Travel Food Services IPO Analysis: Know its Business, Financials, and Peers

Travel Food Services IPO is all set to open for bidding on July 7. Incorporated in 2007, Travel Food Services Limited is an Indian airport travel quick service restaurant (Travel QSR) and lounge operator. The company operates 442 Travel QSRs across India and Malaysia, including 127 partner and in-house F&B brands as of March 31, 2025. The Travel Food Services IPO is a book-building issue and is entirely an offer for sale.

This blog will cover the Travel Food Services IPO analysis, including the issue size, price band, financials, and operational highlights.

Travel Food Services IPO Date

The key pointers for the Travel Food Services IPO dates are:

• Bidding Opening Date: July 7, 2025
• Bidding Closing Date: July 9, 2025
• Allotment Date: July 10, 2025
• Initiation of Refunds (in case of less or no allotment): July 11, 2025
• Shares Credited to Your Demat Account: July 11, 2025
• IPO Listing Date: July 14, 2025
• Listing on Exchange: BSE and NSE

Travel Food Services IPO Issue Size

Here are the critical Travel Food Services IPO details:

• Travel Food Services IPO Price Band: ₹1,045 – ₹1,100 per share
• Face Value: ₹1 per share
• Lot Size: 13 Shares
• Issue Size and Amount: ₹2,000 Crores (total of 1.81 crore shares)
• OFS Size and Amount: ₹2,000 Crores (total of 1.81 crore shares)

Travel Food Services IPO Reservations

Travel Food Services IPO reservations to different investors are:

• For QIBs: Not more than 50% of the offer
• For NIIs: Not less than 15% of the offer
• For Retail Investors: Not less than 35% of the offer
• Travel Food Services IPO Shareholder Quota: There is no provision of shareholder quota in the red herring prospectus (RHP).

Travel Food Services IPO: Minimum Investment

Travel Food Services IPO lot size is 13 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:

Applicant Type	Lot Size	Shares	Amount (in ₹)
Retail	1	13	₹14,300
S-HNI	14	182	₹2,00,200
B-HNI	70	910	₹10,01,000

Travel Food Services IPO: Proceeds Usage

Travel Food Services IPO is a completely offer-for-sale issue, and therefore, the proceeds will directly go to the selling shareholder after deducting offer-related costs such as listing fees, commissions, marketing expenses, etc.

Travel Food Services IPO Details: Promoter Holding

Kapur Family Trust, SSP Group PLC, SSP Group Holdings Limited, SSP Financing Limited, SSP Asia Pacific Holdings Limited, Varun Kapur, and Karan Kapur are the company promoters.

Kapur Family Trust is the only selling shareholder in this IPO, which currently holds a 51% stake in Travel Food Services Limited.

Travel Food Services IPO: Company Overview

Travel Food Services Limited was founded in 2007. It runs food outlets and lounges mainly in airports. These outlets are known as Travel Quick Service Restaurants (Travel QSR), and the lounges are comfortable waiting areas for selected passengers.

The company offers food and drinks through 127 well-known and in-house brands, operating 442 QSR outlets and 37 lounges across India, Malaysia, and Hong Kong as of March 31, 2025. Travel Food Services holds a market share of 26% in the Indian airport travel QSR sector and 45% in the airport Lounge sector based on revenue in FY25.

As of March 31, 2025, their QSR outlets are present at 13 Indian airports and 2 Malaysian airports. Major Indian airports include Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai. The lounges are also widely present in 10 Indian airports, 1 in Hong Kong, and 3 Malaysian airports.

Their QSR business includes different food options and formats, designed especially for busy travellers who need quick service and a good variety. The lounge services are located inside the airport terminals. These are usually accessed by first-class or business-class travellers, members of airline or bank loyalty programmes, and selected credit or debit card holders.

Travel Food Services IPO: Financial Performance

Travel Food Services Limited’s key financials for different periods are as follows:

Particulars (in ₹ Cr)	31 Mar 2025	31 Mar 2024	YoY Change
Revenue from Operations	1,687.74	1,396.32	21%
Profit After Tax	379.66	298.12	27%
EBITDA	676.35	549.99	23%
Net Worth	1,048.45	869.05	21%
Total Borrowing	–	63.78	–
Assets	1,902.73	1,696.44	12%
Cash Flow from Operations	514.79	352.93	46%

• Travel Food Services’ operating revenue has increased by 21% YoY to ₹1,687.74 crores in FY25, while profit after tax also grew by 27% to ₹379.66 crores.
• Both EBITDA and net worth increased by over 20% in FY25, highlighting its better operating performance and higher equity left for shareholders.
• The total borrowings became nil in the financial year 2024-25, representing a debt-free status of the company.
• The cash flow from operating activities also increased by 46% to ₹514.79 crores, which means that the company has achieved higher cash flow to fund the business.

Travel Food Services IPO: Peer Comparison

Here is the comparison of Travel Food Services Limited with its peers in the travel QSR industry:

Company (FY25)	EPS – Basic (₹)	RoNW (%)	P/E Ratio	Number of Outlets – Travel QSR
Travel Food Services	27.58	34.64%	48.6	442
Jubilant FoodWorks	3.41	10.02%	205.81	3,316
Devyani International	0.08	0.84%	2,097.13	2,039
Sapphire Foods India	0.60	1.38%	548.00	963
Westlife Foodworld	0.78	2.01%	955.26	438
Restaurant Brands Asia	-4.33	-23.80%	–	681

• Travel Food Services has the highest EPS and RONW (Return on Net Worth) in FY25, which shows its market strength and higher return potential.
• The PE ratio of Travel Food Services is 48.6, which is the lowest among the peers, and thereby it can turn into an undervalued investment opportunity.
• The number of travel QSR outlets is only 442 as compared to its peers. However, the company still maintains the leading position in the airport travel QSR network.

Travel Food Services IPO Risk Factors

Travel Food Services IPO GMP is ₹92 as of July 3, 2025 (at 14:57). It is expected to list at an 8.36% gain at a price of ₹1,192. However, GMP is not a safe or assured criterion to bid for an IPO.

Travel Food Services Limited is exposed to various risk factors that can eventually affect its business and investors’ perception:

• The revenue of travel QSR and lounge businesses is concentrated at the 5 airports, and the termination of contracts or reduction in passenger count can impact the financial performance.
• Revenue earned from brand partners holds more than 50% share in total earnings. Any termination of existing franchise agreements or failure to retain new partners can affect the business.
• The higher surcharges on the food and beverages at airport outlets can reduce customer demand and the operating cash flow.
• Any changes in government rules, taxes, or bans on certain types of food can affect how the company runs and may increase its expenses.

Travel Food Services IPO Details: Contact Details

Here are details of the registered address and registrar name of Travel Food Services Limited:

• Registered Office Address: Block-A South Wing 1st Floor, Shiv Sagar Estate, Dr. Annie Besant Road Worli, Mumbai, Maharashtra, 400018
• Email: cs@travelfoodservices.com
• Company Website: https://www.travelfoodservices.com/
• Registrar Name: MUFG Intime India Private Limited

For all the insights on Travel Food Services IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for Travel Food Services IPO easily on the SMC ACE App by opening free demat account now.

Frequently Asked Questions – FAQs

1. What are the dates for Travel Food Services IPO?

Travel Food Services IPO will open on July 7 and will close on July 9. It will be listed on the mainboard exchanges: NSE and BSE.

2. What does Travel Food Services Limited do?

Travel Food Services runs food outlets and lounges at airports. These include quick-service restaurants (QSRs) and comfortable lounges for travellers. As of March 31, 2025, it operates 442 QSRs across India and Malaysia, offering food through 127 brands.

3. Is Travel Food Services IPO a fresh issue or an offer for sale?

This IPO is entirely an offer for sale, which means the company will not receive any fresh funds. Existing shareholders are selling their stake in the public issue.

4. What are the risks involved with this IPO?

Some risks include heavy dependence on travel traffic. If travel is reduced due to pandemics or other issues, businesses may be affected. Rising costs, economic slowdowns, or changes in food laws can also impact operations and profits.

References:

https://www.travelfoodservices.com/viewer?file=uploads%2Fdraftredherringprospectus%2Fdraftredherringprospectus_1751434080.pdf
https://www.investorgain.com/gmp/travel-food-services-ipo-gmp/1310/

Author: All Content is verified by SMC Global Securities.