Thomas Cook (India) Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹4,156 Cr
- P/E
- 18.47
- ROE
- 9.21%
- PEG
- 0.09
- Price to sales
- 0.52
- Debt to equity
- 0.21
- 52W high / low
- ₹165 / ₹88.0
- Sales growth (5Y)
- 60.24%
- EBITDA margin
- 4.88%
- Net profit margin
- 2.66%
- Promoter holding
- 64.77%
- Sales (last year)
- ₹8,082 Cr
Established in 1881, Thomas Cook (India) Limited is a leading integrated travel and financial services company in India, offering forex, MICE, leisure travel, insurance, and visa services. [1]
Guidance scorecard · Q1 FY27 call
What Thomas Cook (India) Ltd's management guided
and where it ranks in Leisure Services
RevenueQ1 FY27 call
0–10%- Travel segment growth expected to be moderate and dependent on geopolitical stability; short-haul and domestic travel growing faster than long-haul.
- Middle East market recovery targeted at 30%-35% in July, improving from sub-20% in April-June; overall revenue recovery will influence earnings quality in coming quarters.
- Digital and AI initiatives in customer engagement and operational efficiency to drive growth.
- B2B, especially MICE segment, showing healthy growth (e.g., 14% YoY), with deferred demand translating into business.
- Hospitality business expanding with average room rates up ~10%, volume growth to ~77%, and portfolio moving towards higher-end segments.
- Travel services topline expected to climb steadily; post-pandemic transformations driving 8-12% YoY growth in some units.
- Management cautious on FY27 full-year outlook due to uncertainties but hopeful for better H2 performance vs H1.
2 more points from Thomas Cook (India) Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Thomas Cook (India) Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
None planned- Largest recent capital deployment has been on a technology upgrade in Digital Imaging (DEI), designed to last 5-7 years.
- Day-to-day capital requirements for DEI are not large; most operations run on premises owned by partners, limiting setup costs mainly to hardware/software.
- No substantial ongoing capex expected for DEI technology upgrades over the near future; upgrades occur approximately every 10-12 years.
- Sterling has a visible development pipeline of over 35 resorts, hotels, and retreats (2,000+ rooms), supporting growth with an asset-right approach balancing owned, leased, and managed properties.
2 more points from Thomas Cook (India) Ltd's call on capex
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FundraisingQ1 FY27 call
See what Thomas Cook (India) Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Sterling operates over 78 resorts, hotels, and retreats with nearly 3,800 rooms in over 65 destinations.
- There is a visible development pipeline of over 35 resorts, hotels, and retreats, representing more than 2,000 additional rooms.
- The growth pipeline spans leisure resorts, experiential destinations, and business hotels.
2 more points from Thomas Cook (India) Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Leisure Services
on management's own guidance
- Jubilant Foodworks LtdGood growth2
- Landmark Global Learning LtdGood growth1
- Le Travenues Technology LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Leisure Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Landmark Global Learning Ltd | 20–40% | Up 2%+ | ₹21 Cr | — |
| 2 | Jubilant Foodworks Ltd | 20–40% | Flat | ₹27,579 Cr | 72.4 |
| 3 | Le Travenues Technology Ltd | 20–40% | Flat | ₹6,423 Cr | 54.1 |
| 4 | 20–40% | Flat | ₹6,285 Cr | 2553.3 | |
| 5 | 20–40% | Flat | ₹4,827 Cr | 20.4 | |
| 6 | 20–40% | Flat | ₹2,741 Cr | 215.1 |
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Pro shows every company guiding 40%+ revenue growth →Full Leisure Services rankingFinancials of Thomas Cook (India) Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Thomas Cook (India) Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,313 | 1,899 | 1,843 | 1,893 | 1,664 | 2,106 | 2,004 | 2,061 | 1,969 | 2,408 | 2,074 | 2,146 | 1,771 |
| Expenses + | 1,277 | 1,775 | 1,741 | 1,777 | 1,573 | 1,970 | 1,879 | 1,945 | 1,871 | 2,281 | 1,966 | 2,031 | 1,692 |
| Operating Profit | 36 | 124 | 103 | 116 | 91 | 136 | 125 | 116 | 98 | 127 | 108 | 114 | 78 |
| OPM % | 3% | 7% | 6% | 6% | 5% | 6% | 6% | 6% | 5% | 5% | 5% | 5% | 4% |
| Other Income + | 11 | 33 | 28 | 48 | 29 | 28 | 43 | 18 | 50 | 45 | 64 | 11 | 33 |
| Interest | 23 | 26 | 23 | 24 | 26 | 22 | 24 | 26 | 24 | 24 | 24 | 24 | 23 |
| Depreciation | 30 | 30 | 31 | 33 | 33 | 34 | 35 | 37 | 36 | 36 | 39 | 41 | 42 |
| Profit before tax | -6 | 101 | 77 | 107 | 61 | 109 | 110 | 71 | 88 | 111 | 110 | 60 | 46 |
| Tax % | 74% | 28% | 32% | 16% | 7% | 33% | 35% | 35% | 28% | 34% | 36% | 25% | 40% |
| Net Profit + | -10 | 71 | 51 | 91 | 58 | 73 | 72 | 47 | 66 | 74 | 71 | 45 | 31 |
| EPS in Rs | -0.15 | 1.55 | 1.00 | 1.75 | 1.20 | 1.60 | 1.38 | 1.05 | 1.37 | 1.53 | 1.41 | 0.89 | 0.82 |
Financials of Thomas Cook (India) Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 15m | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 3,244 | 6,094 | 8,762 | 11,248 | 6,603 | 6,833 | 795 | 1,888 | 5,048 | 7,299 | 8,140 | 8,398 |
| Expenses + | 3,001 | 5,910 | 8,425 | 10,876 | 6,520 | 6,726 | 1,147 | 2,075 | 4,870 | 6,862 | 7,662 | 7,971 |
| Operating Profit | 243 | 184 | 338 | 372 | 83 | 107 | -352 | -187 | 178 | 437 | 478 | 428 |
| OPM % | 7% | 3% | 4% | 3% | 1% | 2% | -44% | -10% | 4% | 6% | 6% | 5% |
| Other Income + | 41 | -31 | 84 | 6,005 | 168 | 76 | 146 | 55 | 62 | 134 | 141 | 154 |
| Interest | 71 | 92 | 132 | 149 | 73 | 101 | 62 | 62 | 89 | 99 | 95 | 95 |
| Depreciation | 41 | 61 | 91 | 137 | 67 | 151 | 148 | 129 | 124 | 128 | 142 | 160 |
| Profit before tax | 171 | 1 | 199 | 6,091 | 110 | -69 | -416 | -322 | 27 | 345 | 382 | 327 |
| Tax % | 34% | 6,392% | 57% | -1% | 19% | -74% | -29% | -21% | 61% | 21% | 32% | 34% |
| Net Profit + | 112 | -59 | 86 | 6,131 | 89 | -18 | -295 | -254 | 10 | 271 | 258 | 220 |
| EPS in Rs | 3.31 | -2.13 | 1.18 | 161.21 | 2.29 | -0.02 | -6.72 | -5.18 | 0.14 | 5.51 | 5.41 | 4.65 |
| Dividend Payout % | 15% | -18% | 32% | 0% | 16% | 0% | 0% | 0% | 291% | 11% | 8% | 11% |
Financials of Thomas Cook (India) Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 27 | 37 | 37 | 37 | 37 | 38 | 38 | 44 | 47 | 47 | 47 | 47 |
| Reserves | 1,302 | 1,211 | 1,950 | 8,634 | 8,856 | 1,627 | 1,891 | 1,651 | 1,666 | 2,010 | 2,213 | 2,499 |
| Borrowings + | 380 | 1,042 | 1,404 | 425 | 361 | 762 | 612 | 598 | 539 | 418 | 465 | 539 |
| Other Liabilities + | 1,417 | 2,609 | 3,575 | 3,000 | 3,753 | 3,066 | 2,194 | 2,321 | 3,404 | 3,889 | 4,303 | 4,813 |
| Total Liabilities | 3,126 | 4,899 | 6,965 | 12,096 | 13,008 | 5,492 | 4,736 | 4,615 | 5,657 | 6,364 | 7,028 | 7,899 |
| Fixed Assets + | 1,200 | 1,903 | 2,843 | 1,723 | 2,403 | 2,707 | 2,628 | 2,580 | 2,576 | 2,770 | 2,809 | 3,149 |
| CWIP | 97 | 53 | 56 | 13 | 7 | 12 | 6 | 14 | 26 | 60 | 93 | 8 |
| Investments | 340 | 134 | 219 | 7,398 | 7,417 | 100 | 130 | 129 | 106 | 134 | 134 | 287 |
| Other Assets + | 1,489 | 2,810 | 3,847 | 2,962 | 3,180 | 2,673 | 1,971 | 1,892 | 2,948 | 3,400 | 3,992 | 4,455 |
| Total Assets | 3,126 | 4,899 | 6,965 | 12,096 | 13,008 | 5,492 | 4,736 | 4,615 | 5,657 | 6,364 | 7,028 | 7,899 |
Financials of Thomas Cook (India) Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 131 | 383 | 273 | -244 | 253 | 120 | -581 | -139 | 649 | 829 | 717 | 643 |
| Cash from Investing Activity + | -607 | -165 | -253 | -458 | -263 | -184 | 351 | -123 | -179 | -437 | -325 | -408 |
| Cash from Financing Activity + | 565 | 548 | 161 | 477 | -167 | -170 | 335 | -85 | -230 | -291 | -183 | -189 |
| Net Cash Flow | 89 | 766 | 181 | -225 | -178 | -234 | 105 | -347 | 239 | 101 | 210 | 46 |
| Free Cash Flow | 29 | 113 | 162 | -409 | 179 | 28 | -595 | -201 | 612 | 730 | 609 | 566 |
| CFO/OP | 81% | 268% | 117% | 1% | 357% | 185% | 177% | 76% | 391% | 201% | 170% | 159% |
Financials of Thomas Cook (India) Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 73 | 50 | 42 | 28 | 46 | 25 | 59 | 45 | 41 | 32 | 28 | 29 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 73 | 50 | 42 | 28 | 46 | 25 | 59 | 45 | 41 | 32 | 28 | 29 |
| Working Capital Days | -15 | -61 | -52 | -38 | -66 | -78 | -540 | -235 | -102 | -89 | -63 | -75 |
| ROCE % | 17% | 9% | 10% | 6% | 2% | 1% | -14% | -11% | 5% | 19% | 19% | 15% |
Guidance history
How Thomas Cook (India) Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 0–10% | Flat | None planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Flat | — | None planned | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
14 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −45.7% | 7% |
| Last 6 months | −5.5% | 44% |
| Last 3 months | −11.0% | 37% |
The price is 65.7% below its all-time high of ₹257.41 (5 Jul 2024). Stocks more than 20% below their peak have their score halved, so 28 became 14.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Thomas Cook (India) Ltd: 0.4 × 7 + 0.4 × 44 + 0.2 × 37 = 28, halved to 14 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Thomas Cook (India) Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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