India’s Travel Boom: Why Motilal Oswal Favors TBO Tek and Ixigo

India’s travel landscape is undergoing a massive structural shift as digital adoption and rising disposable incomes transform the sector from an offline-led market to a high-tech ecosystem. Motilal Oswal has identified TBO Tek and Ixigo as primary beneficiaries of this growth, driven by a projected surge in online travel bookings.

The Rapid Expansion of India’s Online Travel Market

The Indian online travel market is poised to significantly outpace global growth trends. According to recent projections, the market is expected to expand from approximately INR 2.1 trillion in FY23 to INR 3.8 trillion by FY28, representing a Compound Annual Growth Rate (CAGR) of roughly 13%.

This growth is fueled by several structural tailwinds, including improving transportation infrastructure, increased workforce participation, and a consumer shift toward experience-led spending. Furthermore, digital penetration is expected to rise from the current 54% to nearly 65% of all travel bookings. As the industry matures, scalability will increasingly depend on technological integration, specifically the use of Artificial Intelligence for hyper-personalized planning and real-time decision-making.

TBO Tek: Scaling Through Global Integration

Motilal Oswal maintains a "BUY" stance on TBO Tek, citing its resilient performance and successful integration of Classic Vacations. Despite geopolitical disruptions in certain corridors, the company has shown significant growth potential. In 4QFY26, TBO Tek reported an 83% year-on-year revenue increase, bolstered by the consolidation of Classic Vacations, while organic revenue grew by 21%.

The company's growth strategy relies heavily on high-margin segments such as hotels and ancillary services. Analysts project a robust revenue, EBIT, and PAT CAGR of 37%, 35%, and 30% respectively over the FY25-28E period. This optimism is underpinned by TBO Tek's ability to expand its international footprint and leverage synergies from its recent acquisitions.

Ixigo: Dominating the Tier-2 and Tier-3 Markets

Le Travenues Technology (Ixigo) telah membangun ceruk pasar yang unik dengan menargetkan jantung India. Dengan basis pengguna aktif bulanan sebanyak 85 juta, sekitar 94% pemesanan Ixigo melibatkan asal atau tujuan di kota-kota non-tier-1. Penetrasi mendalam ke kota-kota Tier-2 dan Tier-3 ini memberikan parit kompetitif yang signifikan.

Ixigo berdiri sebagai pemimpin pasar dalam pemesanan tiket kereta api dengan pangsa pasar masif sekitar ~60%, sembari tetap mempertahankan kehadiran yang kuat dalam pemesanan pesawat dan bus. Pada FY26, perusahaan mencatat Nilai Transaksi Bruto (GTV) sebesar INR 187 miliar. Menatap ke depan menuju FY26-28E, Ixigo diharapkan dapat memberikan CAGR PAT yang luar biasa sebesar 51%, dengan margin EBITDA yang diproyeksikan meningkat sebesar 400 basis poin hingga mencapai 10% pada FY28, didorong oleh daya ungkit operasional dan biaya akuisisi pelanggan yang efisien.

Poin-Poin Penting

  • Potensi Pasar yang Masif: Pasar perjalanan daring India diproyeksikan tumbuh dari INR 2,1 triliun (FY23) menjadi INR 3,8 triliun (FY28) dengan CAGR sebesar 13%.
  • Keunggulan Global TBO Tek: Didorong oleh integrasi Classic Vacations, TBO Tek diharapkan mengalami CAGR pendapatan sebesar 37% hingga FY28.
  • Dominasi Regional Ixigo: Dengan menguasai segmen non-metro, Ixigo memegang pangsa pasar ~60% dalam pemesanan tiket kereta api dan siap untuk mencapai CAGR PAT sebesar 51%.