TBO Tek Limited announced strong financial results for Q3 FY26, highlighting 86% YoY revenue growth to ₹784 Cr, driven by broad-based performance across Europe, APAC, MEA, and India. The integration of Classic Vacations significantly scaled the platform, resulting in Adjusted EBITDA (before M&A Costs) reaching ₹115 Cr, a 53% YoY increase. The company is confident in demonstrating inherent operating leverage starting Q4 FY26.
TBO Tek Q3 FY26 Performance Highlights
TBO Tek Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025. The quarter marked an important milestone with the first-time integration of Classic Vacations into the financial and operating metrics, expanding scale significantly, particularly in the crucial US market.
Consolidated Financial Performance Summary (Q3 FY26 YoY Growth)
- GTV grew by 35% YoY to ₹9,709 Cr (vs. ₹7,166 Cr).
- Revenue from operations surged by 86% YoY to ₹784 Cr (vs. ₹422 Cr).
- Gross Profit increased by 63% YOY to ₹483 Cr (vs. ₹297 Cr).
- Adjusted EBITDA (before M&A Costs) was ₹115 Cr, up 53% YoY (vs. ₹75 Cr).
- Profit After Tax (PAT) stood at ₹54 Cr, marking a 7.4% YoY increase (vs. ₹50 Cr).
Key Business Drivers and Operational Updates
The quarter demonstrated strong organic growth alongside the strategic acquisition integration. Monthly Transacting Buyers (MTBs) reached 33,324, up 16% YoY, fueled by a 49.1% YoY rise in the International business.
- GTV Growth Drivers: Total GTV growth of 35% YoY was led by strong performance in Hotels + Ancillaries (+46% YoY) and Airlines segments (+19.7% YoY).
- Geographic Strength: The company witnessed broad-based growth across Europe, APAC, MEA, and India. For the Hotels + Ancillary Segment, Europe, APAC, and MEA markets each grew over 30% YoY.
- Operational Leverage: Enterprise GTV to Adj. EBITDA (before M&A costs) conversion improved to 1.18% in Q3 FY26, up from 1.05% in Q3 FY25, largely supported by Classic Vacations’ 2.46% GTV to Adj. EBITDA conversion for the quarter.
- Cash Position: Despite significant acquisition-related cash outflows of approximately ₹979 Cr during the quarter, closing cash and cash equivalents stood at ₹1,492 Cr.
Management Commentary
Mr. Gaurav Bhatnagar, Co-founder and Joint MD, stated that the integration of Classic Vacations provides critical mass in the US and expands the platform’s overall scale meaningfully.
Mr. Ankush Nijhawan, Co-founder and Joint MD, emphasized that the quarter featured broad-based growth, with the Indian business returning to a solid double-digit growth trajectory driven by the airlines business. This combination helped deliver the 53% YoY increase in Adjusted EBITDA (before M&A Costs) to ₹115 Cr.
Management expressed high confidence in demonstrating the platform’s inherent operating leverage starting Q4 FY26.
Source: BSE
