TBO Tek (TBOTEK) Q3 25/26 earnings summary

Executive summary

• Classic Vacations was consolidated for the first time, expanding platform scale and complexity in financial reporting, and driving strong year-over-year growth in GTV, revenue, gross profit, and adjusted EBITDA for Q3.

• Expanded global presence with significant growth across North America, Europe, MEA, APAC, and Latin America, leveraging acquisitions and new market entries.

• Focused on the premium outbound travel segment, capitalizing on demographic shifts and increasing demand for assisted travel.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved and reviewed by the Board and Audit Committee, with statutory auditors issuing an unmodified review conclusion.

Financial highlights

• Q3 GTV reached ₹9,709 Cr, up 35% YoY; revenue was ₹784 Cr, up 86% YoY; gross profit was ₹483 Cr, up 63% YoY; adjusted EBITDA was ₹115 Cr, up 53% YoY.

• Consolidated revenue from operations for Q3 FY26 was INR 7,843.32 Mn, up from INR 4,221.88 Mn in Q3 FY25; nine-month revenue was INR 18,631.20 Mn, up from INR 12,913.44 Mn YoY.

• Organic business (excluding Classic Vacations) saw GTV up 21% YoY, revenue up 24% YoY, gross profit up 19% YoY, and adjusted EBITDA up 19% YoY.

• Gross profit to adjusted EBITDA conversion at enterprise level was 23.7% for the quarter, down from 25.3% YoY.

• Basic EPS (consolidated) for Q3 FY26 was INR 5.03, up from INR 4.70 in Q3 FY25.

Outlook and guidance

• Q4 is expected to show significant top-line growth and operating leverage, especially in the organic business.

• Continued investments in technology, sales expansion, and new agent acquisition are expected to drive further growth and operating leverage.

• IPO proceeds are being deployed for technology, platform growth, and international expansion, with unutilized funds temporarily invested in fixed deposits.

• North America business, including Classic, is expected to grow at high double digits over the next 3-4 years, though from a larger base.

• Management continues to monitor regulatory developments and will adjust financials as required.