Thomas Cook (India) Limited (THOMASCOOK)
Micro CapConsumer stocks · Micro cap · NSE
Thomas Cook (India) Ltd is a diversified travel services company with 145+ years of legacy, operating across 28 countries. It has four main engines: Financial Services, Travel & Related Services, Leisure Hospitality (Sterling Holiday Resorts), and Digital Imaging Solutions (DEI). Part of Fairfax Group.
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 acceptable, price trend is neutral, and recent execution is weak.
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 30 Jun 2026
Bad · 0/100Rev -13% YoY · PAT -14% YoY · margin compression · +18% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,092 Cr | -13.1% | +18.1% |
| EBITDA | ₹93 Cr | -26.8% | +19.2% |
| Operating margin | 4.5% | -50 bps | +10 bps |
| PAT | ₹64 Cr | -13.5% | +106.5% |
| PAT margin | 3.1% | -1 bps | +131 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 consolidated income grew 3.3% YoY to Rs 85.6 Bn, but EBIT declined 10.9% due to geopolitical disruptions, elevated costs, and negative currency volatility. Q4 saw a sharper decline in total income (-10.7%) and EBIT (-38.6%), primarily impacting Travel and Digital Imaging segments.
The company's overall profitability was significantly impacted in Q4 and FY26 due to geopolitical disruptions, particularly in the Middle East, affecting its Travel and Digital Imaging segments. While Financial Services and Leisure Hospitality showed resilience, the material headwinds pose a challenge to sustained growth and margin expansion.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Financial Services Retail Focus
Retail sales growth of 27% YoY in Q4 FY26, driven by Holiday (29% YoY) and Education (25% YoY) segments, leveraging AD II license and omnichannel distribution.
Leisure Hospitality Resort Engine
Sterling Holiday Resorts achieved record Q4 revenue with 19% YoY growth, driven by 38% growth in Room Revenue, signaling business model transformation and growth phase.
B2C Outbound Travel
B2C Outbound revenue grew 10% YoY in FY26 and 12% in Q4 FY26, with Short Haul growing 21% YoY in Q4 FY26, indicating strong demand in this segment.
Corporate Travel Expansion
Corporate Travel revenue grew 19% YoY in FY26 and 28% in Q4 FY26, with 8 new accounts acquired in Q4 FY26 and global footprint expanded into the EU via Cyprus.
Financial Services Outlets & Digital Reach
Opened 7 new outlets in Q4 FY26 (5 GCP, 1 owned, 1 airport counter). Quick-commerce expansion via Blinkit in 6 additional cities, increasing digital distribution to 12 cities.
Digital Imaging Partnerships
Signed 9 new partnerships and renewed 12 key partnerships in Q4 FY26 across India, Saudi Arabia, Malaysia, Indonesia, and Singapore. Operational launch of 4 partnerships.
Travel Charter Flights
Launched Bhutan charter flights ex Bengaluru & Ahmedabad to capitalize on direct air connectivity and growing travel interest.
India Outbound Tourism Growth
India outbound tourism projected to grow at ~14% CAGR through 2030, reaching 50M+ travellers and a ₹5 Trillion market by 2030.
Indian Overseas Education Spend
Indian overseas education spend projected to grow at ~13% CAGR through 2030, with a growing base of 800K+ students abroad driving repeat forex flows.
Corporate Travel Market Expansion
Corporate travel market projected to double to ~$21bn by FY2030, driven by enterprise expansion and outbound activity, creating non-discretionary demand.
Geopolitical Disruptions
FY26 was marked by significant geopolitical disruptions at both the start and close of the FY, effectively truncating the sales & operating period from 12 to less than 9 months.
Middle East Tensions
Geopolitical tensions in the Middle East, including travel disruptions and airspace closures, impacted Overseas DMS (sales declined 24% YoY in Q4 FY26) and Digital Imaging Solutions.
Elevated Costs & Currency Volatility
Challenging environment characterized by elevated costs and significant negative currency volatility impacted overall profitability.
Digital Imaging UAE Operations
Temporary suspension of operations in the UAE, which contributes approximately 50% of DEI’s total revenue, significantly impacted sales and EBIT in Q4 FY26.
Geopolitical Instability
Ongoing geopolitical disruptions and regional escalation, particularly in the Middle East, pose a risk to travel demand, connectivity, and operational stability.
Currency Volatility & Cost Inflation
Significant negative currency volatility and elevated operating costs can continue to pressure margins across segments.
Dependence on Key Markets (DEI)
High dependence on the UAE market for Digital Imaging Solutions (approx. 50% of revenue) makes the segment vulnerable to regional disruptions.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is crucial for assessing annual growth and the impact of geopolitical events over a full year. QoQ is important to understand sequential momentum and the immediate impact of Q4 disruptions on specific segments like Travel and Digital Imaging.
Financial Services Retail Sales Growth
Retail sales grew 27% YoY in Q4 FY26 and 16% in FY26. Holiday sales grew 29% YoY in Q4 FY26 and 13% in FY26. Education sales grew 25% YoY in Q4 FY26 and 17% in FY26.
Financial Services Digital Adoption
Digital adoption rate moved to 22.8% in Q4 FY26 from 22% YoY. WhatsApp transactions grew 2.2x in Q4 FY26 and 2.6x in FY26. App transactions grew 4.9x in Q4 FY26 and 3.5x in FY26.
Travel & Related Services Corporate Air Volume Growth
Corporate Travel Air Volume grew over 7.3% YoY in Q4 FY26 and 4.8% in FY26. International Air Volume grew over 19.4% YoY in Q4 FY26 and 7.4% in FY26.
Leisure Hospitality & Resorts Revenue Growth
Sterling Holiday Resorts delivered highest ever Q4 Revenue of Rs 1,385 Mn, a 19% growth YoY. Room Revenue was up nearly 38% YoY, and F&B Revenue grew 14% YoY.
Cautious Optimism Amid Uncertainty
Management states that while the environment remains uncertain, they are cautiously optimistic that peace will endure.
Focus on Fiscal Management & Technology
Focus will remain on prudent fiscal management and leveraging technology for increased productivity to deliver sustainable growth and value.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Digital Imaging Solutions (DEI) Recovery | Q4 FY26 sales below prior year, EBIT negative due to Middle East disruptions and increased WeC costs. | Signs of recovery in UAE operations and sales, and improved profitability as geopolitical tensions ease and WeC costs are absorbed. |
| Travel & Related Services EBIT Margin | EBIT margin declined to 1.8% in Q4 FY26 from 3.7% in Q4 FY25, and to 3.3% in FY26 from 3.8% in FY25. | Stabilization and improvement in EBIT margins, indicating effective cost management and recovery in high-margin travel segments. |
| Financial Services Digital Adoption Rate | Digital adoption rate at 22.8% in Q4 FY26, with strong growth in WhatsApp and App transactions. | Continued increase in digital adoption and transaction volumes, which are key for scalable, low-capex growth and margin expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
48NeutralSMA20 +4.6% / mo · MACD −
Technical chart
THOMASCOOKdaily · 1Y · AUTO+18.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 59. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~4.4% over last month) — short-term momentum positive.
- RSI(14) at 59 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 38% off 52W high · 29% 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
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
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 4.9%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 31.3%.
Main drags
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Valuation is weaker at 8/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; 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: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 64th percentile within Consumer. Main check: results consistency is weak at 42/100.
Healthy Trust Lite: Promoter holding is 64.8%. Key concern: ROCE trend is -2.8%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 64th pctile, median 66 · Micro: 38th pctile, median 73
124 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed 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 64.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.9%.
- ▸6 years of positive FCF.
Trust risks
- ▸ROCE trend is -2.8%.
- ▸0/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 23.30
- P/B
- 2.07
- EV/EBITDA
- 10.36
- Market Cap
- 5252.00Cr
Profitability
- ROE
- 9.21%
- ROCE
- 14.90%
- ROA
- 2.72%
- Dividend Y
- 0.45%
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
- 4.19×
- Altman Z
- 2.38
- Book Value
- 54.10
Cash Flow
- FCF Yield
- 4.93%
- FCF Positive Y
- 6/5
- OCF
- 643.00 Cr
- EPS TTM
- 4.65
Shareholding
- Promoter Hold
- 64.77%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — 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.