THOMASCOOK
Micro CapThomas Cook (India) Limited
Services
Thomas Cook (India) Ltd. is an integrated travel and financial services company with 145+ years of legacy. It operates across 28 countries with 800+ touchpoints, offering Foreign Exchange, MICE, Leisure Travel, Hospitality, and Digital Imaging Solutions. Part of Fairfax Group, it holds a CRISIL AA credit rating.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -10% YoY · PAT -53% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,771 Cr | -10.1% | -17.5% |
| EBITDA | ₹78 Cr | -20.4% | -31.6% |
| Operating margin | 4.0% | -100 bps | -100 bps |
| PAT | ₹31 Cr | -53.0% | -31.1% |
| PAT margin | 1.8% | -160 bps | -35 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 consolidated income grew 3.3% YoY to ₹85.6 Bn, but EBIT declined 10.9% YoY to ₹4.28 Bn. Q4FY26 saw a 10.7% YoY total income decline and a 38.6% YoY EBIT drop, primarily due to geopolitical disruptions impacting Travel and Digital Imaging segments.
While FY26 showed modest income growth, Q4 performance was severely impacted by geopolitical disruptions, leading to significant declines in Travel and Digital Imaging EBIT. Financial Services and Leisure Hospitality showed resilience, but overall profitability is under stress due to external factors and increased costs.
Travel & Related Services Revenue Mix (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Financial Services Retail Focus
Retail sales grew 27% YoY in Q4 FY26, driving margin performance with float income scaling.
Leisure Hospitality Resort Business
Resort Revenue contributed 80% of total company revenue for Q4, highest ever, signaling growth phase.
Digital Adoption in Financial Services
Digital adoption rate moved to 22.8% in Q4 FY26; WhatsApp transactions grew 2.2x, App by 4.9x.
Corporate Travel Volume Growth
Air Volume grew 7.3% YoY in Q4 FY26, with International Air Volume up 19.4% YoY.
Financial Services Outlets
Opened 7 new outlets in Q4 FY26, including 5 GCP outlets, 1 owned outlet, and airport counters.
Financial Services Quick-commerce
Expanded quick-commerce (Blinkit) to 6 additional cities, increasing digital distribution to 12 cities.
Leisure Hospitality Resorts
Added 31 resorts in the last 24 months, reaching 78 resorts as of Mar '26.
Digital Imaging Partnerships
Signed 9 new partnerships and renewed 12 key partnerships in Q4 FY26.
India Outbound Tourism
Projected ~14% CAGR through 2030, reaching 50M+ travelers and ₹5 Trillion market by 2030.
Indian Overseas Education Spend
Projected ~13% CAGR through 2030, with a growing base of 800K+ students abroad.
Corporate Travel Market Growth
Market expected to double to ~$21bn by FY2030, driven by enterprise expansion and outbound activity.
Geopolitical Disruptions
FY26 sales & operating period truncated to less than 9 months due to significant geopolitical disruptions at start and close of FY.
Middle East Instability
Overseas DMS sales declined 24% YoY in Q4 FY26, primarily impacted by geopolitical disruptions in the Middle East.
UAE Operations Suspension
Temporary suspension of operations in the UAE significantly impacted Digital Imaging Solutions, as UAE contributes ~50% of DEI revenue.
Negative Currency Volatility
Challenging environment characterized by significant negative currency volatility.
Geopolitical Instability
Management notes the environment remains uncertain, impacting travel demand and connectivity.
Currency Volatility
Significant negative currency volatility impacted performance, though Financial Services has zero proprietary FX risk.
Digital Imaging Profitability
EBIT consequently stood impacted by dual impact of lower topline and an increase in costs related to WeC.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are crucial. YoY provides a view of annual growth and seasonal trends, while QoQ highlights sequential momentum and the immediate impact of geopolitical disruptions, which significantly affected Q4 performance.
Financial Services FY26 Revenue
₹3,261 Mn, ▼0.5% YoY
Financial Services FY26 EBIT Margin
45.8%
Financial Services Q4FY26 Retail Sales Growth
27% YoY
Financial Services Q4FY26 Digital Adoption Rate
22.8% (from 22% YoY)
Cautious Optimism
While the environment remains uncertain, we are cautiously optimistic that the peace will endure.
Focus on Fiscal Management & Technology
Our focus will remain on prudent fiscal management & leveraging technology for increased productivity.
Sterling Demerger Timeline
The overall timeline is estimated to reach conclusion by Q1 FY28.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EBIT Margin | FY26: 5.0%, Q4FY26: 3.9% | Recovery towards historical levels, especially in Travel and Digital Imaging segments, as geopolitical issues subside. |
| Overseas DMS Performance | Q4FY26 sales declined 24% YoY | Stabilization and growth in Middle East markets, indicating reduced geopolitical impact. |
| Digital Imaging Solutions EBIT | Q4FY26: (₹102 Mn) loss | Return to profitability and margin expansion as UAE operations normalize and WeC costs are absorbed. |
| Sterling Holiday Resorts Demerger | Estimated conclusion by Q1 FY28 | Progress on NCLT and regulatory approvals, and the eventual listing of SHRL shares. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -21.3% / mo
Technical chart
THOMASCOOKweekly · 3Y-42.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 59. Wait for confirmation.
- SMA20 falling (~27.0% over last month) — short-term momentum negative.
- RSI(14) at 59 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 38% off 52W high · 31% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.8%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 32.6%.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 11/30; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -3 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 79th percentile of the scored universe and 85th percentile within Services. Main check: financial discipline is weak at 58/100.
High Trust Lite: Promoter holding is 63.8%. Key concern: 2 recent quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 85th pctile, median 66 · Micro: 68th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 63.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.4%.
- ▸6 years of positive FCF.
Trust risks
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -2.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 22.10
- P/B
- 1.94
- EV/EBITDA
- 9.29
- Market Cap
- 4924.00Cr
Profitability
- ROE
- 9.27%
- ROCE
- 14.80%
- ROA
- 2.79%
- Dividend Y
- 0.43%
Growth (CAGR)
- Revenue 5Y
- 60.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 60.00%
Balance Sheet
- Debt/Equity
- 0.21
- Interest Coverage
- 4.51×
- Altman Z
- 2.35
- Book Value
- 54.10
Cash Flow
- FCF Yield
- 4.77%
- FCF Positive Y
- 6/5
- OCF
- 643.00 Cr
- EPS TTM
- 4.65
Shareholding
- Promoter Hold
- 63.83%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.