TBO Tek Limited reported a 12% GTV growth and a 19% GP growth, with hotels business growing faster at nearly 20%. Adjusted EBITDA before M&A costs grew by 16% to ₹104 Cr. The company acquired Classic Vacations, with consolidation starting in Q3 FY26. Growth in active agents was strong across regions, notably in Europe and the Middle East. India’s business is stabilizing, with hotels performing better than air travel.
Financial Performance
TBO Tek Limited’s earnings conference call highlighted a successful Q2 FY26, traditionally the strongest quarter. GTV grew by 12%, driven largely by the hotels business which saw growth nearing 20%. Gross profit (GP) increased by 19%, outpacing GTV growth due to a favorable shift in the business mix towards hotels and improved retention. Adjusted EBITDA before M&A costs reached ₹104 Cr, a 16% increase compared to the same quarter last year, reflecting increasing operating leverage.
Classic Vacations Acquisition
The company completed the acquisition of Classic Vacations, effective October 1, 2025. Numbers from Classic Vacations will be consolidated into TBO Tek’s financials starting in Q3 FY26. Classic Vacations contributes approximately $500 million in GTV.
Regional Performance
Europe and the Middle East showed strong active agent growth, driving new business. APAC saw growth in transacting buyers, although individual transaction values are smaller. The India business is stabilizing, with the hotels segment outperforming the air segment.
Strategic Focus
The company is focused on profitable growth and expects EBITDA growth to outstrip GP growth starting next fiscal year. It aims to unlock 15%-20% growth in Classic Vacations. It intends to integrate its supply pools into the Classic ecosystem for synergy realization.
Key Initiatives
TBO Tek is implementing AI to optimize pricing and increase conversion rates. New investments in technology and global expansion are aimed at sustaining efficient growth and protecting margins.
Source: BSE
