The company has priced its offer in the range of Rs 1,045–Rs 1,100 per share, and investors can bid for a minimum of 13 shares. The IPO has drawn interest in the grey market, with a GMP of Rs 45, or about 4% over the issue price, indicating a moderate listing premium.
Travel Food Services has built a dominant footprint in the travel F&B space, with a 26% market share in airport QSRs and 45% in private lounges by FY25 revenue. As of March 2025, it operates 442 QSR outlets and 37 lounges across top Indian airports and international locations such as Malaysia and Hong Kong.
Its diverse portfolio includes tie-ups with global brands like KFC, Pizza Hut, Subway, and Jamie Oliver’s Pizzeria, along with popular domestic brands and in-house offerings such as Dilli Streat, Caféccino, and Tifinto.
TFS enjoys strong revenue visibility owing to its long-term concession agreements with major airports, averaging 8.2 years. It is present in 13 of the top 15 airports in India, giving it a clear edge in high-traffic locations.
Financially, the company has delivered robust performance. In FY25, TFS reported revenue of Rs 1,688 crore, EBITDA of Rs 676 crore, and net profit of Rs 380 crore. The company’s return on equity stood at 34.5%, with PAT margins at 21.5%. At the upper end of the price band, the IPO values the firm at 39.88x FY25 earnings, seen as reasonable when compared with listed QSR peers.
Should you subscribe?
SBI Securities has given a Subscribe rating, citing the company’s established position, healthy margins, and steady growth. The brokerage noted the IPO is attractively priced relative to listed players in the food services sector.
Canara Bank Securities also advised investors to “Subscribe for listing gains and long-term” highlighting the company’s strong moat in the high-barrier airport food business.
With robust fundamentals, a dominant niche, and strong brand partnerships, Travel Food’s IPO offers investors a gateway to India’s fast-growing airport economy.
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