Thomas Cook (India) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Travel and related services: 86.4% • Financial Services: 13.2% • Leisure Hospitality & Resorts Business: 0.4%
AI Sector View
AI GENERATEDConsumer Services
Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.
PROS
- Company is almost debt free
- Company has delivered good sales growth of 62.7% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.24x)
- Working capital cycle has improved - days down from 91 to 47
- Stock looks reasonably valued - P/E of 41.9 is below its historical median
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (116.9% of PBT)
- Recent results are weak - TTM profit is down 36.4% versus prior year
- Company has a low return on equity of 5.8% over last 3 years
- Company has a low return on capital employed of 10.4%
- Recurring exceptional / one-off items are inflating headline profit
- Operating margins have contracted to 1.7% from 6.1%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| IRCTC | 469.60 | 26.97 | 37568.00 | 1.92 | 330.16 | -0.16 | 1369.53 | 18.10 | 47.50 | 28.23 |
| TBOTEK | 1720.55 | 70.58 | 18683.07 | 0.00 | 83.36 | 32.38 | 925.78 | 81.07 | 19.59 | 14.91 |
| CORDELIA | 104.45 | 145.02 | 7561.61 | 0.00 | 227.73 | — | 1901.12 | — | 74.77 | 23.68 |
| IXIGO | 167.50 | 86.36 | 7388.18 | 0.00 | 34.24 | 80.75 | 356.75 | 13.44 | 6.67 | 5.72 |
| THOMASCOOK | 109.20 | 23.49 | 5136.56 | 0.46 | 63.71 | -13.39 | 2091.89 | -13.13 | 21.13 | 4.46 |
| EASEMYTRIP | 5.97 | 0.00 | 2378.84 | 0.00 | -11.69 | -363.84 | 134.71 | 18.38 | 21.68 | -9.98 |
| YATRA | 114.75 | 57.80 | 1800.61 | 0.00 | 0.34 | -97.88 | 187.90 | -10.45 | 7.03 | 6.61 |
| DREAMFOLKS | 68.75 | 0.00 | 366.23 | 0.00 | -13.83 | -165.03 | 39.01 | -88.82 | 6.00 | -53.24 |
| INTLTRAVHS | 281.15 | 13.03 | 224.77 | 1.96 | 5.64 | -17.93 | 55.27 | -3.06 | 15.00 | 14.06 |
| TRANSCOR | 24.30 | 8.14 | 77.79 | 2.47 | 2.18 | 113.84 | 284.99 | 24.31 | 15.40 | 0.68 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 72 | 554 | 427 | 287 | 753 | 502 | 427 | 392 | 818 | 587 | 402 | 327 | 828 | |
| 68 | 527 | 433 | 288 | 700 | 479 | 431 | 399 | 787 | 564 | 412 | 335 | 804 | |
| Operating Profit | 4 | 27 | -6 | -2 | 53 | 23 | -4 | -6 | 31 | 23 | -10 | -8 | 24 |
| OPM % | 5.72% | 4.90% | -1.49% | -0.60% | 7.03% | 4.58% | -0.96% | -1.66% | 3.76% | 3.93% | -2.49% | -2.39% | 2.86% |
| 4 | 31 | 38 | 44 | 38 | 43 | 38 | 51 | 62 | 68 | 26 | 51 | 55 | |
| Interest | 1 | 9 | 9 | 11 | 9 | 10 | 11 | 10 | 10 | 9 | 10 | 9 | 9 |
| Depreciation | 1 | 6 | 7 | 6 | 7 | 7 | 7 | 8 | 8 | 8 | 9 | 8 | 8 |
| Profit before Tax | 7 | 43 | 16 | 25 | 74 | 48 | 16 | 27 | 74 | 74 | -3 | 26 | 78 |
| Tax % | 30.80% | 40.64% | 30.67% | 36.95% | 34.47% | 34.25% | 33.10% | 40.66% | 25.45% | 36.26% | 23.57% | 25.58% | 25.14% |
| Net Profit | 5 | 25 | 11 | 16 | 49 | 32 | 11 | 16 | 56 | 47 | -2 | 19 | 59 |
| 1.00 | 0.55 | 0.24 | 0.37 | 1.08 | 0.70 | 0.23 | 0.40 | 1.19 | 1.01 | -0.05 | 0.43 | 1.26 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,714 | 1,903 | 2,273 | 2,125 | 187 | 286 | 1,364 | 1,998 | 2,074 | 2,134 | 2,144 | |
| 1,673 | 1,874 | 2,233 | 2,116 | 325 | 435 | 1,393 | 1,936 | 2,006 | 2,098 | 2,115 | |
| Operating Profit | 41 | 29 | 40 | 9 | -138 | -149 | -29 | 62 | 67 | 36 | 29 |
| OPM % | 2.42% | 1.52% | 1.75% | 0.43% | -73.64% | -52.30% | -2.10% | 3.11% | 3.25% | 1.68% | 1.35% |
| 25 | 574 | 55 | 41 | 131 | 69 | 110 | 153 | 168 | 207 | 200 | |
| Interest | 54 | 46 | 40 | 40 | 21 | 19 | 39 | 41 | 40 | 38 | 38 |
| Depreciation | 18 | 18 | 20 | 31 | 29 | 24 | 23 | 25 | 30 | 34 | 34 |
| Profit before Tax | -5 | 538 | 34 | -22 | -56 | -123 | 19 | 149 | 165 | 171 | 175 |
| Tax % | -53.87% | 1.30% | 39.65% | -14.44% | 74.28% | 33.00% | 92.00% | 35.07% | 35.27% | 30.16% | 29.91% |
| Net Profit | -8 | 531 | 21 | -25 | -14 | -82 | 2 | 97 | 107 | 120 | 123 |
| EPS | -0.23 | 14.43 | 0.56 | -0.67 | -0.39 | -3.00 | -0.01 | 2.06 | 2.27 | 2.54 | — |
| Dividend Payout % | -164.55% | 2.61% | 66.79% | 0.00% | 0.00% | 0.00% | 1253.92% | 29.19% | 19.78% | 19.68% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 2%
- 5 Years:
- 63%
- 3 Years:
- 16%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 36%
- 5 Years:
- —
- 3 Years:
- 330%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 12%
- 3 Years:
- -5%
- 1 Year:
- -39%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 2%
- 3 Years:
- 6%
- Last Year:
- 6%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 37 | 37 | 37 | 38 | 38 | 44 | 47 | 47 | 47 | 47 | |
| 1,089 | 1,635 | 1,524 | 1,379 | 1,365 | 1,561 | 1,697 | 1,788 | 1,885 | 1,983 | |
| 323 | 82 | 28 | 114 | 148 | 190 | 141 | 70 | 58 | 97 | |
| Trade Payables | 444 | 748 | 817 | 748 | 433 | 607 | 1,034 | 1,400 | 1,604 | 1,922 |
| 382 | 332 | 284 | 205 | 629 | 270 | 327 | 476 | 533 | 511 | |
| Total Liabilities | 2,274 | 2,834 | 2,690 | 2,484 | 2,613 | 2,672 | 3,246 | 3,781 | 4,127 | 4,560 |
| 178 | 185 | 234 | 291 | 259 | 251 | 242 | 298 | 308 | 318 | |
| Capital Work in Progress | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 3 | 0 |
| 1,228 | 1,228 | 1,080 | 953 | 1,027 | 1,017 | 980 | 960 | 947 | 963 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 350 | 334 | 330 | |
| Cash & Bank | 447 | 689 | 654 | 679 | 689 | 404 | 426 | 774 | 560 | 553 |
| 421 | 733 | 721 | 560 | 638 | 1,001 | 1,597 | 1,398 | 1,975 | 2,395 | |
| Total Assets | 2,274 | 2,834 | 2,690 | 2,484 | 2,613 | 2,672 | 3,246 | 3,781 | 4,127 | 4,560 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 20 | 208 | 124 | 111 | -346 | 10 | 473 | 453 | 371 | 225 | |
| Cash from Investing | -116 | 379 | -105 | -86 | 87 | -385 | -235 | -294 | -179 | -76 |
| Cash from Financing | -99 | -227 | -205 | -42 | 476 | 18 | -114 | -123 | -85 | -56 |
| -208 | 241 | -178 | -49 | 234 | -359 | 103 | 35 | 106 | 92 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Thomas Cook (India) Limited has informed the Exchange about proceedings of 49th Annual General Meeting held on September 10, 2026.
2026-09-10 - Thomas Cook (India) Limited has informed the Exchange about Outcome of 49th Annual General Meeting including Scrutinizer's Report.
2026-09-10 - Thomas Cook (India) Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 10, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report.
2026-09-07 - Thomas Cook (India) Limited has informed the Exchange about Intimation of Allotment of Shares in Step-Down Subsidiary under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2026-09-02 - Thomas Cook (India) Limited has informed the Exchange about receipt of Observation Letter from National Stock Exchange of India Limited in relation to Composite Scheme of Arrangement.
2026-09-02 - Thomas Cook (India) Limited has informed the Exchange regarding a press release dated September 02, 2026 titled, "Thomas Cook India & SOTC Travel Launch Exclusive Lakshadweep Charter Flights from Bengaluru for Year-End 2026".
2026-09-01 - Thomas Cook (India) Limited has informed the Exchange regarding a press release dated September 01, 2026, titled "Thomas Cook India strengthens Tamil Nadu footprint, Opens outlet in Manapakkam, Chennai".
2026-09-01 - Thomas Cook (India) Limited has informed the Exchange about receipt of Observation Letter from BSE Limited in relation to Composite Scheme of Arrangement.
2026-08-28 - Thomas Cook (India) Limited has informed the Exchange regarding press release of M/s. Sterling Holiday Resorts Limited, wholly owned Subsidiary of M/s. Thomas Cook (India) Limited dated August 28, 2026, titled "Sterling Puts Bastar on the Traveller's Map with its 80th Resort".
News
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