WEBSITE BSE:500213 NSE: INTER.TRAVEL Inc. Year: 1981 Industry: Travel Services My Bucket: Add Stock
Last updated: 11:28
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1. Business Overview
International Travel House Ltd. (ITH) is a prominent travel services company based in India. Its core business involves providing a comprehensive range of travel-related solutions to both corporate and leisure clients. This includes corporate travel management, facilitating domestic and international leisure travel, organizing Meetings, Incentives, Conferences, and Exhibitions (MICE), and offering car rental services. The company's business model revolves around earning commissions from airlines, hotels, and other travel suppliers, service fees for managing corporate accounts, and markups on customized travel packages and car rentals.
2. Key Segments / Revenue Mix
While specific revenue contributions are not publicly detailed without financial statements, ITH's operations typically span the following key segments:
Corporate Travel Management: Catering to business travel needs, including flight bookings, hotel accommodations, ground transportation, and travel policy compliance for various companies. This is likely a significant revenue driver given the "Travel House" designation often implying corporate focus.
Leisure Travel: Offering customized holiday packages, group tours, individual travel arrangements for domestic and international destinations.
MICE (Meetings, Incentives, Conferences, Exhibitions): Specialized services for organizing corporate events, conventions, and incentive travel programs.
Car Rental Services: Providing chauffeur-driven cars and rental vehicles for corporate and leisure clients across multiple locations.
3. Industry & Positioning
The Indian travel services industry is highly competitive and fragmented, characterized by the presence of large global players, national chains, regional agencies, and a rapidly growing segment of Online Travel Agencies (OTAs). International Travel House Ltd. operates as a traditional, full-service travel management company. Its affiliation with the ITC Group provides it with a strong brand backing and credibility, particularly in the corporate and premium leisure segments. It positions itself as a reliable, experienced provider emphasizing personalized service and end-to-end travel solutions, competing with other established travel agencies and specialized corporate travel providers.
4. Competitive Advantage (Moat)
International Travel House benefits from several competitive advantages:
Brand Reputation & Trust: Its association with the reputable ITC Group lends significant brand credibility and trust, especially vital for corporate clients seeking reliable and compliant travel partners.
Established Relationships & Network: Long-standing relationships with airlines, hotels, and other suppliers, allowing for favorable rates and service quality. It also possesses an extensive network of offices and service points within India.
Corporate Client Base: A robust and often sticky corporate client base built over years, where switching travel management providers can involve significant operational changes and costs.
Service Expertise: Deep understanding and expertise in managing complex travel logistics, corporate travel policies, and MICE events, which often require human touchpoints beyond automated online platforms.
5. Growth Drivers
Economic Growth & Rising Disposable Incomes in India: Fuels both business and leisure travel demand.
Increased Corporate Travel: As businesses expand and globalization continues, corporate travel and MICE activities are expected to grow.
Rebound in Tourism: Continued recovery and growth in domestic and international tourism post-pandemic.
Digital Transformation: Adoption of new technologies to enhance booking efficiency, customer experience, and operational effectiveness.
Expanding Market Reach & Services: Potential for geographic expansion within India or introduction of new specialized travel services.
6. Risks
Intense Competition: Pressure from aggressive pricing by OTAs and other traditional travel agencies, impacting margins.
Economic Downturns: Travel, especially leisure and corporate, is highly sensitive to economic cycles and slowdowns.
Geopolitical & Health Events: Unforeseen events like pandemics, political instability, or natural disasters can severely disrupt the travel industry.
Technological Disruption: Rapid advancements in AI and automated booking tools could challenge traditional service models if not adapted effectively.
Regulatory Changes: Changes in visa policies, aviation regulations, or taxation can impact operations and profitability.
Supplier Dependence: Reliance on airlines, hotels, and other third-party suppliers, where changes in terms or availability can affect service delivery.
7. Management & Ownership
International Travel House Ltd. is promoted by the ITC Group, one of India's largest and most respected conglomerates. This implies a professional and experienced management team, likely drawing on the corporate governance standards and strategic direction of the parent group. The ownership structure would typically involve a significant promoter holding (ITC and its subsidiaries), with the remaining shares held by public shareholders and institutional investors.
8. Outlook
International Travel House is well-positioned to capitalize on India's growing travel market, driven by economic expansion and increasing discretionary spending. Its strong brand affiliation with ITC, established corporate client base, and extensive service network provide a solid foundation. The company's ability to offer personalized, comprehensive travel solutions differentiates it from purely transactional online platforms.
However, the company operates in a highly dynamic and competitive industry. Sustained growth will depend on its capacity to innovate, effectively integrate technology to enhance customer experience and operational efficiency, and adapt to evolving traveler preferences and market disruptions. While the brand and relationships offer resilience, margin pressures from intense competition and susceptibility to global economic or health crises remain ongoing challenges. The outlook is cautiously optimistic, balancing the growth potential of the Indian market with inherent industry volatilities and competitive pressures.
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Market Cap ₹245 Cr.
Stock P/E 9
P/B 1.4
Current Price ₹307
Book Value ₹ 224.3
Face Value 10
52W High ₹552.2
Dividend Yield 1.79%
52W Low ₹ 266
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 54 | 59 | 56 | 61 | 58 | 61 | 57 | 59 | 58 | 57 |
| Other Income | 1 | 2 | 1 | 2 | 1 | 2 | 2 | 1 | 1 | 1 |
| Total Income | 55 | 60 | 57 | 63 | 60 | 63 | 59 | 61 | 59 | 58 |
| Total Expenditure | 46 | 50 | 46 | 51 | 51 | 50 | 48 | 50 | 51 | 49 |
| Operating Profit | 9 | 10 | 11 | 12 | 9 | 12 | 11 | 11 | 8 | 9 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6 | 0 |
| Profit Before Tax | 7 | 8 | 9 | 10 | 7 | 11 | 9 | 9 | 0 | 7 |
| Provision for Tax | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 0 | 2 |
| Profit After Tax | 5 | 6 | 7 | 7 | 5 | 8 | 7 | 6 | -0 | 5 |
| Adjustments | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 5 | 6 | 7 | 7 | 5 | 8 | 7 | 6 | -0 | 5 |
| Adjusted Earnings Per Share | 6.2 | 7.7 | 8.4 | 9.3 | 6.7 | 9.5 | 8.6 | 8 | -0 | 6.5 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 181 | 196 | 202 | 204 | 208 | 209 | 59 | 94 | 184 | 217 | 236 | 231 |
| Other Income | 3 | 5 | 4 | 3 | 2 | 1 | 3 | 2 | 3 | 4 | 7 | 5 |
| Total Income | 183 | 201 | 206 | 208 | 211 | 211 | 62 | 97 | 187 | 221 | 242 | 237 |
| Total Expenditure | 149 | 172 | 175 | 184 | 195 | 206 | 97 | 101 | 162 | 183 | 198 | 198 |
| Operating Profit | 34 | 29 | 31 | 23 | 15 | 4 | -35 | -4 | 25 | 38 | 45 | 39 |
| Interest | 1 | 1 | 1 | 1 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 0 |
| Depreciation | 7 | 12 | 12 | 11 | 11 | 12 | 10 | 6 | 6 | 7 | 7 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6 |
| Profit Before Tax | 26 | 16 | 18 | 12 | 4 | -8 | -45 | -11 | 18 | 30 | 37 | 25 |
| Provision for Tax | 8 | 6 | 7 | 5 | 2 | -1 | 0 | 0 | -10 | 8 | 10 | 6 |
| Profit After Tax | 18 | 10 | 11 | 7 | 3 | -7 | -45 | -11 | 28 | 23 | 27 | 18 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 18 | 10 | 11 | 7 | 3 | -7 | -45 | -11 | 28 | 23 | 27 | 18 |
| Adjusted Earnings Per Share | 23 | 12 | 14 | 8.7 | 3.4 | -9.3 | -56.4 | -13.4 | 35.5 | 28.1 | 34 | 23.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 9% | 36% | 2% | 3% |
| Operating Profit CAGR | 18% | 0% | 62% | 3% |
| PAT CAGR | 17% | 0% | 0% | 4% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -39% | 1% | 37% | 6% |
| ROE Average | 18% | 20% | 3% | 4% |
| ROCE Average | 24% | 22% | 4% | 6% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 145 | 158 | 162 | 164 | 162 | 150 | 105 | 95 | 123 | 142 | 165 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 5 | 6 | 5 | 3 | 2 | 4 | 3 | 2 | -8 | 0 | 0 |
| Total Current Liabilities | 43 | 37 | 46 | 40 | 45 | 40 | 32 | 36 | 53 | 59 | 62 |
| Total Liabilities | 193 | 201 | 213 | 208 | 209 | 194 | 140 | 134 | 168 | 201 | 228 |
| Fixed Assets | 47 | 50 | 40 | 31 | 34 | 36 | 25 | 19 | 25 | 22 | 28 |
| Other Non-Current Assets | 6 | 6 | 6 | 7 | 7 | 14 | 12 | 14 | 13 | 15 | 14 |
| Total Current Assets | 140 | 145 | 166 | 169 | 168 | 145 | 103 | 101 | 130 | 164 | 186 |
| Total Assets | 193 | 201 | 213 | 208 | 209 | 194 | 140 | 134 | 168 | 201 | 228 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 4 | 4 | 8 | 3 | 22 | 12 | 2 | 4 | 6 | 9 | 18 |
| Cash Flow from Operating Activities | 14 | 15 | 14 | -7 | -11 | 24 | 36 | -19 | 9 | 49 | 38 |
| Cash Flow from Investing Activities | -10 | -7 | -15 | 30 | 4 | -30 | -33 | 21 | -6 | -37 | -15 |
| Cash Flow from Financing Activities | -4 | -4 | -4 | -4 | -4 | -4 | -1 | -1 | -0 | -3 | -5 |
| Net Cash Inflow / Outflow | -0 | 4 | -5 | 19 | -10 | -10 | 2 | 2 | 3 | 9 | 18 |
| Closing Cash & Cash Equivalent | 4 | 8 | 3 | 22 | 12 | 2 | 4 | 6 | 9 | 18 | 36 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 22.99 | 12.02 | 13.98 | 8.7 | 3.35 | -9.27 | -56.37 | -13.38 | 35.51 | 28.15 | 33.96 |
| CEPS(Rs) | 31.42 | 26.94 | 29.05 | 22.49 | 16.52 | 5.14 | -44.47 | -5.54 | 42.98 | 37.37 | 43.01 |
| DPS(Rs) | 4.25 | 4.25 | 4.25 | 4.25 | 2.5 | 0 | 0 | 0 | 3.5 | 5 | 5.5 |
| Book NAV/Share(Rs) | 181.77 | 197.91 | 202.65 | 205.07 | 202.41 | 188.16 | 131.85 | 119.12 | 154.07 | 178.21 | 206.85 |
| Core EBITDA Margin(%) | 17.36 | 12.02 | 13.33 | 9.83 | 6.11 | 1.34 | -63.86 | -6.79 | 11.93 | 15.88 | 16.18 |
| EBIT Margin(%) | 15.21 | 8.68 | 9.44 | 6.08 | 2.25 | -3.52 | -75.22 | -11.01 | 10.24 | 14.29 | 15.93 |
| Pre Tax Margin(%) | 14.51 | 8.22 | 9.08 | 5.63 | 2.04 | -4.02 | -75.88 | -11.35 | 9.95 | 14.01 | 15.61 |
| PAT Margin (%) | 10.17 | 4.9 | 5.54 | 3.4 | 1.29 | -3.54 | -75.88 | -11.35 | 15.42 | 10.35 | 11.52 |
| Cash Profit Margin (%) | 13.91 | 10.99 | 11.52 | 8.8 | 6.34 | 1.96 | -59.86 | -4.7 | 18.67 | 13.75 | 14.59 |
| ROA(%) | 9.81 | 4.87 | 5.39 | 3.31 | 1.29 | -3.67 | -26.94 | -7.81 | 18.81 | 12.17 | 12.65 |
| ROE(%) | 13.27 | 6.33 | 6.98 | 4.27 | 1.65 | -4.75 | -35.23 | -10.66 | 25.99 | 16.94 | 17.64 |
| ROCE(%) | 19.84 | 11.21 | 11.88 | 7.62 | 2.88 | -4.72 | -34.92 | -10.34 | 17.25 | 23.38 | 24.39 |
| Receivable days | 181.58 | 175.77 | 181.06 | 196.85 | 217.21 | 206.18 | 411.58 | 151.45 | 118.96 | 112.83 | 93.97 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 10.89 | 14.08 | 14 | 21.12 | 41.39 | 0 | 0 | 0 | 5.89 | 21.26 | 12.65 |
| Price/Book(x) | 1.38 | 0.85 | 0.97 | 0.9 | 0.69 | 0.24 | 0.44 | 0.99 | 1.36 | 3.36 | 2.08 |
| Dividend Yield(%) | 1.7 | 2.51 | 2.17 | 2.31 | 1.8 | 0 | 0 | 0 | 1.67 | 0.84 | 1.28 |
| EV/Net Sales(x) | 1.05 | 0.62 | 0.73 | 0.6 | 0.46 | 0.15 | 0.29 | 0.82 | 0.86 | 2.12 | 1.2 |
| EV/Core EBITDA(x) | 5.56 | 4.17 | 4.76 | 5.23 | 6.34 | 7.69 | -0.49 | -18.84 | 6.35 | 11.97 | 6.31 |
| Net Sales Growth(%) | 5.2 | 8.46 | 2.88 | 1.39 | 1.86 | 0.49 | -71.61 | 58.63 | 95.36 | 18.08 | 8.42 |
| EBIT Growth(%) | -0.77 | -38.1 | 11.81 | -34.71 | -62.28 | -257.29 | -506.38 | 76.79 | 281.72 | 64.83 | 20.88 |
| PAT Growth(%) | 1.5 | -47.73 | 16.3 | -37.76 | -61.47 | -376.55 | -508.1 | 76.26 | 365.38 | -20.72 | 20.66 |
| EPS Growth(%) | 1.5 | -47.73 | 16.3 | -37.76 | -61.47 | -376.56 | -508.1 | 76.26 | 365.38 | -20.72 | 20.66 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 3.29 | 3.94 | 3.61 | 4.2 | 3.7 | 3.66 | 3.21 | 2.79 | 2.46 | 2.8 | 3 |
| Quick Ratio(x) | 3.29 | 3.94 | 3.61 | 4.2 | 3.7 | 3.66 | 3.21 | 2.79 | 2.46 | 2.8 | 3 |
| Interest Cover(x) | 21.75 | 18.75 | 26.92 | 13.73 | 10.78 | -7.05 | -113.23 | -31.58 | 35.66 | 50.08 | 49.71 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 61.69 | 61.69 | 61.69 | 61.69 | 61.69 | 61.69 | 61.69 | 61.69 | 61.69 | 61.69 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 38.31 | 38.31 | 38.31 | 38.31 | 38.3 | 38.3 | 38.3 | 38.3 | 38.3 | 38.3 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 |
* The pros and cons are machine generated.
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