TSC India Ltd.

•

tscindialimited.comBSE: -NSE: TSC

Market Cap₹ 80 Cr.

Current Price

High / Low₹ 71 / 25

Stock P/E21.6

Book Value₹ 31

Price to Book1.49

Dividend Yield0.00 %

ROCE23.8 %

ROE40.1 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Travel Services: 93.3% • Financial Services: 6.7%

AI Sector View

AI GENERATED

Consumer Services

Buy

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.

Confidence

73%

View full sector analysis →

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 47.0%
Company has a healthy return on capital (ROCE) of 24.8%

CONS

Company has a high debt-to-equity of 1.61x
Operating cash flow has been negative in recent years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.36x)
Equity base is being diluted - shares outstanding up 439.1%
Working capital days have increased from 99 to 187 days
Operating margins have contracted to 31.9% from 61.5%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Consumer ServicesHospitalityTravel Services

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	IRCTC	462.90	26.59	37032.00	1.94	330.16	-0.16	1369.53	18.10	47.50	28.23
2.	TBOTEK	1678.50	68.86	18226.46	0.00	83.36	32.38	925.78	81.07	19.59	14.91
3.	CORDELIA	112.75	156.54	8162.48	0.00	227.73	—	1901.12	—	74.77	23.68
4.	IXIGO	158.85	81.90	7006.64	0.00	34.24	80.75	356.75	13.44	6.67	5.72
5.	THOMASCOOK	108.65	23.37	5110.68	0.46	63.71	-13.39	2091.89	-13.13	21.13	4.46
6.	EASEMYTRIP	5.83	0.00	2323.05	0.00	-11.69	-363.84	134.71	18.38	21.68	-9.98
7.	YATRA	115.40	58.13	1810.81	0.00	0.34	-97.88	187.90	-10.45	7.03	6.61
8.	DREAMFOLKS	66.23	0.00	352.81	0.00	-13.83	-165.03	39.01	-88.82	6.00	-53.24
9.	INTLTRAVHS	283.40	13.14	226.56	1.94	5.64	-17.93	55.27	-3.06	15.00	14.06
10.	TRANSCOR	25.45	8.53	81.47	2.36	2.18	113.84	284.99	24.31	15.40	0.68
11.	TSC	54.85	21.58	79.64	0.00	1.74	—	8.10	—	23.75	35.06

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2024	Jun 2025
	6	8
	4	5
Operating Profit	2	3
OPM %	36.89%	34.94%
	0	0
Interest	0	0
Depreciation	0	0
Profit before Tax	2	2
Tax %	25.41%	27.50%
Net Profit	0	2
	1.73	1.57

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	5	9	19	26
	2	7	12	18
Operating Profit	2	2	7	8
OPM %	52.44%	25.12%	35.93%	31.87%
	0	0	1	1
Interest	2	1	1	1
Depreciation	0	1	1	1
Profit before Tax	1	2	6	7
Tax %	44.23%	28.12%	25.23%	26.60%
Net Profit	0	1	5	5
EPS	1.50	2.54	21.73	4.71
Dividend Payout %	0.00%	0.00%	0.00%	0.00%

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 79%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 157%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 47%
Last Year:: 40%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	2	2	2	10
Minority Interest	1	1	2	3
	2	3	7	5
	5	13	17	25
Trade Payables	4	5	22	13
	1	1	4	3
Total Liabilities	14	26	53	61
	1	3	3	2
	0	0	30	30
Cash & Bank	2	0	6	4
	12	23	15	25
Total Assets	14	26	53	61

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	4	-1	-0	-13
Cash from Investing	-5	-7	2	1
Cash from Financing	-3	8	4	10
	-4	-0	5	-2

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jul 2025	Sep 2025	Mar 2026
	66.85	66.85	64.68
	1.34	0.17	0.00
	8.23	5.52	2.42
Government	0.00	0.00	0.00
	23.58	27.45	32.89

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for TSC

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TSC India Ltd.

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Name

IRCTC

462.90

26.59

37032.00

1.94

330.16

-0.16

1369.53

18.10

47.50

28.23

TBOTEK

1678.50

68.86

18226.46

0.00

83.36

32.38

925.78

81.07

19.59

14.91

CORDELIA

112.75

156.54

8162.48

0.00

227.73

—

1901.12

—

74.77

23.68

IXIGO

158.85

81.90

7006.64

0.00

34.24

80.75

356.75

13.44

6.67

5.72

THOMASCOOK

108.65

23.37

5110.68

0.46

63.71

-13.39

2091.89

-13.13

21.13

4.46

EASEMYTRIP

5.83

0.00

2323.05

0.00

-11.69

-363.84

134.71

18.38

21.68

-9.98

YATRA

115.40

58.13

1810.81

0.00

0.34

-97.88

187.90

-10.45

7.03

6.61

DREAMFOLKS

66.23

0.00

352.81

0.00

-13.83

-165.03

39.01

-88.82

6.00

-53.24

INTLTRAVHS

283.40

13.14

226.56

1.94

5.64

-17.93

55.27

-3.06

15.00

14.06

TRANSCOR

25.45

8.53

81.47

2.36

2.18

113.84

284.99

24.31

15.40

0.68

TSC

54.85

21.58

79.64

0.00

1.74

—

8.10

—

23.75

35.06

Jun 2024

Jun 2025

Operating Profit

OPM %

36.89%

34.94%

Interest

Depreciation

Profit before Tax

Tax %

25.41%

27.50%

Net Profit

1.73

1.57

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Operating Profit

OPM %

52.44%

25.12%

35.93%

31.87%

Interest

Depreciation

Profit before Tax

Tax %

44.23%

28.12%

25.23%

26.60%

Net Profit

EPS

1.50

2.54

21.73

4.71

Dividend Payout %

0.00%

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

Minority Interest

Trade Payables

Total Liabilities

Cash & Bank

Total Assets

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-1

-0

-13

Cash from Investing

-5

-7

Cash from Financing

-3

-4

-0

-2

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jul 2025

Sep 2025

Mar 2026

66.85

64.68

1.34

0.17

0.00

8.23

5.52

2.42

Government

0.00

23.58

27.45

32.89

TSC India Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

TSC India Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI