TBO Tek Limited operates a global B2B travel distribution platform for flights, hotels and ancillary bookings, ranking among the top 4 B2B travel distribution platforms globally. The Q2 print will speak to whether the operating-leverage inflection seen in Q1 FY27 — organic EBITDA/GP conversion of 27.5% — continued in the seasonally strongest quarter, and how management quantifies the FEMA penalty of Rs. 22,21,63,535 received on October 21, 2026.
| Results date | November 02, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 925.8 Cr (+81% YoY) |
| Previous quarter PAT | Rs. 83.4 Cr |
| Previous quarter EBITDA margin | 16.2% (Adjusted EBITDA margin) |
| Market cap | Rs. 17,074.3 Cr |
| CMP | Rs. 1,572.6 |
The board is scheduled to meet on November 02, 2026 to approve the Q2/H1 FY27 results; the trading window remains closed till November 04, 2026.
The Q2/H1 FY27 earnings call is scheduled for November 3, 2026 at 16:00 IST via Zoom, to discuss the unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026. Participants include Ankush Nijhawan and Gaurav Bhatnagar (Co-founder & Joint MDs), Akshat Verma (Whole-time Director & CTO), Vikas Jain (CFO) and Pramendra Tomar (General Counsel). Registration is compulsory.
Q2 is historically TBO's strongest quarter — July is the northern hemisphere's heaviest travel month — and the Q2 FY26 base is modest at GTV Rs. 8,901 Cr and revenue Rs. 568 Cr, so reported growth should stay elevated on full-quarter Classic Vacations contribution, airfare inflation of about 20.5% between March 2025 and June 2026 per DGCA, and US hotel pricing strength on a 33% Europe / 24% North America hotels mix. The organic leg is the number to parse: India domestic RPK fell 6.3% YoY in July and 7.5% in August per IATA, and India hotels GTV declined 2% YoY in Q1 FY27, so the organic-versus-consolidated growth gap will be the key split to watch. On margins, take rates are guided range bound and air GP has stepped down from 1.2% to 1.15% to 1.1%, so the GP/GTV rate should stay roughly flat, while the EBITDA bridge hinges on organic EBITDA/GP conversion improving from 27.5% with SG&A growing significantly slower than GP (Q1: GP +16% vs SG&A +12%, CC +4%). The rupee's slide toward 96 by mid-September repeats the Q1 pattern of an 11% CC-versus-INR gap on hotel GTV, flattering reported growth. The Middle East corridor remains partially normalizing — MEA carriers' RPK was down 10.0% YoY in July and Riyadh airport reopened only on October 25 — so MEA, 18% of hotels GTV, is still a drag. The FEMA adjudication order dated October 16, 2026, imposing Rs. 22,21,63,535 on the company and Rs. 2,46,84,837 on each Joint Managing Director, is a post-quarter subsequent event with financial impact not yet quantified, and the upcoming call is the first management commentary since the order.
Guidance scorecard entering the call: Status of management's stated targets as of the Q1 FY27 disclosure:
FEMA penalty quantification and appeal strategy: The first management commentary since the October 21, 2026 order.
Organic vs consolidated growth gap: Classic Vacations enters the organic base from the December quarter, so the Q2 split matters.
Margin bridge and cash conversion: The EBITDA/GP conversion story is the core swing factor.
Middle East corridor and take-rate trajectory: The fluid geopolitical situation remains a live variable.
Management has called EBITDA-to-GTV 'tricky' because the three GTV types carry very different GP profiles — air at about 1% GP, Classic at about 11% GP, and organic in between. They steer analysts to GP-to-EBITDA conversion instead, which they said 'should continue to improve' from the 27.5% organic level in Q1 FY27.
Management said Q1 FY27's 3.4% Adjusted EBITDA margin for Classic Vacations was seasonally high due to the heavy check-in period. A full-year margin of around 2.5% for Classic Vacations was deemed a fair assessment.
Air GP moved from 1.2% to 1.15% to 1.1% across Q2 to Q3 FY26, and under the commission-based model management says the take rate is 'not in our control'. Management argues that growing while maintaining GP is 'true growth'.
Management guided an ETR of 18-18.5% for FY27. Q1 FY27 tax expense of Rs. 19.9 Cr on PBT of Rs. 103.3 Cr implies 19.26%, above the guided band, so watch for management's explanation on timing or mix.