Earnings calls / TBOTEK · July 30, 2026

TBO Tek Ltd Q1 FY27 Earnings Call Summary

Q1 FY27 organic GTV grew 15% YoY constant currency despite the Middle East crisis, with Europe up 24% and APAC up 22-46%, while Middle East was flat at +1%. The driver was prior market development investments and Classic Vacations, shown by 1.3% consolidated EBITDA/GTV margin, ~26% GP-to-EBITDA conversion, and Classic's 3.4% seasonal-peak EBITDA margin versus ~2.5% FY run-rate. Management forecasts Middle East reversion to its pre-war growth trajectory post-normalization, SG&A growth range-bound and well below gross profit growth, and Classic at ~2.5% full-year EBITDA margin. Risks include protracted Middle East disruption, Classic seasonality, and one-way cross-sell only, with reverse flow blocked until platform migration completes, against ₹1,980+ crores cash and $70M plus EUR 6M borrowings.

Revenue
Margin
Demand
Guidance
Tone

Event Participants

Executives

6 Ankush Nijhawan, Gaurav Bhatnagar, Vikas Jain, Akshat Verma, Pramendra Tomar, Shreshth Mahajan

Analysts

9 Chirag (Investec), Divyansh (Latent PMS), Karan Uppal (PhillipCapital), Kavish (360 ONE Capital), Manish Adukia (Goldman Sachs), Pratik Kumar (Jefferies), Samarth Patel (Equirus Securities), Shaurya (GrowthSpree Ventures), Swapnil Potdukhe (JM)

Financials & KPIs

Metric Reported Commentary
Organic GTV growth (constant currency) +15% YoY Delivered despite severe Middle East disruption; pre-war trajectory (Jan-Feb FY26) was meaningfully higher, management expects reversion to that profile post-normalization
Europe GTV growth +24% YoY Prior market development investments cushioned a weak market; Europe leading growth charter alongside APAC
Middle East GTV growth +1% YoY (constant currency) Effectively flat despite being crisis epicenter; margins selectively reduced to protect volume share in historically higher-margin market
APAC GTV growth +22% to +46% YoY Strongest regional growth; driven by market development investments and API partnerships
North America share of hotel GTV ~25% Classic Vacations acquisition provides entry into more resilient North America-Europe corridor
EBITDA/GTV margin 1.3% consolidated / 1.5% organic Operating leverage clearly demonstrated despite moderate top-line growth; GP-to-EBITDA conversion at ~26%
Classic Vacations EBITDA margin 3.4% (Q1) / ~2.5% FY run-rate Q1 is seasonal peak (heavy check-in period); management confirmed ~2.5% full-year as fair assessment
Cash & equivalents ₹1,980+ crores Against borrowings of $70M term loan (Classic) + EUR 6M working capital loan (Jumbo)
Inter-company sales (TBO→Classic) ~₹65 crores Proxy for one-way cross-sell; reverse flow blocked until platform migration completes
SG&A growth ~4% YoY (constant currency) Investment cycle concluded; expected to grow range-bound and well below GP growth
Hosting & bandwidth costs -14% QoQ Infrastructure optimization; moved to self-managed solutions, new lower baseline

Geographic & Segment Commentary

Middle East: Delivered +1% YoY constant currency growth despite being at the epicenter of the crisis - management called this "quite an achievement." The

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