Thomas Cook (India) Limited has received a reaffirmation of its CRISIL AA/Stable long-term and CRISIL A1+ short-term ratings. This reflects the group’s resilient business model, strong financial profile, and consistent operational performance. Despite a challenging global environment, the company maintains robust liquidity with ₹2,346 crore in cash and bank balances as of February 2026 and a strong backing from its parent company, Fairfax Financial Holdings.
Financial Performance and Growth Momentum
The company demonstrated strong momentum in the first nine months of FY26, reporting a revenue growth of 7.4% year-on-year to reach ₹6,628 crore. This growth was primarily fueled by demand across its key segments, including Destination Management Services (DMS), outbound leisure, MICE, and corporate travel. These segments collectively contribute more than 75% of the group’s total revenue.
Strategic Position and Capital Strength
Thomas Cook continues to maintain a leadership position in the travel and foreign exchange sectors in India. The company’s financial risk profile is supported by a comfortable capital structure, characterized by low leverage with gearing at 0.34x. Management’s ongoing structural cost optimization initiatives have successfully enhanced operating efficiencies and protected margins despite macroeconomic fluctuations.
Outlook on Future Restructuring
The company is currently pursuing a strategic restructuring, which includes the proposed demerger of its Resorts and Resort Management (RRM) business into Sterling Holiday Resorts Ltd. While this process is expected to moderate consolidated revenues, the group’s overall credit risk profile remains robust. Management remains committed to long-term value creation through its diversified portfolio and prudent financial management strategies.
Market Leadership and Recognition
The group operates a vast network across 28 countries and 5 continents. The company has garnered significant industry recognition, including accolades such as MICE Powerhouse at the 2025 MaxiiiMICE Awards and Outbound Travel Operator of the Year for consecutive years. These milestones underline the group’s market equity and operational integration across its subsidiaries, including SOTC Travel, TCI, and DEI Holdings.
Source: BSE
