Financial Performance - Q4 FY26 (YoY Growth)

  • Gross Transaction Value (GTV): ₹10,079 Cr vs ₹7,788 Cr [+29% YoY]
  • Revenue from operations: ₹814 Cr vs ₹446 Cr [+83% YoY]
  • Gross Profit: ₹494 Cr vs ₹311 Cr [+59% YoY]
  • Adjusted EBITDA: ₹111 Cr vs ₹79 Cr [+40% YoY]

Full Year FY26 Performance

  • Full year GTV: ₹36,809 Cr, up 19% YoY
  • Full year Adjusted EBITDA: ₹414 Cr, up +26% YoY

Key Business Updates

  • Business demonstrated structural resilience against geopolitical and macro headwinds, particularly from the Middle East war
  • Broad-based strength across India, APAC, Europe, North America, and Latin America markets
  • Hotels + Ancillaries segment revenue grew 90% YoY in the quarter
  • Europe, APAC, and MEA markets within Hotels + Ancillary Segment grew 22% YoY, 46% YoY, and 22% YoY respectively for the full year
  • India business showed trend reversal with H2 growth of +12% YoY despite disruptions in December and March
  • Classic Vacations integration process (platform, supply, commercial, talent) on track for completion by end of Q3 FY27
  • Cash and cash equivalents (including Bank Balance, Bank Deposits, and liquid investments): ₹1,592 Cr as of year-end

Management Commentary

Mr. Ankush Nijhawan, Co-founder and Joint MD, stated that FY26 acted as a real-world stress test for the business model's resilience, with the platform demonstrating strength across growth and profitability despite geopolitical disruptions. The India business showed strong trend reversal with +12% YoY growth in H2.

Mr. Gaurav Bhatnagar, Co-founder and Joint MD, noted that FY26 involved significant investment cycle across commercial expansion, servicing capabilities, and organizational scale. As investments matured, SG&A expense growth moderated while underlying growth engines strengthened. January and February operating performance demonstrated platform scalability with Gross Profit growth meaningfully outpacing cost growth.

Additional Information

  • Detailed management commentary available in TBO's Shareholders' Letter for FY2026 and Q4'FY26
  • All numbers have been rounded off
  • Disclosure available on company website: https://www.tbo.com/engagement/investors/#StockExchangeSubmission