CRISIL Reaffirms Thomas Cook India Group’s Credit Ratings at AA/Stable/A1+
Mumbai, April 1, 2026 – CRISIL Ratings has reaffirmed the long-term rating and corporate credit rating (CCR) of Thomas Cook (India) Limited (TCIL) at ‘CRISIL AA/Stable’ and its short-term rating at ‘CRISIL A1+.’ The reaffirmation reflects the Group's resilient business model, strong financial profile, and consistent operational performance.The ratings consider the strong support from parent Fairfax Financial Holdings Ltd, along with TCIL’s leadership position in India's travel and foreign exchange sectors. The Group also benefits from a diversified presence across hospitality and attraction imaging segments.
TCIL reported revenue growth of 7.4% year-over-year to ₹6,628 crore in the first nine months of FY26, driven by robust demand across key travel segments including destination management services, outbound leisure, MICE, and corporate travel. The travel segment contributes over 75% of total revenues.
The Group’s ongoing cost optimization initiatives have enhanced operating efficiencies, resulting in healthy margins and improved return on capital employed (ROCE). As of February 2026, the Group reported cash and bank balances of approximately ₹2,346 crore, including significant unencumbered reserves. Low leverage (gearing at 0.34x) and healthy debt protection metrics further reinforce its credit strength.
CRISIL has also acknowledged TCIL's proposed restructuring, including the demerger of its resorts and resort management business into Sterling Holiday Resorts Ltd. CRISIL continues to factor in ongoing support from Fairfax.
CRISIL has consolidated the business and financial profiles of TCIL and its subsidiaries including Sterling Holiday Resorts Ltd, TC Tours Ltd, Travel Corporation India Ltd, SOTC Travel Ltd, and other international entities.
Mahesh Iyer, Managing Director & CEO of Thomas Cook (India) Limited, stated that the reaffirmation underscores the strength and resilience of TCIL’s business model and recognizes the Group’s consistent performance, strong fundamentals, diversified portfolio, and prudent financial management.
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