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Travel Food Services Ltd (TRAVELFOOD)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544443 NSE: TRAVELFOOD Restaurants | Small Cap | Travel Food Services Share Price
₹1,257.85 -27.85 (-2.17%)
As on 11-Sep'26 15:19
Travel Food Services Ltd (TRAVELFOOD)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544443 NSE: TRAVELFOOD Restaurants | Small Cap | Travel Food Services Share Price
₹1,257.85 -27.85 (-2.17%)
As on 11-Sep'26 15:19
Key Metrics
Valuation Multiples
Market Cap
₹16,934 Cr.
Current Price
₹1,257.9
52-Week Low / High
₹1,035 / 1,465
TTM EPS
₹36.1
TTM Sales
₹1,725 Cr.
Book Value per Share
₹117.8
P/E Ratio
35.58
Lower than its 5-year historical median
Industry PE
44.9
Price to Book (P/B)
10.92
Higher than its 5-year historical median
Price to Sales (P/S)
9.82
Lower than its 5-year historical median
EV/EBITDA
21.50
Lower than its 5-year historical median
Dividend Yield
0.81%
Profitability Efficiency
Return on Equity (ROE)
36.37%
Outperforms industry median
Return on Capital Employed (ROCE)
52.83%
Outperforms industry median
Return on Assets (ROA)
22.31%
Operating Profit Margin
39.4%
Net Profit Margin
27.45%
Gross Profit Margin
41.2%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
7.25%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
17.04%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
19.14%
Asset Quality
Promoter Holding
86.19%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,538 Cr.
Equity
₹13.2 Cr.
Face Value
₹1
All Time Low / High
₹1009.00 / 1465.10
Check Before You Invest
Quality
Very GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Travel Food Services Ltd a good quality company?
Travel Food Services Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Travel Food Services Ltd performance compare with that of its Peers?
Revenue growth of Travel Food Services Ltd vs industry peers?
Travel Food Services Ltd revenue CAGR is 118.74%, compared to the industry median CAGR of 23.2%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Travel Food Services Ltd?
Promoters hold 86.19% of the Travel Food Services Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Travel Food Services Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 0.38% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Travel Food Services Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 3.1% | 7.1% | -12% | -20.7% | -10.1% | -5.9% | 92.9% | 54.4% | 59.5% | 57.7% | - |
| Value Creation Index ⓘ | -0.8 | -0.5 | -1.9 | -2.5 | -1.8 | -1.4 | 5.9 | 3.0 | 3.3 | 3.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 96.3 | 113 | 152 | 195 | 26 | 72.8 | 893 | 1,142 | 1,214 | 1,302 | 1,337 |
| Sales YoY Gr. | - | 16.9% | 34.9% | 28.6% | -86.7% | 180% | 1,126.5% | 27.9% | 6.3% | 7.3% | - |
| Adj EPS ⓘ | 0 | 0.4 | -1.5 | -1.9 | -2 | -0.7 | 14.3 | 16.4 | 22.6 | 27.1 | 30.2 |
| YoY Gr. | - | 1900% | -485% | NA | NA | NA | NA | 14.8% | 37.7% | 20% | - |
| BVPS (₹) ⓘ | 12.8 | 13.3 | 11.9 | 10 | 8.1 | 7.4 | 40.7 | 51.8 | 60.6 | 83.8 | 92.3 |
| Adj Net Profit ⓘ | 0.3 | 5.2 | -20.3 | -25 | -26.3 | -8.9 | 188 | 216 | 297 | 356 | 398 |
| Cash Flow from Ops. ⓘ | 12.8 | -0.4 | -37.1 | 6.9 | -5.3 | -3.4 | 278 | 377 | 433 | 334 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 1.2 | -0.2 | -0 | 0.1 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 33.6% | 118.7% | 13.4% | 7.3% | ||||
| Adj EPS ⓘ | 122.8% | NA | 23.8% | 20% | ||||
| BVPSⓘ | 23.2% | 59.7% | 27.3% | 38.4% | ||||
| Share Price | - | - | - | -0.3% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0.3 | 3.1 | -12.2 | -17.3 | -22.1 | -8.7 | 59.3 | 35.4 | 40.1 | 37.3 | 34.3 |
| Op. Profit Mgn % ⓘ | -14.6 | -1.3 | -15 | -19.9 | -121.1 | -51.2 | 38.6 | 32.8 | 38.8 | 45.3 | 45 |
| Net Profit Mgn % ⓘ | 0.3 | 4.7 | -13.4 | -12.8 | -101.3 | -12.2 | 21.1 | 18.9 | 24.5 | 27.4 | 29.8 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0.1 | 0 | 0 | 0.1 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 214 | 163 | 183 | 186 | 1,250 | 441 | 80 | 112 | 138 | 172 | 154 |
| Cash Conv. Cycle ⓘ | 13 | -8 | 0 | 1 | 124 | 15 | -52 | -107 | -152 | -139 | 68 |
Valuation of Travel Food Services - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 588 | 530 | 597 | 774 | 162 | 390 | 1,067 | 1,396 | 1,688 | 1,648 |
| Operating Expenses ⓘ + | 469 | 395 | 484 | 646 | 198 | 306 | 693 | 984 | 1,134 | 999 |
| Operating Profit ⓘ | 119 | 134 | 113 | 128 | -36 | 84 | 374 | 412 | 554 | 649 |
| Operating Profit Margin (%) | 20.2% | 25.4% | 19.0% | 16.5% | -22.2% | 21.4% | 35.0% | 29.5% | 32.8% | 39.4% |
| Other Income ⓘ + | 7 | 11 | 18 | 15 | 21 | 52 | 36 | 66 | 75 | 95 |
| Interest ⓘ | 11 | 3 | 3 | 2 | 5 | 45 | 48 | 52 | 46 | 64 |
| Depreciation ⓘ | 27 | 18 | 25 | 21 | 22 | 79 | 83 | 111 | 126 | 150 |
| Profit Before Tax ⓘ | 94 | 116 | 103 | 119 | -43 | 17 | 327 | 387 | 504 | 595 |
| Tax ⓘ | 30 | 43 | 35 | 35 | 11 | 12 | 76 | 89 | 125 | 143 |
| Profit After Tax | 64 | 73 | 68 | 85 | -54 | 5 | 251 | 298 | 380 | 452 |
| PAT Margin (%) | 11.0% | 13.8% | 11.4% | 10.9% | -33.5% | 1.3% | 23.6% | 21.4% | 22.5% | 27.5% |
| Adjusted EPS (₹) | 4.0 | 6.3 | 6.6 | 7.9 | -4.3 | 0.4 | 18.5 | 21.9 | 27.6 | 33.5 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 49.70% | 16.50% | 30.60% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 239 | 323 | 411 | 516 | 463 | 410 | 655 | 874 | 1,053 | 1,434 | |
| Debt + | 40 | 10 | 13 | 17 | 22 | 34 | 22 | 58 | 0 | 0 | |
| Minority Interest | 33 | 6 | 7 | 18 | 7 | 6 | 10 | 14 | 17 | 21 | |
| Trade Payables | 25 | 19 | 25 | 35 | 24 | 113 | 178 | 275 | 339 | 355 | |
| Others Liabilities ⓘ | 70 | 55 | 53 | 99 | 108 | 436 | 415 | 420 | 437 | 398 | |
| Total Liabilities ⓘ | 407 | 412 | 509 | 686 | 625 | 999 | 1,281 | 1,641 | 1,846 | 2,208 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 114 | 68 | 70 | 75 | 59 | 408 | 353 | 387 | 372 | 293 | |
| CWIP ⓘ | 3 | 4 | 1 | 0 | 24 | 2 | 6 | 23 | 39 | 28 | |
| Investments ⓘ | 86 | 143 | 202 | 370 | 304 | 315 | 464 | 594 | 868 | 1,123 | |
| Inventories | 5 | 5 | 8 | 7 | 7 | 7 | 11 | 12 | 9 | 13 | |
| Trade Receivables | 65 | 31 | 33 | 66 | 26 | 48 | 114 | 105 | 106 | 264 | |
| Cash Equivalents | 48 | 92 | 59 | 29 | 67 | 101 | 134 | 179 | 38 | 59 | |
| Others Assets ⓘ | 86 | 69 | 136 | 140 | 138 | 117 | 199 | 342 | 415 | 427 | |
| Total Assets ⓘ | 407 | 412 | 509 | 686 | 625 | 999 | 1,281 | 1,641 | 1,846 | 2,208 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 41 | 80 | 57 | 114 | 14 | 77 | 322 | 353 | 515 | 393 |
| Cash Flow From Investing Activity ⓘ + | -110 | -78 | -61 | -120 | -11 | -31 | -197 | -155 | -191 | -150 |
| Cash Flow From Financing Activity ⓘ + | 72 | -9 | 2 | 3 | -4 | -47 | -104 | -172 | -343 | -221 |
| Net Cash Flow ⓘ | 4 | -7 | -3 | -3 | -1 | -1 | 21 | 26 | -19 | 22 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 39.47 | 26.02 | 18.61 | 18.25 | -11.07 | 1.15 | 47.18 | 38.99 | 39.4 | 36.37 |
| ROCE (%) | 47.86 | 38.15 | 27.87 | 25.18 | -7.42 | 13.1 | 66.1 | 54.09 | 55.26 | 52.83 |
| Asset Turnover Ratio | 1.71 | 1.29 | 1.3 | 1.3 | 0.25 | 0.48 | 0.94 | 0.96 | 0.97 | 0.81 |
| PAT to CFO Conversion(x) | 0.64 | 1.1 | 0.84 | 1.34 | N/A | 15.4 | 1.28 | 1.18 | 1.36 | 0.87 |
| Working Capital Days | ||||||||||
| Receivable Days | 34.50 | 32.80 | 19.30 | 23.10 | 102.80 | 34.60 | 27.70 | 28.60 | 22.80 | 41 |
| Inventory Days | 4.10 | 3.50 | 4.10 | 3.50 | 15 | 6.50 | 3 | 2.90 | 2.20 | 2.40 |
| Payable Days | 81.60 | 59.30 | 52.60 | 58.60 | 314.70 | 313.90 | 252.70 | 290.40 | 377.90 | 503.10 |
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Travel Food Services Ltd FAQs
The current trading price of Travel Food Services on 11-Sep-2026 15:19 is ₹1,257.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Travel Food Services stood at ₹16,934 Cr
The latest P/E ratio of Travel Food Services as of 10-Sep-2026 is 42.59.
The latest P/B ratio of Travel Food Services as of 10-Sep-2026 is 13.94.
The 52-week high of Travel Food Services is ₹1,465.1 and the 52-week low is ₹1,035.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Travel Food Services is ₹1,337 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Travel Food Services Ltd is a good quality company.
The key valuation ratios of Travel Food Services Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Travel Food Services Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Travel Food Services Ltd
Travel Food Services Limited was originally incorporated as ‘Bombay Pure Foods Private Limited’ as a private company under the Companies Act, 1956, pursuant to a certificate of incorporation dated November 20, 2007, issued by the Registrar of Companies, Maharashtra at Mumbai (RoC). Thereafter, pursuant to a special resolution passed by its Shareholders on February 20, 2009, the name of the company was changed from ‘Bombay Pure Foods Private Limited’ to ‘Travel Food Services Private Limited’ to reflect the business activities of the company more prominently and a fresh certificate of incorporation was issued by the RoC on March 12, 2009. On the conversion of the company from a private limited company to a public limited company, pursuant to a resolution passed by its Board on November 11, 2024 and a special resolution passed by its Shareholders on November 11, 2024, its name was changed to ‘Travel Food Services Limited’ and a fresh certificate of incorporation dated November 22, 2024 was issued by the Registrar of Companies, Central Processing Centre.
The company is the leading player in the fast-growing Indian airport travel quick service restaurant (Travel QSR) and lounge (Lounge) sectors. Its Travel QSR business comprises a range of curated food and beverage (F&B) concepts across cuisines, brands and formats, which have been adapted to cater to customers’ demands for speed and convenience within travel environments. Its Travel QSRs are predominantly situated within airports, with select outlets in highway sites. It offers quick service formats adapted for the travel environment, such as fast food, cafes, bakeries, food courts, and bars, mainly within airports as well as at select highway sites in order to serve travellers’ demands for speed and convenience. It works closely with its regional Indian and international brand partners to adapt their F&B concepts for the travel environment.
Its Lounge business comprises designated areas within airport terminals, accessible primarily by first and business class passengers, members of airline loyalty programmes, select credit card and debit card holders and members of other loyalty programmes. Its direct customers primarily include first and business class passengers, members of airline loyalty programmes, select credit card and debit card holders, members of other loyalty programmes, and for select Lounges, walk-in customers (Lounge Customers).
Business area of the company
The company and its subsidiaries, its associates and its joint ventures are primarily involved in managing and operating food and beverage outlets (Travel Quick Service Restaurant (QSR)) and lounges in travel locations such as airports and highways.
Awards, accreditations and recognition
- 2025: IMAGES Most Admired Retailed Launch of the Year: Concept Store award at the Images Retail Awards 2025 for concept store located at 080 Lounge by the company at Bengaluru Airport.
- 2024: FAB award for airport lounge food and beverages offer of the year SSP Malaysia & Araya at Kuala Lumpur International Airport, Malaysia.
- 2024: FAB award for airport customer / hospitality initiative of the year for lounge self-check-in Kiosk at the Chhatrapati Shivaji Maharaj International Airport, Mumbai, India (regional award, Asia Pacific).
- 2024: FAB award for airport food & beverage opening of the year - (regional winner, Asia Pacific) for Kempegowda International Airport, Bengaluru, India.
- 2024: FAB award for airport restaurant design of the year - Bombay Brasserie, Kempegowda International Airport, Bengaluru, India (Asia Pacific).
- 2024: FAB award for airport sustainability and environmental initiative for the year for sustainability initiatives at multiple airports.
- 2024: FAB award for airport diversity, equity and inclusion initiative of the year (regional winner, Asia Pacific) at multiple airports.
- 2024: World Travel Awards for world’s leading airport lounge - first class.
- 2023: FAB award for diversity, equity and inclusion initiative of the year: empowering voices: embracing diversity through inclusion.
- 2023: FAB award for airport lounge of the year (regional winner, Asia Pacific) - 080 lounge at Kempegowda International Airport, Bengaluru, Karnataka, India.
- 2023: FAB award for airport lounge of the year (highly commended) - 080 lounge at Kempegowda International Airport, Bengaluru, Karnataka, India.
- 2023: FAB award for airport lounge food & beverage offering of the year winner – 080 lounge at Kempegowda International Airport, Bengaluru, India.
- 2023: World Travel Awards for world’s leading airport lounge - first class.
- 2022: Restaurants & Nightlife Award in the fastest growing brand category.
- 2022: Mapic India Retail Awards for the most admired food court operator of the year.
- 2021: The Moodies travel journey digital awards for the best digital team.
- 2021: The Moodies travel journey digital awards for the digital innovator of the year.
History and milestones
- 2009: Commenced F&B operations at Mumbai airport terminal 1 B.
- 2009: Won bids for development, operation and management of F&B outlets at Terminal 3 of the Indira Gandhi International Airport, New Delhi, India.
- 2013: Won bids for development, operation and management of F&B outlets at the Kamraj Domestic Terminal and Anna International Terminal of the Chennai Airport, Chennai, Tamil Nadu, India.
- 2013: Won bids for development, operation and management of F&B outlets at the Netaji Subhash Chandra Bose International Airport, Kolkata, West Bengal, India.
- 2013: Won bids for development, operation and management of lounges at Terminal 2 of the Chhatrapati Shivaji Maharaj International Airport, Mumbai, Maharashtra, India.
- 2016: Investment by SSP Asia Pacific Holdings Limited in the company
- 2019: Won bids for development, operation and management of all lounges and transit hotels in Terminal 1 of the Kempegowda International Airport, Bengaluru, Karnataka, India.
- 2021: Won bid for development, operation and management of F&B outlets in Terminal 2 of the Kempegowda International Airport, Bengaluru, Karnataka, India.
- 2021: Expanded into Malaysia through Select Service Partner Malaysia Sdn Bhd with award of F&B and Lounges.
- 2022-2023: Won the bids for development, operation and management of F&B services at Rajiv Gandhi International Airport at Shamshabad, Hyderabad, Telangana, India.
- 2022-2023: Started operations for development of Travel QSRs at a greenfield international airport at Mopa, Goa, India.
- 2024: Won the bids for development, operation and management of the lounges at the Noida International Airport, Gautam Buddha Nagar, Uttar Pradesh.
- 2024: Entered into an agreement in relation to the joint venture (GMR Hospitality Limited) for managing and operating the F&B business at GMR airports in India.
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