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Stock Analysis

Description

Thomas Cook (India) Limited is a travel and foreign exchange services company with a broad spectrum of offerings including foreign exchange, corporate travel, MICE, leisure travel, visa services, and e-business.

Key Growth Triggers

Enhanced 'Study Buddy' Forex Card with rewards for the overseas education segment, aligning with a 26% YoY growth in the segment for FY25.
Strategic expansion of its retail outlet network with new franchise openings, like in Davangere, Karnataka.
Introduction of enhanced pilgrimage packages and spiritual tourism offerings to tap into growing demand.
Strategic partnerships and MOUs with tourism boards and global entities like Disney Cruise Line to expand holiday portfolios and market reach.
Digital initiatives including the 'TC Pay' app and AI avatar 'TACY' to improve customer engagement and market penetration in forex services and holiday planning.

Order Book

Currently no data available for Order Book.

Key Red Flags

The company faces GST demand orders totaling approximately ₹17.4 crore and other smaller GST demands from various tax authorities, which it intends to contest.

Key Dates To Watch

Board Meeting: February 5, 2026, to approve Q3 FY26 financial results and director appointments.
Trading Window Closure: From January 1, 2026, until February 7, 2026 (inclusive).

Corporate Announcements

1st Apr 26

Impact Rating: 9

CRISIL has reaffirmed Thomas Cook India's long-term rating at AA/Stable and short-term rating at A1+, highlighting its robust business and financial profile.

1st Apr 26

Impact Rating: 6

Thomas Cook (India) Limited has announced the retirement of Mrs. Mona Cheriyan, President & Group Head, Human Resources, effective March 31, 2026. The company had previously intimated the appointment of Ms. Deepti Sheth as her successor.

31st Mar 26

Impact Rating: 8

Thomas Cook India's credit ratings are reaffirmed by CRISIL at 'Crisil AA/Stable' for long-term and 'Crisil A1+' for short-term. The reaffirmation is driven by strong parent support and a stable business outlook.

30th Mar 26

Impact Rating: 7

Thomas Cook (India) Limited has resolved a pending tax dispute of Rs. 159.5 million for AY 2018-19. The company received an order from the Income Tax department on March 30, 2026, confirming the resolution with no adverse financial impact.

27th Mar 26

Impact Rating: 7

Thomas Cook India's Board authorised a ₹2.50 crore investment for 25 lakh Class A Equity Shares in Indian Horizon Marketing Services, aimed at co-developing a Travel AI Platform.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	I R C T C	626.55	37.51	50124.00	1.27	341.86	9.69	1145.99	7.71	49.03	4798.86	33.42	1337.24	337.64	11.78	19.87	0.02
2.	TBO Tek	1518.70	74.15	16491.29	0.00	67.55	12.41	567.51	25.92	26.68	1947.11	14.49	222.36	67.55	11.92	3.87	0.52
3.	BLS Internat.	301.75	20.61	12424.25	0.33	185.70	26.77	736.63	48.81	33.62	2652.82	28.24	602.04	175.23	5.85	24.22	0.19
4.	Le Travenues	233.00	211.72	10195.61	0.00	-3.47	-125.44	282.74	36.94	12.62	1123.11	5.25	48.15	-3.18	13.28	6.85	0.04
5.	Thomas Cook (I)	136.15	56.04	6404.23	0.33	46.99	-3.22	586.78	16.95	10.53	2223.76	1.94	114.33	30.64	3.20	2.68	0.04
6.	Easy Trip Plann.	7.03	47.30	2556.72	0.00	-36.04	-85.52	118.34	-18.20	20.89	522.18	12.42	54.07	3.75	2.94	10.70	0.04
7.	Yatra Online	160.80	45.42	2523.20	0.00	14.28	95.62	350.87	48.42	5.34	1014.91	7.65	55.51	14.28	3.13	2.88	0.07
–	Median: 10 Co.	267.38	46.36	4480.47	0.0	10.13	3.23	316.81	18.45	22.48	1069.01	13.46	54.79	10.14	3.2	6.84	0.04

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	364	334	368	725	554	427	287	753	502	427	392	818	587
Expenses	354	354	385	683	527	433	288	700	479	431	399	787	564
Operating Profit	10	-20	-17	41	27	-6	-2	53	23	-4	-6	31	23
Other Income	25	30	33	42	31	38	44	38	43	38	51	62	68
Profit before tax	19	-6	-0	67	43	16	25	74	48	16	27	74	74
Tax %	27%	82%	6,033%	31%	41%	31%	37%	34%	34%	33%	41%	25%	36%
Net Profit	14	-12	-2	46	25	11	16	49	32	11	16	56	47
EPS in Rs	0.30	-0.25	-0.04	0.98	0.54	0.23	0.34	1.04	0.67	0.23	0.34	1.18	1.00

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	370	501	1,724	1,714	1,903	2,273	2,125	187	286	1,364	1,998	2,074	2,224
Expenses	266	401	1,685	1,673	1,874	2,233	2,116	324	435	1,393	1,934	2,006	2,181
Operating Profit	103	100	39	41	30	40	9	-137	-149	-29	63	68	43
Other Income	5	11	30	25	573	54	41	130	69	110	152	167	219
Interest	26	48	44	54	46	40	40	21	19	39	41	40	40
Depreciation	11	15	17	18	18	20	31	29	24	23	25	30	32
Profit before tax	70	49	7	-5	538	34	-22	-56	-123	19	149	165	191
Net Profit	46	33	5	-8	531	21	-25	-14	-82	2	97	107	129
EPS in Rs	1.86	1.22	0.15	-0.23	14.36	0.56	-0.66	-0.38	-1.86	0.03	2.06	2.27	2.75
Dividend Payout %	20%	41%	255%	-165%	3%	67%	0%	0%	0%	1,254%	29%	20%	–

Balance Sheet

Standalone figures in ₹ crores

	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	25	27	37	37	37	37	38	38	44	47	47	47	47
Reserves	585	1,113	1,132	1,123	1,653	1,549	1,401	1,830	1,722	1,723	1,799	1,892	1,975
Borrowings	115	157	348	354	147	33	127	145	198	148	89	80	83
Other Liabilities	362	539	793	762	1,115	1,178	1,021	746	892	1,496	1,968	2,210	2,463
Total Liabilities	1,088	1,837	2,310	2,275	2,952	2,797	2,587	2,759	2,857	3,414	3,903	4,228	4,569
Fixed Assets	63	63	183	178	185	234	291	259	251	242	298	308	302
Gross Block	147.42	155.91	199.57	210.14	232.31	303.97	389.04	376.56	379.47	393.31	462.81	483.10	–
Accumulated Depreciation	84.31	92.73	16.44	32.00	47.50	70.10	97.59	117.45	128.67	151.25	164.78	174.71	–
CWIP	4	1	3	6	1	1	1	0	2	1	5	3	1
Investments	593	1,158	1,224	1,228	1,228	1,080	953	1,027	1,017	980	960	947	945
Other Assets	427	614	900	864	1,538	1,482	1,341	1,473	1,588	2,191	2,639	2,970	3,321
Total Assets	1,088	1,837	2,310	2,275	2,952	2,797	2,587	2,759	2,857	3,414	3,903	4,228	4,569

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	177	149	367	7	90	132	79	-329	7	452	453	371
Cash from Investing Activity	-327	-599	-139	-116	379	-105	-86	87	-385	-235	-294	-179
Cash from Financing Activity	76	489	175	-99	-227	-205	-42	476	18	-114	-123	-85
Net Cash Flow	-75	39	403	-208	241	-178	-49	234	-359	103	35	106

Ratios

Standalone Figures in ₹ Crores / Yearly

	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	174	157	40	47	70	54	27	125	156	82	64	59
Inventory Days	–	–	–	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	174	157	40	47	70	54	27	125	156	82	64	59
Working Capital Days	-82	-116	-110	-102	-97	-90	-120	-595	-129	-19	-80	-8
ROCE %	15%	10%	4%	3%	3%	4%	3%	-2%	-5%	3%	10%	11%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	72.34%	72.34%	72.34%	72.34%	63.83%	63.83%	63.83%	63.83%	63.83%	63.83%	63.83%	63.83%
FIIs	0.48%	0.51%	0.47%	0.57%	1.83%	2.29%	3.16%	3.58%	4.38%	4.52%	4.41%	5.32%
DIIs	9.17%	9.20%	9.02%	8.14%	9.26%	8.64%	9.10%	9.84%	9.48%	8.10%	7.78%	7.33%
Public	16.63%	16.63%	16.85%	17.74%	23.88%	24.07%	22.76%	21.64%	21.21%	22.44%	22.86%	22.43%