Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Oct - Sterling Holiday Resorts opens Leopard Haven Jawai in Rajasthan with 19 cottages, suites and villas.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result03 Aug, 10:44 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -6.3% / mo · MACD + · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 27
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
THOMASCOOKD candles · FIT view+3.2%Latest close ₹100.21 on 2026-10-19
Bar
-0.3%
RSI
44
MACD hist
0.13
52W pos
17%
2026-10-19O ₹100.51H ₹101.60L ₹100.00C ₹100.21Vol 2.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
THOMASCOOKNifty Consumer DurablesNifty 500
- THOMASCOOK
- -2.8%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +2.7 pp
Chart stats
19 Oct 2026- From 52W high
- -40.7%
- 52W range position
- 17%
- ATR (14)
- 3.3%
- Volume vs 20D
- 0.43x
- Avg traded value
- ₹4.4 Cr
- 20D price channel
- ₹96.5 - ₹106.2
₹169
₹86.4 - ₹169
₹3.3
Latest completed session
20-session average
21.4% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE50
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -13.1% · PAT -13.5% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model+35.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -13% YoY · PAT -14% YoY · margin compression · +18% QoQ
Filed 03 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 21.20
- P/B
- 1.89
- EV/EBITDA
- 9.51
- Market Cap
- 4777.00Cr
Profitability
- ROE
- 9.21%
- ROCE
- 14.90%
- ROA
- 2.72%
- Dividend Y
- 0.50%
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
- 2.33
- Book Value
- 54.10
Cash Flow
- FCF Yield
- 5.42%
- FCF Positive Y
- 6/5
- OCF
- 643.00 Cr
- EPS TTM
- 4.65
Shareholding
- Promoter Hold
- 64.77%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 8,398+3.2% vs prev
Net Profit
₹ CrLatest: 220-14.7% vs prev
Return on Equity
%Latest: 468-14.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 44. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.7% over last month) — short-term momentum negative.
- RSI(14) at 44 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 41% off 52W high · 16% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
28
RS percentile
Stage 1 Base / Transition
1M return
-5.5%
3M return
-2.8%
6M return
-6.4%
1Y return
-38.3%
RS 1D
+2
RS 20D
0
Sector rank
#9
Industry rank
-
Stage evidence
- Price is within 2.0% of the 30-week proxy.
- The 30-week proxy changed +0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 65.76+0.24%
RS vs Nifty 50066
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation9/30
Growth19/25
Quality1/20
Balance Sheet8/15
Cash Flow7/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
50
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
50/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 5.4%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 35.3%.
Main drags
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Valuation is weaker at 9/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
21.2
PB
1.9
EV/EBITDA
9.5
ROE
9.2%
ROCE
14.9%
FCF Yield
5.4%
Debt/Equity
0.2
MoS
+35.3%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
50
Previous: 50
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+35.3%
Previous: +35.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
50
50
50
50
50
50
50
50
50
50
50
50
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹75.23
-33.2% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹154.85
+35.3% MoS
PEG
0.55
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
WTICAB
SME
Wise Travel India Ltd.
Travel Services
match 59
69
8.1
15.4%
+70%
UNDERVALUED
TBOTEK
Large
TBO Tek Limited
Travel Services
match 37
39
65.7
17.4%
-99%
WATCHLIST
YATRA
Small
Yatra Online Limited
Travel Services
match 34
39
46.1
6.2%
-84%
WATCHLIST
EASEMYTRIP
Small
Easy Trip Planners Limited
Travel Services
match 34
20
—
-0.5%
—
OVERVALUED
DREAMFOLKS
Small
Dreamfolks Services Limited
Travel Services
match 32
36
—
3.8%
—
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-11T07:39:03.771Z
Management commentary snapshot
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.
Current business mix
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Travel & Related Services78.3%
Digital Imaging Solutions9.8%
Leisure Hospitality & Resorts6.2%
Financial Services3.8%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 63rd percentile within Consumer. Main check: results consistency is weak at 42/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
124 docs text-extracted · 32 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Consumer: 63rd pctile, median 66 · Micro: 38th pctile, median 73
Evidence depth
Financial-only
124 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
58
watch · capital discipline
Results
42
weak · quarterly consistency
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.
Continue researching Thomas Cook (India) Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 29 Sep - Sterling Holiday Resorts opens 33-room Sterling Varanasi near Sankat Mochan Temple.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 24 Sep - Thomas Cook opens new outlet in RR Nagar, Bengaluru, expanding to 13 city outlets and 18 in Karnataka.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep - We enclose herewith the details of Analyst/Institutional Investor meetings under the SEBI (LODR) Regulations, 2015
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 21 Sep - CRISIL reaffirmed Thomas Cook India’s AA/Stable and A1+ ratings for Rs433 crore facilities and Rs50 crore CP.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - We enclose herewith the details of Analyst/Institutional Investor meetings under the SEBI (LODR) Regulations, 2015.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 16 Sep - Thomas Cook opens forex counters at Alluri Sitarama Raju International Airport, Bhogapuram, expanding airport network.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 15 Sep - Thomas Cook says September–October travel demand is rising ahead of festive and year-end season.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Aug - We hereby enclose Newspaper Advertisement published today in Financial Express (English Language) and Loksatta (Marathi Language) for the purpose of providing details of the 49th …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Aug - Intimation under Regulation 47 of the SEBI (LODR) Regulations, 2015 regarding Newspaper advertisement for the 49th Annual General Meeting of the Company.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 17 Aug - Thomas Cook India and SOTC expand luxury cruise portfolio across Europe, Mediterranean, Antarctica and Arctic.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Aug - Thomas Cook India and SOTC partner with DCT Abu Dhabi for complimentary UAE visas on eligible bookings.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.