Founded in 2006, TBO Tek (Travel Boutique Online) is one of India’s leading B2B travel distribution platforms, operating in a very large but highly fragmented global outbound travel market. Acting as a two-sided marketplace, TBO connects over 189,000 registered travel buyers including agencies, advisors, tour operators, and OTAs with a vast network of suppliers spanning 1 million+ hotels, 750+ airlines and 48,000+ attractions. It aggregates global travel supply across the travel segments (hotel rentals, airlines, car rentals, transfers, cruises, insurance, rail, etc.) and matches it with demand from a growing base of registered travel buyers including travel agencies, independent travel advisors and tour operators. With an estimated ~1.5-2 million agents and advisors worldwide, global B2B travel market has reached a gargantuan size of over $500bn (out of total $912bn premium global outbound travel market). Within 20 years of operations, TBO Tek has aggressively expanded its foot prints across all the major geographies to become fourth largest global B2B player.
| CMP (Rs) | Target (Rs) | Upside |
|---|---|---|
| ₹1,562 | ₹1,853 | 19% |
| Bloomberg Code | TBOTEK IN |
|---|---|
| Curr Shares O/S (mn)* | 108.6 |
| Mkt Cap (Rsbn/USDmn) | 169.6/1912 |
| 52 Wk H / L (Rs)* | 1846/996 |
| 5 Year H / L (Rs)* | 2001/996 |
| Daily Vol. 3M Avg. (‘000) | 300.7 |
Source: ACE Equity, MNCL Research
| % | 1M | 6M | 1Yr |
|---|---|---|---|
| TBOTEK | -3.0 | 48.7 | -8.8 |
| NIFTY | 1.3 | 12.9 | 1.1 |
Source: ACE Equity, MNCL Research
| % | Jun-25 | Mar-25 | Dec-24 |
|---|---|---|---|
| Promoter | 44.4 | 44.4 | 44.4 |
| Inst./Govt. | 49.3 | 49.5 | 49.8 |
| Others | 6.3 | 6.1 | 5.8 |
Source: ACE Equity, MNCL Research
In less than 20 years of operations, TBO Tek has expanded rapidly both through organic route as well as through small ticket investments to get the foothold in new geographies and then scaling it up through its tested business model. Its asset-light, modular platform is designed to efficiently aggregate fragmented supply across hotels, airlines, car rentals, and ancillaries, while connecting with a large and expanding buyer base (~1.9 lakh in FY25 vs ~1.7 lakh in FY24). This creates significant operating leverage as scale increases, enabling TBO to drive consistent topline growth and better return ratios.
While air ticketing remains a key volume driver, TBO is steadily increasing its focus on high-margin verticals such as hotels, sightseeing, cruise liners, transfers, and insurance. This shift is driving an improvement in take-rates and overall profitability, as these segments offer better take rates than air ticket booking. Additionally, the ability to cross-sell ancillaries to its existing buyer base enhances wallet share and creates a more diversified and resilient revenue model.
TBO is rapidly evolving from an India-centric player into a truly global B2B travel distribution platform. While domestic B2B Travel market continues to remain dominated by low take-rate Air Ticket business, international business has been witnessing a rapid growth, accounting for 78.6% of the total revenue in Q1FY26. After establishing itself as key player in Europe and the APAC market, TBO has recently acquired Classic Vacations LLC in the US at a total consideration of $125mn. The company is not only expanding geographically but also strategically positioning itself in the global premium outbound travel segments. The acquisition of Classic Vacations in the US, a luxury-focused travel firm, marks a significant step in strengthening its foothold in the North American premium outbound travel, broadening its supplier network, and enhancing cross-border synergies.
TBO Tek is well placed to capitalize on aspirational premium global B2B outbound travel market. The company has been successfully strengthening its global footprints to become fourth largest player in this place. Our one year forward DCF based Target price stands at Rs1853, giving an upside of 19%.
| Y/E Mar (Rs mn) | FY24 | FY25 | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|
| Sales | 13,928 | 17,375 | 25,067 | 33,628 | 38,106 |
| YoY (%) | 30.8 | 24.7 | 44.3 | 34.2 | 13.3 |
| EBIDTA | 2,583 | 3,009 | 3,811 | 5,103 | 6,032 |
| YoY (%) | 30.2 | 16.5 | 26.7 | 33.9 | 18.2 |
| PAT | 2,021 | 2,299 | 2,708 | 3,275 | 4,231 |
| YoY (%) | 40.1 | 13.7 | 17.8 | 20.9 | 29.2 |
| EPS (Rs) | 19.7 | 21.2 | 24.9 | 30.2 | 39.0 |
| Y/E Mar | FY24 | FY25 | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|
| EBIDTAM (%) | 18.5 | 17.3 | 15.2 | 15.2 | 15.8 |
| NPM (%) | 14.5 | 13.2 | 10.8 | 9.7 | 11.1 |
| PER (x) | 71.5 | 56.9 | 61.8 | 51.1 | 39.6 |
| EV/ EBITDA (x) | 56.3 | 39.1 | 41.7 | 29.9 | 24.4 |
| RoE (%) | 45.7 | 26.4 | 20.4 | 20.2 | 21.3 |
| RoIC (%) | 22.5 | 18.4 | 16.9 | 15.4 | 15.4 |
| Pre-Tax OCF/EBITDA (%) | 98.0 | 106.4 | 276.7 | 139.9 | 104.5 |
Source: Company TBO Tek Ltd, MNCL Research
| Stock Details | Industry | Buying Range (₹) | CMP* (₹) | Target Price (₹) | Upside Potential % |
|---|---|---|---|---|---|
| Bharat Electronics Ltd | Defence | 407-420 | 414 | 463 | 12% |
| Brigade Enterprises Ltd | Real-estate | 920-970 | 943 | 1341 | 42% |
| Clean Science & Technology Ltd | Specialty Chemical | 1045-1100 | 1072 | 1220 | 14% |
| Elecon Engineering Company Ltd | Capital Goods | 540-580 | 557 | 733 | 32% |
| ICICI Bank Ltd | BFSI | 1360-1400 | 1380 | 1700 | 23% |
| National Aluminium Company Ltd | Metals | 215-235 | 224 | 280 | 25% |
| Sai Life Sciences Ltd | Healthcare | 840-885 | 861 | 1055 | 22% |
| TBO Tek Ltd | Hospitality | 1520-1600 | 1562 | 1853 | 19% |
| TCPL Packaging Ltd | Packaging | 3300-3500 | 3402 | 4303 | 26% |
| Vesuvius India Ltd | Metals | 490-520 | 505 | 585 | 16% |
| Windlas Biotech Ltd | Healthcare | 890-940 | 915 | 1225 | 34% |
*Closing Price as on 10-10-2025
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Monarch Networth Capital Limited (‘MNCL’) | CIN No.: L64990GJ1993PLC120014
Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar - 382050, Gujarat
Ahmedabad
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Monarch Networth Capital Limited, G Block, Laxmi Tower, B Wing, 4th Floor, Bandra Kurla Complex, Bandra East, Mumbai - 400051.
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Monarch Networth Capital Limited (‘MNCL’) | CIN No.: L64990GJ1993PLC120014
(As per LODR Regulations and Companies Act, 2013)
Contact information of the designated officials of the listed entity who are responsible for assisting and handling investor grievances : Mr. Nitesh Tanwar
Monarch Networth Capital Limited
Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar - 382050, Gujarat
Ahmedabad
“Monarch House”, Opp Prahladbhai Patel garden, Near Ishwar Bhuvan, Commerce Six Roads, Navrangpura, Ahmedabad – 380009
Mumbai
Monarch Networth Capital Limited, G Block, Laxmi Tower, B Wing, 4th Floor, Bandra Kurla Complex, Bandra East, Mumbai - 400051.
Phone: 022 - 66476400 / 66476405
Email: cs@mnclgroup.com
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