'Consensus Buy' TBO Tek shares gain after Jefferies, Goldman Sachs see up to 17% upside

Shares of TBO Tek Ltd. gained up to 3% on Monday, December 15, as analysts tracking the stock continued to retain their optimism.

Brokerages Jefferies and Goldman Sachs have maintained their respective "buy" ratings on the stock with target prices of ₹1,950 and ₹1,710 apiece, respectively. Jefferies had an earlier price target of ₹1,800 on the stock.

Jefferies

The brokerage sees a 17.5% potential upside on the TBO Tek stock with its revised price target of ₹1,950 per share.

TBO Tek underscored the sustained relevance of offline agents amidst the rising luxury and experiential travel demand, according to Jefferies, who added that the company is scaling its AI tools to empower advisors, while partners such as Emirates and Hilton value its reach, curated content and service depth.

With the company's key account manager investments tapering, a margin turnaround is also underway, Jefferies said.

For financial year 2028, Jefferies expects TBO Tek's revenue to jump to ₹4,294 crore from ₹1,737 crore at the end of financial year 2025, its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) to more than double to ₹762 crore from ₹301 crore in financial year 2025, while net profit may jump by a similar quantum to ₹544 crore from ₹517 crore last year.

Goldman Sachs

Goldman Sachs has a price target of ₹1,710 apiece on TBO Tek, which implies a 3% upside from its previous close of ₹1,659.2 apiece.

The brokerage believes that the growth runway for TBO Tek is long and favourable, given TBO Tek's scale of $4 billion in gross transaction value estimated for the financial year 2026, which translates to around 1% of the global travel agent market.

TBO Tek's revenue can grow at a Compounded Annual Growth Rate (CAGR) of 17% over financial year 2025-2030.

Also, if TBO Tek is able to capture even a modest share of its newly-launched US travel market, the upside to earnings could be material, Goldman Sachs, said.

Lastly, TBO Tek reiterated its guidance of earnings before interest, tax, depreciation and amortisation (EBITDA) margin expansion starting the end of FY26, which the brokerage believes could be a catalyst for the stock.

All nine analysts who have coverage on the stock have "buy" ratings on it.

Shares of TBO Tek gained up to 3.2% in trade to hit an intraday high of ₹1,713.1 apiece on Monday. The stock was up 1.8% at ₹1,688.4 apiece around 10.05 am. It has gained 31% in the last six months.

Also Read: Biocon launches drug-device combination for diabetes and obesity in Netherlands