TBO TEK Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript TBO TEK Ltd filed with BSE on 04 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
TBO Tek reported Q4 and FY26 results showing year-on-year growth in both revenue and EBITDA despite disruptions from the war affecting the Middle East and Israel markets. Management highlighted strong operating leverage in January and February before March was impacted by the conflict, and discussed progress on the Classic Vacations integration and the launch of the AI tool Voya. The company reported Q4 EBITDA of Rs. 110 crores and said it expects Q1 to be better than both Q4 and the prior-year period.
Numbers mentioned
Rupee depreciation impact on GTV: 4 to 5% (Full year)
p. 16
“the overall impact would be in the range of on a YoY basis for the full year would be around 4 to 5%”
Vikas Jain, page 16 of the filed PDF · View the filing
Classic Vacations supplier relationship intangible asset: 50 million
p. 16
“Primarily, the amortizable asset, there is the supplier relationship asset, which is around 50 million in cost, and that would get amortized over a period of 15 years.”
Vikas Jain, page 16 of the filed PDF · View the filing
Hotel business retail vs API mix: 50:50 on GTV
p. 20
“At an enterprise level for the hotel business, would roughly sit around, 50:50.”
Vikas Jain, page 20 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Q1 GTV/GP — Q1 FY27
stated conditionally by Gaurav Bhatnagar
p. 7
“We would expect to see both the YoY growth from Q1 of last year as well as QoQ growth from Q4 of last year.”
Gaurav Bhatnagar, page 7 of the filed PDF · View the filing
EBITDA-to-GTV ratio — FY27
stated as an aspiration by Gaurav Bhatnagar
p. 6
“as SG&A growth tapers down margins should expand and secondly the saliency mix will also help as our hotels business, which is higher margin business grows faster than the air GTV”
Gaurav Bhatnagar, page 6 of the filed PDF · View the filing
CFO-to-PAT / FCF-to-PAT conversion — more than 100% · By end of FY27
stated firmly by Vikas Jain
p. 6
“by the end of the year, we will revert to the original EBITDA-to-cash flow conversion percentages.”
Vikas Jain, page 6 of the filed PDF · View the filing
Business growth rate — early-to-mid 20s
stated as an aspiration by Gaurav Bhatnagar
p. 8
“the aspiration as we have always talked about is to grow in that range right at least, I will not say mid-to-high 20s but early-to-mid 20s. That remains the aspiration for the business.”
Gaurav Bhatnagar, page 8 of the filed PDF · View the filing
Take rates — current levels
stated firmly by Gaurav Bhatnagar
p. 10
“We absolutely intend to maintain them at the current levels.”
Gaurav Bhatnagar, page 10 of the filed PDF · View the filing
SG&A growth — FY27
stated firmly by Gaurav Bhatnagar
p. 12
“the SG&A growth will not accelerate from where it is, it will slightly taper down as well.”
Gaurav Bhatnagar, page 12 of the filed PDF · View the filing
Classic Vacations integration — complete integration · end of Q3, end of Calendar Year
stated firmly by Gaurav Bhatnagar
p. 4
“we intend to complete the integration by the end of Q3, by the end of this Calendar Year.”
Gaurav Bhatnagar, page 4 of the filed PDF · View the filing
LATAM growth — moderate growth · FY27 and FY28
stated as an aspiration by Gaurav Bhatnagar
p. 18
“Our own view remains that we will see moderate growth in those markets for this year.”
Gaurav Bhatnagar, page 18 of the filed PDF · View the filing
Effective Tax Rate — 18% to 18.5% · FY27
stated firmly by Vikas Jain
p. 21
“The expected tax rate for ETR would be similar in the range of in the Q4, which would be around 18% to 18.5%.”
Vikas Jain, page 21 of the filed PDF · View the filing
Debt repayment — Starting Q3 of this year, for four years
stated firmly by Vikas Jain
p. 20
“A repayment would start from Q3 of this year and would be, would remain there for another four years.”
Vikas Jain, page 20 of the filed PDF · View the filing
Air GTV trajectory — Q1 FY27
stated as an aspiration by Ankush Nijhawan
p. 20
“the trajectory for Q1 is definitely a shade better than Q4. And hopefully, we will continue the momentum as we move into this financial year.”
Ankush Nijhawan, page 20 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management agreed it was a reasonable assumption, citing tapering SG&A and mix shift toward higher-margin hotels business.
Answered by Gaurav Bhatnagar
Asked by Karan Uppal: Whether the EBITDA-to-GTV ratio would improve starting FY27 as SG&A growth tapers.
p. 6
“absolutely as SG&A growth tapers down margins should expand and secondly the saliency mix will also help as our hotels business, which is higher margin business grows faster than the air GTV”
Gaurav Bhatnagar, page 6 of the filed PDF · View the filing
CFO said the negative movement was largely timing-related and expected to normalize by year end.
Answered by Vikas Jain
Asked by Karan Uppal: Will cash flows return to historical normalcy in FY27 after negative CFO this year.
p. 6
“those timing issues are getting resolved as we speak and obviously by the end of the year, we will revert to the original EBITDA-to-cash flow conversion percentages”
Vikas Jain, page 6 of the filed PDF · View the filing
Management said the long-term aspiration remains early-to-mid 20s growth, with the higher Jan-Feb print partly driven by investment payoff.
Answered by Gaurav Bhatnagar
Asked by Manish Adukia: Was the high-20s GP growth in Jan-Feb a one-off or the new trend line growth rate.
p. 8
“the whole business plan was anchored around this growing north of 20%. We do believe that unless some serious downward movement happens in the base of where normalcy sets in, we should continue to grow in that range.”
Gaurav Bhatnagar, page 8 of the filed PDF · View the filing
Management said they are not seeing downward pressure on their take rates and do not intend to change them.
Answered by Gaurav Bhatnagar
Asked by Manik Taneja: How does TBO view competitors resetting take rates lower, and will TBO follow.
p. 10
“We absolutely intend to maintain them at the current levels. We are also not trying to improve our take rate from where they are”
Gaurav Bhatnagar, page 10 of the filed PDF · View the filing
Management declined to give an exact figure but confirmed a significant loss occurred as March's higher potential GTV did not materialize.
Answered by Gaurav Bhatnagar
Asked by Prateek Kumar: How much EBITDA was lost in Q4 due to the war's impact on March.
p. 12
“it's a significant loss for us. From a margin expansion perspective, all the operating leverage expansion that would have happened got lost because of it.”
Gaurav Bhatnagar, page 12 of the filed PDF · View the filing
CFO quantified the full-year impact at roughly 4-5%, mainly affecting hotel GTV.
Answered by Vikas Jain
Asked by Swapnil Potdukhe: What was the rupee depreciation contribution to GTV.
p. 16
“the overall impact would be in the range of on a YoY basis for the full year would be around 4 to 5%”
Vikas Jain, page 16 of the filed PDF · View the filing
Management said the shortfall versus pre-war levels was somewhat better than 30-40% but still represented a significant GTV loss given the high season.
Answered by Gaurav Bhatnagar
Asked by Moez Chandani: How deep was the demand cut in the Middle East in the first two months of the quarter.
p. 14
“If you were to just look at it from, say, where those numbers were before the beginning of the war, the numbers are actually better than 30%, 40%. They are slightly better than that.”
Gaurav Bhatnagar, page 14 of the filed PDF · View the filing
Management said at the peak, cancellations exceeded bookings in some markets, though the company overall did not have negative sales days.
Answered by Gaurav Bhatnagar
Asked by Samarth Patel: How should investors think about the booking-to-cancellation ratio for EMEA agents at the peak of disruption.
p. 18
“there were more cancellations than bookings”
Gaurav Bhatnagar, page 18 of the filed PDF · View the filing
Risks flagged
Middle East and Israel markets severely impacted by the war affecting bookings
p. 3
“our largest source market, which is the Middle East market, and Israel, which is one of our Top 7 source markets as a country, were very severely impacted”
Gaurav Bhatnagar, page 3 of the filed PDF · View the filing
Uncertainty in Q1 recovery pace depending on how the war evolves
p. 4
“there has been a fair bit of uncertainty because of the war”
Gaurav Bhatnagar, page 4 of the filed PDF · View the filing
Delayed collections from partners due to war and Eid holidays affecting working capital
p. 9
“there was Eid holidays in the last fortnight of March, there leads to delays in some collections from our long-standing partners”
Vikas Jain, page 9 of the filed PDF · View the filing
Airline capacity cuts on international and domestic routes
p. 11
“international routes, which we heard have been cut by Air India, etc”
Ankush Nijhawan, page 11 of the filed PDF · View the filing
Shrinking booking windows due to war uncertainty
p. 13
“the booking windows have also shrunk a little bit”
Gaurav Bhatnagar, page 13 of the filed PDF · View the filing
Currency and tax headwinds affecting LATAM growth
p. 18
“LATAM will see moderate growth compared to the overall enterprise because of the fact that there are significant headwinds which go beyond just our own business over there”
Gaurav Bhatnagar, page 18 of the filed PDF · View the filing
Potential for the situation to worsen further if geopolitics deteriorates
p. 7
“If things were to change for the worse, in terms of the just geopolitics, then who knows what happens”
Gaurav Bhatnagar, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.