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TBO TEK LIMITED Investor Presentation 2026
61962_rns_2026-06-02_1abccf50-efda-47ed-b29c-e04813b379da.pdf
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tbo.com TRAVEL SIMPLIFIED
June 02, 2026
BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai - 400 001, Maharashtra, India
Scrip Code: 544174
National Stock Exchange of India Limited
Exchange Plaza, 5th Floor, Plot No. C/1
G Block, Bandra-Kurla Complex, Bandra (E)
Mumbai - 400 051, Maharashtra, India
Symbol: TBOTEK
Sub: Investor Presentation
Ref: Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015 ("Listing Regulations")
Dear Sir/ Ma’am,
Pursuant to Regulation 30 of the Listing Regulations, please find enclosed herewith the Investor Presentation.
This disclosure will also be available on Company’s website at https://www.tbo.com/engagement/investors/#StockExchangeSubmission
Kindly take the same on record.
Thanking you,
Yours faithfully
For and on behalf of TBO Tek Limited
NEERA
CHAND
AK
Neera Chandak
Company Secretary & Compliance Officer
Encl.: As above
TBO Tek Limited
CIN: L74999DL2006PLC155233
[email protected] | +91 124 4998999
Registered Office Address: Unit No. 501, 5th Floor, Worldmark-4, Asset Area No. LP-IB-04, Gateway District, Aerocity, Near Indira Gandhi International Airport, New Delhi – 110037
Corporate Office Address: Plot No. 728, Udyog Vihar Phase- V Gurgaon-122016 Haryana, India
Your booking experience starts at www.tbo.com
TBO.com: Travel Simplified
Investor Presentation
tbo.com
TRAVEL SIMPLIFIED
Disclaimer
This presentation may contain statements which reflect Management's current views and estimates and could be construed as forward-looking statements. The future involves risks and uncertainties that could cause actual results to differ materially from the current views being expressed. These risks and uncertainties include but are not limited to our growth and expansion plans, our ability to obtain regulatory approvals, technological changes, fluctuation in earnings, foreign exchange rates, our ability to manage international operations, our exposure to market risks as well as other risks.
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TBO at a Glance
TBO is now among the top four global B2B travel distributors, with strong growth potential¹
Source: 1. HBX Group's Industry Analysis
2. As reported in 2024–25 Annual Report
Our Technology Platform Enables Global Travel Buyers & Suppliers to Do Business Seamlessly
Our Journey through the years... Organic and Inorganic Growth
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Where to play?
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The Big opportunity
Big Shift in Demographics
The Developed World
Older and Very Prosperous
The Developing World
Young, reaching higher income thresholds
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The Big opportunity
Outbound Travel : New Megatrend
- More and more people will travel outside of their countries
- Assisted travel will be a very large opportunity
- Longer trips with multiple services stitched together.
- For Older, affluent travelers: expertise, comfort, convenience, and novelty.
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TBO has chosen to play in Premium outbound travel space
Source: 1. Lattice Travel & Tourism Industry Report (2023); 2. Management Estimate; 3. Management Estimate
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Right to win
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Online channel is crowded; Lot of whitespace in assisted travel
Offline distribution is large but highly fragmented and underserved segment.. High need for an assisted travel platform
Our platform simplifies travel
Connects travel buyers across the world serving end travelers with globally distributed travel suppliers to seamlessly create joyful experiences for all travelers
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We address key needs of suppliers & buyers
Discovery
Real-time access to global travel inventory of over 1 Million+ hotels & 750+ Airlines. Matching to Buyer preferences
Marketing channel targeting global Buyer base
Trust
Supplier onboarding is curated by TBO with strict SLAs
Assure service delivery to the traveler
Guarantee payment to Supplier
Payments
Transact in respective local currencies
Payments accepted in 88 currencies
Service
24x7, multi-lingual pre- and post-booking support
Platform supports 16 languages
All numbers are as reported in 2024-25 Annual Report
TBO's Global Footprint
GTV is calculated basis source market (i.e. location of the booking agent)
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Our platform is core to retail buyers and suppliers
The buyer onboarding process has 3 key steps...
Inbound: Website registrations through web search, referrals, travel trade shows (e.g.~ ATM, SATTE, ITB, etc.)
Seamless KYC¹ with country specific identity validation
Data led nurturing by sales effectiveness team till first 10 bookings
~200K Registered Travel Agent Base²
Our technology enables quick access to new supply
- Know your customer; 2. As reported in 2024-25 Annual Report
Interlinked flywheels enhance value proposition for our partners
Our dynamic founding team is backed by an experienced board...
Ravindra Dhariwal
Chairman and Independent Director
Prior: Pepsico
Ankush Nijhawan
Co-founder, Joint Managing Director
Prior: Nijhawan Group
Gaurav Bhatnagar
Co-founder, Joint Managing Director
Prior: Microsoft
Akshat Verma
Chief Technology Officer & Whole-time Director
Prior: MakeMyTrip
Bhaskar Pramanik
Independent Director
Prior: Microsoft
Rahul Bhatnagar
Independent Director
Prior: Pepsico
Anuranjita Kumar
Independent Director
Prior: Royal Bank of Scotland
Shantanu Rastogi
Non-Executive Director
Prior: APAX Partners
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...and is supported by a deeply experienced team
Gerardo Del Rio
President – International
Prior: Hotelbeds, Dida Travel
Education: BBA Mexico
Melissa Krueger
CEO – Classic Vacations
Prior: Travel Impressions
Education: California State University
Akshat Verma
Chief Technology Officer
Prior: MakeMyTrip
Education: IIT Delhi, IIT Kharagpur
Nishant Misra
Chief Product Officer
Prior: Deutsche Bank
Education: IIT Kanpur
Peter Palli
Chief Supply Officer
Prior: Hilton, IHG
Aarish Khan
Chief Commercial Officer, India
Prior: Times Internet
KA Hamid
Chief Business Officer – Airlines India
Prior: Midair Express
Education: India International Trade Center
Vikas Jain
Chief Financial Officer
Prior: Ibibo
Education: ICAI, SRCC
Pramendra Tomar
Senior Vice President – General Counsel
Prior: Ola Electric
Education: Fellow member ICSI, Law Graduate Delhi University
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Our strategic vectors that contributed to rapid growth
Our journey of over 20 years
Strong YoY GTV growth
Driving growth through business diversification
Investment in technology driving operating leverage
Capital efficient business model with strong cash generation
Delivering positive shareholder returns
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Our Business Approach
Transacting buyers are the monthly average number of buyers with net positive sale during each month.
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Strong quarter, demonstrating structural resilience against geopolitical headwinds
| Transacting buyers (Monthly) | GTV | Revenue | Gross Profit | Adj. EBITDA | |
|---|---|---|---|---|---|
| Reported (TBO Organic + CV) | 32,751 | ||||
| Up 15% YoY | 10,079 Cr. | ||||
| Up 29% YoY | 814 Cr. | ||||
| Up 83% YoY | 494 Cr. | ||||
| Up 59% YoY | 111 Cr. | ||||
| Up 40% YoY | |||||
| TBO Organic | 30,063 | ||||
| Up 6% YoY | 9,038 Cr. | ||||
| Up 16% YoY | 542 Cr. | ||||
| Up 21% YoY | 355 Cr. | ||||
| Up 14% YoY | 83 Cr. | ||||
| Up 5% YoY |
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KPI Metrics (Without Classic Vacations)
| Particulars | Quarter ended | ||
|---|---|---|---|
| March 31,2026 | December 31,2025 | March 31,2025 | |
| Monthly Transacting Buyers (number) | |||
| - India | 17,806 | 18,444 | 18,436 |
| - International | 12,257 | 12,818 | 9,973 |
| Total | 30,063 | 31,262 | 28,409 |
| GTV (₹ crore) - Source Market | |||
| - India | 3,709.3 | 3,723.9 | 3,391.4 |
| - International | 5,328.5 | 4,940.2 | 4,396.4 |
| Total | 9,037.9 | 8,664.1 | 7,787.8 |
| GTV Mix (%) – Source Market | |||
| - India | 41.0% | 43.0% | 43.5% |
| - International | 59.0% | 57.0% | 56.5% |
| GTV – Product (₹ crore) | |||
| - Airlines | 3,384.4 | 3,329.2 | 3,092.2 |
| - Hotels and ancillary | 5,653.5 | 5,335.0 | 4,695.7 |
| Total | 9,037.9 | 8,664.1 | 7,787.8 |
| GTV Mix (%) – Product | |||
| - Airlines | 37.4% | 38.4% | 39.7% |
| - Hotels and ancillary | 62.6% | 61.6% | 60.3% |
| Revenue from operations (₹ crore) – Product | |||
| - Airlines | 77.4 | 77.3 | 79.4 |
| - Hotels and ancillary | 445.9 | 432.2 | 356.4 |
| - Others | 18.3 | 14.0 | 10.3 |
| Total | 541.6 | 523.6 | 446.1 |
| Take Rate (%) – Product | |||
| - Airlines | 2.3% | 2.3% | 2.6% |
| - Hotels and ancillary | 7.9% | 8.1% | 7.6% |
| Total | 6.0% | 6.0% | 5.7% |
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KPI Metrics (Without Classic Vacations)
| Particulars | Quarter ended | ||
|---|---|---|---|
| March 31,2026 | December 31,2025 | March 31,2025 | |
| Gross Profit (₹ crore) – Product | |||
| - Airlines | 37.9 | 39.9 | 38.8 |
| - Hotels and ancillary | 299.3 | 298.5 | 262.5 |
| - Others | 17.8 | 13.5 | 9.6 |
| Total | 355.1 | 351.9 | 310.9 |
| Revenue from operations (₹ crore) – Source Market | |||
| - India | 98.1 | 99.9 | 102.0 |
| - International | 443.5 | 423.7 | 344.1 |
| Total | 541.6 | 523.6 | 446.1 |
| Take Rate (%) – Source Market | |||
| - India | 2.6% | 2.7% | 3.0% |
| - International | 8.3% | 8.6% | 7.8% |
| Total | 6.0% | 6.0% | 5.7% |
| Gross Profit (₹ crore) – Source Market | |||
| - India | 46.5 | 50.5 | 53.0 |
| - International | 308.6 | 301.4 | 257.9 |
| Total | 355.1 | 351.9 | 310.9 |
| EBITDA (₹ crore) | 78.4 | 82.7 | 71.6 |
| Adjusted EBITDA (₹ crore) | 83.4 | 88.4 | 79.1 |
| EBITDA Margin (%) | 14.48% | 15.79% | 16.05% |
| Adjusted EBITDA Margin | 15.40% | 16.87% | 17.73% |
| EBITDA (before acquisition related cost) (₹ crore) | 78.4 | 83.3 | 71.6 |
| Adj EBITDA (before acquisition related cost) (₹ crore) | 83.4 | 88.9 | 79.1 |
| EBITDA (before acquisition related cost) Margin (%) | 14.48% | 15.90% | 16.05% |
| Adj EBITDA (before acquisition related cost) Margin (%) | 15.40% | 16.98% | 17.73% |
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Our Strengths
Our financial and operational performance has showcased consistent results over past few years
- Platform creating network effect with interlinked flywheels to enhance value proposition for partners
- Modular and scalable proprietary technology platform allowing addition of new lines of business, markets, and travel products
- Ability to generate and leverage large data assets
- Data driven decision making across the enterprise
- Founder led company supported by experienced professional management team with deep travel and technology expertise
- Capital efficient business model with a combination of sustainable growth
Thank You!
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