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TBO Tek is one of the world’s largest B2B travel distribution platform connecting Travel agents, Tour Operators, OTA’s and other enterprise level buyers with suppliers like Hotels, Air Ticketing, Anciliaries and Rental, etc. in more than 150 countries all around the world. TBO aggregates comprehensive travel inventory globally and distributes it seamlessly to a vast, diversified network of retail and enterprise buyers, enabling efficient cross-border multi-product discovery to fulfilment across travel use cases. With 1 million+ global inventories of hotels, 750+ airline access in more than 300,000 locations across the world, it provides ease to small size travel agents with less worldwide connections in travel itineraries.

* Premium Travel Expansion and Technology-Led Growth: With a very large addressable market (around $500 Billion), TBO Tek holds relatively smaller market share against this profitable opportunity for expansion all around the globe with much higher margins. TBO Tek is capturing this opportunity through its acquisition of US-based Classic Vacations (CV). This acquisition expands TBO’s premium and luxury inventory while CV gains access to TBO’s global inventory for complex, high-end packages. TBO is also developing Voya, an AI-enabled itinerary and connected-journey platform, and embedding AI across search, recommendations and servicing.

* Strong Growth in Hotels & Ancillaries: Within 4 years, the share in GTV for Hotels and ancillaries has expanded from 39% in FY22 to 64% in FY26 with revenue from hotel and package services increasing to Rs 1,780 crore (Excluding CV). The growing contribution of hotels and ancillaries also supports better monetisation, as reflected in the increase in the overall take rate from 5.64% in FY25 to 7.27% in FY26. The rising contribution of hotel bookings, expansion of direct supplier relationships and premium inventory strengthens the company’s product mix and creates opportunities to improve monetization.

* Pan-Continental Presence and Geographical Diversification: TBO Tek has built a global B2B travel distribution network spanning 60+ countries through 23 entities, connecting travel buyers across 150+ source-market countries with hotel inventory across 150+ countries. Its Hotels & Ancillaries GTV is diversified across Europe (36%), Middle East & Africa (25%), India (12%), Latin America (10%), North America (8%) and Asia-Pacific (8%) in FY26. The company recorded double-digit growth across all regions, with Latin America growing 137% year-on-year and the Middle East & Africa growing 46%. This broad geographical reach reduces dependence on any single travel corridor, allowing TBO to capture demand across different markets and helping cushion the impact of localised geopolitical or macroeconomic disruptions. However, its air-ticketing business remains concentrated in India, which contributed approximately 94% of air GTV in FY26.

* Outlook & Valuation: With a diversified global B2B distribution platform, strong cash generation and improvement in take-rate, TBO Tek is well placed to compound earnings despite geopolitical and travel-cycle volatility. We estimate revenue, EBITDA and PAT CAGRs of 24%, 34% and 37% respectively over FY26-29E. Our DCF target for TBO Tek stands at Rs2,043, with an upside potential of 33% from the current levels. Our DCF target price implies P/E multiple of 43.5x on FY28E.

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SEBI Registration Number is INZ000043833