TBO Tek: Assisted Travel Scale Shows Through in Q4 FY26

Organic Q4 FY26 metrics disclosed were: monthly transacting buyers 30,063 (up 6% YoY), GTV 9,037.9 crore (up 16% YoY), revenue from operations 541.6 crore (up 21% YoY), gross profit 355.1 crore (up 14% YoY), and adjusted EBITDA 83 crore (up 5% YoY).

For Q4 FY26 (without Classic Vacations), revenue from operations by product was disclosed as Hotels and ancillary 445.9 crore, Airlines 77.4 crore, and Others 18.3 crore. The implied mix of revenue is about 82.3% Hotels and ancillary, 14.3% Airlines, and 3.4% Others.

TBO disclosed Q4 FY26 take rates (without Classic Vacations) as: Airlines 2.3%, Hotels and ancillary 7.9%, and Total 6.0%.

Management stated that assuming no material change in geopolitical conditions, Q1 should be better than Q4 and also better than the same period last year, with signs of recovery in markets not directly impacted by the war and partial recovery even in directly impacted markets.

Management said the integration is about halfway through and they intend to complete the integration by the end of Q3, by the end of the calendar year.

The CFO stated that, on a back-of-the-envelope basis, the year-on-year impact of exchange rate changes for the full year was around 4% to 5%, primarily affecting hotel GTV.

Management stated that at an enterprise level for the hotel business, the GTV mix is roughly 50:50 between retail and API, and that retail is probably higher on gross profit.