# TBO Tek share price today (TBO Tek Ltd, NSE: TBOTEK)

> TBO Tek share price today: ₹1,594.40 at the NSE close on 3 November 2026, up 7.5% in a year. TBO Tek (NSE: TBOTEK) is worth ₹17,316 crore, trades at a P/E of 64.3 and has closed between ₹1,068.10 and ₹1,710.60 over the past 52 weeks. > TBO Tek Ltd's results are improving, while its P/E is near the low end of its own history over 2.4 years, higher than only 27% of past readings. TBOTEK · E-Commerce - Platform - Utility · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/tbo-tek-ltd

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## Key numbers

- Business trend: Growing steadily, from fewer quarters than usual
- Price: ₹1,594.40 (+7.5% in a year)
- P/E: 64.3× (lower than 73% of the last 2.4 years)
- Revenue (Jun 2026): ₹926 Cr (+81.2% on a year ago)
- Profit (Jun 2026): ₹83.0 Cr (+31.7% on a year ago)
- Operating margin: 15.0% (+1.0 points on a year ago)
- ROCE: 18%, FY26
- ROIC: 51.4%, against a 12.0% cost of capital: +39.4 points

The main question: foreign institutions moved −20.5 percentage points over 8 quarters while the business went the other way. ## What is the TBO Tek share price today? TBO Tek Ltd's share price was ₹1,594.40 at the close on 3 November 2026. It has been rising for 14 weeks. That is 5.6% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,068 and ₹1,711, and at that close it sat 82% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 27 weeks in a row. Over the last 2.5 years the share price moved +9% while the NIFTY 500 moved +3%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at TBO Tek this quarter? Three changes stood out: indian funds and insurers (DIIs) raised their stake for 4 quarters in a row, foreign funds (FIIs) cut their stake for 3 quarters in a row and revenue up on a year earlier for 10 quarters in a row (every quarter we can compare). 1. Indian funds and insurers (DIIs) raised their stake for 4 quarters in a row From 18.9% to 27.2% of the company by the September 2026 quarter. 2. Foreign funds (FIIs) cut their stake for 3 quarters in a row From 30.9% to 22.5% of the company by the September 2026 quarter. 3. Revenue up on a year earlier for 10 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹926 crore, +81.2% on a year earlier. Why: Revenue rose because the company booked more travel in Europe and because the Classic Vacations purchase added North America to the group. Next results: check whether Europe and APAC keep leading growth, as management expects. From the earnings call on 30 Jul 2026. ## What are TBO Tek's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), TBO Tek reported revenue of ₹926 crore, up 81.2% from ₹511 crore a year earlier, and a profit of ₹83.0 crore, up 31.7% from ₹63.0 crore. ### TBO Tek results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹926 crore | ₹511 crore | +81.2% |
| Profit | ₹83.0 crore | ₹63.0 crore | +31.7% |
| Earnings per share | ₹7.68 | ₹5.80 | +32.4% |
| Operating margin | 15.0% | 14.0% | +1.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). TBO Tek's management discussed these results on a call held on 30 July 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the TBO Tek share price history? TBO Tek closed at ₹1,594.40 on 3 November 2026, up 7.5% from ₹1,483.20 a year earlier (31 October 2025). Its highest weekly close since May 2024 was ₹1,902.90 on 28 June 2024. ### TBO Tek share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹1,523.80 | +4.6% |
| 1 month ago · 1 Oct 2026 | ₹1,671.50 | −4.6% |
| 6 months ago · 30 Apr 2026 | ₹1,255.40 | +27.0% |
| 1 year ago · 31 Oct 2025 | ₹1,483.20 | +7.5% |
| Earliest weekly close in our records · 18 May 2024 | ₹1,464.50 | +8.9% |
| Highest weekly close since May 2024 · 28 Jun 2024 | ₹1,902.90 | −16.2% |
| Lowest weekly close since May 2024 · 25 Apr 2025 | ₹1,023.50 | +55.8% |
| 52-week high (weekly close) · 18 Sep 2026 | ₹1,710.60 | −6.8% |
| 52-week low (weekly close) · 20 Mar 2026 | ₹1,068.10 | +49.3% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (134 weekly closes from 18 May 2024 to 3 November 2026.)

## What is the latest news on TBO Tek? 3 Nov 2026: TBO Tek closed at ₹1,594.40, up 4.6% on the week and down 4.6% on the month. Our read, 22 Aug 2026: TBO connects travel agencies to global hotel and airline inventory, earning approximately 10-11% take rate on hotels and 1-2% on flights, with suppliers paying the platform before the platform pays agents, a structural negative working capital model that generates float at scale. The company acquired Classic Vacations in October 2025 for move into North American luxury travel, adding $500M GTV and 10,000 high-end advisors, and recorded this on its balance sheet as a 1,274 crore increase in fixed assets between March 2025 and March 2026. ### Earlier

- 30 Jul 2026: TBO Tek held its results call for April to June 2026. Management guided: July to September 2026 sequential performance should be better than Q1, supported by the historically stronger northern-hemisphere travel season; expected margin expansion is seasonal, not a flat run-rate commitment. - Results for April to June 2026: Revenue up 81.2% and profit up 31.7% on a year earlier. ### Our read of the business

TBO connects travel agencies to global hotel and airline inventory, earning approximately 10-11% take rate on hotels and 1-2% on flights, with suppliers paying the platform before the platform pays agents, a structural negative working capital model that generates float at scale. The company acquired Classic Vacations in October 2025 for move into North American luxury travel, adding $500M GTV and 10,000 high-end advisors, and recorded this on its balance sheet as a 1,274 crore increase in fixed assets between March 2025 and March 2026. April to June 2026: Growth delivered through the worst disruption in two years; operating leverage visible for the first time. (Our read after the April to June 2026 results, written 22 August 2026.)

## What dividend does TBO Tek pay? TBO Tek has paid no dividend on the NSE since its first NSE close in our records (18 May 2024), the start of the period we checked. No. TBO Tek Ltd paid out 0% of its profit as dividends in each of its last 9 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 4 November 2026.)

## What did TBO Tek management say on the latest results call? On the call for April to June 2026, held on 30 July 2026, TBO Tek's management guided: July to September 2026 sequential performance should be better than Q1, supported by the historically stronger northern-hemisphere travel season; expected margin expansion is seasonal, not a flat run-rate commitment. > “This was by far the toughest quarter for the company in the last 2 years. In spite of that, the company has delivered growth both on the frontline and bottom line, and we are very proud of it.”
> Gaurav Bhatnagar, on the call for April to June 2026

### What management guided

- Organic growth should return to the normal growth profile seen before the disruption once conditions normalize, although management could not determine whether normalization occurs in Q3 or Q4. - Europe and APAC are expected to remain the leading growth regions, while North American like-for-like growth should emerge as comparisons mature around October, November or December. - GP-to-operating profit conversion should continue improving because SG&A growth is expected to remain below GP growth unless management accelerates market development. - Classic Vacations platform integration is likely to be completed by the end of this calendar year. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/47075-30-Jul-2026.pdf). (From the call for April to June 2026, 30 July 2026.)

## What is the future of TBO Tek? What is changing in the business? One change in TBO Tek's own numbers looks lasting: new regions and countries. New regions and countries looks lasting

Revenue in the June 2026 quarter was ₹926 crore against ₹511 crore a year earlier (+81%), and operating profit was ₹138 crore against ₹74 crore (+86%). Why it may last: TBO owns the agent network and supplier relationships it builds region by region, and management says new agent groups usually double their business in the following year. Travel shocks like the Middle East war slow it, but they dent growth rather than remove the network. Next check: Sep 2026 quarter net profit above ₹68 crore (Sep 2025) with operating profit growing at least as fast as revenue, while North America growth on a like-for-like basis starts to show from October to December. Quarter by quarter, 4 quarters

July to September 2025

Before the acquisition was counted, revenue grew 26% (₹451 crore to ₹568 crore) and operating profit grew 17% (₹75 crore to ₹88 crore) from organic growth across regions; Asia-Pacific was said to be growing 40%+. ✓ fact

From our notes of the call for July to September 2025: Europe & Middle East: Largest markets (combined ~60% of core GTV) maintaining 20%+ growth. October to December 2025

First quarter with Classic Vacations counted: revenue ₹784 crore vs ₹422 crore (+86%), operating profit ₹100 crore vs ₹55 crore (+82%). Net profit rose only from ₹50 crore to ₹54 crore (+8%) because interest and depreciation jumped. ✓ fact

From our notes of the call for October to December 2025: Market base: >$600 million existing organic North America business; aiming for high double-digit growth for combined entity over 3-4 years. January to March 2026

Even with the Middle East war wiping out March, revenue was ₹814 crore vs ₹446 crore (+83%) and operating profit ₹105 crore vs ₹65 crore (+62%); net profit was nearly flat at ₹60 crore vs ₹59 crore. Return on capital fell from 27% in FY25 to 18% in FY26 as the acquisition added capital. ✓ fact

From our notes of the call for January to March 2026: Strategic rebalancing toward North America and Europe (higher-take-rate markets) from India and Middle East (lower take-rates)

April to June 2026

Revenue ₹926 crore vs ₹511 crore (+81%), operating profit ₹138 crore vs ₹74 crore (+86%), net profit ₹83 crore vs ₹63 crore (+32%). Organic business grew 15% in constant currency and Europe 24%, per management. ✓ fact

From our notes of the call for April to June 2026: North America now represents almost a quarter of hotel GTV. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026.)

## What could change the TBO Tek story? What are the risks? Management accelerates market-development spending on new geographies, pushing organic SG&A growth above gross profit growth for two consecutive quarters. ### Each change stops working if

- : Management accelerates market-development spending on new geographies, pushing organic SG&A growth above gross profit growth for two consecutive quarters. - : Platform migration extends beyond March 2027, or Classic operating margin falls below 2% for two quarters, indicating integration stall rather than progress. - : Europe GTV growth falls below 10% year-on-year for two consecutive quarters after the Middle East normalization comparison base resets, indicating the share-gain thesis has ended. ### The main risks

- : Middle East is the largest source market and remains under geopolitical disruption with no recovery timetable from management, any extended conflict continuation materially delays the margin recovery. ⚠ estimate
- : FY26 operating cash flow turned negative for the first time (-21 crore); three-year aggregate operating cash flow-to-profit of 0.73 is manageable but the FY26 miss requires Q2-October to December 2026 recovery to validate management's normalization commitment. ⚠ estimate
- : ROCE compressed from 53% (FY23) to 18% (FY26) as Classic Vacations added 1,274 crore of goodwill-and-intangibles to the balance sheet; return to mid-20s ROCE requires cross-sales synergies that are now 12-18 months away. ⚠ estimate

(Our read after the April to June 2026 results, written 22 August 2026.)

## What to watch in TBO Tek's next results? When TBO Tek reports July to September 2026, these are the 5 checks that show whether the story is still on course. First: Sep 2026 quarter net profit above ₹68 crore (Sep 2025) with operating profit growing at least as fast as revenue, while North America growth on a like-for-like basis starts to show from October to December. | What to check | Why |
| --- | --- |
| Sep 2026 quarter net profit above ₹68 crore (Sep 2025) with operating profit growing at least as fast as revenue, while North America growth on a like-for-like basis starts to show from October to December. | New regions and countries |
| July to September 2026 sequential GTV and GP performance should be better than Q1 historically; test whether seasonal volume produces the expected margin expansion without further take-rate sacrifice. | From the call |
| Monitor Middle East hotel GTV for continued flat-to-positive constant-currency performance versus renewed disruption; management provided no recovery timetable. | From the call |
| any early slowdown would challenge the 4-6-quarter account-maturity framework. | From the call |
| Classic Vacations integration should show progress on CRM and back-office automation, with platform migration remaining the gating event for reverse Classic-to-TBO sales. | From the call |

## Which stock lists is TBO Tek on? TBO Tek is on 3 of our India lists: Multibagger study list, Momentum stocks and Small & mid cap stocks. - [Multibagger study list Study stage: middle](https://www.sectoralpha.in/multibagger-stocks-india)
- [Momentum stocks Market cap cr: 17303.650306748466](https://www.sectoralpha.in/momentum-stocks-india)
- [Small & mid cap stocks Size rank in India: 393](https://www.sectoralpha.in/small-cap-stocks-india)

## Is TBO Tek profitable? TBO Tek Ltd earned ₹83.0 Cr of net profit in the Jun 2026 quarter, +31.7% on the same quarter a year earlier. That is the 6th quarter in a row of profit growth. Full-year FY26 profit was ₹244 Cr. Over 8 years profit has grown 27.0% a year on average. That is 9.0% of the quarter's revenue. The same quarter a year earlier earned ₹63.0 Cr. For the full year, FY26 profit was ₹244 Cr (+6.1% on the year before). Why profit moved: revenue changed +81.2% on a year earlier and the margin moved +1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +13.7% and revenue +68.8%. Profit is growing slower than sales: rising costs are taking part of the growth. FY26-Q4. revenue ₹814 Cr and profit ₹60 Cr as reported. FY27-Q1. revenue ₹926 Cr and profit ₹83 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much revenue does TBO Tek make, and is it growing? TBO Tek Ltd reported ₹926 Cr of revenue in the Jun 2026 quarter, +81.2% on the same quarter a year earlier. That is the 10th quarter in a row with growth on the year before. Over 8 years it has grown 29.3% a year on average. The last full year, FY26, came in at ₹2,677 Cr. The last four reported quarters add to ₹3,092 Cr. FY26 revenue was ₹2,677 Cr, +54.1% on the year before. Recent pace: the last four quarters grew +68.8% on average, against 29.3% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +69.0%, against +45.2% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +14.2%, against +11.3% a year (stabilising). FY26-Q4. revenue ₹814 Cr and profit ₹60 Cr as reported. FY27-Q1. revenue ₹926 Cr and profit ₹83 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does TBO Tek keep? TBO Tek Ltd's operating margin was 15.0% in the Jun 2026 quarter, 1.0 percentage points higher than the same quarter a year ago. Across 9 years it has been between −15.0% and 19.0%. The latest quarter is within that range. Why this happened. The operating-leverage catapult applies here: fixed infrastructure costs (technology platform, CRM, business services) were built during the build-out phase; the incremental volume now drops to margin at a high rate. GP-to-EBITDA conversion was 26.0% in Q1 FY27 and management confirmed improvement ahead because SG&A grows slower than gross profit. Organic SG&A grew approximately 4.0% year-on-year in constant currency in Q1 FY27, the gap to double-digit GP growth is the margin channel. Hosting and bandwidth costs fell 14% after infrastructure insourcing and management described this as a permanent new baseline. This model captures operating leverage even as the Middle East headwind…

Why the margin moved: operating margin changed +0.4 percentage points on the year while gross margin changed +0.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. FY26-Q4. revenue ₹814 Cr and profit ₹60 Cr as reported. FY27-Q1. revenue ₹926 Cr and profit ₹83 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## Is TBO Tek's profit turning into cash? Over the last 3 years, 73% of TBO Tek Ltd's reported profit came in as cash from its operations, so most of the profit is real cash. In FY26 its operations used ₹21.0 Cr of cash, against ₹244 Cr of profit. After ₹1,335 Cr of spending on assets, free cash was −₹1,356 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 73% of profit came in as cash: the cash cycle got 415 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: less of the profit turns into cash than it should, and the cash cycle is 415 days longer. The next section looks at where the cash is stuck. ## Where does TBO Tek's cash go? TBO Tek Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 724 days in FY26, up from 309 days in FY21. It spent ₹1,671 Cr on assets over the last 3 years. At FY26 sales of ₹2,677 Cr, each day of that cycle ties up about ₹7.3 Cr, so roughly ₹5,310 Cr is tied up in the business at any time. Spending on assets: ₹1,671 Cr over the last 3 years, against ₹174 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹14.0 Cr (FY26): assets paid for that are not earning yet. In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit. ## What is TBO Tek's P/E ratio, and how does it compare with its own history? TBO Tek Ltd's P/E is 64.3×, near the low end of its own history: it has been lower only 27% of the time. Its usual P/E (the middle reading) is 70.6×, over 2.4 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹24.37. Why the multiple is where it is: over the past year earnings per share moved +6.3% while the price moved +7.5%. The price did better than earnings, which pushed the multiple up within its own range. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the TBO Tek share price assume? Worked out from its price on 11 October 2026, TBO Tek Ltd's share price assumed profit growth of about 32.3% a year. Over the past 8 years its profit actually grew 27.0% a year. Today its P/E is 64.3×, lower than 73% of its own last 2.4 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the TBO Tek business getting better or worse? TBO Tek Ltd's business is growing steadily. Revenue and profit growth have stayed positive throughout, and ROCE is steady at 20.7%. This is based on 11 quarters of 3 measures, with some gaps. Why it matters: steady growth with healthy returns is how a business compounds over time. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the TBO Tek story, and has it been checked? TBO Tek Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: Not stated in the research file. Our read, 22 August 2026. Asset-light B2B travel platform connecting 150,000+ agencies to global hotel and flight inventory; the fixed-cost base is deployed and operating leverage is loading, but four management credibility reversals in nine months and Middle East disruption cloud the timing of the earnings step-up. From the numbers. The cycle is in the…

From the price. Price stage 2, week 14, above its 200-day line, relative strength falling. From the research. Asset-light B2B travel platform connecting 150,000+ agencies to global hotel and flight inventory; the fixed-cost base is deployed and operating leverage is loading, but four management credibility reversals in nine…

Where they disagree. The stock sits 11% off its 52-week peak. Two cycle bonuses fire: earnings-driven breakout and the first stage-2 grace period. What is proven. Asset-light B2B travel platform connecting 150,000+ agencies to global hotel and flight inventory; the fixed-cost base is deployed and operating leverage is loading, but four management credibility reversals in nine months and Middle East disruption cloud the timing of the earnings step-up. What the surface reading misses. The surface reading is: Operating cash flow negative in FY26 = business consuming cash from operations; quality concern The research reads it further: Working capital absorbed 351 crore in FY26 as the absolute receivable base grew with revenue (+54% YoY), even though debtor days improved from 853 to 724. The cash decomposition shows four specific temporary items: Brazil payment anticipation wind-down (receivables collecting through Q2 FY27), Middle East war-related trade receivable delays, year-end performance bonus accruals, and Eid holiday timing. Management has explicitly enumerated these on the May 2026 call and committed to normalization above 100% CFO-to-PAT by end-FY27. The three-year aggregate of 0.73 confirms the model generates cash in normal years. What the surface reading misses. The surface reading is: ROCE at 18% falling from 53% = business deteriorating operationally The research reads it further: Operating profit grew from 189 crore (FY23) to 378 crore (FY26), doubling over the period. Capital employed (borrowings + equity = total assets minus current liabilities) expanded approximately 5-6x from the Classic acquisition and IPO proceeds sitting in treasury. The ROCE collapse is denominator-driven, not numerator-driven. ROCE in FY22 was also 18% when capital employed was small before scale built, the pattern is repeated IPO-to-scale transitions. Sources: our stock research file (22 August 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did TBO Tek management deliver what it promised? What TBO Tek Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Classic Vacations Cross-sales Timeline Reversed · 30 July 2026. In February 2026, management said cross-sales between the two platforms would begin before the two-to-three-quarter platform migration was complete. In July 2026, management said the Classic-to-TBO flow had not started and could not begin until migration, with contribution only expected probably early next year, representing an unexplained reversal in sequencing and a material delay to the acquisition synergy timeline. AI Advisory Product Confidence Downgraded · 30 July 2026. In February 2026, management described the AI advisory tool as having come out well and as an important adjacency that could support complex itinerary growth. In July 2026, management characterized the tool as very experimental, with only a few bookings and no frontline impact, without explaining the material reduction in confidence or strategic importance. Abandonment of Accounting Standardization · 11 February 2026. In the November 2025 call, management explicitly stated they were working to convert Classic Vacations' reporting from a 'time of travel' basis to TBO's standard 'time of booking' basis for upcoming quarters. In the February 2026 call, they completely reversed this position, stating that aligning the standards is 'simply not possible' due to business complexity and they will continue running Classic on an 'as-is' basis. Earlier call (Nov 2025): “We are working on to arrive the numbers that we would be reporting in the subsequent quarters based on our accounting policy... There would be some change in the way that historically Classic has been reporting the numbers.” Later call (Feb 2026): “Pratik, we tried that, but it is simply not possible... We will continue to run the business on an as-is basis rather than trying to force-fit it into our business model.”

Contradiction on Hedging Policy · 11 February 2026. During the November 2025 call, management described their hedging policy as an existing, active process covering 70-75% of exposure where payables and receivables differ. However, in the February 2026 call, management claimed that 'material hedging' was a practice only started *after* Q4, implying the previous protection mechanisms were either insignificant or not yet implemented despite the prior assurance. Earlier call (Nov 2025): “Regarding hedging, where we have differences in payments and collections in currencies like INR, Euro, or GBP, we try to hedge 70-75% of that amount.” Later call (Feb 2026): “Any material hedging, especially for our international business, is a practice we started after Q4.”

Every quote above is taken word for word from the company’s own earnings calls. ## What is TBO Tek management's track record? The acquisition diversifies geography, but integration benefits remain unproved. ### Regulatory and governance record

No qualifying company-specific fraud, conduct case or proven lie surfaced. Wipro-related and generic enforcement hits do not establish a TBO case. Sources:

- [investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-tbo-tek-misses-q1-2026-estimates-as-growth-holds-up-93CH-4823810)
- [tbo.com](https://www.tbo.com/engagement/investors/)
- [trendlyne.com](https://trendlyne.com/equity/share-holding/2245414/TBOTEK/latest/tbo-tek-ltd)

(Checked 14 October 2026.)

## How much does TBO Tek earn on its capital? TBO Tek Ltd earned a ROCE of 18% in FY26. That is up from a low of 1% in FY21. Its return on capital used (ROIC) is 39.4 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 9.1% net margin and 0.29× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 9.1% net margin × 0.29× asset turnover × 6.00× leverage (assets divided by equity) ≈ 15.8% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 51.4% − 12.0% = +39.4 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 51.4% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 37.4%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does TBO Tek have too much debt? TBO Tek Ltd has total debt of ₹756 Cr against shareholder equity of ₹1,551 Cr as of Jun 2026, so its debt is 0.49× its equity. Year by year, that ratio went from 0.27 in FY22 to 0.49 in FY26. Keep that borrowing in mind when reading the returns on this page. Why this happened. Classic Vacations, acquired October 2025, extended the platform into North American luxury travel. North America is now almost a quarter of hotel GTV. The integration has three sequential workstreams: sales coverage expansion (described as mostly complete as of Q1 FY27), CRM and back-office automation (underway), and platform migration (planned by end of calendar year 2026). Reverse cross-sales from Classic advisors to TBO inventory cannot begin until migration completes, management now expects contribution in early 2027, reversing the prior guidance that cross-sales would begin before migration. Classic's full-year EBITDA margin is approximately 2.5% versus TBO's organic 25-26%…

## What is the TBO Tek shareholding pattern? Domestic institutions raised their stake in TBO Tek Ltd by 20.6 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 27.2% of the company. Foreign institutions moved −20.5 points over the same period, to 22.5%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +20.6 points over 8 quarters, to 27.2%; Foreign institutions: −20.5 points over 8 quarters, to 22.5%; Promoters: +0.0 points over 8 quarters, to 44.4%. Why the owners changed: foreign institutions moved −20.5 points and domestic institutions +20.6 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is TBO Tek from balance-sheet trouble? For TBO Tek Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does TBO Tek rank in its industry? 48.5 out of 100, rank 9 of 13 in E-Commerce - Platform - Utility, with 74% of the evidence available. TBO Tek Ltd scores 48.5 out of 100 against the 13 companies it is compared with in E-Commerce - Platform - Utility, ranking 9. A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. The four parts add up to the total exactly: 16.8 + 16.7 + 4.3 + 10.7 = 48.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is TBO Tek compared with? TBO Tek ranks 9 of 13 E-Commerce - Platform - Utility companies on the 4-Factor Sector Score, with 48.5 out of 100. 1. [MPS Ltd](https://www.sectoralpha.in/stocks/mps-ltd) MPSLTD · losing its lead · Most evidence points up · 81% evidence 66.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.9/35 · Revenue 10% · Profit 19% · Operating margin change 7 points · 88% evidence Capital efficiency 20.9/25 · ROCE 38.7% · Operating margin 34% · 100% evidence Valuation 13.5/20 · P/E 21.7× · PEG 0.61 · 100% evidence Relative strength 11.6/20 · Lead over its industry n/a · Lead over NIFTY 500 18.4% · 1 year 6.8% · 25% evidence · 10 of 12 weeks ahead Exact sum: 20.9 + 20.9 + 13.5 + 11.6 = 66.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Creative Newtech Ltd](https://www.sectoralpha.in/stocks/creative-newtech-ltd) CNL · leader · Evidence leans up · 82% evidence 61.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Revenue 36.4% · Profit 35% · Operating margin change 1.5 points · 95% evidence Capital efficiency 14.2/25 · ROCE 18.8% · Operating margin 5% · 76% evidence Valuation 11.2/20 · P/E 20.7× · PEG n/a · 50% evidence Relative strength 14.0/20 · Lead over its industry 30.8% · Lead over NIFTY 500 44.1% · 1 year 60% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21.6 + 14.2 + 11.2 + 14 = 61 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Macfos Ltd](https://www.sectoralpha.in/stocks/macfos-ltd) turning · Evidence leans up · 80% evidence 60.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.0/35 · Revenue 28.5% · Profit 40.5% · Operating margin change 0.6 points · 95% evidence Capital efficiency 18.2/25 · ROCE 33.8% · Operating margin 11.7% · 95% evidence Valuation 9.9/20 · P/E 41× · PEG n/a · 15% evidence Relative strength 13.4/20 · Lead over its industry 12.5% · Lead over NIFTY 500 26.2% · 1 year 64.7% · 100% evidence · 3 of 12 weeks ahead Exact sum: 19 + 18.2 + 9.9 + 13.4 = 60.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [MSTC Ltd](https://www.sectoralpha.in/stocks/mstc-ltd) MSTCLTD · quiet · Evidence leans up · 63% evidence 58.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.3/35 · Revenue 21% · Profit -42.9% · Operating margin change 5 points · 83% evidence Capital efficiency 20.1/25 · ROCE 30.3% · Operating margin 61% · 76% evidence Valuation 10.0/20 · P/E 16.1× · PEG n/a · 50% evidence Relative strength 9.3/20 · Lead over its industry n/a · Lead over NIFTY 500 3.9% · 1 year -1% · 25% evidence · 8 of 12 weeks ahead Exact sum: 19.3 + 20.1 + 10 + 9.3 = 58.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Pine Labs Ltd](https://www.sectoralpha.in/stocks/pine-labs-ltd) PINELABS · breaking out · Evidence leans up · 63% evidence 58.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 35.5/43.75 · Revenue 21.1% · Profit 100% · Operating margin change 4 points · 100% evidence Capital efficiency 11.7/31.25 · ROCE 4.2% · Operating margin 16% · 100% evidence Valuation 11.3/25 · P/E 109× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 35.5 + 11.7 + 11.3 = 58.5 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 6. [One 97 Communications Ltd](https://www.sectoralpha.in/stocks/one-97-communications-ltd) PAYTM · leader · Evidence leans up · 68% evidence 54.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.1/35 · Revenue 23.8% · Profit 100% · Operating margin change 3 points · 100% evidence Capital efficiency 6.3/25 · ROCE 5% · Operating margin 10% · 100% evidence Valuation 8.8/20 · P/E 125× · PEG n/a · 15% evidence Relative strength 12.2/20 · Lead over its industry n/a · Lead over NIFTY 500 31.1% · 1 year 25.4% · 25% evidence · 12 of 12 weeks ahead Exact sum: 27.1 + 6.3 + 8.8 + 12.2 = 54.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Indiamart Intermesh Ltd](https://www.sectoralpha.in/stocks/indiamart-intermesh-ltd) INDIAMART · quiet · Evidence leans up · 100% evidence 54.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.8/35 · Revenue 12% · Profit -7% · Operating margin change 4 points · 100% evidence Capital efficiency 19.0/25 · ROCE 28% · Operating margin 34% · 100% evidence Valuation 19.5/20 · P/E 17.8× · PEG 0.68 · 100% evidence Relative strength 0.0/20 · Lead over its industry -30.9% · Lead over NIFTY 500 -22% · 1 year -39.5% · 100% evidence · 0 of 12 weeks ahead Exact sum: 15.8 + 19 + 19.5 + 0 = 54.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [RNFI Services Ltd](https://www.sectoralpha.in/stocks/rnfi-services-ltd) RNFI · breaking out · Too little evidence to rank firmly · 56% evidence 51.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.5/35 · Revenue 6.5% · Profit 34.1% · Operating margin change -0.8 points · 83% evidence Capital efficiency 15.5/25 · ROCE 27.3% · Operating margin 3.9% · 76% evidence Valuation 10.1/20 · P/E 28.2× · PEG n/a · 15% evidence Relative strength 11.0/20 · Lead over its industry n/a · Lead over NIFTY 500 12.1% · 1 year -13% · 25% evidence · 9 of 12 weeks ahead Exact sum: 14.5 + 15.5 + 10.1 + 11 = 51.1 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 9. TBO Tek Ltd this page TBOTEK · leader · Evidence leans down · 74% evidence 48.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.8/35 · Revenue 69% · Profit 14.2% · Operating margin change 1 points · 88% evidence Capital efficiency 16.7/25 · ROCE 18.3% · Operating margin 15% · 100% evidence Valuation 4.3/20 · P/E 61.8× · PEG 6.18 · 65% evidence Relative strength 10.7/20 · Lead over its industry n/a · Lead over NIFTY 500 9.9% · 1 year 3.3% · 25% evidence · 12 of 12 weeks ahead Exact sum: 16.8 + 16.7 + 4.3 + 10.7 = 48.5 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 10. [Info Edge (India) Ltd](https://www.sectoralpha.in/stocks/info-edge-indialtd) NAUKRI · losing its lead · Evidence leans down · 75% evidence 45.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.2/35 · Revenue 13.2% · Profit 33.5% · Operating margin change 4 points · 95% evidence Capital efficiency 9.8/25 · ROCE 3.5% · Operating margin 39% · 76% evidence Valuation 9.6/20 · P/E 46.6× · PEG n/a · 15% evidence Relative strength 4.5/20 · Lead over its industry -3.7% · Lead over NIFTY 500 7.1% · 1 year -13.7% · 100% evidence · 11 of 12 weeks ahead Exact sum: 21.2 + 9.8 + 9.6 + 4.5 = 45.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [One Mobikwik Systems Ltd](https://www.sectoralpha.in/stocks/one-mobikwik-systems-ltd) MOBIKWIK · breaking out · Too little evidence to rank firmly · 56% evidence 43.0 out of 100 Growth Capital Valuation Relative
12. [Just Dial Ltd](https://www.sectoralpha.in/stocks/just-dial-ltd) JUSTDIAL · quiet · Evidence leans down · 78% evidence 41.8 out of 100 Growth Capital Valuation Relative
13. [Urban Company Ltd](https://www.sectoralpha.in/stocks/urban-company-ltd) URBANCO · breaking out · Too little evidence to rank firmly · 56% evidence 32.4 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [E-Commerce - Platform - Utility](https://www.sectoralpha.in/sectors/e-commerce-platform-utility), all 13 compared on one page. ## Which companies are close to TBO Tek in size? TBO Tek is the 5th largest of 13 E-Commerce - Platform - Utility companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Info Edge (India), Urban Company and Pine Labs. Just below it: Indiamart Intermesh, Just Dial and MPS. ### E-Commerce - Platform - Utility companies close in size

1. [Info Edge (India) Ltd](https://www.sectoralpha.in/stocks/info-edge-indialtd) ₹77,136 crore
2. [Urban Company Ltd](https://www.sectoralpha.in/stocks/urban-company-ltd) ₹23,566 crore
3. [Pine Labs Ltd](https://www.sectoralpha.in/stocks/pine-labs-ltd) ₹17,697 crore
4. TBO Tek Ltd ₹16,638 crore
5. [Indiamart Intermesh Ltd](https://www.sectoralpha.in/stocks/indiamart-intermesh-ltd) ₹8,944 crore
6. [Just Dial Ltd](https://www.sectoralpha.in/stocks/just-dial-ltd) ₹5,481 crore
7. [MPS Ltd](https://www.sectoralpha.in/stocks/mps-ltd) ₹3,970 crore

[All 13 E-Commerce - Platform - Utility companies, largest first](https://www.sectoralpha.in/sectors/e-commerce-platform-utility#all-companies)

### Companies close in size in other industries

1. [Inox India Ltd](https://www.sectoralpha.in/stocks/inox-india-ltd) ₹16,884 crore · Industrial Gas
2. [Pfizer Ltd](https://www.sectoralpha.in/stocks/pfizer-ltd) ₹16,871 crore · Pharma - MNC bulk Drugs
3. TBO Tek Ltd ₹16,638 crore
4. [Ola Electric Mobility Ltd](https://www.sectoralpha.in/stocks/ola-electric-mobility-ltd) ₹16,586 crore · Auto - 2 & 3 Wheelers
5. [BEML Ltd](https://www.sectoralpha.in/stocks/beml-ltd) ₹16,563 crore · Aerospace & Defence - Equipments

## What else do people ask about TBO Tek? ### What is TBO Tek's share price today? TBO Tek Ltd's share price is ₹1,594.40, +7.5% over the past year. The whole company is worth ₹17,316 Cr on the market. In the last 52 weeks it traded between ₹1,068 to ₹1,711; today it is 82% of the way up from the low, 5.6% above its 200-day average (as of 3 November 2026). ### What were TBO Tek's latest quarterly results? TBO Tek Ltd reported revenue of ₹926 Cr and net profit of ₹83.0 Cr for the Jun 2026 quarter. Revenue rose 81.2% and profit rose 31.7% compared with a year earlier. Earnings per share were ₹7.68. The operating margin was 15.0%, 1.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is TBO Tek's market cap? TBO Tek Ltd's market capitalisation is ₹17,316 Cr at a share price of ₹1,594.40. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is TBO Tek performing? TBO Tek Ltd's share price has been rising for 14 weeks. In its latest quarter, revenue rose 81.2% and profit rose 31.7% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 27 weeks running (as of 3 November 2026). ### Will TBO Tek's share price go up? This page does not forecast TBO Tek Ltd's share price. What it shows instead: the share price is ₹1,594.40, and it has been rising for 14 weeks. Its P/E of 64.3× is higher than 27% of its own last 2 years (as of 3 November 2026). ### Who owns TBO Tek? Promoters own 44.4% of TBO Tek Ltd, foreign institutions 22.5%, domestic institutions 27.2% and the public 4.4% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 20.6 percentage points over 8 quarters (as of 3 November 2026). ### Where is TBO Tek in its business cycle? TBO Tek Ltd's FY26 operating margin was 14.0%, against a 9-year range of −15.0% to 19.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 15.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the TBO Tek story? The main question: foreign institutions moved −20.5 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is TBO Tek a stock worth studying right now? What the numbers show: TBO Tek Ltd's results are improving, while its P/E is near the low end of its own history over 2.4 years, higher than only 27% of past readings. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a TBO Tek share price forecast for 2026? What management itself guided: July to September 2026 sequential performance should be better than Q1, supported by the historically stronger northern-hemisphere travel season; expected margin expansion is seasonal, not a flat run-rate commitment. One change in TBO Tek's own numbers looks lasting: new regions and countries. What would change the story: Management accelerates market-development spending on new geographies, pushing organic SG&A growth above gross profit growth for two consecutive quarters. ### Where does this page get TBO Tek's management information? From TBO Tek's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india

This is research, not advice. We’re not SEBI-registered.