Travel Food Services Ltd - Premiumization-led growth - Company Update
26 May 2026
Companies Updates
Travel Food Services (TFS) Ltd reported a better-than-anticipated Q4FY26 performance, with revenue and earnings ahead of our estimates, largely due to better than estimated like-for-like growth, strong net contract gains and continued mobilization of new units across key airports. Despite softer passenger traffic amid the onset of the Middle East conflict, system-wide sales remained robust, highlighting the resilience of its commercial model and benefits of premiumization, menu engineering and revenue optimization initiatives. Margins expanded meaningfully, aided by operating leverage and disciplined execution. Going ahead, we expect growth momentum to remain healthy, supported by ramp-up of recently added outlets, a strong pipeline across Delhi, Cochin, Navi Mumbai and the upcoming Noida airport, along with sustained premiumization across travel QSR and lounges. Further, scaling up the EATS (Eliteassist Technology and Services Pvt Ltd) platform and international lounge opportunities should provide additional growth levers over the medium term. We maintain our BUY rating with a TP of Rs 1,670.
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Premiumization and New Unit Ramp-up Drive Strong Growth:
TFS reported consolidated revenue growth of 25.7% YoY to Rs 4,670mn (MNCL Est of Rs 3,786mn). Revenue growth was driven by a combination of healthy LFL sales growth of 9.4% YoY and strong net contract gains of 17.3% YoY driven by the mobilisation of new units at Delhi Airport (Terminal 1 & Terminal 2) and Cochin Airport (Domestic Terminal 1). Despite softer traffic growth amid the Middle East conflict, revenue growth remained healthy, aided by premiumization and revenue optimization initiatives. System-wide sales stood at Rs 8,954mn during the quarter, reflecting strong growth of 27.7% YoY.
Strong Margin Expansion Driven by Operating Leverage:
Gross margin for the quarter expanded by 430bps YoY to 87.3% (MNCL Est.: 83.2%), driven by strong sales growth, improved mix led by value-led combos, and procurement efficiencies. EBITDA margin expanded by 370bps YoY to 40.4% (MNCL Est of 36.2%), supported by gross margin expansion and operating leverage benefits. Consequently, EBITDA grew 38.3% YoY (+2.8% QoQ) to Rs 1,863mn, (MNCL Est of Rs 1,370mn), aided by lower manpower costs and better gross profit flow-through. PAT for the quarter stood at Rs 1,208 mn, up 17.8% YoY (MNCL Est of Rs 985mn).
Outlook:
We remain optimistic on TFS, driven by continued outlet and lounge additions, expansion into high-traffic airports, and sustained premiumisation trends, which are expected to remain key long-term growth drivers. During the year, the company added 76 outlets and 2 lounges, taking its network to 550+ outlets across 20 airports, alongside a portfolio of 145 brands. The steady expansion in network presence and brand partnerships reflect strong execution capabilities and highlight multiple avenues for future growth. Operations at Cochin and Delhi Airport continue to scale up well, while Navi Mumbai Airport is witnessing the rollout of new concepts ahead of the expected traffic ramp-up. Growth visibility remains strong, supported by the expected commencement of operations at Noida Airport in the coming months, alongside a healthy pipeline of 50+ outlets and the long-term opportunity at Bhogapuram Airport. In addition, the company is actively evaluating international lounge opportunities across markets such as Malaysia, Hong Kong, Indonesia, and the Middle East, while also exploring emerging adjacencies including expressway-based wayside amenities. While the near-term environment remains dynamic amid geopolitical and traffic-related volatility, TFS remains well-positioned, supported by disciplined execution, operational efficiencies, strong cost controls, and a scalable business model.
Valuation, view & Key risks:
We remain positive on TFS, supported by its strong positioning within India’s aviation-led consumption opportunity, high entry barriers, expanding airport footprint, and superior return profile, with ROE expected to reach ~25% by FY28E. We expect the company to post a revenue/EBITDA/PAT CAGR of 13%/12%/13% over FY26-28E. The company is also well placed to benefit from continued premiumisation trends, rising air passenger traffic, and ongoing network expansion across airports and lounges. We assign a target multiple of 40x FY28E P/E (implying ~2.2x PEG), arriving at a target price of Rs.1,670, maintain a BUY rating. Key risks – Inability to secure new concession agreements, non-renewal of existing airport contracts, slowdown in consumer spending.
Company website: https://www.travelfoodservices.com/
| Rating | BUY |
|---|---|
| CMP* | INR 1,200 |
| Target Price | INR 1,670 |
| Upside | 39% |
*CMP is as per report published date
Click to download the full Travel Food Services Ltd Q4FY26 Company Update
Analyst:
- Rahul Dani - Research Analyst, Institutional Equities (NISM-201500034725)
- Aachal Pal - Research Associate, Institutional Equities (NISM-202300215737)
FAQs on Travel Food Services Ltd Q4FY26 Company Update
These FAQs summarize key insights from MNCL’s institutional equity research on Travel Food Services, highlighting performance trends, growth drivers and key risks.
1. Why is Travel Food Services positive on growth outlook?
The company is benefiting from premiumization, airport expansion, strong lounge demand and increasing passenger spending across major airports.
2. What drove TFS Q4FY26 performance?
Revenue growth was led by strong like-for-like sales, new outlet additions, premium menu mix and operational efficiencies.
3. What are the key future growth drivers for TFS?
Growth drivers include new airport contracts, lounge expansion, premium food concepts and scaling of the EATS platform.
4. What risks should investors monitor?
Key risks include slowdown in air traffic, failure to secure new concessions and softer discretionary consumer spending.
5. What is the target price for Travel Food Services?
The brokerage has maintained a BUY rating with a target price of Rs 1,670.
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Carysil Ltd: Crafting the future of modern kitchens - Company Update
We retain our BUY rating on Carysil Ltd with a revised target price of Rs 1,190 (earlier Rs 1,140), factoring in a rollover to Q3FY28E and a ~4% trim to FY27E–FY28E earnings. Strong traction in quartz and stainless-steel sinks, upcoming capacity ex...
Wonderla Holidays: Chennai Takes The Baton As Mature Parks Plateau - Company Update
We upgrade Wonderla Holidays to BUY from HOLD, as we revise earnings estimates upward by ~5% and roll forward our valuation to Q3FY28E. The company continued to deliver ARPU-led growth at mature parks during the quarter, while footfall growth remaine...
Rashi Peripherals Ltd: Stellar quarter - Company Update
We retain "BUY" rating and raise our target price to Rs. 610 (vs Rs 505 earlier). Rashi reported topline growth of 42.6% YoY in a seasonally weak quarter, on the back of strong sales volume & prices across PES segment (56% of revenue) and LIT (44...
Triveni Turbine: Worst likely behind, recovery pending - Company update
We upgrade our rating on Triveni Turbine to BUY, supported by improving execution visibility and a gradual recovery in order inflows. While new applications such as CO₂-based energy storage, MVR, and turbine servicing are likely to be incrementally...
The Anup Engineering: Through the Trough, Recovery in the offing - Company Update
We upgrade our rating on The Anup Engineering to BUY (previously HOLD) and revise our target price to Rs 2,515. The company is not yet out of the woods, with the market awaiting clear signs of a recovery in order inflows. That said, we believe the wo...
Saksoft Ltd: Temporary headwinds, normalization in sight - Company Update
We maintain our "BUY" rating with a revised target price of Rs 285 (vs 325). Saksoft delivered weak results – a) topline growth saw a de-growth of 3% despite the favourable currency mix, b) Top 2 clients have cut spends in Q3, the pain co...
Mayur Uniquoters: Riding export momentum - Company Update
We maintain our BUY rating on Mayur Uniquoters with a revised target price of Rs. 825 (earlier Rs. 770), as we roll forward our valuation to Q3 FY28E and upgrade our FY27E/FY28E earnings estimates by ~4%. The company delivered a robust operating perf...
Scoda Tubes Ltd.: Slight miss; structural thesis intact - Company Update
We retain BUY rating on Scoda Tubes but upward revise target price of Rs 250 (previously Rs 240). Increase in target price is mainly due to valuation rollover. Q3FY26 was a strong performance on offtake, marginally offset by pricing weakness and dela...
TD Power Systems: Global demand fuelling growth visibility - Company Update
We upgrade TD Power to BUY / revise our target price upwards to Rs 875 (vs. Rs 840 earlier). Q3-FY26 results were a tad lower than our expectations and reflect timing issues rather than demand or competitive weakness. Going ahead, the Tumkur facility...
SJS Enterprises Ltd - Premiumisation and Export-led Outperformance - Company Update
We revise our target price on SJS Enterprises upwards to Rs2,190 to account for an increase in revenue/ margin estimates, and valuation roll-forward to Dec’27E. SJS delivered another quarter of strong industry outperformance, with record profitabil...
Sundram Fasteners Ltd.: Exports spoil the show - Company Update
We lower target price to Rs 1035 (previously Rs 1085) and maintain Accumulate rating for Sundram Fasteners Ltd. (SFL). We downward revise our multiple to account for extended weakness on exports including delay in EV order to North America, in turn l...
ASK Automotive Ltd. - Firing on all cylinders - Company Update
We upgrade ASK Automotive to BUY rating on attractive valuation and increase our TP to Rs590 (Rs525 previously). The increase in TP is largely driven by valuation rollover. ASK delivered a strong Q3, materially ahead of our expectations, led by broad...
Kirloskar Ferrous Ind. - Casting and tubes outperform, spreads spoil the show | Company Update
We lower our target price to Rs 620 (previously Rs690) and retain BUY rating for Kirloskar Ferrous Industries Ltd. (KFIL). The decrease in TP is mainly to account for weak commodity spreads and realization across end products . KFIL’s 2QFY26 perfor...
IFGL Refractories Ltd. - Domestic focus continues to payoff; overseas improving gradually | Company Update
We decrease target price to Rs 280 (previously Rs 300) but maintain BUY rating. The change in TP is mainly due to cut of earnings estimates. IFGL delivered another quarter of strong standalone growth as its domestic-focused strategy continues to gain...
Borosil Ltd. - Glassware ignites growth; levers to power margins | Company Update
We reiterate our BUY on Borosil Ltd and revise our target price upwards to Rs. 460 (vs. Rs. 420 earlier), driven by strong demand momentum and emerging structural growth and margin levers. The company continues to deliver robust growth in its glasswa...
Venus Pipes & Tubes Ltd. - Export and welded drives confidence | Company Update
We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
