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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹4364 Cr.
Stock P/E
16.9
P/B
1.7
Current Price
₹92.8
Book Value
₹ 54.1
Face Value
1
52W High
₹188.5
52W Low
₹ 86.2
Dividend Yield
0.54%

Thomas Cook (India) Overview

Business

Thomas Cook (India) Ltd. (TCIL) is a diversified travel and travel-related financial services company. Its core business revolves around providing a comprehensive suite of services to leisure and corporate travelers. This includes foreign exchange services (selling/buying foreign currency, travel cards), leisure travel (outbound, inbound, and domestic packages, customized tours), corporate travel management, MICE (Meetings, Incentives, Conferences, Exhibitions), visa services, travel insurance, and passport assistance. The company generates revenue through commissions, mark-ups on travel products and services, exchange rate margins on foreign currency transactions, and service fees.

Revenue Mix

TCIL's major business segments include:

Foreign Exchange: A significant part of its business, involving retail and wholesale foreign currency exchange, remittances, and pre-paid travel cards.

Leisure Travel: Offers both packaged tours and customized travel solutions for domestic and international destinations. This includes group tours, individual holidays, cruise holidays, and pilgrimage tours.

Corporate Travel: Provides end-to-end travel management solutions for businesses, including ticketing, accommodation, and expense management.

MICE (Meetings, Incentives, Conferences & Exhibitions): Specializes in organizing and managing corporate events, incentive trips, conferences, and exhibitions for businesses.

Visa & Passport Services: Facilitates visa applications and passport-related services.

Destination Management Services: Through its subsidiaries (e.g., SITA/Travel Corporation India), it offers inbound travel services for foreign tourists visiting India and manages ground handling for various tour operators.

While specific percentage contributions vary by fiscal year and market conditions, Foreign Exchange and Leisure Travel typically form the largest components of its revenue mix.

Industry

The Indian travel services industry is dynamic, fragmented, and highly competitive, characterized by a mix of organized players and a large number of unorganized local agents. It is significantly influenced by economic growth, disposable incomes, and technological advancements. Thomas Cook (India) Ltd. is one of the oldest and most recognized brands in the Indian travel sector. It holds a leading position in the organized foreign exchange market and is a prominent player in outbound leisure travel, corporate travel, and MICE segments. Its extensive network of owned and franchised outlets gives it a significant physical presence across India, complementing its digital channels.

MOAT

Brand Recognition & Trust: Thomas Cook is a legacy brand in India, enjoying high recall and customer trust built over decades, particularly important in the high-value travel and forex segments.

Extensive Network: A vast retail presence (physical branches and franchise outlets) across major Indian cities and towns, which is crucial for foreign exchange services and catering to diverse customer segments, especially in tier 2/3 cities.

Diversified Service Portfolio: Its comprehensive offering across forex, leisure, corporate, and MICE services provides multiple revenue streams and allows for cross-selling opportunities, reducing reliance on any single segment.

Scale and Relationships: As a large organized player, it benefits from scale advantages in negotiations with airlines, hotels, and destination partners, potentially securing better rates and inventory.

Financial Backing: Being part of the Fairfax India Holdings Corporation (a Prem Watsa company) provides significant financial stability and strategic support.

Growth Drivers

Rising Disposable Incomes & Aspirations: Increasing affluence and a growing middle class in India are fueling demand for both domestic and international travel, as well as premium travel experiences.

Growing Outbound Travel: India is one of the fastest-growing outbound travel markets globally, directly benefiting TCIL's leisure travel segment.

Corporate Sector Growth & MICE: Expansion of businesses and increasing corporate events, conferences, and incentive travel will drive demand for corporate travel and MICE services.

Digital Adoption: Leveraging online platforms and mobile apps to reach a wider customer base and enhance booking experiences.

Inorganic Growth/Acquisitions: Potential strategic acquisitions to expand market share, service offerings, or geographical reach.

Government Initiatives: Promotion of domestic tourism and improving travel infrastructure can boost internal travel.

Risks

Economic Downturns: Travel is a discretionary expense, making the company susceptible to economic slowdowns, recession, or reduced consumer spending.

Geopolitical Events & Health Crises: Pandemics, political instability, terrorism, or natural disasters can severely disrupt travel demand and operations (e.g., COVID-19 impact).

Intense Competition: Competition from online travel agencies (OTAs), new-age travel startups, other traditional players, and even direct bookings by consumers.

Regulatory & Visa Policy Changes: Changes in foreign exchange regulations, visa policies, or international travel restrictions can impact business.

Currency Volatility: As a significant player in foreign exchange, adverse movements in currency rates can impact profitability.

Digital Disruption: Failure to adapt to evolving digital trends and consumer preferences for online bookings and digital solutions could lead to loss of market share.

Reputational Risk: While operating independently, the legacy connection to the now-defunct UK Thomas Cook Group could carry some residual reputational risk, though TCIL has clearly differentiated itself.

Management & Ownership

Thomas Cook (India) Ltd. is part of the Fairfax Financial Holdings Limited group, through its subsidiary Fairfax India Holdings Corporation, which is the promoter and controlling shareholder of TCIL. The company is professionally managed with a board comprising independent directors and experienced industry professionals. Fairfax's ownership provides strong financial backing and strategic oversight, emphasizing long-term value creation.

Outlook

Thomas Cook (India) Ltd. is well-positioned to capitalize on India's growing travel and tourism market, driven by increasing disposable incomes and aspirational spending. Its strong brand, extensive network, and diversified service portfolio across leisure, corporate, and foreign exchange segments provide resilience. The company benefits from its controlling shareholder, Fairfax India, providing financial stability. However, the travel industry remains susceptible to macroeconomic fluctuations, geopolitical events, and intense competition, including from rapidly evolving digital players. Navigating these challenges while leveraging its brand legacy and expanding its digital footprint will be crucial for sustained growth in the dynamic Indian travel landscape.

Thomas Cook (India) Share Price

Live · BSE / NSE · Inception: 1978
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Thomas Cook (India) Quarterly Results

#(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 1893 1664 2106 2004 2061 1969 2408 2074 2146 1771
Other Income 48 29 28 43 22 53 45 39 41 35
Total Income 1941 1693 2134 2047 2083 2022 2453 2113 2187 1805
Total Expenditure 1777 1573 1970 1879 1945 1871 2281 1966 2031 1692
Operating Profit 164 120 164 168 138 151 172 147 155 113
Interest 24 26 22 24 26 24 24 24 24 23
Depreciation 33 33 34 35 37 36 36 39 41 42
Exceptional Income / Expenses 0 0 0 0 -4 -3 0 26 -30 -2
Profit Before Tax 107 61 109 110 71 88 111 110 60 46
Provision for Tax 17 4 36 38 25 25 38 39 15 19
Profit After Tax 90 56 73 72 47 63 73 71 45 28
Adjustments -7 0 2 -7 3 1 -1 -4 -3 11
Profit After Adjustments 82 57 75 65 50 65 72 66 42 39
Adjusted Earnings Per Share 1.8 1.2 1.6 1.4 1.1 1.4 1.5 1.4 0.9 0.8

Thomas Cook (India) Profit & Loss

#(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 3244 6094 8762 11248 6603 6833 795 1888 5048 7299 8140 8399
Other Income 42 63 84 163 115 116 151 59 64 138 148 160
Total Income 3286 6157 8847 11412 6719 6948 946 1948 5111 7437 8287 8558
Total Expenditure 3003 5910 8425 10877 6521 6727 1148 2077 4870 6865 7666 7970
Operating Profit 284 248 422 534 198 222 -202 -130 241 572 622 587
Interest 71 92 132 149 73 101 62 62 89 99 95 95
Depreciation 41 61 91 137 67 151 148 129 124 128 142 158
Exceptional Income / Expenses 0 -94 0 5825 0 -39 -4 -3 -2 0 -7 -6
Profit Before Tax 171 1 199 6091 110 -69 -416 -322 27 345 382 327
Provision for Tax 59 59 113 -41 21 -51 -121 -68 16 74 124 111
Profit After Tax 112 -59 86 6131 89 -18 -295 -254 10 271 258 217
Adjustments -22 -19 -43 -163 -4 17 41 25 -4 -12 -4 3
Profit After Adjustments 90 -78 43 5968 85 -1 -254 -229 6 259 254 219
Adjusted Earnings Per Share 3.3 -2.1 1.2 161.2 2.3 -0 -6.7 -5.2 0.1 5.5 5.4 4.6

Thomas Cook (India) Balance Sheet

#(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 1334 1248 1986 8671 8893 1664 1929 1695 1713 2057 2260
Minority's Interest 210 103 284 13 62 30 -13 -40 -39 -25 -23
Borrowings 102 569 738 231 241 188 117 128 143 108 99
Other Non-Current Liabilities 356 413 633 329 755 929 714 561 560 652 686
Total Current Liabilities 1125 2566 3324 2815 3029 2566 1771 1978 2994 3381 3892
Total Liabilities 3126 4899 6965 12060 12981 5377 4519 4322 5371 6174 6914
Fixed Assets 1206 1903 2843 1723 2403 2707 2628 2580 2576 2770 2809
Other Non-Current Assets 309 340 607 7445 7611 445 422 397 400 512 511
Total Current Assets 1611 2655 3515 2893 2967 2224 1468 1345 2396 2892 3595
Total Assets 3126 4899 6965 12060 12981 5377 4519 4322 5371 6174 6914

Thomas Cook (India) Cash Flow

#(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 148 178 944 1125 900 722 488 593 246 485 586
Cash Flow from Operating Activities 131 383 273 -244 253 120 -581 -139 649 829 717
Cash Flow from Investing Activities -646 -168 -257 -100 -276 -199 353 -125 -186 -439 -329
Cash Flow from Financing Activities 565 548 161 477 -167 -170 335 -85 -230 -291 -183
Net Cash Inflow / Outflow 50 763 177 133 -190 -249 107 -349 232 99 205
Closing Cash & Cash Equivalent 237 944 1125 900 722 488 593 246 485 586 795

Thomas Cook (India) Ratios

# 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) 3.31 -2.13 1.18 161.21 2.29 -0.02 -6.72 -5.18 0.14 5.51 5.41
CEPS(Rs) 5.64 0.06 4.84 169.31 4.21 3.51 -3.89 -2.83 2.86 8.48 8.51
DPS(Rs) 0.5 0.38 0.38 0.38 0.38 0 0 0 0.4 0.6 0.45
Book NAV/Share(Rs) 48.3 33.27 40.65 233.26 227.13 31.59 24.77 22.55 24.43 30.65 35.27
Core EBITDA Margin(%) 7.45 3.03 3.86 3.3 1.24 1.55 -44.43 -10.02 3.52 5.95 5.82
EBIT Margin(%) 7.47 1.53 3.78 55.47 2.78 0.47 -44.56 -13.8 2.3 6.09 5.86
Pre Tax Margin(%) 5.27 0.02 2.27 54.15 1.67 -1 -52.38 -17.06 0.53 4.73 4.69
PAT Margin (%) 3.46 -0.96 0.98 54.51 1.35 -0.26 -37.13 -13.45 0.21 3.71 3.17
Cash Profit Margin (%) 4.74 0.03 2.03 55.72 2.36 1.95 -18.51 -6.63 2.66 5.46 4.92
ROA(%) 4.83 -1.46 1.45 64.46 0.71 -0.19 -5.97 -5.74 0.21 4.7 3.95
ROE(%) 11.21 -4.62 6.36 121.1 1.04 -0.37 -27.69 -26.25 0.97 20.93 16.67
ROCE(%) 18.78 4.65 11.65 99.95 2.05 0.62 -19.83 -15.06 7.29 27.42 26.65
Receivable days 54.85 44.1 38.09 30.16 46.62 34.81 138.31 35.15 29.02 30.33 28.65
Inventory Days 0.2 0.2 0.26 0.16 0.47 1.04 9.31 3.79 1.87 1.76 1.72
Payable days 1882.57 0 0 0 0 0 0 0 0 0 0
PER(x) 63.26 0 195.19 1.75 110.45 0 0 0 408.52 30.21 24.9
Price/Book(x) 4.33 5.65 5.69 1.21 1.11 0.76 1.98 3.03 2.3 5.43 3.82
Dividend Yield(%) 0.24 0.2 0.16 0.13 0.15 0 0 0 0.71 0.36 0.33
EV/Net Sales(x) 1.79 1.14 0.97 0.87 1.32 0.05 1.83 1.62 0.45 0.94 0.68
EV/Core EBITDA(x) 20.47 28 20.13 18.34 44.03 1.63 -7.2 -23.64 9.4 11.99 8.96
Net Sales Growth(%) 152.07 87.84 43.79 28.37 -41.3 3.47 -88.36 137.52 167.32 44.61 11.51
EBIT Growth(%) 78.17 -61.57 255.47 1786.13 -97.06 -82.32 -1193.49 26.43 144.5 282.97 7.33
PAT Growth(%) 63.46 -152.09 247.13 7020.92 -98.55 -119.87 -1572.31 13.99 104.08 2514.37 -4.69
EPS Growth(%) 31.58 -164.4 155.62 0 -98.58 -100.8 0 22.86 102.65 3910.63 -1.81
Debt/Equity(x) 0.28 0.86 0.94 0.05 0.04 0.43 0.48 0.4 0.34 0.15 0.15
Current Ratio(x) 1.43 1.03 1.06 1.03 0.98 0.87 0.83 0.68 0.8 0.86 0.92
Quick Ratio(x) 1.43 1.03 1.05 1.03 0.98 0.86 0.82 0.67 0.79 0.84 0.91
Interest Cover(x) 3.4 1.01 2.5 41.88 2.51 0.32 -5.69 -4.23 1.3 4.48 5.04
Total Debt/Mcap(x) 0.07 0.15 0.17 0.04 0.04 0.56 0.24 0.15 0.15 0.03 0.04

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +12% +63% +4% +10%
Operating Profit CAGR +9% +23% +8%
PAT CAGR -5% +9%
Share Price CAGR -42% +13% +8% -7%
ROE Average +17% +13% -3% +11%
ROCE Average +27% +20% +5% +15%

Thomas Cook (India) Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 63.83 %
FII 7.56 %
DII (MF + Insurance) 6.65 %
Public (retail) 36.17 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 63.8363.8363.8363.8363.8363.8363.8363.8363.8363.83
FII 1.832.293.163.574.374.524.415.327.287.56
DII 9.328.729.179.929.578.27.917.456.946.65
Public 36.1736.1736.1736.1736.1736.1736.1736.1736.1736.17
Others 0000000000
Total 100100100100100100100100100100

Thomas Cook (India) Peer Comparison

Travel Services Edit Columns

Thomas Cook (India) Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Thomas Cook (India) Pros & Cons

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 13% over the last 3 years.
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