Operates an integrated travel, foreign exchange, leisure hospitality and imaging services platform under brands including Thomas Cook and SOTC, with four reported segments. In FY26, group revenue was ₹8,398.17 crore with a 6.92% EBITDA margin. Travel and related services is the largest revenue contributor at ₹6,702.49 crore (79.8% of segment revenue) and ₹221.81 crore EBIT, selling leisure holidays, corporate/MICE travel, visa services and premium experiential packages such as Rovos Rail and Rocky Mountaineer rail tours; B2C grew 8% for FY26 and short-haul eastbound bookings grew 21% in Q4 FY26. Leisure hospitality and resorts, run through subsidiary Sterling Holiday Resorts, generated ₹533.6 crore revenue and ₹129.19 crore EBIT; Sterling operates 78 resorts and 3,800 rooms across India (target 95 resorts/4,500 rooms by 2027) and the Board has approved its demerger, targeted for Q1 FY28. Financial services (forex and remittances) contributed ₹326.13 crore revenue and ₹149.33 crore EBIT, with a 48% Q4 EBIT margin, selling prepaid cards in 28 currencies, currency notes, overseas remittances to 120+ countries and a Zero Markup Card. Digiphoto Entertainment Imaging (DEI) generated ₹835.95 crore revenue and ₹10.96 crore EBIT from imaging services at theme parks and entertainment venues, with ~50% revenue historically from the UAE. Materials/services at 72.7% of revenue are the dominant cost line, reflecting travel inventory and resort operating costs, with employee costs at 13.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Travel and related services (80%), Digiphoto imaging services (10%), Leisure hospitality & resorts business (6%), Financial services (4%). Cyclical, asset-light services platform with consumer-discretionary exposure to geopolitical and airfare swings.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,888 | 5,048 | 7,299 | 8,140 | 8,398 |
| EBITDA (ex other income) | (190) | 176 | 435 | 470 | 422 |
| margin % | (10.1) | 3.5 | 6.0 | 5.8 | 5.0 |
| Owners' profit | (229) | 6 | 259 | 254 | 219 |
| EPS, as reported (₹) | (6.92) | 0.10 | 5.57 | 5.46 | 4.70 |
| ROE % · ROCE % | (15.3) · (9.8) | 0.6 · 4.3 | 13.3 · 14.6 | 11.6 · 14.7 | 8.7 · 12.0 |
| Debt / equity (x) | 0.27 | 0.23 | 0.11 | 0.11 | 0.11 |
| Cash from operations | (155) | 597 | 829 | 717 | 643 |
| Capex | (62) | (68) | (104) | (117) | (126) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,004 | 2,061 | 1,969 | 2,408 | 2,074 | 2,146 | 1,771 | 2,092 |
| Profit before tax | 110 | 71 | 88 | 111 | 110 | 60 | 46 | 88 |
| Net profit | 72 | 47 | 66 | 74 | 71 | 45 | 31 | 64 |
| EPS (₹) | 1.39 | 1.06 | 1.39 | 1.55 | 1.42 | 0.90 | 0.83 | 1.54 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Financial services | 326 | 3.9 |
| (b) Travel and related services | 6,702 | 79.8 |
| (c) Leisure hospitality & resorts business | 429 | 5.1 |
| (d) Digiphoto imaging services | 836 | 10.0 |
| (c) Leisure Hospitality & Resorts business | 104 | 1.2 |
| Total, before eliminations | 8,398 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % |
|---|
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Thomas Cook India: Director Ratnaswami ceases, Maheshwari re-appointed | management changes | medium | — | — |
| 10 Sept 2026 · Thomas Cook re-appoints Maheshwari; Ratnaswami exits board | management changes | medium | — | — |
| 10 Sept 2026 · Thomas Cook 49th AGM: all 7 resolutions passed, dividend of Rs 0.5 per share approved | board shareholder meetings | medium | — | — |
| 10 Sept 2026 · Thomas Cook 49th AGM: All 7 resolutions passed; Rs 0.5 dividend approved | board shareholder meetings | medium | — | — |
| 10 Sept 2026 · Thomas Cook 49th AGM: All 7 resolutions passed, Rs 0.5 dividend approved | board shareholder meetings | medium | — | — |
| 7 Sept 2026 · Allotment of shares in step-down subsidiary PT Asian Trails Indonesia | strategic transactions | low | — | — |
| 2 Sept 2026 · NSE no objection for Thomas Cook composite scheme of arrangement | strategic transactions | high | — | — |
| 2 Sept 2026 · Thomas Cook and SOTC launch exclusive Lakshadweep charter flights from Bengaluru | business updates | medium | — | — |
| 1 Sept 2026 · Thomas Cook India opens new outlet in Manapakkam, Chennai | compliance | low | — | — |
| 1 Sept 2026 · BSE clears Thomas Cook Composite Scheme of Arrangement | strategic transactions | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|
| ROCE % |
|---|
| Rev CAGR 5y % |
|---|
| EBITDA m. % |
|---|
| INDIAN RAIL TOUR CORP LTD | 37,096 | 26.6 | 8.61 | 18.9 | 32.3 | 40.8 | — | 33.5 |
| TBO TEK LIMITED | 18,252 | 67.9 | 11.77 | 42.2 | 15.8 | 13.1 | — | 16.3 |
| BLS INTL SERVS LTD | 9,553 | 13.5 | 3.43 | 10.2 | 26.0 | 25.4 | 44.4 | 30.9 |
| LE TRAVENUES TECHNOLOGY L | 6,963 | 81.4 | 3.40 | 56.6 | 3.5 | 4.7 | — | 15.0 |
| THOMAS COOK (INDIA) LTD ◆ | 5,038 | 22.8 | 2.00 | 7.5 | 8.7 | 9.3 | 60.2 | 7.4 |
| EASY TRIP PLANNERS LTD | 2,323 | 22.4 | 2.85 | — | (5.8) | (5.4) | 38.1 | (4.7) |
| YATRA ONLINE LIMITED | 1,814 | 58.4 | 2.18 | 17.7 | 5.6 | 5.5 | — | 8.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.8 | 26.6 | 41 of 91 | 56% |
| P/B | 2.0 | 2.0 | 39 of 83 | 54% |
| ROCE | 9.3 | 5.4 | 31 of 101 | 70% |
| ROE | 8.7 | 5.8 | 33 of 87 | 63% |
| Debt / Equity | 0.1 | 0.1 | 43 of 87 | 51% |
| EBITDA margin | 7.4 | 23.4 | 72 of 85 | 16% |
| Revenue growth | (13.1) | 12.1 | 78 of 89 | 13% |
| Profit growth | (13.4) | 17.5 | 55 of 83 | 34% |
| Market cap | 5038 | 388 | 20 of 103 | 81% |
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
