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TBO Tek Ltd (TBOTEK) Fair Value & Analysis

Consumer Cyclical · IN · Market cap ₹163B

TT TBO Tek Ltd TBOTEK · NSE
Price₹1,700
Fair Value₹789.36
Upside-53.6%
Quality44/100
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Expensive Growth
Thin margins · 9.1% net margin
Low debt · negative free cash flow
Trails peers (4/12)
Moderate moat 46/100
Evidence: High Range ₹611.98 – ₹966.74 Share as image

Fair value as of: Aug 13, 2026

From 15 valuation models · updated 4 days ago

Fair value updated Aug 13, 2026, revised from ₹457.57 to ₹789.36 (+72.5%) since Aug 8, 2026. Share price +16.5% over the past month.

Below-average quality, and screening another 54% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (₹966.74). The favourable scenario is already priced in.
  • Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (2 years)

₹1,929 ₹1,014 Fair Value ₹789.36 May 2024 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

27‑month range ₹1,014 – ₹1,929 · fair‑value band ₹611.98 – ₹966.74 · the ₹1,700 price screens above the ₹789.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

TBO Tek Ltd (TBOTEK) currently trades at ₹1,700, while our model-based Fair Value estimate is ₹789.36, implying the stock looks roughly 53.6% overvalued today. The Quality Score stands at 44/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, TBO Tek Ltd generated revenue of ₹26.8B at a net margin of 9.1%. Revenue grew 82.5% year over year. It earns a return on equity of 17.8%. The balance sheet holds a net cash position of ₹5.2B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹611.98 (bear case) to ₹966.74 (bull case); at ₹1,700, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 69% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -28% fair-value upside, at -54%, TBOTEK screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
ROIC Compounder ₹369.21 ₹546.76 ₹749.66 72
Growth-Adj P/E ₹744.06 ₹1,063 ₹1,382 68
P/E Multiple ₹377.50 ₹503.33 ₹629.16 63
All 15 models by family
DCF Models
Owner Earnings ₹535.20 ₹1,132 ₹2,384 31
Earnings-Based
Graham-Dodd ₹155.57 ₹1,085 ₹1,523 54
Lynch FV ₹560.52 ₹800.75 ₹1,041 50
PEG = 1.0 ₹560.52 ₹800.75 ₹1,041 46
EPV ₹291.19 ₹328.47 ₹361.09 59
Multiples
P/E Multiple ₹377.50 ₹503.33 ₹629.16 63
P/S Multiple ₹225.66 ₹300.89 ₹376.11 58
P/B Multiple ₹291.70 ₹388.93 ₹486.17 55
EV/EBIT ₹446.53 ₹572.87 ₹699.22 53
EV/EBITDA ₹393.03 ₹501.54 ₹610.05 54
EV/Revenue ₹278.11 ₹368.38 ₹458.65 43
Asset-Based
NCAV (Graham) ₹72.61 ₹97.29 ₹145.21 50
Economic Profit
Residual Income ₹152.17 ₹202.46 ₹638.23 61
ROIC Compounder ₹369.21 ₹546.76 ₹749.66 72
Growth Earnings
Growth-Adj P/E ₹744.06 ₹1,063 ₹1,382 68

Widest divergence: DCF Models (₹1,132) versus Asset-Based (₹97.29). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) ₹26.8B
Revenue growth (YoY) +82.5%
Net margin 9.1%
Return on equity 17.8%
Free cash flow −₹332M FY2026
P/E ratio 74.8
More key figures
Operating margin 9.3%
EPS (TTM) ₹22.74
EPS growth (YoY) +2.2%
Net cash ₹5.2B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 42 · Market factors (momentum, volatility) 66

Profitability 34
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 12
Earnings quality: real cash, not paper profit
Fin. Strength 47
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 72
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

TBO Tek Limited operates travel distribution platforms in India and internationally. It offers an online technology platform which provides its customers access to book global travel inventory through travel suppliers like airlines, hotels, car rentals, transfers, cruises, insurance, rail services, and others.

Full company description

TBO Tek Limited operates travel distribution platforms in India and internationally. It offers an online technology platform which provides its customers access to book global travel inventory through travel suppliers like airlines, hotels, car rentals, transfers, cruises, insurance, rail services, and others. The company's products include hotels, air, packages, car rentals, transfers, sightseeing, rail, insurance, cargo, cruise, marine, and Umrah. TBO Tek Limited was incorporated in 2006 and is based in Gurugram, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

TBO Tek Ltd reported revenue of ₹26.8B in FY2026 versus ₹4.4B in FY2022, a compound +57.3%/yr. Reported net income was ₹2.4B in FY2026, compounding +64.1%/yr from FY2022.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹26.8B
Latest YoY
+54.1%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+39.7%
Revenue +57.3%/yr
FY22 ₹4.4B
FY23 ₹9.8B
FY24 ₹12.8B
FY25 ₹17.4B
FY26 ₹26.8B
Net income +64.1%/yr
FY22 ₹337M
FY23 ₹1.4B
FY24 ₹2.0B
FY25 ₹2.3B
FY26 ₹2.4B

TBOTEK screens 54% overvalued. Compare with Booking Holdings →

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Cite: Fair Value Calculator (2026). "TBO Tek Ltd Fair Value". https://www.fairvalue-calculator.com/stock/TBOTEK

Peer Group

Travel Services · 93 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 44 · Bottom 25%
Fair Value upside −54% · Below median
Return on equity (TTM) 18% · Above median
Return on assets 2% · Below median
Net margin (TTM) 9% · Above median
Operating margin (TTM) 9% · Above median
Revenue growth 83% · Top 25%
Debt / equity 0.36× · Higher than median

Valuation Multiples vs Travel Services median · lower = cheaper

P/E (TTM) 74.8× · Pricier than 75% of peers
P/B 10.48× · Pricier than 75% of peers
P/S (TTM) 6.07× · Pricier than 75% of peers
EV/EBITDA 41.0× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 22
FUTURE 100 · sector 28
PAST 71 · sector 33
HEALTH 82 · sector 96
DIVIDEND 0 · sector 47

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Travel Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Booking Holdings BKNG $212.26 $152.94 -28%
Airbnb, Inc ABNB $180.10 $85.66 -52%
Royal Caribbean Cruises Ltd RCL $307.15 $215.19 -30%
Viking Holdings VIK $104.19 $43.68 -58%
Carnival Corporation CCL $27.67 $31.36 +13%
Expedia Group EXPE $325.57 $248.63 -24%
Trip.com Group TCOM $45.58 $89.04 +95%
Norwegian Cruise Line Holdings NCLH $18.92 $20.28 +7%
Global Business Travel Group GBTG $9.44 $5.04 -47%
Travel + Leisure Co TNL $74.68 $26.57 -64%

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Frequently asked questions

Is TBO Tek Ltd (TBOTEK) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹789.36 versus a price of ₹1,700, about −54% (overvalued).
What is the fair value of TBOTEK?
Our model-based fair value for TBO Tek Ltd is ₹789.36 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹1,700.
What is the quality score of TBOTEK?
TBO Tek Ltd has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of TBO Tek Ltd (TBOTEK)?
TBO Tek Ltd reported trailing-twelve-month revenue of about ₹26.8B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of TBOTEK?
The net profit margin of TBO Tek Ltd is about 9.1%, meaning it keeps roughly 9.1% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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