As India’s capital markets continue to witness strong IPO activity, the focus is shifting towards niche sectors that blend consumer convenience with high growth potential. One such space is airport food and hospitality, where Travel Food Services Ltd. is set to make its public debut with a ₹2,000 crore offer for sale. The company operates at the intersection of travel and premium services, managing a broad network of quick service restaurants and airport lounges across India and Malaysia. With rising air traffic and changing passenger expectations, the business is aligned with broader shifts in travel behaviour and infrastructure development. Travel Food Services’ IPO is now on the radar of investors seeking exposure to a sector driven by both lifestyle changes and long-term consumption trends.
Here’s an overview of the Travel Food Services IPO, its business footprint, financial performance, and market positioning.
About Travel Food Services Limited
Incorporated in 2007, Travel Food Services Limited is a leading Indian airport food and lounge operator. As of June 30, 2024, it operates 397 Travel QSRs across 14 Indian airports and 3 in Malaysia, offering 117 partner and in-house F&B brands.
Its quick service restaurants cater to travellers seeking speed and convenience, while its lounges serve premium passengers, select credit and debit cardholders, and loyalty members. The company has a longstanding presence at major hubs, with 15 years at Mumbai Airport, 14 at Delhi, 11 at Chennai, and 5 at Bengaluru.
It offers a wide variety of cuisine formats suited to diverse travel needs. Each location is designed to maximise comfort and efficiency for passengers. This combination of food and lounge services positions the company as a key player in India’s airport hospitality sector.
Travel Food Services Ltd. IPO Details
Travel Food Services Limited IPO date opens on July 7, 2025, and closes on July 9, 2025, with an offer for sale of 1.82 crore. The Travel Food Services IPO price band is ₹1,045 to ₹1,100 per equity share, with a face value of ₹1.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Jul 7, 2025 |
| IPO Close Date | Jul 9, 2025 |
| Allotment Date | Jul 10, 2025 |
| Initiation of Refunds | Jul 11, 2025 |
|
Credit of Shares to Demat |
Jul 11, 2025 |
| Listing Date (Tentative) | Jul 14, 2025 |
| UPI Mandate Cut-off | 5 PM on July 9, 2025 |
Key IPO Details
Here is the table on Travel Food Services IPO Details Review:
| Particulars | Details |
| Face Value | ₹1 per share |
| Issue Price Band | ₹1045 to ₹1100 per share |
| Lot Size | 13 Shares |
| Sale Type | Offer For Sale |
| Total Issue Size |
1,81,81,818 shares (aggregating up to ₹2,000.00 Cr) |
| Employee Discount | ₹104.00 |
| Issue Type | Bookbuilding IPO |
| Listing at | BSE, NSE |
| Shareholding (Pre-Issue) | 13,16,79,484 shares |
Lot Size of Travel Food Services Ltd. IPO
Here is the table of lot sizes for each category of investors:
| Application Type | Lots | Shares | Amount (at upper price band) |
| Retail (Min) | 1 | 13 | ₹14,300 |
| Retail (Max) | 13 | 169 | ₹1,85,900 |
| S-HNI (Min) | 14 | 182 | ₹2,00,200 |
| S-HNI (Max) | 69 | 897 | ₹9,86,700 |
| B-HNI (Min) | 70 | 910 | ₹10,01,000 |
Travel Food Services Ltd. Financials
The company operates with ISO-certified processes and has a strong presence in the airport F&B and lounge sector, reflecting its operational credibility and adherence to global standards.
As of March 31, 2024, the company’s financial indicators include:
Key Performance Indicators (as of Mar 31, 2024)
- Return on Equity (ROE): 35.47%
- Return on Capital Employed (ROCE): 51.40%
- Return on Net Worth (RoNW): 34.64%
- Profit After Tax (PAT) Margin: 21.54%
- EBITDA Margin: 40.07%
- Price to Book Value: 18.20
Company Financial Snapshot
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,902.73 | 1,696.44 | 1,332.32 |
| Revenue | 1,762.71 | 1,462.40 | 1,103.58 |
| Profit After Tax | 379.66 | 298.12 | 251.3 |
| EBITDA | 676.35 | 549.99 | 458.05 |
| Net Worth | 1,048.45 | 869.05 | 651.12 |
| Reserves and Surplus | 1,040.24 | 869.74 | 651.6 |
| Total Borrowing | — | 63.78 | 31.05 |
Travel Food Services Ltd.: Industry Outlook
- India’s airport Travel QSR market grew from ₹40–45 billion in FY19 to ₹85–90 billion in FY25 and is projected to reach ₹170–180 billion by FY34, growing at a 17–19% CAGR.
- Domestic air passenger traffic is expected to grow at 9–10% CAGR from FY25 to FY29, reaching approximately 225–235 million passengers.
- International passenger traffic is set to rise at 7–9% CAGR, driven by increasing outbound travel and airline capacity additions.
- Airports are evolving into lifestyle hubs, with F&B spend per passenger increasing from ₹64 in FY19 to ₹85 in FY24.
- Players like TFS gain an edge through long-term concession agreements, with leading operators controlling 80–85% of Travel QSR outlets at major Indian airports.
Conclusion
Travel Food Services Ltd. stands as a key player in India’s airport-focused food and beverage sector, offering quick service restaurants and premium lounge experiences tailored to modern travellers. With a diversified brand portfolio and presence in major Indian and Malaysian airports, the company is strategically positioned to benefit from the rebound in air travel and rising demand for quality travel hospitality. However, investors should weigh factors such as airport dependency, lease dynamics, and consumer behaviour trends. It is advisable to conduct thorough research and consider one’s risk appetite before investing. For those seeking exposure to India’s expanding travel infrastructure and airport service ecosystem, Travel Food Services’ IPO offers a specialised opportunity aligned with long-term sector momentum.
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