TBO Tek Q1 FY2027: 81% Revenue Surge to ₹926 Cr and ₹11,154 Cr GTV Milestone

TBO Tek Limited has released its revised shareholders’ letter for the first quarter of fiscal year 2027 (Q1 FY27), showcasing a significant surge in scale and profitability. The company reported a consolidated revenue jump of 81% year-on-year (YoY), reaching ₹925.8 crore. A key highlight of the quarter was the demonstration of strong operating leverage, as organic Gross Profit growth consistently outpaced the expansion of selling, general, and administrative (SG&A) expenses.

Consolidated Financial Performance Overview

The integration of Classic Vacations alongside resilient organic growth drove record figures across all major financial metrics. Consolidated Gross Transaction Value (GTV) rose 37% to ₹11,154.3 crore.

Metric (₹ Crore)	Q1 FY27	Q1 FY26	YoY Change
Gross Transaction Value (GTV)	11,154.3	8,119.3	+37%
Revenue from Operations	925.8	511.3	+81%
Gross Profit	552.4	333.3	+66%
EBITDA	143.5	77.9	+84.2%
Adjusted EBITDA	149.9	84.7	+77%
Net Profit After Tax (PAT)	83.4	63.0	+32.4%

Note: Figures based on revised filings to correct inadvertent errors in initial disclosures.

Organic vs. Consolidated Performance

To provide a clearer view of the underlying business, TBO Tek distinguished between its organic operations and the contribution of the newly acquired Classic Vacations.

• Organic GTV: Grew 22% YoY to ₹9,918.4 crore.
• Classic Vacations GTV: Contributed ₹1,300 crore.
• Organic Adjusted EBITDA: Increased by 25% to ₹106 crore, with the margin expanding to 17.8% from 16.6% in the previous year.

The company reached a “key inflection point” as organic SG&A grew by only 12% (and just 4% in constant currency terms) compared to a 16% rise in organic Gross Profit.

Source (Screener.in)

Segment and Geographic Insights

Product Segment GTV Breakdown

The Hotels and Ancillary segment remained the primary growth engine, while the Airlines business maintained steady growth.

Product Segment	Q1 FY27 GTV (₹ Cr)	Q1 FY26 GTV (₹ Cr)	YoY Change
Hotels and Ancillary	7,577.7	5,059.7	+49.8%
Airlines	3,576.6	3,059.6	+16.9%
Total Consolidated GTV	11,154.3	8,119.3	+37%

Geographic Highlights

International expansion was a major theme, with International Monthly Transacting Buyers (MTBs) surging 39% YoY.

• North America: Recorded a massive 363% GTV growth (318% in constant currency), driven by the integration of Classic Vacations and seasonal peaks.
• Asia Pacific (APAC): Remained the fastest-growing organic market with a 56% GTV increase.
• Europe: Grew by 37% YoY, led by a strong rebound in source markets like Israel.
• India: TBO’s largest absolute buyer base saw 11.4% GTV growth, reaching ₹3,999.8 crore.
• Middle East & Africa (MEA): GTV remained flattish (+1% in constant currency) due to geopolitical headwinds, though markets like the UAE and Qatar showed resilience.

Strategic Drivers and Operational Efficiency

1. Operating Leverage

Management emphasized that investments in technology and automation are now maturing. Hosting and bandwidth expenses actually declined by 13.7% despite higher platform activity. Adjusted EBITDA as a percentage of Gross Profit improved from 23.5% in the previous quarter to 27.5%.

2. Technology and AI

TBO Tek is betting heavily on Artificial Intelligence to multiply advisor productivity. The company’s AI Centre of Excellence and the Voya initiative aim to embed intelligence across advisor workflows to create more connected and personalized travel journeys.

3. Cash Position

The company’s cash and cash equivalents stood at ₹1,984 crore as of June 30, 2026, marking an increase of ₹392 crore from the previous quarter, partly due to the release of working capital.

Regulatory Note

The company disclosed ongoing adjudication proceedings with the Enforcement Directorate (ED) regarding alleged FEMA violations totaling ₹493.70 million. While the Reserve Bank of India declined post-facto approvals for certain transactions in 2025, TBO Tek has not made financial adjustments to the Q1 FY27 results pending the final sub-judice outcome.

Management Outlook

Founders Ankush Nijhawan and Gaurav Bhatnagar expressed confidence that the platform’s diversification and structural efficiency will allow profits to continue compounding faster than the required infrastructure costs. Classic Vacations’ integration is on track to be largely completed by the end of Q3 FY27.