Anand Rathi Recommends 'Buy' on TBO Tek; Sets Target Price at Rs 2000

• Anand Rathi maintains a 'Buy' rating for TBO Tek, raising the target price to Rs 2,000 from Rs 1,725.
• TBO Tek is positioned for growth in the global travel distribution market, boosted by the acquisition of Classic Vacations.
• Key growth drivers include expanding hotels segment, increased international presence (23 new countries), and stabilizing India business.
• New travel agents are contributing more to Gross Transaction Value (GTV), rising to ~6.9% in H1FY26 from ~4.3% in H1FY25.
• EBITDA margin is expected to improve from Q4 due to tapering investment in key account managers and operating leverage.

Why It Matters: Anand Rathi recommends buying TBO Tek, citing strong growth prospects and an increased target price of Rs 2,000.