TBO Tek Limited — Investor Meet, 17-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

TBO Tek's Q3 FY26 call highlights the first-time integration of Classic Vacations (CV), impacting metrics. Consolidated revenue hit Rs. 784 Cr. Organic business showed strong 16% YoY air growth, with management expecting continued double-digit momentum in Q4. CV's revenue recognition differs, leading to focus on Gross Profit (GP) to Adjusted EBITDA conversion, which was 23.7% for the enterprise. TBO is already cross-selling into CV, with promising early results. Expect significant operating leverage for organic business in Q4 and gradual convergence of CV's GP to EBITDA margins. Management maintains a confident tone on growth and efficiency.