TBO Tek posts a robust Q2 FY26 performance; revenue soars by 26% YoY
Ankush Nijhawan and Gaurav Bhatnagar
Monthly Transacting Buyers reached 30,662, up 8% YoY, driven by a 23.6% YoY increase in International MTBs while the Indian base remained steady at high engagement levels. During the quarter, TBO also announced the agreement to acquire 100% equity stake in Classic Vacations for USD 125Mn. The acquisition was completed on October 1, 2025.
TBO Tek Limited (BSE: 544174) (NSE: TBOTEK), one of the largest global travel distribution platforms, announced its unaudited financial results for Q2’FY26 on November 3.
Consolidated Financial Performance for Q2 FY26 [YoY Growth]
GTV of INR 8,901 Cr v/s INR 7,937 Cr [+ 12% YoY]
Revenue from operations of INR 568 Cr v/s. INR 451 Cr [+ 26% YoY]
Gross Profit of INR 363 Cr v/s. INR 306 Cr [+ 19% YoY]
Adjusted EBITDA before acquisition related costs – INR 104 Cr v/s. INR 90 Cr [+ 16% YoY].
PAT of INR 68 Cr v/s. INR 60 Cr [+ 12.4% YoY].
(All numbers have been rounded off.)
Key Business Updates
Q2 FY26 was an eventful and encouraging quarter for TBO, marking a clear rebound from Q1’s macro disruptions and steady progress across all key operating metrics. The quarter saw broad-based growth led by Europe, MEA, and APAC, while India stabilised and returned to positive GTV growth. With SG&A growth now moderating and operating leverage beginning to show through, the business continues to demonstrate scalability and margin resilience even as it expands across new markets.
Adjusted EBITDA Margin before Acquisition related Costs stood at 18.32% for quarter, up from 16.56% in Q1’FY26 . Europe remained TBO’s largest source market for Hotel + Ancillary business while MEA (+27% YoY) and APAC (+41% YoY) were key growth drivers in the category.
Hotels + Ancillaries expanded their saliency in the business mix, accounting for 64% of GTV and 87% of Gross Profit, underscoring the margin-accretive nature of growth. Also, the TBO Platinum program now spans 150+ hotels, reflecting strong momentum in building exclusive partnerships with premium properties globally.
Speaking on the sidelines, Ankush Nijhawan, Co-founder and Joint MD, TBO Tek Limited said, “Our growth this quarter was broad based across regions, led by strong momentum in international markets and early signs of stabilization in India. With Hotels and Ancillaries continuing to deepen their contribution and operating leverage beginning to play through, we are confident of sustaining profitable growth and strengthening the foundation for long-term value creation.”
Gaurav Bhatnagar, Co-founder and Joint MD, TBO Tek Limited said, “This quarter’s performance reflects both the strength of our model and the discipline of execution. Growth was broad based, profitability improved, and the business showed clear signs of structural operating leverage. With the KAM expansion nearing completion and Classic Vacations now part of the platform, we enter the next phase with sharper focus, stronger fundamentals, and a wider global footprint.”
