Travel Food Services

About the Company

Travel Food Services (TFS), established in 2007 and headquartered in Mumbai, is a prominent player in India’s travel food and beverage (F&B) sector. Operating over 442 F&B outlets and 37 lounges, TFS has presence in 18 airports in India, Malaysia and Hongkong. A joint venture between K Hospitality Corp and the UK’s SSP Group, TFS has a portfolio of 127 brands for airports, including KFC, Jamie Oliver’s Kitchen, and Brioche Dorée. The company focuses on enhancing travel experiences by providing curated dining concepts and premium lounge services at major travel hubs. In FY25, TFS reported revenues of ₹1,687 crore, reflecting a 21% year-on-year growth.

Strengths

• Market leader in Travel QSR (26%) and Lounge (45%) segments at Indian airports (FY25, CRISIL).
• Diverse F&B portfolio of 127+ brands—international, regional, and in-house.
• Proven expertise in airport F&B operations under complex and secure conditions.
• Robust financials: 21% revenue and 27% net profit growth, with 50%+ RoCE in FY25.
• Strong balance sheet: zero debt and ₹600+ crore in cash as of Mar-25.
• Industry recognition, including “Asia’s Leading Airport Lounge” award.

Risks

• High dependence on passenger traffic makes revenue vulnerable to travel trends.
• Sensitive to economic slowdowns and geopolitical disruptions.
• Intense competition from both domestic and international F&B operators in the travel sector.
• Operational complexity in ensuring consistent service quality across locations.
• Planned IPOs could face delays due to market volatility.