India's Travel Food hits record high; ICICI Securities assigns 'buy' on earnings strength

Travel Food Services

27/11/2025 06:08

** India's Travel Food Services TAVE.NS rise as much as 6.93% to a record high of 1,445 rupees apiece

** Stock of the airport restaurant and lounge operator, which has operations across 15 airports in India, three in Malaysia and a lounge in Hong Kong, last up 4.6%

** ICICI Securities initiates coverage with a "buy" rating and PT of 1,600 rupees - upside of 17.3% to last close

** Expects 21% revenue CAGR over fiscal years 2025-2028, citing co's strong contract retention, win trajectory and India's growing airport footprint and passenger traffic

** Adds, TAVE's partnerships with Adani and GMR group enhance its growth visibility

** Co's leadership position in airport QSR and lounges and low capex intensity should help it deliver a 38% profitability over FY2026-2028, ICICI Securities estimates

** TAVE, which listed in July 2025, is up 24% over issue price of 1,100 rupees, exchange data shows

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))