TBO Tek Limited is a global B2B travel distribution platform that connects hotels, airlines, car rentals, transfers, cruises, rail and insurers with retail travel agents and enterprise buyers via a unified technology stack offering search, booking, payments and 24/7 support across 50,000+ transacting agents and 140 source markets.

The company ranks among the top four global B2B travel distributors with scale metrics such as 16 million-plus hotel searches and a presence across North America, LATAM, Europe, MEA and APAC; management deliberately targets premium outbound assisted travel where agent-led, multi-product bookings deliver higher wallet value and margin expansion potential.

Q3 FY26 reflected broad-based growth influenced by Classic Vacations consolidation: consolidated GTV of ₹9,709 crore (up 35% YoY), revenue ₹784 crore (up 86% YoY) and adjusted EBITDA of ₹113 crore with adjusted EBITDA margin 14.4%, while TBO organic business also posted solid improvements underpinning operating leverage claims.

Management asks analysts to focus on gross profit and GP‑to‑EBITDA conversion rather than headline revenue or blended take rates because Classic Vacations recognizes some revenue on check‑in and passes meaningful commissions to advisors, which creates noise in blended headline metrics after consolidation.

Strategic vectors include accelerating buyer acquisition across LATAM, Europe, APAC and MEA, increasing direct hotel sourcing, deploying AI and H‑Next technology, expanding multi‑product ancillaries and monetizing payments, loyalty and Platinum Collection offerings to deepen supplier relationships and increase take rates.