TBO Tek Q1: consolidated PAT ₹83 Cr, +32% YoY; revenue +81% on Classic Vacations, NPM 12%→9%

TBO Tek reported Q1 FY27 (quarter ended June 30, 2026) consolidated revenue of ₹925.78 Cr, up 81% YoY (₹511.28 Cr) and 13.7% QoQ (₹814.36 Cr), with net profit of ₹83.36 Cr, up 32% YoY (₹62.97 Cr) and 38.7% QoQ. The headline growth is real but overwhelmingly inorganic: the numbers now carry a full quarter of Classic Vacations LLC, the USD 125 Mn USA luxury-travel B2B2C business acquired on October 1, 2025, and the filing explicitly states the quarter is "not comparable" with the year-ago period. On an underlying basis the profit read is actually better than the print — the year-ago base contained a ₹7.74 Cr net exceptional GAIN (an old receivable recovery net of a GST provision), so PAT growth is ~+51% adjusted vs +32% reported. This quarter carried no exceptional items.

The growth engine is Hotels & Packages, where segment revenue jumped ~89% YoY to ₹799.7 Cr (from ₹422.6 Cr) — Classic Vacations sits here — while Air Ticketing was essentially flat at ₹81.2 Cr. But the acquisition also compressed the bottom line: net profit margin fell to 9.0% from 12.0% a year ago, as the deal loaded the P&L with finance costs of ₹14.58 Cr (vs ₹5.26 Cr, on the acquisition debt/inter-corporate funding) and depreciation & amortisation of ₹33.04 Cr (vs ₹13.96 Cr, on acquired intangibles against ₹422.6 Cr of goodwill). Operating income of ₹143.5 Cr grew ~84% YoY with OPM roughly flat near 15.5%, so the squeeze sits below the operating line — financing and amortisation, not gross economics.

The stock went into the print at ₹1,522.6, up 6.8% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

Against the Street, there is no published Q1-specific consensus; the standing FY27 consensus (Simply Wall St, ~10 analysts) is revenue ~₹3,670 Cr and EPS ~₹33, and this quarter's ₹925.78 Cr revenue / ₹7.77 EPS annualise broadly in line with that pace. Management gives no formal quarterly guidance on record, and the earnings call is scheduled for July 30, 2026. The standalone (India) entity — a cleaner read on the domestic base without Classic Vacations — grew revenue just 5.7% YoY to ₹157.2 Cr and PAT ~25% to ₹20.07 Cr, underscoring how much of the consolidated surge is the overseas acquisition rather than organic India momentum. Alongside results, the board approved the re-appointment of independent director Bhaskar Pramanik; note also this quarter's Augusta TBO 2.04% open-market stake sale and the Tek Travels DMCC→FZCO rename in the subsidiary tree.