NSE: TFCILTD · BSE: 526650
TOURISM FINANCE CORP. OF
Lends to businesses in the tourism, hospitality, real estate, infrastructure and manufacturing sectors as a specialised non-banking financial company. In FY26, total income was Rs. 276.83 crore with profit after tax of Rs. 123.46 crore, of which employee costs were 5.8% of revenue and other operating expenses 4.2%. Revenue is essentially interest earned on its loan book, which stood at Rs. 2,088.14 crore in gross terms at end-FY26 after growing 23% during the year; gross AUM reached Rs. 2,188.87 crore. The sectoral mix on the book is hospitality at 52%, real estate at 19% and manufacturing at 12%, with the remainder in other sectors. Asset quality improved sharply, with gross non-performing loans at 0.37% and net NPLs at nil at FY26 end, while capital adequacy stood at 55.53%. Loan disbursements jumped 46% in FY26 to Rs. 1,334 crore, funded by borrowings of Rs. 1,083.46 crore, and net interest margin expanded to 6.43% (FY26) and 7.59% (Q1 FY27) as the cost of borrowing eased. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hospitality / hotel lending (52%), Real estate lending (19%), Manufacturing lending (12%), Infrastructure and other sector lending. Specialised, asset-light NBFC lending to tourism, hospitality and allied sectors
Exhibit 1: Financial summary, FY21–FY22 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 |
|---|---|---|
| Revenue | 258 | 254 |
| EBITDA (ex other income) | 231 | 229 |
| margin % | 89.4 | 90.2 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 10.00 | 10.01 |
| ROE % · ROCE % | 10.2 · — | 9.1 · — |
| Debt / equity (x) | — | — |
| Cash from operations | (171) | 139 |
| Capex | (0) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 | Q1 FY23 | Q2 FY23 | Q3 FY23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 66 | 66 | 62 | 61 | 63 | 58 | 51 |
| Profit before tax | 0 | 26 | 27 | 26 | 29 | 31 | 22 | 24 |
| Net profit | 0 | 21 | 22 | 20 | 22 | 25 | 20 | 18 |
| EPS (₹) | 0.00 | 2.63 | 2.68 | 2.24 | 2.48 | 2.76 | 2.18 | 2.03 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POWER FIN CORP LTD. | 1,04,415 | 4.0 | 0.60 | — | 19.4 | — | 10.0 | 100.0 |
| INDIAN RAILWAY FIN CORP L | 97,530 | 13.6 | 1.72 | — | 12.4 | — | — | 101.1 |
| REC LIMITED | 76,363 | 4.8 | 0.90 | — | 19.2 | — | 10.9 | 97.1 |
| HSG & URBAN DEV CORPN LTD | 29,388 | 6.9 | 1.34 | — | 18.4 | — | 12.7 | 97.6 |
| INDIAN RENEWABLE ENERGY | 28,250 | 14.3 | 2.05 | — | 13.6 | — | — | 78.5 |
| IFCI LTD | 15,896 | 92.2 | 1.03 | — | 2.8 | — | 0.0 | 67.2 |
| TOURISM FINANCE CORP. OF ◆ | 7,291 | 16.7 | 7.49 | — | 4.6 | — | — | 90.1 |
| HARYANA FINANCIAL CORPORATION | 1,189 | 1145.0 | — | — | — | 4.9 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.7 | 13.9 | 6 of 8 | 29% |
| P/B | 7.5 | 1.3 | 7 of 7 | 0% |
| ROE | 4.6 | 13.6 | 6 of 7 | 17% |
| EBITDA margin | 90.2 | 97.1 | 5 of 7 | 33% |
| Revenue growth | (17.5) | (0.0) | 6 of 7 | 17% |
| Profit growth | (8.3) | (1.6) | 8 of 8 | 0% |
| Market cap | 7291 | 28250 | 7 of 9 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting set for November 3 to approve quarterly results | results | low | — | — |
| 14 Oct 2026 · Non-Executive Director Parkash Chand resigns from TFCI board | management changes | medium | — | — |
| 14 Oct 2026 · Non-Executive Director Parkash Chand resigns from TFCI board | management changes | medium | — | — |
| 7 Oct 2026 · Routine compliance filing - Regulation 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · TFCI trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · TFCI says no undisclosed info behind share price and volume rise | regulatory legal | medium | — | — |
| 23 Sept 2026 · BSE seeks clarification on volume movement from Tourism Finance | compliance | low | — | — |
| 21 Aug 2026 · TFCI 37th AGM: All resolutions approved, dividend declared | board shareholder meetings | low | — | — |
| 21 Aug 2026 · 37th AGM proceedings: dividend, bonds issue, new MD appointment | board shareholder meetings | low | — | — |
| 31 Jul 2026 · TFCI 37th AGM on Aug 21, 2026; Dividend of Rs 0.60 per share recommended | compliance | minimal | — | — |
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.