading-guide-tbo-tek-among-2-stock-recommendations-for-thursday/articleshow/132944362.cms)
- 2026-08-04 — Mint: **Raja Venkatraman recommends three stocks for 4 August** — Market expert Raja Venkatraman shares his top stock picks for 4 August. Here’s his technical outlook and trade strategy. — [Source](https://www.livemint.com/market/stock-market-news/raja-venkatraman-recommends-three-stocks-for-4-august-11785804004747.html)
- 2026-08-03 — CNBC-TV18: **Muthoot, Zee and XX other buzzing stocks in trade today** — Trading on the Nifty 500 turned volatile in early deals on Monday, with a mixed bag of quarterly earnings, brokerage calls and regulatory action driving sharp stock-specific moves. While some counters rallied on strong numbers and momentum, others slipped despite healthy results as investors zeroed in on management commentary and one-off factors. Here's a look at the top gainers and losers on the Nifty 500 today. — [Source](https://www.cnbctv18.com/photos/market/nifty-500-top-gainers-losers-today-urban-company-blue-dart-muthoot-finance-zee-hfcl-q1-results-19959996.htm)
- 2026-07-31 — MONEYCONTROL: **Buy TBO Tek; target of Rs 1850: Motilal Oswal** — TBO Tek, Motilal Oswal, Recommendations, Buy — [Source](https://www.moneycontrol.com/news/business/buy-tbo-tek-target-of-rs-1850-motilal-oswal-13990526.html)
- 2026-07-31 — MONEYCONTROL: **Hold TBO Tek; target of Rs 1550: ICICI Securities** — ICICI Securities, hold, TBO Tek, Recommendations — [Source](https://www.moneycontrol.com/news/business/stocks/hold-tbo-tek-target-of-rs-1550-icici-securities-13989906.html)
- 2026-07-29 — CNBC-TV18: **Q1 Results LIVE Updates: TBO Tek net profit up 33%; Redington revenue rises 35%** — Q1 Results LIVE Updates: Four Nifty 50 stocks are reporting their earnings today namely Asian Paints, Adani Enterprises, Adani Ports and Eicher Motors. Dabur, Waaree Energies, ACME Solar, Bajaj Housing Finance, CarTrade Tech, Chalet Hotels, Colgate-Palmolive, J&K Bank, Hexaware Technologies, KPIT Tech, Garden Reach Shipbuilders, Force Motors, Dhanlaxmi Bank, Devyani International, MOIL, Piramal Pharma, Prestige Estates, Redington, Star Health Insurance, Syngene, Teamlease, Triveni Engineering, Zensar Tech are among the other earnings from the broader markets. L&T, Netweb Tech, among others will also be reacting to their results. Watch this space for all the LIVE Q1 results updates. — [Source](https://www.cnbctv18.com/market/q1-results-live-updates-asian-paints-adani-ports-ent-hul-eicher-bajaj-hsg-dabur-mtar-kpit-tech-cartrade-colgate-share-price-liveblog-19956225.htm)

## Business profile

**Strategic vision:** Global B2B travel distribution platform connecting buyers and suppliers.

### Business segments
- **Global B2B Travel Distribution:** TBO Tek provides a technology platform that connects travel buyers, such as travel agents, with a wide array of global travel suppliers, offering access to various travel products and services.

### Competitive strengths
- Proprietary technology platform connecting a wide network of travel buyers and suppliers.
- Integrated distribution system for a comprehensive suite of travel products and services.
- Leverages data analytics, artificial intelligence, and machine learning to optimize sales.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/tbotek
Markdown representation: https://faxioms.com/stocks/tbotek?render=md