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TBO Tek (TBOTEK) investor relations material
TBO Tek Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary3 Nov, 2025
Executive summary
Q2 FY26 was a strong quarter, benefiting from the peak travel season in the Northern Hemisphere, with historical trends repeating as Q2 remains the strongest quarter of the year.
The business rebounded from Q1's macroeconomic and geopolitical headwinds, achieving stable growth in Q2.
Unaudited standalone and consolidated financial results for the quarter and six months ended September 30, 2025, were approved by the Board and reviewed by auditors with an unmodified conclusion.
The company completed its IPO in June 2024, raising INR 4,000 Mn via fresh issue and INR 11,508.09 Mn via offer for sale; shares are now listed on NSE and BSE.
The acquisition of Classic Vacations was completed, with integration underway and consolidation of its numbers starting Q3.
Financial highlights
Gross Transaction Value (GTV) grew by 12% year-over-year, driven by nearly 20% growth in the hotels segment.
Gross Profit (GP) increased by 19% year-over-year, outpacing GTV due to a favorable mix shift toward hotels and improved retention.
Consolidated revenue from operations for Q2 FY26 was INR 5,675.10 Mn, up from INR 4,506.92 Mn in Q2 FY25; six-month revenue was INR 10,787.88 Mn, up from INR 8,691.56 Mn year-over-year.
Consolidated net profit for Q2 FY26 was INR 675.47 Mn, up from INR 600.88 Mn in Q2 FY25; six-month net profit was INR 1,305.15 Mn, up from INR 1,210.07 Mn year-over-year.
Adjusted EBITDA before M&A costs reached INR 104 crore, up 16% compared to the same quarter last year.
Outlook and guidance
Management expects operating leverage to continue, with EBITDA growth anticipated to outpace GP growth in coming quarters.
IPO proceeds are being deployed for technology, platform growth, and international expansion, with significant funds allocated for future inorganic acquisitions.
Integration of Classic Vacations is expected to bring margin expansion and potential for profitable growth, with a focus on synergy realization in the short term.
India business is stabilizing, with growth expected to continue in both hotel and air segments.
Management is contesting ongoing regulatory proceedings and expects to pursue growth through recent acquisitions.
Classic growth drivers and timeline?
Core business margin expansion drivers?
TBO's long-term competitive moat?
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Q3 25/2611 Feb, 2026
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