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Swing Capital

TBO Tek Ltd

NSE: TBOTEK BSE: 544174

Incorporated in 2006, TBO Tek Ltd is in the business of operating multiple online technology platforms and providing access to book global travel inventory aggregated through travel suppliers like airlines, hotels, etc.[1]

₹1,130
52W: ₹1004 — ₹1765
PE 256 · Book ₹75.6 · +1395% vs book
Market Cap₹12,270 Cr
Stock P/E256Price to Earnings
ROCE14.4%Return on Capital
ROE10.3%Return on Equity
Div. Yield0%Face Value ₹1

Weaknesses

  • −Stock is trading at 15.0 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Earnings include an other income of Rs.43.5 Cr.
  • −Company has high debtors of 259 days.

Shareholding Pattern

Promoters44.4%
FIIs29.71%
DIIs20.34%
Public3.87%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters44.4%44.4%44.4%44.4%44.4%44.4%44.4%44.4%
FIIs42.79%43.06%▲0.338.05%▼5.031.61%▼6.430.11%▼1.530.73%▲0.630.85%▲0.129.71%▼1.1
DIIs6.61%6.59%▼0.011.78%▲5.217.88%▲6.119.18%▲1.318.9%▼0.319.01%▲0.120.34%▲1.3
Public3.98%3.72%▼0.33.6%▼0.13.99%▲0.44.27%▲0.33.96%▼0.33.83%▼0.13.87%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales128124138154142134146149144145
Expenses107107122127129125137129135136
Operating Profit21171627139919910
OPM %17%14%11%18%9%7%6%13%6%7%
Net Profit131462314119161012
EPS ₹1.211.310.552.151.251.050.791.480.911.06

AI Insights

Revenue Trend

TTM revenue at ₹584Cr, up 1.4% YoY. OPM at 8%.

Debt Position

Borrowings at ₹103Cr. Debt-to-equity ratio: 0.13x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 20.34% (+13.73pp change). FIIs: 29.71% (-13.08pp change). Promoters hold 44.4%.

Margin & Efficiency

ROCE improving from 0% (Mar 2017) to 14% (Mar 2025). Working capital days: -44.

Valuation

PE 256x with 14.4% ROCE. Price is 1395% above book value of ₹75.6. Dividend yield: 0%.

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