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TRAVELFOOD IPO

Travel Food Services Limited
IPO Doc
Start Date07-07-2025
Application Timing10am-5pm
Price Range₹1045 - ₹1100
Min Qty13
Min. Investment₹13585
Listing DateNA
Close Date09-07-2025

About Travel Food Services Limited

Travel Food Services Limited (incorporated in 2007) is a leading Indian player in the airport-focused food and beverage (F&B) segment, operating under two primary business verticals Travel QSR (Quick Service Restaurants) and Airport Lounges. With a portfolio of 117 partner and in-house brands, the company manages 397 QSR outlets across India and Malaysia as of June 30, 2024.

The Travel QSR offerings cater to the fast-paced needs of airport travelers by offering diverse cuisine options in compact, quick-service formats. Simultaneously, the Lounge segment provides premium airport lounge experiences in 14 Indian airports and 3 Malaysian airports, targeting first/business-class flyers, loyalty members, and cardholders.

Backed by strong partners like SSP Group and K Hospitality, and guided by the experienced Kapur family, the company has developed a deep understanding of traveler behavior and preferences over the last 15 years of presence at major airports like Delhi, Mumbai, Bengaluru, and Chennai.

Why To Invest in Travel Food Services Limited

Dominant Position in Niche Market: One of India's largest airport F&B service providers with a diversified brand portfolio across formats and cuisines.

Consistent Financial Growth: Revenue grew by 21% YoY in FY25 to 1,762 Cr, while PAT surged by 27% to 379.66 Cr.

High Profitability Metrics: Healthy margins with EBITDA Margin of 40.07%, ROCE at 51.40%, and PAT Margin at 21.54%.

Exclusive Airport Presence: Operates at major Indian airports like Delhi, Mumbai, Bengaluru, and Hyderabad often with long-term contracts.

Strong Promoter Group: Backed by global F&B player SSP Group plc and India-based K Hospitality Corp.

Premium Valuation Support: Pre-IPO EPS of 22.63 and P/E of 48.6x indicates robust profitability in a capital-efficient model.

Anchor Investor Confidence: Raised ?598.80 Cr from anchor investors ahead of IPO, reflecting strong institutional backing.

Financial Table
Period Ended 31 Mar 2025 31 Mar 2024 31 Mar 2023
Assets1,902.73 1,696.44 1,332.32
Revenue 1,762.71 1,462.401,103.58
Profit After Tax 379.66 298.12 251.30
EBITDA 676.35 549.99 458.05
Net Worth 1,048.45 869.05 651.12
Reserves and Surplus 1,040.24 869.74 651.60
Strengths And Risks
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Strong Market Leadership: Travel Food Services is a dominant player in the Indian airport food & beverage segment, with a large-scale presence in both QSR and Lounge businesses across major airports.
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Robust Financial Performance: The company reported a 21% increase in revenue and a 27% rise in PAT in FY25, supported by healthy profitability metrics such as 40.07% EBITDA margin and 21.54% PAT margin.
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Long-Term Airport Partnerships: It has maintained strong operational relationships with key airports like Delhi, Mumbai, Bengaluru, and Chennai, some extending over a decade ensuring stability and repeat business.
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Diverse Brand Portfolio: The business operates 397 QSR outlets under 117 brands (both in-house and partnered), catering to varied tastes and traveler preferences, which helps reduce concentration risk.
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Experienced Promoters & Global Partnerships: With backing from SSP Group plc and the Kapur family, and supported by K Hospitality, the company enjoys strategic support and deep operational experience.
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No Fresh Capital Infusion: The IPO is purely an Offer for Sale, which means no funds will be raised for business expansion or debt reduction proceeds go entirely to the selling shareholders.
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Sector Dependency: Being highly dependent on the travel and aviation sectors, any disruptions like pandemics, natural disasters, or travel restrictions can adversely impact business.
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Geographical Concentration: A large portion of the company’s revenue is concentrated in a limited number of airport locations, increasing location-specific operational risks.
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Competitive Landscape: The airport F&B segment is becoming increasingly competitive with the entry of new domestic and international players, which may pressure margins.
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