TBO Tek Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

TBO Tek Ltd trades at ₹1,459, in a downtrend and 21 weeks into that stage. That is +5.9% against its own 200-day average. It sits at 61% of a 52-week range of ₹1,068 to ₹1,710. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 10 straight weeks.

Today the stock is in a downtrend — week 21 of stage 4, confirmed. At ₹1,459 it trades +5.9% versus its 200-day average and sits at 61% of its 52-week range (₹1,068–₹1,710).

Against the market, two honest reads. Cumulative: over the last 2.2 years the stock moved +0% while the NIFTY 500 moved +10% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 10 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 28th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

TBO Tek Ltd trades at 64.0× P/E, near the bottom of its own range — cheaper only 28% of the time. Its long-run median P/E is 74.1×, measured across 2.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 64.0× is near the bottom of its own range — cheaper only 28% of the time, against a long-run median of 74.1× measured over 2.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +6.3% against a +2.8% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

TBO Tek Ltd reads as mixed on its fundamental arc. Mixed — revenue growth is rising at +82.5% (single-quarter readings) while profit growth is falling at +1.7% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

39.8/100 — rank 11 of 13 in E-Commerce - Platform - Utility · 83% evidence confidence

TBO Tek Ltd scores 39.8 out of 100 against the 13 companies it is compared with in E-Commerce - Platform - Utility, ranking 11. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 13.2 + 12.4 + 5.1 + 9.1 = 39.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

TBO Tek Ltd reported ₹814 Cr of revenue in the Mar 26 quarter, +82.5% year on year. That is the 9th straight quarter of year-on-year growth. Over 8 years it has compounded at 29.3% a year. The last full year, FY26, came in at ₹2,677 Cr. The last four reported quarters add to ₹2,677 Cr.

TBO Tek Ltd reported ₹814 Cr of revenue in the Mar 26 quarter, +82.5% year on year. That is the 9th straight quarter of year-on-year growth. Over 8 years it has compounded at 29.3% a year. The last full year, FY26, came in at ₹2,677 Cr. The last four reported quarters add to ₹2,677 Cr.

FY26 revenue came in at ₹2,677 Cr (+54.1% on the year), capping 8 years at 29.3% compound. The latest quarter (Mar 26) printed ₹814 Cr, +82.5% year on year — the 9th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +54.1% growth against the decade's 29.3% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +54.1% over the last 4 quarters against +38.6%/yr over the last 8 — accelerating; TTM profit +6.5% vs +10.7%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 13.0% this quarter (−2.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

TBO Tek Ltd's operating margin is 13.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged −15.0% to 19.0%. The current quarter sits inside that band.

TBO Tek Ltd's operating margin is 13.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged −15.0% to 19.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 13.0%, −2.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged −15.0%–19.0%.

🚨 Why the margin moved: operating margin went −1.6 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit +1.7% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

TBO Tek Ltd earned ₹60.0 Cr of net profit in the Mar 26 quarter, +1.7% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹244 Cr. The 8-year compound rate is 27.0%. That is 7.4% of the quarter's revenue. The same quarter a year earlier earned ₹59.0 Cr.

TBO Tek Ltd earned ₹60.0 Cr of net profit in the Mar 26 quarter, +1.7% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹244 Cr. The 8-year compound rate is 27.0%. That is 7.4% of the quarter's revenue. The same quarter a year earlier earned ₹59.0 Cr.

Mar 26 profit was ₹60.0 Cr, +1.7% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹244 Cr (+6.1%), and the 8-year compound rate is 27.0%.

Why profit moved: revenue contributed +82.5% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +6.6% vs revenue +54.1%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 73% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 73% of TBO Tek Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹−21.0 Cr of operating cash against ₹244 Cr of profit. After ₹1,335 Cr of capital spending, ₹−1,356 Cr was left as free cash.

FY26: operating cash of ₹−21.0 Cr against reported profit of ₹244 Cr, leaving free cash of ₹−1,356 Cr after ₹1,335 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 73% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 73%: the cash cycle stretched 415 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: conversion is below par and the cash cycle has stretched 415 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 724-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

TBO Tek Ltd's cash conversion cycle runs 724 days in FY26, up from 309 days in FY21. Capital spending ran ₹1,671 Cr over the last 3 years. At FY26 sales of ₹2,677 Cr each day of that cycle holds about ₹7.3 Cr, so roughly ₹5,310 Cr sits inside the business at any moment.

FY26: debtors at 724 days (an asset-light business — no inventory to speak of) — for a full cycle of 724 days, looser than FY21's 309.

In money terms: at FY26 sales of ₹2,677 Cr, each day of the cycle holds about ₹7.3 Cr — so the 724-day loop keeps roughly ₹5,310 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,671 Cr over the last 3 fiscal years against ₹174 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 18% and the ROIC − WACC spread is +39.8 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

TBO Tek Ltd earns a ROCE of 18% in FY26. That is up from a trough of 1% in FY21. Return on invested capital clears the cost of that capital by +39.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 9.1% net margin on 0.29× asset turns.

FY26 ROCE is 18%, recovered from a FY21 trough of 1% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 9.1% net margin × 0.29× asset turns × 6.00× balance-sheet leverage ≈ 15.8% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 51.8% − 12.0% = a +39.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.49.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

TBO Tek Ltd carries total debt of ₹756 Cr against shareholder equity of ₹1,551 Cr as of Mar 26, a debt-to-equity of 0.49. On the annual view that ratio went from 0.27 in FY22 to 0.49 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹756 Cr against shareholder equity of ₹1,551 Cr — a debt-to-equity of 0.49. On the annual view, debt-to-equity went from 0.27 (FY22) to 0.49 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 14.5 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 14.5 points of TBO Tek Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 21.1% of the company. Foreign institutions moved −13.9 points over the same window, to 28.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +14.5 points over 8 quarters to 21.1%; Foreign institutions: −13.9 points over 8 quarters to 28.9%; Promoters: +0.0 points over 8 quarters to 44.4%.

Why the register moved: rotation — foreign institutions −13.9 points against domestic institutions +14.5 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

TBO Tek Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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