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Operates food and beverage outlets and airport lounges inside Indian and Malaysian airports, in a JV with SSP Group.
Operates food and beverage outlets and airport lounges inside Indian and Malaysian airports, in a JV with SSP Group.
Operates outlets under concession agreements with airport operators, paying them a share of sales, so revenue follows passenger traffic and spend per passenger at each airport. SSP Group, the UK airport-food operator, is its partner, and the Kapur family are the other promoters.
In one line: An airport concessions/lounge operator.
Moat: narrow (regulatory licence, distribution). Long-term airport concession contracts are limited in number and hard for new entrants to win.
Headquarters: Mumbai, India · Founded: 1988 · Employees: 4,477
Size Travel Food Services (TRAVELFOOD.NS) is an India Consumer Discretionary company (Restaurants) with a market value of $1.63B, the 429th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,175 on 6 Nov 2026.
Performance Over six months the shares fell 6.0%, against +27.0% for the median peer and 0.0% for the India market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 2.4% over the last twelve months (peer median +5.5%); the operating margin is 29.8% (peer median 5.5%).
Valuation It trades at 31.7× forward earnings against a peer median of 23.9× (6th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 17.0 points above its cost of capital (9.3% WACC).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹17.2B | ₹16.5B | ₹16.9B | ₹14.0B | ₹10.7B |
| Revenue growth | — | -2% | +21% | +31% | — |
| Gross profit | ₹10.5B | ₹6.93B | ₹6.50B | ₹4.25B | ₹3.69B |
| EBITDA | ₹6.73B | ₹6.74B | ₹5.64B | ₹4.35B | ₹3.85B |
| Net income | ₹4.76B | ₹4.41B | ₹3.63B | ₹2.88B | ₹2.44B |
| Free cash flow | n/a | ₹3.30B | ₹4.71B | ₹2.78B | ₹2.86B |
| Capital expenditure | n/a | ₹394M | ₹619M | ₹789M | ₹379M |
| Total debt | n/a | ₹2.45B | ₹3.33B | ₹4.16B | ₹3.83B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Travel Food Services TRAVELFOOD.NS | $1.63B | -6% | -2% | 30% | 31.7× | 13.0% |
| SSP SSPG.L | $1.87B | +17% | +5% | 7% | 13.9× | 2.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TRAVELFOOD.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.2% | +4.2% | 5th lowest of 21 |
| 6-month return | -6.0% | +27.0% | 2nd lowest of 21 |
| Distance from 52-week high | -20.1% | -10.2% | 5th lowest of 21 |
| Revenue growth (TTM) | -2.4% | +5.5% | 3rd lowest of 21 |
| Operating margin | 29.8% | 5.5% | highest of 21 |
| Forward P/E | 31.7× | 23.9× | 6th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 13.0% | 9.5% | 9th most demanding of 20 |
| Growth delivered (Del g) | +15.6% | +15.8% | 10th lowest of 20 |
| Hurdle (Req g minus delivered) | -2.6 pp | -1.5 pp | 9th least demanding of 20 |
| ROIC minus cost of capital | +17.0 pp | +0.1 pp | 2nd highest of 21 |
| EV / EBITDA | 22.9× | 11.1× | 3rd most expensive of 17 |
| Net debt / EBITDA | -0.9× | 3.5× | 2nd least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Travel Food Services TRAVELFOOD.NS | India | $1.63B | -6% | -2% | 30% | 31.7× | 13.0% | +15.6% |
| Devyani International DEVYANI.NS | India | $1.68B | +8% | +14% | 4% | 323.9× | 52.1% | +37.6% |
| Wendy's WEN | United States | $1.55B | +12% | -1% | 13% | 17.9× | 2.4% | +4.7% |
| Colowide 7616.T | Japan | $1.51B | +21% | +16% | 4% | n/a | 13.6% | +12.3% |
| Monogatari 3097.T | Japan | $1.50B | +43% | +22% | 8% | 25.4× | 2.0% | +18.8% |
| Domino's Pizza Enterprises DMP.AX | Australia | $1.48B | +48% | -11% | 5% | 16.9× | 17.9% | -1.4% |
| Guzman y Gomez GYG.AX | Australia | $1.82B | +55% | +19% | 17% | 51.0× | 32.7% | +34.2% |
| Arcos Dorados ARCO | United States | $1.45B | -23% | +11% | 6% | 9.1× | -3.5% | +18.7% |
| Cracker Barrel Old Country Store CBRL | United States | $1.45B | +106% | -5% | 0% | 30.3× | 14.0% | +3.3% |
| Yoshinoya 9861.T | Japan | $1.84B | +42% | +10% | 4% | 45.5× | 11.2% | +5.8% |
| SSP SSPG.L | United Kingdom | $1.87B | +17% | +5% | 7% | 13.9× | 2.6% | +20.5% |
| Sweetgreen SG | United States | $1.43B | +72% | -1% | -18% | n/a | n/a | n/a |
| J D Wetherspoon JDW.L | United Kingdom | $1.33B | +69% | +5% | 5% | 19.6× | 7.7% | +23.7% |
| Guangzhou Restaurant 603043.SS | China | $1.31B | 0% | +9% | 11% | 17.3× | -3.5% | +10.4% |
| Domino's Pizza DOM.L | United Kingdom | $1.19B | +24% | +6% | 15% | 13.1× | 9.5% | +6.3% |
| BJ's Restaurants BJRI | United States | $1.18B | +30% | +4% | 3% | 22.5× | 26.8% | +12.4% |
| Xiaocaiyuan International 0999.HK | Hong Kong | $1.17B | +16% | +3% | 15% | 13.1× | -9.6% | +15.8% |
| create restaurants 3387.T | Japan | $2.34B | +14% | +3% | 5% | 65.7× | 17.8% | +17.3% |
| Ohsho Food Service 9936.T | Japan | $1.11B | -1% | 0% | 7% | 27.5× | 4.2% | +7.7% |
| Westlife Foodworld WESTLIFE.NS | India | $1.08B | +31% | +10% | 5% | 343.5× | 49.0% | +21.7% |
| Saizeriya 7581.T | Japan | $2.52B | +60% | +17% | 5% | 26.9× | 4.6% | +19.0% |