Travel Services · Founded 1949 · www.tradewings.in · BSE 509953 · · ISIN INE961E01017
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Here's a structured overview of Trade-Wings Ltd. based on general industry knowledge, given the limited specific company details:
Trade-Wings Ltd.
1. Business Overview
Trade-Wings Ltd. operates in the Travel Services industry in India. Its core business involves providing a range of travel-related services to individuals and corporate clients. This typically includes airline ticketing (domestic and international), hotel reservations, holiday tour packages (inbound and outbound), visa and passport assistance, foreign exchange services, travel insurance, and corporate travel management. The company's business model is primarily service-oriented, generating revenue through commissions from airlines, hotels, and other travel suppliers, as well as service fees and markups on customized tour packages.
2. Key Segments / Revenue Mix
Specific revenue breakdown for Trade-Wings Ltd. is not publicly available. However, for a general travel services company, common segments typically include:
Leisure Travel: Sales of holiday packages, individual flight and hotel bookings for personal travel.
Corporate Travel: Managing travel needs for businesses, including flights, hotels, ground transportation, and MICE (Meetings, Incentives, Conferences, Exhibitions) services.
Ancillary Services: Visa processing, travel insurance, foreign exchange.
Without specific data, it is not possible to detail their contribution to the overall revenue mix.
3. Industry & Positioning
The Indian travel services industry is highly competitive and fragmented, characterized by the presence of large Online Travel Agencies (OTAs), traditional brick-and-mortar travel agents, specialized tour operators, and direct bookings with airlines/hotels. The industry has seen significant disruption from digitalization, with OTAs gaining substantial market share. Trade-Wings Ltd., as a traditional player, likely operates amidst this competition, potentially serving a niche of customers who prefer personalized service, complex itineraries, or corporate clients requiring managed travel solutions, or perhaps maintaining a regional presence. Its positioning relative to major national players or large OTAs would likely be that of a smaller, more personalized service provider.
4. Competitive Advantage (Moat)
Given its long-standing presence (implied by "Trade-Wings"), potential competitive advantages could include:
Brand Reputation & Trust: A history of reliable service can build trust with a loyal customer base, particularly in a service-oriented industry.
Customer Relationships: Strong, long-term relationships with corporate clients or high-net-worth individuals who value personalized service and dedicated account management.
Supplier Network: Established relationships with airlines, hotels, and ground operators, potentially enabling access to favorable rates or inventory for customized packages.
Specialized Expertise: Niche expertise in specific travel segments (e.g., luxury travel, specific international destinations, MICE, pilgrimage tours) that OTAs may not fully cater to.
However, these advantages can be challenged by the scale and technological prowess of large OTAs.
5. Growth Drivers
Key factors that could drive growth for Trade-Wings Ltd. over the next 3-5 years include:
Rising Disposable Incomes: Increasing affluence among the Indian middle and upper classes leads to higher discretionary spending on travel.
Growing Tourism: Both domestic and international tourism are expected to grow, supported by government initiatives and improved infrastructure.
Corporate Travel Recovery: A rebound in business travel and MICE activities post-pandemic.
Digitization & Hybrid Models: Successful adaptation to digital platforms and integration of online booking capabilities while retaining personalized service.
Niche Market Focus: Specializing in premium, experiential, or specific destination-based travel segments less prone to commoditization.
6. Risks
Economic Downturns: Travel is discretionary, making the company vulnerable to economic slowdowns or recessions affecting consumer and corporate spending.
Intense Competition: Fierce competition from well-funded OTAs with aggressive pricing and extensive online reach, as well as direct bookings.
Technological Disruption: Failure to innovate or adapt to new technologies (e.g., AI-driven personalization, real-time dynamic packaging) could lead to loss of market share.
Geopolitical Events & Pandemics: Global or regional instability, health crises (like COVID-19), or natural disasters can severely impact travel demand.
Airline/Hotel Failures: Reliance on third-party suppliers means their operational or financial distress can impact Trade-Wings' service delivery and reputation.
Regulatory Changes: Changes in visa policies, aviation regulations, or taxation could affect operations and profitability.
7. Management & Ownership
Specific information regarding the current promoters, detailed management quality, and precise ownership structure for Trade-Wings Ltd. is not publicly available or readily ascertainable from common sources. Without this data, an assessment of management quality or ownership concentration cannot be provided.
8. Outlook
Trade-Wings Ltd. operates in a dynamic Indian travel market offering significant growth potential due to increasing affluence and travel aspirations. The company's future hinges on its ability to navigate intense competition and technological disruption. A positive outlook would involve leveraging any existing brand equity and customer relationships, successfully integrating technology to offer seamless services, and potentially specializing in high-value or complex travel segments that are less susceptible to commoditization. Conversely, challenges include the ongoing threat from large, technologically advanced OTAs, sensitivity to economic fluctuations, and the inherent risks associated with global travel events. Its ability to adapt and differentiate will be critical for sustained relevance and growth.
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| #(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 | 62 | 62 | 66 | 52 | 68 | 63 | 68 | 59 | 67 | 68 |
| Other Income | 1 | 2 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 |
| Total Income | 63 | 64 | 67 | 54 | 69 | 66 | 70 | 61 | 69 | 70 |
| Total Expenditure | 60 | 61 | 67 | 54 | 65 | 61 | 68 | 61 | 66 | 67 |
| Operating Profit | 3 | 3 | 0 | -1 | 4 | 5 | 1 | -0 | 3 | 4 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 2 | -1 | -1 | 3 | 3 | 0 | -2 | 1 | 2 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -1 |
| Profit After Tax | 2 | 1 | -1 | -1 | 3 | 3 | 0 | -2 | 1 | 3 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 |
| Profit After Adjustments | 2 | 1 | -1 | -1 | 3 | 3 | 0 | -2 | 1 | 3 |
| Adjusted Earnings Per Share | 7.4 | 4.8 | -3.6 | -4.4 | 9.4 | 11.3 | 0.5 | -6.5 | 4.1 | 9.9 |
| #(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 | 37 | 40 | 43 | 290 | 307 | 248 | 37 | 87 | 214 | 242 | 249 | 262 |
| Other Income | 2 | 2 | 3 | 6 | 7 | 5 | 2 | 3 | 4 | 5 | 6 | 8 |
| Total Income | 39 | 41 | 47 | 297 | 314 | 253 | 40 | 90 | 218 | 248 | 256 | 270 |
| Total Expenditure | 34 | 36 | 41 | 291 | 306 | 249 | 41 | 88 | 210 | 239 | 247 | 262 |
| Operating Profit | 5 | 5 | 5 | 6 | 8 | 4 | -1 | 2 | 8 | 9 | 9 | 8 |
| Interest | 3 | 3 | 3 | 4 | 5 | 4 | 4 | 4 | 4 | 4 | 3 | 4 |
| Depreciation | 2 | 1 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 2 | 2 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | 0 | 1 | 0 | 1 | -2 | -6 | -3 | 3 | 4 | 4 | 1 |
| Provision for Tax | -0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | -0 | 0 | -0 | -1 |
| Profit After Tax | -0 | 0 | 0 | 0 | 1 | -2 | -7 | -3 | 3 | 3 | 4 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | 0 | 0 | 0 | 1 | -2 | -7 | -3 | 3 | 3 | 4 | 2 |
| Adjusted Earnings Per Share | -0.6 | 1.3 | 1.5 | 1.3 | 4.2 | -5.6 | -24.1 | -10.5 | 11.1 | 10.4 | 12.7 | 8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 3% | 42% | 0% | 21% |
| Operating Profit CAGR | 0% | 65% | 18% | 6% |
| PAT CAGR | 33% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 1225% | 137% | 65% | 20% |
| ROE Average | 0% | 0% | 0% | 0% |
| ROCE Average | 76% | 113% | 68% | 51% |
| #(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 | -9 | -8 | -8 | -8 | -7 | -9 | -16 | -19 | -17 | -15 | -11 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 6 | 7 | 6 | 6 | 9 | 9 | 11 | 19 | 20 | 14 | 17 |
| Other Non-Current Liabilities | 6 | 8 | 9 | 13 | 16 | 19 | 18 | 14 | 12 | 13 | 6 |
| Total Current Liabilities | 46 | 49 | 53 | 56 | 48 | 46 | 48 | 42 | 41 | 42 | 45 |
| Total Liabilities | 49 | 55 | 60 | 68 | 66 | 64 | 60 | 56 | 55 | 54 | 57 |
| Fixed Assets | 21 | 20 | 21 | 24 | 25 | 27 | 26 | 24 | 23 | 25 | 24 |
| Other Non-Current Assets | 1 | 1 | 1 | 4 | 4 | 5 | 2 | 1 | 3 | 3 | 1 |
| Total Current Assets | 27 | 34 | 39 | 39 | 37 | 32 | 33 | 30 | 29 | 25 | 32 |
| Total Assets | 49 | 55 | 60 | 68 | 66 | 64 | 60 | 56 | 55 | 54 | 57 |
| #(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 | 3 | 3 | 2 | 4 | 3 | 2 | 3 | 4 | 3 | 5 | 0 |
| Cash Flow from Operating Activities | 6 | 3 | 7 | 3 | 4 | 5 | 3 | 3 | 5 | 4 | 0 |
| Cash Flow from Investing Activities | -4 | -1 | -2 | -4 | -2 | -2 | 1 | 0 | -0 | -3 | 0 |
| Cash Flow from Financing Activities | -2 | -3 | -3 | 0 | -3 | -3 | -3 | -4 | -4 | -3 | 0 |
| Net Cash Inflow / Outflow | -0 | -0 | 1 | -1 | -1 | 0 | 1 | -0 | 1 | -2 | 0 |
| Closing Cash & Cash Equivalent | 3 | 2 | 4 | 3 | 2 | 3 | 4 | 3 | 5 | 2 | 0 |
| # | 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) | -0.65 | 1.33 | 1.46 | 1.29 | 4.15 | -5.65 | -24.11 | -10.5 | 11.11 | 10.37 | 12.68 |
| CEPS(Rs) | 7.21 | 6.25 | 6.16 | 6.07 | 9.53 | -0.55 | -19.32 | -5.88 | 15.73 | 15.39 | 19.91 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -30.75 | -29.42 | -27.96 | -26.78 | -25.66 | -32.39 | -56.44 | -66.37 | -58.66 | -50.2 | -37.56 |
| Core EBITDA Margin(%) | 7.79 | 8.79 | 4.77 | -0.27 | 0.1 | -0.63 | -8.39 | -0.61 | 1.92 | 1.46 | 1.01 |
| EBIT Margin(%) | 7.11 | 8.88 | 9.04 | 1.47 | 1.95 | 0.92 | -6.59 | 1 | 3.26 | 2.94 | 2.72 |
| Pre Tax Margin(%) | -0.63 | 1.11 | 1.33 | 0.17 | 0.48 | -0.64 | -17.11 | -3.35 | 1.38 | 1.47 | 1.45 |
| PAT Margin (%) | -0.53 | 1 | 1.01 | 0.13 | 0.41 | -0.68 | -19.29 | -3.62 | 1.56 | 1.28 | 1.53 |
| Cash Profit Margin (%) | 5.92 | 4.7 | 4.27 | 0.63 | 0.93 | -0.07 | -15.46 | -2.03 | 2.21 | 1.9 | 2.39 |
| ROA(%) | -0.4 | 0.77 | 0.76 | 0.6 | 1.86 | -2.6 | -11.62 | -5.42 | 6.01 | 5.73 | 6.85 |
| ROE(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROCE(%) | 39.04 | 49.47 | 40.52 | 37.51 | 46.94 | 12.47 | -15.41 | 15.46 | 141.76 | 120.5 | 76.21 |
| Receivable days | 180.32 | 171.78 | 188.76 | 30.44 | 28.7 | 33.16 | 172.31 | 72.02 | 34.7 | 29.63 | 29.35 |
| Inventory Days | 15.37 | 16.81 | 20.13 | 4.34 | 4.39 | 4.16 | 21.09 | 7.13 | 2.58 | 2.33 | 2.42 |
| Payable days | 2118.25 | 2243.88 | 2110.65 | 65.17 | 74.97 | 74.57 | 785.1 | 389.61 | 30.24 | 26.73 | 25.27 |
| PER(x) | 0 | 86.32 | 54.08 | 49.51 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | -3.69 | -3.91 | -2.83 | -2.38 | 0 | 0 | -0.89 | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.26 | 1.25 | 0.89 | 0.12 | 0.07 | 0.14 | 0.98 | 0.25 | 0.11 | 0.08 | 0.09 |
| EV/Core EBITDA(x) | 9.3 | 9.92 | 7.27 | 6.35 | 2.82 | 8.81 | -35.62 | 9.84 | 2.76 | 2.38 | 2.38 |
| Net Sales Growth(%) | 5.69 | 9.08 | 8.6 | 570.14 | 5.72 | -19.19 | -84.88 | 132.17 | 145.41 | 13.48 | 2.88 |
| EBIT Growth(%) | -14.82 | 36.35 | 10.49 | 8.96 | 40.55 | -61.8 | -207.87 | 135.17 | 702.73 | 2.39 | -4.87 |
| PAT Growth(%) | -158.74 | 305.95 | 9.92 | -12.08 | 222.34 | -236.09 | -326.78 | 56.44 | 205.79 | -6.63 | 22.23 |
| EPS Growth(%) | -158.74 | 305.95 | 9.92 | -12.07 | 222.34 | -236.09 | -326.78 | 56.44 | 205.79 | -6.63 | 22.23 |
| Debt/Equity(x) | -1.59 | -2.01 | -2.24 | -2.53 | -2.72 | -3.42 | -1.51 | -1.13 | -1.41 | -1.31 | -2.16 |
| Current Ratio(x) | 0.6 | 0.7 | 0.73 | 0.71 | 0.77 | 0.7 | 0.69 | 0.72 | 0.71 | 0.61 | 0.71 |
| Quick Ratio(x) | 0.56 | 0.66 | 0.68 | 0.63 | 0.72 | 0.65 | 0.65 | 0.68 | 0.68 | 0.57 | 0.68 |
| Interest Cover(x) | 0.92 | 1.14 | 1.17 | 1.13 | 1.33 | 0.59 | -0.63 | 0.23 | 1.73 | 2 | 2.14 |
| Total Debt/Mcap(x) | 0.43 | 0.51 | 0.79 | 1.06 | 0 | 0 | 1.7 | 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 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 |
| 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 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +3% | +42% | 0% | +21% |
| Operating Profit CAGR | 0% | +65% | +18% | +6% |
| PAT CAGR | +33% | — | — | — |
| Share Price CAGR | +1225% | +137% | +65% | +20% |
| ROE Average | 0% | 0% | 0% | 0% |
| ROCE Average | +76% | +113% | +68% | +51% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 |
| 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 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
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