Tbo Tek Limited

The group reported sustained growth in scale of operations in FY25 (FY refers to April 01 to March 31), with topline growth of ~25% year-on-year (y-o-y) to ₹1,737.47 crore (PY: ₹1,392.82 crore); with GTV growing by ~16% y-o-y to ₹30,831.70 crore (PY: ₹26,535.60 crore). Growth in scale and GTV is largely driven by growing hotel and ancillary business, whilemoderation in the airline business was impacted by macro headwinds. GTV’s share of hotel and international operations increased to 59% in FY25

The group’s capital structure stood comfortable, as marked by overall gearing of 0.21x as on March 31, 2025 (PY: 0.59x), driven by equity infusion of ₹400 crore through initial public offering (IPO) and accretion of profits to net worth. As on March 31, 2025, the group had outstanding term -loan of ₹135.45 crore taken to partially fund the acquisition cost of ₹226.96 crore for Jumbonline , however, was pre -paid in July 2025. The group also has lease liabilities as part of its total debt. The gr

The group has a well-established market position in the airline ticketing and hotel business segments. It currently services over ~50,000 travel agents and has tie up with over 10 lakh hotels across ~150 countries. In FY25, the group earned 45.90% (PY: 55.90%) of its consolidated GTV from operations in India, while GTV from international operations, contributed balance 54.10% in FY25 (PY: 44.10%). Other than India, the group also has presence in other countries including, Europe, the Kingdom of

The group has a diversified revenue base with majority revenues being generated from hotel and allied services. The group earns net commission fees from airlines which remain low at 2–3%, whereas in case of hotels, it either receives commission fees or receives net rates from hotels, on which it charges markup. Fees/mark up in hotels remain at 7–8%. Experienced promoters and management team Ankush Nijhawan (co-founder of TTL) graduated from Boston University, US, with a major in marketing and ps

Ankush Nijhawan (co-founder of TTL) graduated from Boston University, US, with a major in marketing and psychology. Gaurav Bhatnagar (co-founder of TTL) is a computer science graduate from IIT (Indian Institute of Technology) Delhi. Promoters’ extensive experience in tour and travel industry and Information technology (IT) companies helped the group ramp up its operations profitably. 2 CARE Ratings Ltd. Press Release

The tour and travel industry is cyclical in nature being sensitive to overall economic conditions. There is seasonality involved in the group’s operations, mainly with the hotel business of recently acquired Jumbonline, where revenue gets booked much earlier in second half of the year than check-ins in the first half, because in Europe, a large number of people book their summer holidays much in advance. The group’s international operations are subject to risks that are specific to each country

The group had ~59% of the business (GTV) from hotel and allied services in FY25 and balance from air ticketing business. The group reported loss owing to foreign currency fluctuation to the tune of ₹25.72 crore in FY25 (PY: forex loss of ₹5.57 crore). The payment for air ticketing is generally made in Indian rupee to IATA and airlines. For the business originating from India for the international hotels, ~25% payment is done in Indian rupee, and balance is done in different currencies. For hedgi

Indian tours and travel industry is highly fragmented, with large number of unorganised tour operators and established players, MakeMyTrip, Expedia, among others resulting in intense competition within the tourism space. With advent of newer forms of booking travel tickets (smart phones, internet, and social media), the group’s ability to garner higher sales is critical owing to intense competition prevalent in the industry. However, comfort can be derived from the well-experienced management an