The company posted a solid Q3 FY26 performance driven by broad-based growth and integration of Classic Vacations. The revenue was up by 86% YoY and Adj. EBITDA (before M&A Costs) at 115 Crores was up by 53% YoY.
- The quarter saw a broad-based growth across Europe, APAC, MEA and India
- Monthly Transacting Buyers reached 33,324, up 16% YoY, driven by a 49.1% YoY increase in the international business, while India continued to contribute the largest absolute share of MTBs.
- GTV grew 35% YoY to 9,709 Cr, led by strong performance across both Hotels + Ancillaries (+46% YoY) and Airlines segments (+19.7% YoY).
- Profit before Tax and exceptional items was at 71.4 Cr, up 34% YoY
Consolidated Financial Performance for Q3 FY26 [YoY Growth]
- GTV of 9,709 Cr v/s 7,166 Cr [+35% YOY]
- Revenue from operations of 784 Cr v/s. 422 Cr [+ 86% YoY]
- Gross Profit of 483 Cr v/s. 297 Cr [+63% YoY)
- Adjusted EBITDA of 115 Cr v/s. *75 Cr [+53% YoY).
- PAT of 54 Cr v/s. 50 Cr [+7.4% YoY).
*All numbers have been rounded off
Key Business Updates
Q3’FY26 was an important quarter for TBO in many ways with the business continuing to deliver on several key aspects for its overall growth trajectory. The growth in the organic cost base continued to taper lower, India business continued the upwards growth trajectory, key markets like Europe, MEA, and APAC continued to deliver solid growth numbers and the consolidation of CV adding to our scale. Healthy performance on these and other relevant metrics gives us a lot of confidence in our ability to start demonstrating the platforms inherent operating leverage starting Q4’FY26.
- For the Hotels + Ancillary Segment, Europe, APAC and MEA markets each grew over 30% YoY.
- Enterprise GTV to Adj. EBITDA (before M&A costs) conversion improved to 1.18% in Q3 FY26 from 1.05% in Q3 FY25, supported by the contribution from Classic Vacations, which delivered a 2.46% GTV to adjusted EBITDA conversion during the quarter
- Despite acquisition related cash outflows of ~979 Cr during the quarter, we closed the quarter with cash and cash equivalents (including Bank Balance and liquid investments) of 1,492 Cr, augmented by the significant negative working capital of classic vacations.
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