TBO Tek, the Indian-founded online platform that connects travel agents around the world with hotels, airlines and other travel suppliers, reported a sharp rise in revenue for the September quarter, driven by strong growth in its hotel and holiday package business.
The company's operating revenue rose 52.5% to ₹865.6 crore for the July-September quarter, the second quarter of the 2026-27 financial year, from ₹567.5 crore a year earlier, according to Entrackr, citing unaudited results filed with the National Stock Exchange on Monday, November 2. Including ₹14.8 crore of non-operating income, total income was ₹880.4 crore.
Net profit rose to ₹76 crore from ₹67.5 crore a year earlier, an increase of about 12.6%, according to the figures. Inc42 reported the increase as 12.5%.
TBO Tek's shares closed Monday's session at ₹1,593.5, giving the company a market capitalisation of about ₹17,303 crore, according to Entrackr.
Hotels drive growth
Hotel and package bookings were the main driver of growth. Revenue from this segment rose 55% to ₹745 crore from ₹479.4 crore a year earlier, accounting for about 86% of total revenue, according to Entrackr. Air ticketing and other allied services contributed about ₹120 crore.
The shift towards hotels reflects TBO Tek's strategy. Hotel bookings generally earn higher margins than air ticketing, where airlines pay low commissions and competition is intense. By building a large inventory of hotels worldwide and selling them through travel agents, TBO Tek has positioned itself as a global player in the B2B hotel distribution market.
Costs rise faster than revenue
Total expenses rose 55% to ₹780.7 crore from ₹504.4 crore, slightly faster than revenue, which explains why profit grew much more slowly than revenue, according to Entrackr. Service fees, the largest cost item, were ₹304.5 crore, about 39% of total expenditure, while employee benefit expenses were ₹190.7 crore.
Rising employee costs and other expenses linked to the company's global expansion and acquisitions have weighed on margins, even as revenue has grown rapidly.
What TBO Tek does
TBO Tek, formerly known as Travel Boutique Online, was founded in 2006 by Gaurav Bhatnagar and Ankush Nijhawan. It operates a technology platform that allows travel agents, tour operators and other travel sellers to search, compare and book hotels, flights, transfers, activities and other travel products from a large number of suppliers.
The company serves travel agents in many countries, with a significant presence in the Middle East, Europe, Asia and other regions, and has expanded its global footprint through organic growth and acquisitions. It is headquartered in Gurugram, with a significant international operation.
TBO Tek listed on Indian stock exchanges in May 2024, in an initial public offering that was strongly oversubscribed.
The B2B travel opportunity
While consumer-facing online travel agencies such as MakeMyTrip, Booking.com and Expedia are well known, a large share of global travel is still booked through travel agents, particularly for complex trips, group travel and in markets where consumers prefer personalised service. These agents need access to a wide range of travel products at competitive prices, which B2B platforms such as TBO Tek provide.
The B2B travel distribution market is fragmented, with competitors including Hotelbeds, WebBeds and a number of regional players. Scale is important, because larger platforms can negotiate better rates with hotels and offer agents more choice.
Travel demand remains strong
TBO Tek's growth reflects continued strength in global travel demand, particularly from emerging markets. Indian outbound travel has grown rapidly; Indians spent $10.96 billion on overseas travel in the first eight months of 2026 under the Reserve Bank of India's Liberalised Remittance Scheme, according to data released on November 2. Travel from the Middle East and other regions has also been robust.
However, the travel industry is sensitive to geopolitical events, fuel prices and economic conditions. Conflict in the Middle East and disruptions to air travel this year have created uncertainty for travel companies with significant exposure to the region. Rising jet fuel prices have also pushed up airfares.
The AI factor
Artificial intelligence is reshaping the travel industry. AI tools can help travel agents search, compare and package travel products more quickly, and AI-powered trip planning is becoming increasingly common for consumers. B2B platforms such as TBO Tek are investing in AI to improve search, pricing and customer service, while also facing the risk that AI agents could change how travel is booked.
Investor perspective
For investors, TBO Tek offers exposure to the growth of global travel through a profitable, asset-light business model. Its strong revenue growth is a positive, but the slower growth in profit highlights the costs of expansion. Analysts will watch whether margins improve as the company integrates acquisitions and scales its operations.
TBO Tek is one of a small number of Indian-founded technology companies that earn a large share of their revenue from international markets, making it an example of an Indian platform competing globally.
Global footprint
A significant share of TBO Tek's business comes from outside India. The company serves travel agents and tour operators in the Middle East, Europe, Asia-Pacific, Africa and the Americas, and sources hotel inventory from around the world. This global footprint reduces its dependence on any single market and allows it to benefit from travel growth in multiple regions.
The company's platform aggregates a large inventory of hotels, flights and other travel products, giving agents in smaller markets access to the same range of options as large travel companies. For suppliers such as hotels, TBO Tek offers access to a broad network of travel sellers they would struggle to reach directly.
Growing its supplier base and agent network at the same time creates a network effect, in which more suppliers attract more agents and vice versa, which is one of the main competitive advantages of large B2B travel marketplaces.
What comes next
The second half of the financial year includes the peak winter travel season in many markets, which could support further growth. Investors will watch hotel booking volumes, the integration of acquired businesses, margins and the impact of geopolitical developments on travel demand. TBO Tek's ability to balance rapid growth with profitability will be key to sustaining investor confidence.
For the global Indian business community, TBO Tek's rise from a Delhi-based startup serving travel agents to a global B2B travel marketplace illustrates the international ambitions of India's new generation of technology companies.
