Travel Food Services Ltd
TRAVELFOODTravel Food Services Ltd is coiled. The quarters are improving, yet the P/E sits at the 18th percentile of its own 1-year range — the business is moving before the market.
Biggest watch item: margins are the best this company has ever printed — every ratio flatters at record profitability, so the whole story leans on margins holding.
The price is in a confirmed uptrend (18 weeks in) while the P/E sits at the 18th percentile of its own 1-year range. Underneath, the last four quarters read improving — profit +35.8% year on year, and 112% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.
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.
Travel Food Services Ltd trades at ₹1,365, in a confirmed uptrend and 18 weeks into that stage. That is +9.5% against its own 200-day average. It sits at 82% of a 52-week range of ₹1,065 to ₹1,429. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.
Today the stock is in a confirmed uptrend — week 18 of stage 2, confirmed. At ₹1,365 it trades +9.5% versus its 200-day average and sits at 82% of its 52-week range (₹1,065–₹1,429).
Against the market, two honest reads. Cumulative: over the last 1.1 years the stock moved +20% while the NIFTY 500 moved +1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 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.
Story check
Travel Food Services Ltd's story is not scored yet against the markers our research file set on 27 June 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 19 July 2026.
Our read, 27 June 2026. Travel Food Services demonstrates commercial resilience with 25.4% FY26 sales growth despite 1.2% passenger traffic growth, driven by pricing power and network expansion.
From the numbers. Valuation is compressed relative to historical median, offering an emerging opportunity as margins sustain at 40% and new capacity comes online.
From the price. Price stage 2, week 18 — above its 200-day line.
From the research. Travel Food Services demonstrates commercial resilience with 25.4% FY26 sales growth despite 1.2% passenger traffic growth, driven by pricing power and network expansion.
🚨 Where they disagree. Valuation is compressed relative to historical median, offering an emerging opportunity as margins sustain at 40% and new capacity comes online.
What is proven. Travel Food Services demonstrates commercial resilience with 25.4% FY26 sales growth despite 1.2% passenger traffic growth, driven by pricing power and network expansion.
What is not proven yet. Inability to normalize the Rs 2.64 billion trade receivables spike by H1 FY27, indicating structural issues with the EATS platform billing cycle, or consecutive quarters of gross margin compression below 80% due to unmitigated input inflation.
🚨 What would change our mind. Inability to normalize the Rs 2.64 billion trade receivables spike by H1 FY27, indicating structural issues with the EATS platform billing cycle, or consecutive quarters of gross margin compression below 80% due to unmitigated input inflation.
Layer 1 read, 19 July 2026 — KEEP. Held name still compounding on pricing power, not traffic — but the receivables spike keeps it a P2. Travel Food grew FY26 sales 25.4% against just 1.2% passenger traffic growth, holding an 84.7% gross margin and ~40% operating margin in the last two quarters — the growth is real operating leverage, not a multiple re-rating (the PE actually compressed over the trailing 8 quarters). The one open question is a Rs 2.64bn receivables balloon tied to the EATS billing cycle, which management must normalize by Q2 FY27; until then this is a hold at P2, not a fresh-conviction add.
What would change Layer 1’s mind. Trade receivables failing to normalize below the M1 threshold by Q2 FY27 (proving a structural EATS billing-cycle break), or gross margin compressing below 80% for consecutive quarters — either flips the operating-leverage thesis to an accrual-driven mirage.
Layer 2 read, 19 July 2026 — ADVANCE. External evidence does not challenge the hold: revenue is at cycle highs (not contracting) and the sector washout is contrarian, not a headwind. The CONTRACTING flag is a base-effect illusion — TFS's own last two quarters (Dec 2025, Mar 2026) are the highest revenue prints in its 8-quarter history at a steady ~40% operating margin. The Hotels sector's capital cycle is capitulating (money fleeing, industry cutting capex), which the strategy treats as a contrarian trough to watch rather than a reason to sell a name with its own earnings inflection. The one live sector negative — oil/freight cost inflation marking hotels a casualty — is buffered by TFS's 84.7% gross margin.
What would change Layer 2’s mind. If the Rs 2.64bn receivables spike is NOT normalized by H1 FY27 (structural EATS billing problem) AND OPM compresses below the ~38% floor as crude/freight inflation from chain-4 finally bites through the gross-margin buffer — that combination flips ADVANCE to DROP.
Layer 3 read, 19 July 2026 — BENCH. Active CBI FIR on subsidiaries plus an unresolved receivables spike keep a growing business off deploy. External risk is mostly light, but litigation is real and MEDIUM — an active CBI FIR (Dec 2025) names consolidated subsidiaries over 2012-13 tenders alongside a CGST demand. Because it is legacy/subsidiary it isn't a management FAIL, but it's recent and unresolved. Cash also isn't converting: OCF fell 23.7% while profit rose, absorbed by a Rs 2.64B receivables spike that is the thesis's own kill-switch — and the whole timeline is web-inferred (18/18 claims), so BENCH-and-watch is the right call.
What would change Layer 3’s mind. Receivables normalizing toward the historical base by H1 FY27 (clearing the OCF gap) AND the CBI FIR being closed or confirmed to not name any current officer/entity of the listed parent — that would clear the litigation MEDIUM and lift mgmt to PASS, supporting DEPLOY. Conversely, the FIR being extended to the listed parent or current promoter would escalate litigation to HIGH and flip toward DROP.
The test written in advance. Inability to normalize the Rs 2.64 billion trade receivables spike by H1 FY27, indicating structural issues with the EATS platform billing cycle, or consecutive quarters of gross margin compression below 80% due to unmitigated input inflation. — the thesis as written as stated by the next result.
The test written in advance. Receivables Ballooning — Receivables Ballooning Trade receivables remaining above Rs 1.5B in Q2 FY27. by the next result.
What the company does. Travel Food Services leverages its dominant position across 20 Indian airports to drive growth independent of passenger traffic volume. Pricing power, premiumization initiatives, and network expansion expanded gross margins to 84.7% in FY26. With zero debt and Rs 8.4 billion in cash, it is positioned to capture further growth across new airport terminals and international markets.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Network Expansion | in play | — | Adding 50+ outlets across greenfield airports. | Airport construction delays push commissioning dates beyond FY27. |
| EATS Platform Monetization | in play | — | Direct bank integration for lounge access scaling. | Banks further tighten premium card lounge access, reducing volume throughput. |
🚨 What the surface reading misses. The surface reading is: High gross margins suggest strong profitability. The research reads it further: Margin expansion is driven by premiumization and lower input costs, demonstrating structural pricing power rather than transient benefits.
🚨 What the surface reading misses. The surface reading is: High receivables suggest cash leakage or working capital stress. The research reads it further: Spike is a one-time setup effect from transitioning billing to direct bank integration via the new EATS platform, not underlying credit deterioration.
Sources: our stock research file (27 June 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
| Section | Where it is now | Vs a year ago | The one thing to watch next | Read |
|---|---|---|---|---|
| Capex | see the section | — | Network Expansion |
Revenue Revenue is the top line: everything the company billed its customers in the period.
Travel Food Services Ltd reported ₹452 Cr of revenue in the Jun 26 quarter, +20.5% year on year. That is the 3rd straight quarter of year-on-year growth. Over 10 years it has compounded at 12.6% a year. The last full year, FY26, came in at ₹1,648 Cr. The last four reported quarters add to ₹1,725 Cr.
FY26 revenue came in at ₹1,648 Cr (−2.4% on the year), capping 10 years at 12.6% compound. The latest quarter (Jun 26) printed ₹452 Cr, +20.5% year on year — the 3rd consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +7.1% growth against the decade's 12.6% — the current year is running slower than its own long-run rate.
FY26-Q4. revenue ₹461 Cr and profit ₹123 Cr as reported.
FY27-Q1. revenue ₹452 Cr and profit ₹129 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
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.
Travel Food Services Ltd's operating margin is 36.0% in the Jun 26 quarter, −3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 8 fiscal years the operating margin has ranged −22.0% to 39.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 36.0%, −3.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged −22.0%–39.0%, and FY26's 39.0% is the top of that band — a record year.
🚨 Why the margin moved: operating margin went −3.1 pp year on year while gross margin went +2.4 pp — the loss came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
FY26-Q4. revenue ₹461 Cr and profit ₹123 Cr as reported.
FY27-Q1. revenue ₹452 Cr and profit ₹129 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Travel Food Services Ltd earned ₹129 Cr of net profit in the Jun 26 quarter, +35.8% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹452 Cr. The 10-year compound rate is 24.4%. That is 28.5% of the quarter's revenue. The same quarter a year earlier earned ₹95.0 Cr.
Jun 26 profit was ₹129 Cr, +35.8% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹452 Cr (+18.9%), and the 10-year compound rate is 24.4%.
Why profit moved: revenue contributed +20.5% and the margin −3.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +18.2% vs revenue +7.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹461 Cr and profit ₹123 Cr as reported.
FY27-Q1. revenue ₹452 Cr and profit ₹129 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
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 112% of Travel Food Services Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹393 Cr of operating cash against ₹452 Cr of profit. After ₹403 Cr of capital spending, ₹−10.0 Cr was left as free cash.
FY26: operating cash of ₹393 Cr against reported profit of ₹452 Cr, leaving free cash of ₹−10.0 Cr after ₹403 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 112% 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 112%: the cash cycle tightened 312 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 1.8× depreciation over three years, so the next section's job is to check what that build-out is buying.
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).
Travel Food Services Ltd's cash conversion cycle runs −438 days in FY26, down from −126 days in FY21. Capital spending ran ₹692 Cr over the last 3 years. At FY26 sales of ₹1,648 Cr each day of that cycle holds about ₹4.5 Cr, so roughly ₹−1,978 Cr sits inside the business at any moment.
Why this happened. TFS is mobilizing 50+ new outlets in the next 12 months, including 7 units at Bhogapuram and new Noida terminals, extending its footprint from 20 airports (C007).
FY26: debtors at 58 days, inventory at 18 days — roughly 0.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −438 days, tighter than FY21's −126.
The full loop: cash goes out to suppliers and production on day 0; stock waits 18 days to sell; customers pay about 58 days after that; and suppliers themselves are paid at 514 days — netting out to the −438-day cycle.
In money terms: at FY26 sales of ₹1,648 Cr, each day of the cycle holds about ₹4.5 Cr — so the −438-day loop keeps roughly ₹−1,978 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹692 Cr over the last 3 fiscal years against ₹387 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹28.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
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.
Travel Food Services Ltd earns a ROCE of 42% in FY26. That is up from a trough of −9% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 27.4% net margin on 0.72× asset turns.
FY26 ROCE is 42%, recovered from a FY21 trough of −9% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 27.4% net margin × 0.72× asset turns × 1.58× balance-sheet leverage ≈ 31.2% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.
The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 6.8% on reported income across 8 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
Travel Food Services Ltd carries ₹245 Cr of borrowings against ₹1,443 Cr of equity in FY26, a debt-to-equity of 0.17. Operating profit covers the interest bill 10×. Over 5 years borrowings went from ₹26.0 Cr to ₹245 Cr. Capital spending ran ₹692 Cr across the last 3 of those years.
FY26: borrowings of ₹245 Cr against equity of ₹1,443 Cr — a debt-to-equity of 0.17. Operating profit covers the interest bill 10×. Over 5 years borrowings went from ₹26.0 Cr to ₹245 Cr while capital spending ran ₹692 Cr in just the last 3 — part of the build-out is riding on borrowed money.
The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 6.8% on reported income across 8 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
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.
No holder of Travel Food Services Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — .
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.
Travel Food Services 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.
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.
Travel Food Services Ltd trades at 37.8× P/E, near the bottom of its own range — cheaper only 18% of the time. Its long-run median P/E is 40.4×, measured across 1.1 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 37.8× is near the bottom of its own range — cheaper only 18% of the time, against a long-run median of 40.4× measured over 1.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.
Why the multiple sits where it does: over the past year annual EPS moved +21.4% against a +22.2% price move — the price outran earnings, pushing the multiple UP 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.
The PEG ratio, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 6.8% on reported income across 8 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
Stage: No read 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).
Travel Food Services Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 5 quarters across 1 curve, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
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.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | −2.4% | +15.6% | +59.0% | +12.6% |
| Profit | +18.9% | +21.7% | — | +24.4% |
| EPS | +21.4% | −62.4% | — | −10.7% |
| Share price | +22.2% | — | — | — |
4-Factor Sector Score
61.5/100 — rank 5 of 24 in Hotels · 69% evidence confidence
Travel Food Services Ltd scores 61.5 out of 100 against the 24 companies it is compared with in Hotels, ranking 5. Price leads the evidence: RS versus the benchmark is 6.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 15.8 + 21.1 + 9 + 15.6 = 61.5. 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.
Said versus delivered
What Travel Food Services Ltd's management promised, set against what actually arrived — 4 tracked 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.
Trade Receivables and High-Street Channel Contradiction · 26 May 2026. In the May 2026 call, the Chief Financial Officer attributed a major increase in trade receivables of approximately 1 billion to the initial ramp-up of the company's high-street business. This directly contradicts the Feb 2026 call where management emphasized that the high-street and highway channel is a nascent, long-term opportunity that they will not immediately jump into.
Delhi T3 Concession Extension Discrepancy · 26 May 2026. In the Feb 2026 call, management claimed that the concession for Delhi Terminal 3 had been extended until September 30th. However, in the May 2026 call, they stated that the tender expired in February and only received a six-month extension, which would mean it ends in August. This represents an unexplained contraction in the expected operational timeline of an important asset.
Gross Margin Guidance Deviation · 13 February 2026. In the November 2025 call, the CFO explicitly guided that gross margins would remain range-bound between 80% and 82% throughout the year. However, in the February 2026 call, management reported gross margins expanding to 83.9%, significantly exceeding their own upper-limit guidance given just three months prior without flagging this as a deviation from plan. Earlier call (Nov 2025): “We believe the gross margin to be in a range bound manner of around 80% to 82% throughout the year.” Later call (Feb 2026): “Gross profit margin expanded to 83.9% compared to 82.1% in the same period last year.”
Contradictory Narrative on Terminal Shifts · 13 February 2026. In November 2025, management blamed the shift of traffic from Delhi T3 to T1 for a dip in consolidated numbers, citing that T1 was a 'gradual mobilization' that couldn't immediately offset T3 losses. Conversely, in the February 2026 call, they presented a contradictory capability, claiming that if numbers drop in one terminal (T3), they immediately 'capture the growth in others' (T1/T2), glossing over the mobilization lag they previously used to explain underperformance. Earlier call (Nov 2025): “There was a PAX movement happening at T1. Obviously, we are there in T1, but that”. Later call (Feb 2026): “While T3 might see a temporary shift, we are present in the new T1 and T2 terminals... So if numbers go down in one terminal, we capture the growth in others.”
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Chalet Hotels LtdCHALET | 69.3/100Favorable setup94% evidence | FADING | 25.4/35 Revenue 6% · PAT 85.3% · OPM change 6 pp 100% evidence | 15.9/25 ROCE 17.1% · OPM 46% 100% evidence | 16.2/20 P/E 33.8× · PEG 0.83 100% evidence | 11.8/20 RS sector 3.6% · RS bench -5.6% · 1Y -5%1 of 10 weeks ahead 70% evidence |
| Exact sum: 25.4 + 15.9 + 16.2 + 11.8 = 69.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Asian Hotels (West) LtdAHLWEST | 65.9/100Favorable setup74% evidence | ASLEEP | 26.4/35 Revenue 8.5% · PAT 100% · OPM change 2 pp 95% evidence | 19.8/25 ROCE 19.7% · OPM 40% 95% evidence | 11.4/20 P/E 7.1× · PEG — 15% evidence | 8.3/20 RS sector -25% · RS bench 47.2% · 1Y —5 of 6 weeks ahead 70% evidence |
| Exact sum: 26.4 + 19.8 + 11.4 + 8.3 = 65.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Oriental Hotels LtdORIENTHOT | 62.1/100Mixed-positive evidence93% evidence | BREAKING OUT | 17.3/35 Revenue 6.9% · PAT 41.1% · OPM change -2.8 pp 100% evidence | 11.4/25 ROCE 12.1% · OPM 21% 100% evidence | 14.1/20 P/E 33× · PEG 0.66 65% evidence | 19.3/20 RS sector 12.3% · RS bench 6.5% · 1Y -10.2%10 of 12 weeks ahead 100% evidence |
| Exact sum: 17.3 + 11.4 + 14.1 + 19.3 = 62.1 · Decision use: Price leads the evidence: RS versus the benchmark is 6.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 4Indian Hotels Co LtdINDHOTEL | 61.5/100Mixed-positive evidence82% evidence | BREAKING OUT | 19.7/35 Revenue 13.2% · PAT 9.5% · OPM change 1 pp 95% evidence | 16.8/25 ROCE 17.1% · OPM 29% 76% evidence | 9.8/20 P/E 52.7× · PEG — 50% evidence | 15.2/20 RS sector 6% · RS bench 0.9% · 1Y -2.1%8 of 12 weeks ahead 100% evidence |
| Exact sum: 19.7 + 16.8 + 9.8 + 15.2 = 61.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Travel Food Services Ltdthis pageTRAVELFOOD | 61.5/100Mixed-positive evidence69% evidence | TURNING | 15.8/35 Revenue 4.4% · PAT 17.4% · OPM change -3 pp 95% evidence | 21.1/25 ROCE 42.4% · OPM 36% 76% evidence | 9.0/20 P/E 37.8× · PEG — 15% evidence | 15.6/20 RS sector 11.6% · RS bench 6.4% · 1Y 21.9%3 of 12 weeks ahead 70% evidence |
| Exact sum: 15.8 + 21.1 + 9 + 15.6 = 61.5 · Decision use: Price leads the evidence: RS versus the benchmark is 6.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 6Benares Hotels LtdBENARAS | 59.0/100Thin evidence · provisional57% evidence | 16.6/35 Revenue 14.8% · PAT 12.8% · OPM change -1 pp 53% evidence | 19.1/25 ROCE 37.3% · OPM 47% 57% evidence | 8.7/20 P/E 28.1× · PEG — 50% evidence | 14.6/20 RS sector 12.1% · RS bench -0.8% · 1Y 2.8%4 of 12 weeks ahead to 2026-03-08 70% evidence | |
| Exact sum: 16.6 + 19.1 + 8.7 + 14.6 = 59 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 7TajGVK Hotels & Resorts LtdTAJGVK | 58.6/100Mixed-positive evidence87% evidence | BREAKING OUT | 21.3/35 Revenue 22.5% · PAT 100% · OPM change 0 pp 100% evidence | 12.8/25 ROCE 13.2% · OPM 30% 100% evidence | 16.0/20 P/E 14.9× · PEG 0.43 65% evidence | 8.5/20 RS sector -3.6% · RS bench -9.4% · 1Y -16.4%5 of 11 weeks ahead 70% evidence |
| Exact sum: 21.3 + 12.8 + 16 + 8.5 = 58.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Leela Palaces Hotels & Resorts LtdTHELEELA | 58.2/100Mixed-positive evidence87% evidence | BREAKING OUT | 24.5/35 Revenue 19.1% · PAT 100% · OPM change -1 pp 100% evidence | 9.2/25 ROCE 8.7% · OPM 36% 100% evidence | 7.7/20 P/E 38× · PEG 1.65 65% evidence | 16.8/20 RS sector 19.8% · RS bench 14.6% · 1Y 17.3%9 of 12 weeks ahead 70% evidence |
| Exact sum: 24.5 + 9.2 + 7.7 + 16.8 = 58.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9ITC Hotels LtdITCHOTELS | 53.5/100Mixed-positive evidence93% evidence | TURNING | 23.4/35 Revenue 16.1% · PAT 26.9% · OPM change 1 pp 100% evidence | 10.6/25 ROCE 11.2% · OPM 31% 100% evidence | 10.8/20 P/E 37.3× · PEG 1.15 65% evidence | 8.7/20 RS sector -8.1% · RS bench -13% · 1Y -29.3%3 of 12 weeks ahead 100% evidence |
| Exact sum: 23.4 + 10.6 + 10.8 + 8.7 = 53.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Lemon Tree Hotels LtdLEMONTREE | 49.9/100Mixed-negative evidence69% evidence | ASLEEP | 18.3/35 Revenue 10.4% · PAT 9.6% · OPM change -1 pp 95% evidence | 16.3/25 ROCE 14% · OPM 43% 76% evidence | 9.6/20 P/E 33.7× · PEG — 15% evidence | 5.7/20 RS sector -8.5% · RS bench -20.7% · 1Y -24%0 of 10 weeks ahead 70% evidence |
| Exact sum: 18.3 + 16.3 + 9.6 + 5.7 = 49.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11U P Hotels LtdUPHOT | 49.6/100Thin evidence · provisional57% evidence | 11.2/35 Revenue 6% · PAT 0% · OPM change -5 pp 53% evidence | 17.4/25 ROCE 23.6% · OPM 38% 57% evidence | 10.8/20 P/E 25.8× · PEG — 50% evidence | 10.2/20 RS sector 1.2% · RS bench -10.6% · 1Y -16.4%0 of 12 weeks ahead to 2026-03-08 70% evidence | |
| Exact sum: 11.2 + 17.4 + 10.8 + 10.2 = 49.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 12Samhi Hotels LtdSAMHI | 47.0/100Mixed-negative evidence83% evidence | TURNING | 18.9/35 Revenue 11.9% · PAT 100% · OPM change -1 pp 100% evidence | 6.4/25 ROCE 8.9% · OPM 32% 100% evidence | 11.2/20 P/E 8.6× · PEG — 15% evidence | 10.5/20 RS sector -4.2% · RS bench -9.1% · 1Y -26.3%8 of 12 weeks ahead 100% evidence |
| Exact sum: 18.9 + 6.4 + 11.2 + 10.5 = 47 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13EIH LtdEIHOTEL | 45.8/100Mixed-negative evidence82% evidence | ASLEEP | 11.6/35 Revenue 8.3% · PAT 4.2% · OPM change -3 pp 95% evidence | 18.2/25 ROCE 20.7% · OPM 25% 76% evidence | 13.0/20 P/E 25.9× · PEG — 50% evidence | 3.0/20 RS sector -9.9% · RS bench -14.4% · 1Y -15.6%1 of 12 weeks ahead 100% evidence |
| Exact sum: 11.6 + 18.2 + 13 + 3 = 45.8 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 14Kamat Hotels (India) LtdKAMATHOTEL | 45.8/100Mixed-negative evidence81% evidence | TURNING | 13.5/35 Revenue 7.6% · PAT -11.5% · OPM change 5.3 pp 95% evidence | 16.8/25 ROCE 15.8% · OPM 27.2% 95% evidence | 10.8/20 P/E 13.8× · PEG — 50% evidence | 4.7/20 RS sector -20.6% · RS bench -11.7% · 1Y -23.2%3 of 11 weeks ahead 70% evidence |
| Exact sum: 13.5 + 16.8 + 10.8 + 4.7 = 45.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Advent Hotels International LtdADVENTHTL | 45.6/100Mixed-negative evidence60% evidence | ASLEEP | 16.5/35 Revenue 3.5% · PAT -29.3% · OPM change 6.1 pp 95% evidence | 8.3/25 ROCE 6.8% · OPM 32.6% 95% evidence | 10.8/20 P/E 15.8× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —0 of 10 weeks ahead 0% evidence |
| Exact sum: 16.5 + 8.3 + 10.8 + 10 = 45.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Ventive Hospitality LtdVENTIVE | 45.0/100Mixed-negative evidence75% evidence | ASLEEP | 20.6/35 Revenue 25% · PAT 100% · OPM change -6 pp 95% evidence | 12.2/25 ROCE 10.8% · OPM 35% 76% evidence | 10.1/20 P/E 28.1× · PEG — 15% evidence | 2.1/20 RS sector -12.1% · RS bench -16.3% · 1Y -21.2%1 of 12 weeks ahead 100% evidence |
| Exact sum: 20.6 + 12.2 + 10.1 + 2.1 = 45 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Juniper Hotels LtdJUNIPER | 44.6/100Mixed-negative evidence93% evidence | BASING | 23.0/35 Revenue 11.4% · PAT 100% · OPM change -1 pp 100% evidence | 6.3/25 ROCE 8% · OPM 35% 100% evidence | 11.3/20 P/E 23.2× · PEG 1.21 65% evidence | 4.0/20 RS sector -14% · RS bench -18.6% · 1Y -31.8%0 of 12 weeks ahead 100% evidence |
| Exact sum: 23 + 6.3 + 11.3 + 4 = 44.6 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14% and the one-year return is -31.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 18Sayaji Hotels LtdSAYAJIHOTL | 42.3/100Mixed-negative evidence63% evidence | TURNING | 12.7/35 Revenue -8.6% · PAT 79.7% · OPM change 3.3 pp 71% evidence | 4.2/25 ROCE -0.5% · OPM 13.3% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 15.4/20 RS sector 8.5% · RS bench 10.5% · 1Y 15.6%4 of 11 weeks ahead 70% evidence |
| Exact sum: 12.7 + 4.2 + 10 + 15.4 = 42.3 · Decision use: Price leads the evidence: RS versus the benchmark is 10.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 19Viceroy Hotels LtdVHLTD | 40.8/100Mixed-negative evidence79% evidence | ASLEEP | 21.0/35 Revenue 24.4% · PAT -69.2% · OPM change 10.8 pp 71% evidence | 7.9/25 ROCE 7.1% · OPM 25.6% 95% evidence | 6.4/20 P/E 37.1× · PEG — 50% evidence | 5.5/20 RS sector -3.9% · RS bench -7.8% · 1Y 22%0 of 12 weeks ahead 100% evidence |
| Exact sum: 21 + 7.9 + 6.4 + 5.5 = 40.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Asian Hotels (North) LtdASIANHOTNR | 40.0/100Thin evidence · provisional56% evidence | ASLEEP | 14.0/35 Revenue 24.7% · PAT -80% · OPM change -3.6 pp 44% evidence | 4.3/25 ROCE 3.5% · OPM 17.5% 95% evidence | 8.5/20 P/E 95.9× · PEG — 15% evidence | 13.2/20 RS sector 8.5% · RS bench -4.6% · 1Y -0.5%1 of 10 weeks ahead 70% evidence |
| Exact sum: 14 + 4.3 + 8.5 + 13.2 = 40 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 21EIH Associated Hotels LtdEIHAHOTELS | 39.1/100Mixed-negative evidence87% evidence | ASLEEP | 7.3/35 Revenue -7.6% · PAT -7% · OPM change -2.2 pp 95% evidence | 14.6/25 ROCE 21.2% · OPM 10.8% 95% evidence | 12.7/20 P/E 20.3× · PEG — 50% evidence | 4.5/20 RS sector -9.5% · RS bench -14.1% · 1Y -19.3%1 of 12 weeks ahead 100% evidence |
| Exact sum: 7.3 + 14.6 + 12.7 + 4.5 = 39.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Royal Orchid Hotels LtdROHLTD | 36.7/100Mixed-negative evidence81% evidence | BASING | 12.4/35 Revenue 26.9% · PAT -42.1% · OPM change -1.2 pp 95% evidence | 11.8/25 ROCE 10.8% · OPM 23.7% 95% evidence | 7.7/20 P/E 32.1× · PEG — 50% evidence | 4.8/20 RS sector -9.8% · RS bench -21% · 1Y -22.5%0 of 10 weeks ahead 70% evidence |
| Exact sum: 12.4 + 11.8 + 7.7 + 4.8 = 36.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Apeejay Surrendra Park Hotels LtdPARKHOTELS | 31.1/100Adverse evidence87% evidence | ASLEEP | 12.0/35 Revenue 10.5% · PAT -36.4% · OPM change -1 pp 100% evidence | 9.1/25 ROCE 9.4% · OPM 28% 100% evidence | 3.8/20 P/E 39× · PEG 3.5 65% evidence | 6.2/20 RS sector -9.8% · RS bench -11.2% · 1Y -24.1%1 of 10 weeks ahead 70% evidence |
| Exact sum: 12 + 9.1 + 3.8 + 6.2 = 31.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24HLV LtdHLVLTD | 41.2/100Thin evidence · provisional38% evidence | 17.9/35 Revenue -26.1% · PAT 100% · OPM change — 16% evidence | 8.8/25 ROCE 7.8% · OPM -39% 60% evidence | 11.5/20 P/E 2.8× · PEG — 15% evidence | 3.0/20 RS sector -29.5% · RS bench -24.8% · 1Y -43.9%1 of 6 weeks ahead to 2026-07-19 70% evidence | |
| Exact sum: 17.9 + 8.8 + 11.5 + 3 = 41.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. 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 curve the sector itself 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 widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Travel Food Services Ltd's share price today?
Travel Food Services Ltd trades at ₹1,365, +22.2% over the past year. The company is valued at ₹17,973 Cr. The stock sits at 82% of its 52-week range of ₹1,065–₹1,429, +9.5% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 18 weeks in. — as of 14 August 2026.
What were Travel Food Services Ltd's latest quarterly results?
Travel Food Services Ltd reported revenue of ₹452 Cr and net profit of ₹129 Cr for the Jun 26 quarter. Revenue rose 20.5% and profit rose 35.8% year on year. Earnings per share were ₹9.62. The operating margin was 36.0%, 3.0 pp lower than a year earlier. — as of 14 August 2026.
What is Travel Food Services Ltd's revenue?
Travel Food Services Ltd reported revenue of ₹452 Cr in the Jun 26 quarter, +20.5% year on year. For the full FY26 fiscal year, revenue was ₹1,648 Cr (−2.4%). Over the last 10 years revenue compounded at 12.6% a year. — as of 14 August 2026.
What is Travel Food Services Ltd's profit?
Travel Food Services Ltd earned ₹129 Cr of net profit in the Jun 26 quarter, +35.8% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹452 Cr. The operating margin ran 36.0% in the latest quarter. — as of 14 August 2026.
What is Travel Food Services Ltd's market cap?
Travel Food Services Ltd's market capitalisation is ₹17,973 Cr at a share price of ₹1,365. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.
What is Travel Food Services Ltd's P/E ratio?
Travel Food Services Ltd trades at a P/E of 37.8×, at the 18th percentile of its own 1-year range, against a long-run median of 40.4×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.
Does Travel Food Services Ltd pay a dividend?
Yes — Travel Food Services Ltd's dividend payout was 31% of profit in FY26, and it recorded a payout in 3 of its last 8 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 14 August 2026.
Is Travel Food Services Ltd overvalued?
On its own history, Travel Food Services Ltd looks cheap: its P/E of 37.8× has been cheaper only 18% of the time in 1 years (long-run median 40.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 14 August 2026.
Is Travel Food Services Ltd growing?
Yes — Travel Food Services Ltd is growing: latest-quarter revenue +20.5% year on year, profit +35.8%, and the margin −3.0 pp at 36.0%. The 10-year compound rates are 12.6% (revenue) and 24.4% (profit). The earnings engine currently reads: improving — as of 14 August 2026.
How is Travel Food Services Ltd performing?
Travel Food Services Ltd is in a confirmed uptrend, 18 weeks in. Its latest quarter's revenue rose 20.5% and profit rose 35.8% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 14 August 2026.
Is Travel Food Services Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 18 of stage 2), trading +9.5% versus its 200-day average and at 82% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 14 August 2026.
Is Travel Food Services Ltd beating the market?
On recent form, yes — Travel Food Services Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 1.1 years the stock moved +20% against the NIFTY 500's +1% — ahead of the index over the full window. — as of 14 August 2026.
Will Travel Food Services Ltd's share price go up?
This page publishes no price forecast for Travel Food Services Ltd. What it measures instead: the share price is ₹1,365, the price is in a confirmed uptrend 18 weeks in. Its P/E of 37.8× sits at the 18th percentile of its own 1-year range. — as of 14 August 2026.
Who owns Travel Food Services Ltd?
Promoters hold 86.2% of Travel Food Services Ltd, foreign institutions 1.6%, domestic institutions 10.0% and the public 2.1% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 14 August 2026.
Does Travel Food Services Ltd have too much debt?
No — Travel Food Services Ltd's debt-to-equity is 0.17, and operating profit covers the interest bill 10×. FY26 borrowings were ₹245 Cr against equity of ₹1,443 Cr. The returns on this page are earned, not borrowed — as of 14 August 2026.
What is Travel Food Services Ltd's capex?
Travel Food Services Ltd spent ₹692 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹403 Cr, with ₹28.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.
What is Travel Food Services Ltd's cash flow?
Travel Food Services Ltd generated ₹393 Cr of operating cash flow in FY26 and ₹−10.0 Cr of free cash flow after ₹403 Cr of capital spending. Reported profit that year was ₹452 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 14 August 2026.
Is Travel Food Services Ltd's profit real cash?
Yes — over the last 3 fiscal years, 112% of Travel Food Services Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹393 Cr against reported profit of ₹452 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 14 August 2026.
Where is Travel Food Services Ltd in its business cycle?
Travel Food Services Ltd's FY26 operating margin was 39.0%, against a 8-year band of −22.0%–39.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 36.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.
What could break the Travel Food Services Ltd story?
Biggest watch item: margins are the best this company has ever printed — every ratio flatters at record profitability, so the whole story leans on margins holding. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 14 August 2026.
Is Travel Food Services Ltd a stock worth studying right now?
This is not investment advice. The machine read: Travel Food Services Ltd is coiled. The quarters are improving, yet the P/E sits at the 18th percentile of its own 1-year range — the business is moving before the market. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.