NSE: THOMASCOOK · BSE: 500413
THOMAS COOK (INDIA) LTD
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDIAN RAIL TOUR CORP LTD | 35,432 | 25.4 | 8.22 | 18.0 | 32.3 | 40.8 | — | 33.5 |
| TBO TEK LIMITED | 17,086 | 63.6 | 11.02 | 39.5 | 15.8 | 13.1 | — | 16.3 |
| BLS INTL SERVS LTD | 9,021 | 12.8 | 3.24 | 9.6 | 26.0 | 25.4 | 44.4 | 30.9 |
| LE TRAVENUES TECHNOLOGY L | 6,142 | 71.8 | 3.00 | 49.6 | 3.5 | 4.7 | — | 15.0 |
| THOMAS COOK (INDIA) LTD ◆ | 4,231 | 19.2 | 1.68 | 6.1 | 8.7 | 9.3 | 60.2 | 7.4 |
| EASY TRIP PLANNERS LTD | 2,315 | 22.4 | 2.84 | — | (5.8) | (5.4) | 38.1 | (4.7) |
| YATRA ONLINE LIMITED | 1,164 | 37.5 | 1.40 | 11.4 | 5.6 | 5.5 | — | 8.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.2 | 26.6 | 32 of 87 | 64% |
| P/B | 1.7 | 1.9 | 35 of 83 | 57% |
| ROCE | 9.3 | 5.4 | 31 of 101 | 70% |
| ROE | 8.7 | 5.6 | 30 of 83 | 65% |
| Debt / Equity | 0.1 | 0.1 | 38 of 82 | 54% |
| 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 | 4231 | 303 | 21 of 103 | 80% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Sterling opens 26-room Bandhavgarh resort near tiger reserve | compliance | minimal | — | — |
| 19 Oct 2026 · TCIL Q2 and H1 FY27 earnings call scheduled for Nov 3, 2026 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Sterling opens new wildlife resort Vanyatara Tadoba in Maharashtra | business updates | medium | — | — |
| 14 Oct 2026 · Voluntary dissolution of step-down subsidiary Digiphoto Entertainment Imaging Inc (Canada) | strategic transactions | medium | — | — |
| 14 Oct 2026 · Sterling Holidays opens Leopard Haven Jawai resort in Rajasthan | business updates | medium | — | — |
| 6 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) filed for Sep 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 FY26 results | compliance | minimal | — | — |
| 29 Sept 2026 · Subsidiary Sterling opens new 33-room hotel in Varanasi | business updates | medium | — | — |
| 28 Sept 2026 · Subsidiary Sterling opens new Sterling Regalia Agra resort near Taj Mahal | business updates | medium | — | — |
| 24 Sept 2026 · Thomas Cook opens new Bengaluru outlet in RR Nagar, expands Karnataka network | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 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 |
Sources, method and disclosures
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.