Thomas Cook (India) Ltd

Thomas Cook (India) Ltd — Trading Window closed from October 1, 2026 until 48 hours after the unaudited financial results for the quarter and half year ending September 30, 2026.

Opening

• Sterling Varanasi opens near Sankat Mochan Hanuman Temple; 33-room hotel.

Strategy & footprint

• Adds Varanasi to Sterling's spiritual travel footprint.
• Supports Destination Architect strategy with faith, culture, and cuisine.

Corporate structure

• Sterling is a 100% independently managed subsidiary of Thomas Cook (India) Limited.
• Part of Fairfax Financial Holdings Limited.

Opening details

• Sterling Regalia Agra opens with 36 rooms and a 40-cover dining venue.
• Located 1.4 km from the Taj Mahal, in Agra's Golden Triangle circuit.
• Sterling portfolio comprises over 3,900 keys across 67 destinations.
• Property supports Sterling's Destination Architect strategy linking destinations into wider circuits.
• Opening strengthens Sterling's ability to offer end-to-end journeys across the Delhi-Agra-Jaipur circuit.

Meeting Details

• Date & time: September 29, 2026, 12:00 Noon onwards.
• Nature: Group meeting; Mode: Virtual.
• Organised by: Arihant Capital - Bharat Connect; RisingStars conference.
• Place: Virtual.

Participants

• Key company participant: Company Secretary and Compliance Officer.

Purpose

• Purpose: General investor interaction; discussions based on publicly available information.

Key points

• Press release discusses travel trends shaping Indian travellers.
• Highlights digitization and AI-driven discovery in Thomas Cook India and SOTC Travel.
• CRISIL reaffirms long-term debt rating AA/Stable and short-term A1+ for TCIL.
• 25% of customers transact through digital purchase channels.
• 57% of forex-card spends are via contactless and online transactions.
• Tier-2 and Tier-3 cities are emerging growth engines for outbound travel.
• Fairfax promoter holds 64.77% of TCIL paid-up capital.

Rating Action

• CRISIL reaffirms long-term AA/Stable and short-term A1+ ratings.
• Corporate Credit Rating reaffirmed: Crisil AA/Stable.
• Commercial Paper rating reaffirmed: Crisil A1+.
• Reaffirmation date: 21 September 2026.

Instruments Rated

• Total bank loan facilities rated Rs 433 crore with AA/Stable (LT) and A1+ (ST).
• Corporate Credit Rating: Crisil AA/Stable.
• Commercial Paper: Rs 50 crore; Crisil A1+.

Rationale - Strengths & Profile

• Strong parent support from Fairfax Financial Holdings Ltd.
• Leading position in travel, forex and diversified DEI/other segments.
• Healthy liquidity; cash and investments around Rs 2,650 crore.
• Low adjusted debt/adjusted net worth at 0.36x; interest coverage ~6.0x.
• Demerger of hospitality segment expected to reduce scale and margins.

Rationale - Risks & Outlook

• Geopolitical disruptions and competition remain profitability risks.
• Consolidated EBITDA margin anticipated to stay above 4% post-demerger.
• Outlook maintained at Stable; medium-term recovery expected.

Financial Highlights

• FY2026 revenue Rs 8,517 crore; PAT Rs 220 crore.
• PAT margin 2.6%; EBITDA margin 6.4% in FY2026.
• Liquidity supports capex and debt repayments; unutilised lines remain.
• Adjusted debt/adjusted net worth 0.36x; interest coverage 6.0x.

Material Changes Since Last Rating

• No change in rating; outlook remains Stable.

Meeting Details

• Date and time: September 22, 2026, 10:00 AM onwards
• Type: 1x1 / group meeting; mode: physical, in Mumbai
• Organised by: Anand Rathi Annual Flagship Conference, G-200 Summit 2026
• Venue: Mumbai
• Key company participants: Company officials to attend (roles not specified)
• Purpose: investor interaction at Analyst / Institutional Investor meeting

New forex counters at Bhogapuram

• Thomas Cook India opens forex counters at Alluri Sitarama Raju International Airport, Bhogapuram.
• Expands airport forex network, strengthening Visakhapatnam market.
• Visakhapatnam region expected to handle over 28 lakh passengers annually.
• Delhi counters reopened June–July 2026; Bengaluru counters opened earlier in 2026.

Key disclosures

• Press release notes expanded travel calendar; September-October demand stronger.
• Travellers show greater flexibility, planning short breaks and family holidays in Sep-Oct.
• Festive and year-end seasons remain anchors for larger holidays and international trips.
• CRISIL reaffirmed long-term debt facilities at AA/Stable and short-term at A1+.
• Fairfax promoter holds 64.77% of TCIL paid-up capital.
• No governance changes disclosed in this update.

Director cessation

• Non-executive director Chandran Ratnaswami ceased due to not seeking re-appointment; effective Sep 10, 2026.