TBO Tek (TBOTEK) Q2 26/27 earnings summary

Executive summary

• GTV grew 16% and adjusted EBITDA 27%, with operating leverage for a second consecutive quarter despite geopolitical and demand pressures.

• Q2 consolidated revenue was INR 8,656.26 million and net profit INR 759.94 million; H1 revenue was INR 17,914.06 million and net profit INR 1,593.52 million.

• Consolidated results include Classic Vacations, acquired in October 2025; prior-year comparisons are not comparable on this basis.

• Limited reviews concluded without modification, with an emphasis of matter on uncertainty over the FEMA adjudication order.

Financial highlights

• Q2 revenue was INR 8,656.26 million versus INR 5,675.10 million YoY; H1 revenue was INR 17,914.06 million versus INR 10,787.88 million.

• Q2 net profit was INR 759.94 million versus INR 675.47 million YoY; H1 net profit was INR 1,593.52 million versus INR 1,305.15 million.

• Q2 profit before tax was INR 915.38 million, including INR 81.40 million of exceptional expense; profit before exceptional items and tax was INR 996.78 million.

• Organic international growth was 28%; Europe grew 36% and represented 36% of GTV. India GTV grew 14%.

• Standalone Q2 revenue was INR 1,559.40 million and net profit INR 158.89 million; H1 revenue was INR 3,131.15 million and net profit INR 359.60 million.

Outlook and guidance

• Internal aim is YoY top- and bottom-line growth through H2, including constant-currency growth in Q3; management called Q3 a stretch amid uncertainty.

• Q3 is seasonally the weakest travel quarter; disruption can drive cancellations and reverse revenue from prior bookings.

• If conditions normalize, management expects a rapid rebound; by next summer, it expects growth pockets to emerge in most scenarios.

• Hotel GP margin is expected near Q2 levels if conditions hold, but excess supply and weak demand could pressure margins; market-development investment is expected to remain broadly unchanged.