Thomas Cook (India) Limited has informed the Exchange regarding a press release dated April 01, 2026, titled "CRISIL reaffirms Thomas Cook India Group s ratings at CRISIL AA/Stable/CRISIL A1+ Highest rating for a travel & tourism company in India".
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CRISIL has reaffirmed Thomas Cook (India) Limited's long-term rating at CRISIL AA/Stable and short-term rating at CRISIL A1+, maintaining the highest credit rating among all travel and tourism companies in India. The reaffirmation reflects strong parent support from Fairfax Financial Holdings and the Group's leadership position across travel, foreign exchange, hospitality, and attraction imaging segments. In the first nine months of FY26, the company posted 7.4% YoY revenue growth to ₹6,628 crore, driven by robust demand in destination management, outbound leisure, MICE, and corporate travel. The travel segment accounts for over 75% of total revenues. The Group maintains a healthy capital structure with cash and bank balances of approximately ₹2,346 crore as of February 2026, low gearing at 0.34x, and strong debt protection metrics. CRISIL noted the upcoming demerger of the resorts and resort management business into Sterling Holiday Resorts Ltd as a structural change but expects the overall credit profile to remain robust.
The rating reaffirmation signals financial strength and resilience to investors. With low leverage, strong liquidity, and continued parent backing, the company is well-positioned to navigate macro headwinds, making this a credit-positive development for bondholders and equity shareholders alike.