India · Delayed Price · Currency is INR TBO Tek Earnings Call Transcripts
Fiscal Year 2026
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Despite severe geopolitical disruptions, strong year-on-year growth was achieved, especially in hotels and luxury segments, with rapid recovery in unaffected markets. SG&A growth is expected to moderate, supporting margin expansion, and Classic Vacations integration is progressing well.
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Q3 FY2026 saw strong organic air growth, Classic Vacations' integration, and robust operating leverage. Gross profit to EBITDA conversion remains healthy, with Classic's cross-sell and negative working capital supporting future growth.
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Q2 FY26 saw strong growth with GTV up 12% and GP up 19% year-over-year, led by hotels and new agent additions. Classic Vacations acquisition was completed, with integration expected to drive margin expansion. Operating leverage is improving, and EBITDA margins are set to rise.
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Q1 FY26 saw strong revenue and gross profit growth despite major industry headwinds, with resilience driven by hotel and ancillary business expansion and international sales investments. Margin stabilization and operating leverage are expected by Q4 as investments taper.
Fiscal Year 2025
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Revenue and profit grew strongly in FY25, led by the hotels segment, which now drives most of the business’s gross profit. International expansion, new market entries, and investments in sales and technology underpin continued growth, despite macro and competitive headwinds.
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Q3 FY2025 saw robust growth with GTV up 26% and revenue up 29% year-over-year, led by international expansion and strong hotel/ancillary performance. Margin improvement was offset by forex losses, while ongoing investments in AI and new markets support long-term growth.
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Q2 FY25 saw robust growth in GTV (+24%), revenue (+28%), and gross profit (+35%), led by the hotels segment, which now drives the majority of business. International expansion, AI initiatives, and the fast-tracked Jumbo Online integration supported performance, with strong cash reserves and stable margins maintained.
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Q1 FY25 delivered strong growth with revenue up 21% and net profit up 29% year-over-year, driven by robust international and hotel business, and successful integration of Jumbo Online. Non-air business share rose to 57%, and platform enhancements boosted engagement and efficiency.