Thomas Cook India Share Price: Resorts Business Hoga Alag! Analysts Bole 'Sell', Stock Bhaga **5%**

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AuthorVihaan Mehta|Published at:
Thomas Cook India Share Price: Resorts Business Hoga Alag! Analysts Bole 'Sell', Stock Bhaga **5%**
Overview

Arey bhaiyo aur behno, suno suno! Thomas Cook India (TCIL) ne ek bada announcement kiya hai, jisse sabko thoda confused kar diya hai. Ye log apne resorts aur resort management ka business ekdum alag nikal kar Sterling Holiday Resorts Ltd. (SHRL) naam ki ek nayi company bana rahe hain. Is deal mein, TCIL ke har share holder ko unke **0.81** SHRL shares milenge. Ye sab isliye ho raha hai kyuki TCIL ka jo core travel business hai na, wo thoda pressure mein hai, aur market ke bade bade log (analysts) bhi is stock ko zyada pasand nahi kar rahe.

Resorts Ka Alag Setup: Kya Hai Poori Kahani?

TCIL ka plan hai ki wo apne resort aur resort management wale operations ko ek separate entity, Sterling Holiday Resorts Ltd. (SHRL), mein shift kar denge. Is badle mein, TCIL shareholders ko har 1 TCIL share ke liye 0.81 SHRL shares milenge. Is plan mein TCIL ke shares ko consolidate bhi kiya ja raha hai – yaani, ₹1 face value wale 4 shares milakar ₹4 face value wala 1 share banega, jise baad mein ₹3 face value mein adjust kiya jayega. Iske alawa, 3 inactive subsidiaries ko bhi merge kiya jayega taaki administrative costs kam ho sakein. Abhi is sabke liye National Company Law Tribunal (NCLT) aur dusre regulators ki approval ka intezaar hai.

Market Reaction & SHRL Ki Dumdaar Performance

Ye news aate hi, Friday, March 20, 2026 ko TCIL ka share price 5.17% tezi se badhkar ₹103.80 par pahunch gaya! Wahi, alag hone wali company, SHRL, ne FY25 mein zabardast performance dikhaya hai. Revenue 13% badh kar ₹5,202 million ho gaya hai aur EBITDA margin bhi accha 34% maintain kiya hai. Sabse achhi baat ye hai ki SHRL par koi debt nahi hai. Ye move SHRL ko Indian hospitality market mein 9-12% ke projected growth ko pakadne mein madad karega.

TCIL Ke Core Business Mein Challenges

Jabki SHRL kamaal kar raha hai, TCIL ka main travel business thoda pressure mein hai. Q2 FY26 mein EBITDA 12% kam ho gaya. Revenue 3% badh kar ₹20,738.40 million hua, lekin net profit thoda gir kar ₹707.50 million raha. TCIL ka Return on Equity (ROE) sirf 11.9% hai, jo IRCTC (35.32%) aur BLS International (24.97%) jaise players se kaafi peeche hai. Isse lagta hai ki demerger se company ke core business mein efficiency aayegi.

Analysts Kyun Hain Skeptical?

Ye demerger aise time par ho raha hai jab investors TCIL ko lekar kaafi nervous hain. Kai analysts is stock ko 'Sell' rating de rahe hain, kyuki financial trends flat hain aur stock iss saal 38.44% gir bhi chuka hai. Company ke profit mein 46.14% tak non-operating income ka hissa hai (Q2 FY26 mein PBT ka), jo core operations ki kamzori dikhata hai. Company ke paas cash accha hai aur debt kam hai, lekin hamesha se low ROE aur ROCE ek chinta ka vishay bane hue hain. Demerger process mein NCLT approval mein 6-12 mahine lag sakte hain. Analysts ka average price target ₹180.60 hai, lekin majority 'Sell' keh rahi hai aur forecasts mein kaafi variation hai.

Future Plans Aur Growth Targets

TCIL ke MD & CEO Mahesh Iyer ka kehna hai ki demerger se value unlock hogi aur EPS mein sudhar hoga. TCIL aage 3 saal mein 21.7% annual earnings growth aur 10.3% revenue growth expect kar raha hai. Lekin, analysts abhi bhi cautious hain. SHRL bhi 70 destinations aur 90-100 resorts tak expand karne ka plan kar raha hai. Shareholders ke liye asli fayda toh tabhi hoga jab demerger successful ho, SHRL accha perform kare, aur TCIL ka core travel business bhi track par wapas aaye.

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