The brokerage said the company offers a structural play in the global B2B outbound travel market. It enables offline travel agents and enterprise buyers to access international airlines, hotels and ancillary services across geographies.
It highlighted that the global business-to-agent (B2A) travel distribution ecosystem comprises nearly 2 million agents, including freelancers, home-based consultants, small agencies and large professional firms. TBO Tek’s focus on this fragmented base provides a large total addressable market and significant scope for penetration, wallet share gains and geographic expansion.
The brokerage expects TBO Tek to deliver revenue, EBITDA and profit CAGR of 35%, 37% and 32%, respectively, over FY25-28, driven by a higher contribution from high take-rate hotel and ancillary segments. Their share in the gross transaction value mix is projected to rise from 59% currently to over 70%.
The brokerage added that contribution from curated verticals, particularly in luxury and premium hotel segments, is likely to support margin expansion and overall profitability.
However, it flagged risks including extreme weather affecting travel destinations, rising travel costs impacting demand, and geopolitical uncertainties influencing travel sentiment and route planning.
Gurgaon-based TBO Tek is a B2B travel technology platform that connects over 159,000 travel buyers with suppliers across more than 100 countries. The company offers a wide range of travel services, supported by proprietary AI/ML technology.
On a consolidated basis, net profit of TBO Tek rose 7.42% to Rs 53.69 crore while net sales rose 85.78% to Rs 784.33 crore in Q3 December 2025 over Q3 December 2024.