Travel Food Services Ltd
TRAVELFOODTravel Food Services Ltd is coiled. The quarters are improving, yet the P/E sits at the 2nd percentile of its own 1-year range — the business is moving before the market.
The sharpest disagreement: annual EPS moved +21.4% against a −9.2% price move — the market has not yet caught up with the delivery.
The price is in a confirmed uptrend (24 weeks in) while the P/E sits at the 2nd 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: whether the price catches up with earnings that have already moved.
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 ₹1,213, in a confirmed uptrend and 24 weeks into that stage. That is −3.2% against its own 200-day average. It sits at 41% of a 52-week range of ₹1,065 to ₹1,429. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (5 weeks and counting).
Today the stock is in a confirmed uptrend — week 24 of stage 2, confirmed. At ₹1,213 it trades −3.2% versus its 200-day average and sits at 41% of its 52-week range (₹1,065–₹1,429).
Against the market, two honest reads. Cumulative: over the last 1.2 years the stock moved +6% while the NIFTY 500 moved −4% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (5 weeks and counting; last ahead the week of 2026-08-21) — 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 22 August 2026. Where it sits in its own cycle: mid expansion. Still open: The whole thesis fails if new units do not move toward maturity while receivables remain elevated and the lower like-for-like assumption is followed by sustained operating-margin erosion.
Our read, 22 August 2026. Airport food, lounge and passenger-service expansion can compound earnings, but the near-term read depends on traffic recovery, unit ramp-up and clean conversion of reported profit into cash.
From the numbers. The earnings curve is expanding while the multiple curve has compressed. The surface read is a low trailing percentile; the deeper read is that normalized earnings are lower than trailing earnings and the listed…
From the price. Price stage 2, week 24 — below its 200-day line, relative strength falling.
From the research. Airport food, lounge and passenger-service expansion can compound earnings, but the near-term read depends on traffic recovery, unit ramp-up and clean conversion of reported profit into cash.
🚨 Where they disagree. The earnings curve is expanding while the multiple curve has compressed. The surface read is a low trailing percentile; the deeper read is that normalized earnings are lower than trailing earnings and the listed valuation history is short, so the discount should not be treated as a settled through-cycle bargain.
What is proven. Airport food, lounge and passenger-service expansion can compound earnings, but the near-term read depends on traffic recovery, unit ramp-up and clean conversion of reported profit into cash.
What is not proven yet. The whole thesis fails if new units do not move toward maturity while receivables remain elevated and the lower like-for-like assumption is followed by sustained operating-margin erosion.
🚨 What would change our mind. The whole thesis fails if new units do not move toward maturity while receivables remain elevated and the lower like-for-like assumption is followed by sustained operating-margin erosion.
Layer 1 read, 22 August 2026 — KEEP. Airport-food platform is still expanding, but a third of pre-tax profit has no named source. Revenue rose 20.5% and margin fell to 36% as new units at Noida, Kochi and Delhi absorbed hiring and pre-opening costs. The headline 35.8% profit jump overstates the business: management's own call reports EBITDA up 11% against profit up 35.6%, and the difference is an other-income line now worth 58 crore, a third of pre-tax profit, with only 13.1 crore of it explained as a GST provision write-back. Two management changes also went unexplained this quarter — the like-for-like growth assumption was cut and the Delhi T3 bid moved into a 30%-held joint venture that will not be consolidated — so I hold the position but do not raise conviction.
What would change Layer 1’s mind. If the September-quarter result breaks out the other-income line and shows it is recurring operating income (airport concession or joint-venture service fees rather than treasury or write-backs), while operating margin holds at or above 36% and receivable days come back to the promised 40-45 from 58, I move this to P1. Conversely, another quarter with operating margin at or below 36% AND other income again above 30% of pre-tax profit AND receivables still elevated breaks the thesis outright…
Layer 2 read, 22 August 2026 — BENCH. The airport rollout is real, but profit quality and lowered guidance need one clean result. Revenue rose 20.6% and more than 50 outlets are being developed, but EBITDA rose only 11% while a GST write-back helped PAT. The external Hotels read adds a direct warning: Travel Food's margin fell from 39% to 36%, and its expected uplift above passenger growth fell from 9-12% to 5-7% without explanation.
What would change Layer 2’s mind. Move BENCH to ADVANCE if the next clean result shows operating margin at or above 36%, limited non-operating profit support, and receivables moving to management's 40-45 day range.
CIO read, 22 August 2026 — RETAIN. HELD (defended slot) · forward-asymmetry 55/100 · CONTESTED. The price is early and the rating looks depressed, but that history contains only five quarterly observations, so it is weak evidence. A judged 12% EPS path misses the model's 20% hurdle, while the Hotels sector is TOPPING.
The test written in advance. The whole thesis fails if new units do not move toward maturity while receivables remain elevated and the lower like-for-like assumption is followed by sustained operating-margin erosion. — the thesis as written as stated by the next result.
The test written in advance. Reported-profit quality — Reported-profit quality A further quarter where non-operating or exceptional items exceed ₹25 crore of reported profit impact. by the next result.
The test written in advance. Cash-cycle deterioration — Cash-cycle deterioration Receivables do not move toward the stated operating cycle by the end of H1 FY27. by the next result.
What the company does. The network is adding sites and monetisation layers while passenger traffic remains the external volume driver. Recent operating margins have softened during advance hiring and commissioning, while reported profit includes a GST provision write-back. The valuation has compressed alongside rising earnings, but limited listed-history depth and shifting management assumptions require a measured base case.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| New-unit maturation | in play | — | New airport and terminal units can add sales once commissioning costs ease. | Passenger traffic stays weak or unit-level costs do not ease as units mature. |
| Commercial delta | in play | — | Menu, mix and customer-experience changes can lift sales faster than passenger traffic. | Like-for-like growth converges with passenger traffic without offsetting mix gains. |
| Passenger-services platform | in play | — | Elite Assist and EATS can deepen monetisation of the airport customer journey. | Ancillary-service uptake remains limited or the billing process prevents receivables normalisation. |
| Asia-led international expansion | in play | — | Maturing overseas lounges can broaden the bidding platform beyond domestic airports. | Regional conditions remain disrupted or international bids do not clear return thresholds. |
🚨 What the surface reading misses. The surface reading is: Profit grew faster than revenue, suggesting improving earnings leverage. The research reads it further: The latest call attributes part of the reported profit improvement to a GST provision write-back while operating margin fell with ramp-up costs; the headline growth is therefore not wholly recurring operating leverage.
🚨 What the surface reading misses. The surface reading is: A low trailing PE percentile suggests an inexpensive entry. The research reads it further: The normalized bridge produces a higher PE than the trailing figure because normalized earnings are lower; the apparent discount is narrower than the trailing multiple alone implies.
Lever 2 · Value-added mix — BUILDING. Menu, mix and customer-experience changes can lift sales faster than passenger traffic. What proves it keeps working: Commercial delta. It stops working if Like-for-like growth converges with passenger traffic without offsetting mix gains.
Lever 10 · New geographies — BUILDING. Maturing overseas lounges can broaden the bidding platform beyond domestic airports. What proves it keeps working: Asia-led international expansion. It stops working if Regional conditions remain disrupted or international bids do not clear return thresholds.
Sources: our stock research file (22 August 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 | — | Asia-led international 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 (22 August 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 (22 August 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 (22 August 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 ₹56.0 Cr of capital spending, ₹337 Cr was left as free cash.
FY26: operating cash of ₹393 Cr against reported profit of ₹452 Cr, leaving free cash of ₹337 Cr after ₹56.0 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: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
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 ₹345 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. Management describes Malaysia and Hong Kong as maturing operations and says Asia is the immediate international focus. The geographic-TAM-expansion model is contingent on returns meeting internal thresholds rather than on footprint growth alone.
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 ₹345 Cr over the last 3 fiscal years against ₹387 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹28.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
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 ₹345 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 ₹345 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 33.4× P/E, about the cheapest it has ever traded. Its long-run median P/E is 40.0×, measured across 1.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 33.4× is about the cheapest it has ever traded, against a long-run median of 40.0× measured over 1.2 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 −9.2% price move — earnings outran the price, pushing the multiple DOWN its own range.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
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.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 24 August 2026 price, Travel Food Services Ltd was paying for profit growth of about 20.0% a year. Profit itself has compounded 24.4% a year over the past 10 years. Today the market pays 33.4× P/E, the 2nd percentile of its own 1-year range.
What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is close to what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 24 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 28 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
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 | −9.2% | — | — | — |
4-Factor Sector Score
55.5/100 — rank 7 of 24 in Hotels · 69% evidence confidence
Travel Food Services Ltd scores 55.5 out of 100 against the 24 companies it is compared with in Hotels, ranking 7. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 16.2 + 21.2 + 9.6 + 8.5 = 55.5. 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.
Normalized LFL Assumption Reduced · 14 August 2026. In Feb 2026, management described the normal LFL uplift over passenger traffic as 9%-12%, and in May 2026 it described the historical uplift as 7%-10%. In Aug 2026, it instead framed the uplift as 5%-7%, implying normalized LFL of 14%-15% with 8%-9% passenger traffic growth. The latest call did not explain this material reduction in the operating assumption, which affects revenue forecasts and valuation models.
Delhi T3 Bidding Vehicle Changed · 14 August 2026. In May 2026, management said the expiring Delhi T3 concession would be bid through the existing GHL JV. In Aug 2026, it said the bid would instead be made through another JV with GMR and separately disclosed that the new entity would not be consolidated because TFS would hold 30%. Management did not explain the change in bidding vehicle, despite its potential effect on reported revenue, earnings, and JV profit contribution.
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.
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 | 71.3/100Favorable setup94% evidence | BREAKING OUT | 25.4/35 Revenue 6% · PAT 85.3% · OPM change 6 pp 100% evidence | 15.9/25 ROCE 17% · OPM 46% 100% evidence | 15.8/20 P/E 35.7× · PEG 0.83 100% evidence | 14.2/20 RS sector 3.6% · RS bench 7.1% · 1Y -14.4%6 of 11 weeks ahead 70% evidence |
| Exact sum: 25.4 + 15.9 + 15.8 + 14.2 = 71.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Asian Hotels (West) LtdAHLWEST | 66.2/100Favorable setup74% evidence | ASLEEP | 26.6/35 Revenue 8.5% · PAT 100% · OPM change 2 pp 95% evidence | 19.9/25 ROCE 19.7% · OPM 40% 95% evidence | 11.4/20 P/E 6.7× · PEG — 15% evidence | 8.3/20 RS sector -25% · RS bench 38.5% · 1Y —5 of 12 weeks ahead 70% evidence |
| Exact sum: 26.6 + 19.9 + 11.4 + 8.3 = 66.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Indian Hotels Co LtdINDHOTEL | 61.2/100Mixed-positive evidence82% evidence | BREAKING OUT | 20.2/35 Revenue 13.2% · PAT 9.5% · OPM change 1 pp 95% evidence | 17.1/25 ROCE 17.1% · OPM 29% 76% evidence | 10.1/20 P/E 53.2× · PEG — 50% evidence | 13.8/20 RS sector 3.5% · RS bench 7.1% · 1Y -6.3%8 of 12 weeks ahead 100% evidence |
| Exact sum: 20.2 + 17.1 + 10.1 + 13.8 = 61.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Leela Palaces Hotels & Resorts LtdTHELEELA | 60.5/100Mixed-positive evidence93% evidence | LEADER | 24.6/35 Revenue 19.1% · PAT 100% · OPM change -1 pp 100% evidence | 9.3/25 ROCE 8.7% · OPM 36% 100% evidence | 7.7/20 P/E 40.4× · PEG 1.65 65% evidence | 18.9/20 RS sector 19.3% · RS bench 23.7% · 1Y 30.1%12 of 12 weeks ahead 100% evidence |
| Exact sum: 24.6 + 9.3 + 7.7 + 18.9 = 60.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Oriental Hotels LtdORIENTHOT | 60.0/100Mixed-positive evidence93% evidence | FADING | 17.4/35 Revenue 6.9% · PAT 41.1% · OPM change -2.8 pp 100% evidence | 11.4/25 ROCE 12.1% · OPM 21% 100% evidence | 14.0/20 P/E 37.5× · PEG 0.66 65% evidence | 17.2/20 RS sector 21.9% · RS bench 25.9% · 1Y 2.4%11 of 12 weeks ahead 100% evidence |
| Exact sum: 17.4 + 11.4 + 14 + 17.2 = 60 · Decision use: Price leads the evidence: RS versus the benchmark is 25.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 6TajGVK Hotels & Resorts LtdTAJGVK | 56.7/100Mixed-positive evidence87% evidence | TURNING | 21.3/35 Revenue 22.5% · PAT 100% · OPM change 0 pp 100% evidence | 12.9/25 ROCE 13.3% · OPM 30% 100% evidence | 14.3/20 P/E 14.2× · PEG 0.85 65% evidence | 8.2/20 RS sector -3.6% · RS bench -7.5% · 1Y -24.6%6 of 12 weeks ahead 70% evidence |
| Exact sum: 21.3 + 12.9 + 14.3 + 8.2 = 56.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Travel Food Services Ltdthis pageTRAVELFOOD | 55.5/100Mixed-positive evidence69% evidence | ASLEEP | 16.2/35 Revenue 4.4% · PAT 17.4% · OPM change -3 pp 95% evidence | 21.2/25 ROCE 42.4% · OPM 36% 76% evidence | 9.6/20 P/E 33.4× · PEG — 15% evidence | 8.5/20 RS sector -4.6% · RS bench -1.1% · 1Y -6%3 of 12 weeks ahead 70% evidence |
| Exact sum: 16.2 + 21.2 + 9.6 + 8.5 = 55.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Juniper Hotels LtdJUNIPER | 52.6/100Mixed-positive evidence93% evidence | BREAKING OUT | 23.3/35 Revenue 11.4% · PAT 100% · OPM change -1 pp 100% evidence | 6.4/25 ROCE 8% · OPM 35% 100% evidence | 10.8/20 P/E 25.9× · PEG 1.29 65% evidence | 12.1/20 RS sector -4.1% · RS bench -0.9% · 1Y -29.5%4 of 12 weeks ahead 100% evidence |
| Exact sum: 23.3 + 6.4 + 10.8 + 12.1 = 52.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9ITC Hotels LtdITCHOTELS | 52.2/100Mixed-positive evidence93% evidence | ASLEEP | 23.4/35 Revenue 16.1% · PAT 26.9% · OPM change 1 pp 100% evidence | 10.7/25 ROCE 11.2% · OPM 31% 100% evidence | 10.8/20 P/E 36.5× · PEG 1.15 65% evidence | 7.3/20 RS sector -9.2% · RS bench -6.3% · 1Y -31.6%1 of 12 weeks ahead 100% evidence |
| Exact sum: 23.4 + 10.7 + 10.8 + 7.3 = 52.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Benares Hotels LtdBENARAS | 52.2/100Mixed-positive evidence76% evidence | 9.1/35 Revenue 7.7% · PAT -1.1% · OPM change -3.3 pp 95% evidence | 21.0/25 ROCE 29.8% · OPM 36.9% 76% evidence | 7.0/20 P/E 30.2× · PEG — 50% evidence | 15.1/20 RS sector 12.1% · RS bench 6.6% · 1Y 7.4%4 of 12 weeks ahead 70% evidence | |
| Exact sum: 9.1 + 21 + 7 + 15.1 = 52.2 · Decision use: Price leads the evidence: RS versus the benchmark is 6.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 11Lemon Tree Hotels LtdLEMONTREE | 50.5/100Mixed-positive evidence69% evidence | ASLEEP | 18.9/35 Revenue 10.4% · PAT 9.6% · OPM change -1 pp 95% evidence | 16.4/25 ROCE 14.1% · OPM 43% 76% evidence | 9.7/20 P/E 32.2× · PEG — 15% evidence | 5.5/20 RS sector -8.5% · RS bench -14.6% · 1Y -38.6%0 of 11 weeks ahead 70% evidence |
| Exact sum: 18.9 + 16.4 + 9.7 + 5.5 = 50.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Kamat Hotels (India) LtdKAMATHOTEL | 48.7/100Mixed-negative evidence81% evidence | BREAKING OUT | 13.4/35 Revenue 7.6% · PAT -11.5% · OPM change 5.3 pp 95% evidence | 16.9/25 ROCE 15.8% · OPM 27.2% 95% evidence | 10.5/20 P/E 16.4× · PEG — 50% evidence | 7.9/20 RS sector -20.6% · RS bench 16.5% · 1Y -23.8%8 of 12 weeks ahead 70% evidence |
| Exact sum: 13.4 + 16.9 + 10.5 + 7.9 = 48.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13U P Hotels LtdUPHOT | 47.6/100Mixed-negative evidence76% evidence | 7.1/35 Revenue 1.4% · PAT -6% · OPM change -6.5 pp 95% evidence | 16.5/25 ROCE 21.7% · OPM 11.2% 76% evidence | 10.9/20 P/E 25.6× · PEG — 50% evidence | 13.1/20 RS sector 1.2% · RS bench 10.8% · 1Y -3.8%0 of 12 weeks ahead 70% evidence | |
| Exact sum: 7.1 + 16.5 + 10.9 + 13.1 = 47.6 · Decision use: Price leads the evidence: RS versus the benchmark is 10.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 14EIH LtdEIHOTEL | 47.0/100Mixed-negative evidence82% evidence | ASLEEP | 12.1/35 Revenue 8.3% · PAT 4.2% · OPM change -3 pp 95% evidence | 18.3/25 ROCE 20.7% · OPM 25% 76% evidence | 13.9/20 P/E 25.4× · PEG — 50% evidence | 2.7/20 RS sector -12.3% · RS bench -9.4% · 1Y -24.6%0 of 12 weeks ahead 100% evidence |
| Exact sum: 12.1 + 18.3 + 13.9 + 2.7 = 47 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 15Advent Hotels International LtdADVENTHTL | 46.3/100Mixed-negative evidence60% evidence | ASLEEP | 16.7/35 Revenue 3.5% · PAT -29.3% · OPM change 6.1 pp 95% evidence | 8.5/25 ROCE 6.8% · OPM 32.6% 95% evidence | 11.1/20 P/E 14.1× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —0 of 11 weeks ahead 0% evidence |
| Exact sum: 16.7 + 8.5 + 11.1 + 10 = 46.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Ventive Hospitality LtdVENTIVE | 44.7/100Mixed-negative evidence75% evidence | ASLEEP | 20.9/35 Revenue 25% · PAT 100% · OPM change -6 pp 95% evidence | 12.3/25 ROCE 10.8% · OPM 35% 76% evidence | 10.1/20 P/E 27× · PEG — 15% evidence | 1.4/20 RS sector -15.8% · RS bench -12.8% · 1Y -26.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 20.9 + 12.3 + 10.1 + 1.4 = 44.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Viceroy Hotels LtdVHLTD | 43.5/100Mixed-negative evidence79% evidence | TURNING | 20.7/35 Revenue 24.4% · PAT -69.2% · OPM change 10.8 pp 71% evidence | 8.0/25 ROCE 7.1% · OPM 25.6% 95% evidence | 7.6/20 P/E 42.2× · PEG — 50% evidence | 7.2/20 RS sector -6.7% · RS bench 1.9% · 1Y 4.9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 20.7 + 8 + 7.6 + 7.2 = 43.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Asian Hotels (North) LtdASIANHOTNR | 43.1/100Thin evidence · provisional56% evidence | TURNING | 14.0/35 Revenue 24.7% · PAT -80% · OPM change -3.6 pp 44% evidence | 4.5/25 ROCE 3.5% · OPM 17.5% 95% evidence | 8.5/20 P/E 122× · PEG — 15% evidence | 16.1/20 RS sector 8.5% · RS bench 28.8% · 1Y 21.4%4 of 11 weeks ahead 70% evidence |
| Exact sum: 14 + 4.5 + 8.5 + 16.1 = 43.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 19Sayaji Hotels LtdSAYAJIHOTL | 42.2/100Mixed-negative evidence63% evidence | BREAKING OUT | 12.7/35 Revenue -8.6% · PAT 79.7% · OPM change 3.3 pp 71% evidence | 4.3/25 ROCE -0.5% · OPM 13.3% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 15.2/20 RS sector 8.5% · RS bench 14.8% · 1Y 10.9%9 of 11 weeks ahead 70% evidence |
| Exact sum: 12.7 + 4.3 + 10 + 15.2 = 42.2 · Decision use: Price leads the evidence: RS versus the benchmark is 14.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 20Samhi Hotels LtdSAMHI | 41.5/100Mixed-negative evidence83% evidence | BASING | 19.2/35 Revenue 11.9% · PAT 100% · OPM change -1 pp 100% evidence | 6.5/25 ROCE 8.9% · OPM 32% 100% evidence | 11.2/20 P/E 8.4× · PEG — 15% evidence | 4.6/20 RS sector -7.3% · RS bench -4.3% · 1Y -23.9%5 of 12 weeks ahead 100% evidence |
| Exact sum: 19.2 + 6.5 + 11.2 + 4.6 = 41.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21EIH Associated Hotels LtdEIHAHOTELS | 38.9/100Mixed-negative evidence87% evidence | BASING | 7.2/35 Revenue -7.6% · PAT -7% · OPM change -2.2 pp 95% evidence | 14.6/25 ROCE 21.2% · OPM 10.8% 95% evidence | 13.1/20 P/E 20× · PEG — 50% evidence | 4.0/20 RS sector -11.8% · RS bench -8.7% · 1Y -25.9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 7.2 + 14.6 + 13.1 + 4 = 38.9 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 22Royal Orchid Hotels LtdROHLTD | 37.1/100Mixed-negative evidence81% evidence | BASING | 12.5/35 Revenue 26.9% · PAT -42.1% · OPM change -1.2 pp 95% evidence | 11.9/25 ROCE 10.8% · OPM 23.7% 95% evidence | 7.7/20 P/E 31.7× · PEG — 50% evidence | 5.0/20 RS sector -9.8% · RS bench -13% · 1Y -38.8%0 of 11 weeks ahead 70% evidence |
| Exact sum: 12.5 + 11.9 + 7.7 + 5 = 37.1 · 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 | 12.3/35 Revenue 10.5% · PAT -36.4% · OPM change -1 pp 100% evidence | 9.2/25 ROCE 9.4% · OPM 28% 100% evidence | 4.4/20 P/E 34.8× · PEG 3.5 65% evidence | 5.2/20 RS sector -9.8% · RS bench -14% · 1Y -33.5%0 of 11 weeks ahead 70% evidence |
| Exact sum: 12.3 + 9.2 + 4.4 + 5.2 = 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 -41.2%0 of 1 week 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 ₹1,213, −9.2% over the past year. The company is valued at ₹15,886 Cr. The stock sits at 41% of its 52-week range of ₹1,065–₹1,429, −3.2% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 24 weeks in. — as of 28 September 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 28 September 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 28 September 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 28 September 2026.
What is Travel Food Services Ltd's market cap?
Travel Food Services Ltd's market capitalisation is ₹15,886 Cr at a share price of ₹1,213. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 28 September 2026.
What is Travel Food Services Ltd's P/E ratio?
Travel Food Services Ltd trades at a P/E of 33.4×, at the 2nd percentile of its own 1-year range, against a long-run median of 40.0×. This is a comparison with the stock's own history, not a value call — as of 28 September 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 28 September 2026.
Is Travel Food Services Ltd overvalued?
On its own history, Travel Food Services Ltd looks cheap: its P/E of 33.4× has been cheaper only 2% of the time in 1 years (long-run median 40.0×). 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 28 September 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 28 September 2026.
How is Travel Food Services Ltd performing?
Travel Food Services Ltd is in a confirmed uptrend, 24 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 behind on a trailing-13-week view for 5 weeks. This describes what the data did, not a rating. — as of 28 September 2026.
Is Travel Food Services Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 24 of stage 2), trading −3.2% versus its 200-day average and at 41% 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 28 September 2026.
Is Travel Food Services Ltd beating the market?
Not lately — on a trailing-13-week view Travel Food Services Ltd is currently behind the NIFTY 500 (5 weeks and counting; last ahead the week of 2026-08-21), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 1.2 years the stock moved +6% against the NIFTY 500's −4% — ahead of the index over the full window. — as of 28 September 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 ₹1,213, the price is in a confirmed uptrend 24 weeks in. Its P/E of 33.4× sits at the 2nd percentile of its own 1-year range. — as of 28 September 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 28 September 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 28 September 2026.
What is Travel Food Services Ltd's capex?
Travel Food Services Ltd spent ₹345 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 ₹56.0 Cr, with ₹28.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 28 September 2026.
What is Travel Food Services Ltd's cash flow?
Travel Food Services Ltd generated ₹393 Cr of operating cash flow in FY26 and ₹337 Cr of free cash flow after ₹56.0 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 28 September 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 into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 28 September 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 28 September 2026.
What growth does Travel Food Services Ltd's price assume?
At its price on 24 August 2026, Travel Food Services Ltd was priced for profit growth of about 20.0% a year. Profit itself has compounded 24.4% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 28 September 2026.
What could break the Travel Food Services Ltd story?
The sharpest disagreement: annual EPS moved +21.4% against a −9.2% price move — the market has not yet caught up with the delivery. 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 28 September 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 2nd percentile of its own 1-year range — the business is moving before the market. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 28 September 2026.
Not SEBI Registered !! Not Investment advice !!