Thomas Cook (India) Limited has informed the Exchange about Credit Rating
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CRISIL has reaffirmed Thomas Cook (India) Limited's long-term credit rating at 'CRISIL AA/Stable' and short-term rating at 'CRISIL A1+', covering Rs. 433 crore of bank loan facilities and a Rs. 50 crore commercial paper programme. The rating reflects strong parent support from Fairfax Financial Holdings, the company's leadership in forex and travel segments, healthy liquidity (cash balance of Rs. 2,346 crore, unencumbered Rs. 771 crore as of February 2026), and comfortable gearing of 0.34x. Revenue grew 7.4% year-on-year to Rs. 6,628 crore in the first nine months of FY2026, though operating margin dipped about 40 basis points to 6.8% due to geopolitical disruptions. CRISIL noted the upcoming demerger of the Sterling Holiday Resorts business and the impact of the Middle East conflict as monitorable risks but said the overall credit profile remains robust.
Reaffirmation of the AA/Stable rating signals continued strong credit quality and is neutral to positive for shareholders, confirming the company's financial stability and parent backing. However, watch for the pending Sterling demerger, which may reduce consolidated revenue by 5-8% and EBIT by 20-30%, and ongoing geopolitical headwinds that could pressure margins.