Thomas Cook (India) Ltd(THOMASCOOK)

NSE: THOMASCOOKBSE: 500413

₹ 89.15-5.71%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,193 crNext results: 2 Nov 2026Website: www.thomascook.inUpdated: 24 Oct 2026

About

Thomas Cook (India) Limited, founded in 1881 and headquartered in Mumbai, is India's leading integrated travel and travel-related financial services company, operating 16 brands across leisure travel, corporate travel, foreign exchange, destination management, hospitality and digital imaging. It is India's largest non-bank foreign exchange services provider with nearly one-third of the prepaid forex card market, and its hospitality arm Sterling Holiday Resorts operates 78 resorts across 65 destinations.^[1][2][3]

Products, brands and services

The Group operates 16 brands including Thomas Cook, SOTC, Sterling Holiday Resorts, Nature Trails, TCI, SITA, Distant Frontiers, Vilāsita, Asian Trails, Desert Adventures, Private Safaris East Africa, Private Safaris South Africa and DEI/Digiphoto Entertainment Imaging.^[1]
The prepaid forex card portfolio spans 28 currencies and includes the Borderless Travel Card, RuPay Forex Prepaid Card, Zero Markup Forex Card, Study Buddy Card and EnterpriseFx Card.^[1]
Key operating subsidiaries include SOTC Travel, TC Tours, DEI Holdings (51% stake), Sterling Holiday Resorts, Travel Corporation (India), Asian Trails, Desert Adventures and Private Safaris.^[1]

Operations and network

Sterling Holiday Resorts operated 78 resorts with more than 3,800 rooms across 65 destinations as of FY26 end, debt-free with cash reserves of around ₹3,400 mn.^[1]
DEI operates across 14 countries, 264 sites and 8 regional offices, serving theme parks, aquariums, water parks, cable cars and luxury hotels.^[1]
International DMS operates across 28 countries and 5 continents, reporting FY26 revenue of ₹29,092 mn.^[1]
The Group employs more than 10,000 people; the standalone entity has 2,483 permanent employees.^[1]
Thomas Cook now operates 13 outlets in Bengaluru and 18 across Karnataka as of September 2026, following the opening of a new Bengaluru retail outlet.^[4]

Key operating numbers

Sterling occupancy reached 67% in Q1 FY27 (+500 bps YoY); ARR was ₹7,809 (+9% YoY); total RevPAR grew 20% YoY in Q1 FY27.^[3]
Sterling room nights sold were 2.31 lakh in Q1 FY27 (+26% YoY); EBITDA margin was 37% in Q1 FY27.^[3]
Corporate travel gross turnover crossed ₹7 bn in Q1 FY27 (+15% YoY); air volumes grew 14% and hotel volumes grew 33% YoY.^[3]
MICE turnover was ₹5,420 mn in Q1 FY27 (+14% YoY), managing over 110 groups ranging from 50 to 2,400 delegates.^[3]
Financial Services EBIT margin was 45.3% in Q1 FY27 (vs. 44.4% in Q1 FY26); forex digital adoption reached 23.5% (vs. 20.4% in Q1 FY26).^[3]
Prepaid card loads stood at USD 760+ mn with more than 1.2 mn active cards and card float of ₹16 bn as of March 2026.^[1]
The Group handled 2.7 mn passengers, 1.15 mn forex transactions and 108 mn DEI imaging captures in FY 2025-26.^[1]
DEI revenue fell 38% YoY to ₹1,307 mn in Q1 FY27, swinging to an EBIT loss of ₹152 mn (vs. +₹106 mn profit in Q1 FY26), with ~50% of DEI's portfolio GCC-exposed.^[3]

Customers and distribution

Thomas Cook is India's largest non-bank foreign exchange provider, holding nearly one-third of the prepaid forex card market and the only non-bank issuer across Mastercard, Visa and RuPay networks.^[1]
Sterling ONE, the Group's proprietary B2B hospitality distribution platform on distributed ledger technology, connects more than 7,000 travel partners and 360 corporate clients.^[1]
Corporate travel serves approximately 8,000 clients as of FY26, adding 7 new accounts in Q1 FY27 across financial services, automobile, IT, insurance and education sectors.^[5][3]
Forex card delivery via Blinkit is live across 12 cities in India as of FY26, making Thomas Cook the first forex card provider on quick-commerce.^[1]

Expansion and capacity pipeline

Sterling is targeting 95 resorts and approximately 4,800 rooms by end of FY27, with 20+ sign-ups actively in pipeline and 35+ resorts representing 2,000+ additional rooms in visible development pipeline.^[3]
Sterling opened Sterling Regalia Agra (36 rooms, Taj Mahal views) on 28 September 2026 and Sterling Varanasi (33 rooms, near Sankat Mochan Hanuman Temple) on 29 September 2026, strengthening Golden Triangle and spiritual tourism presence.^[6][7]
DEI plans to sign 15 new partner sites across Indonesia, Singapore, China, Macau and Hong Kong within 6 months of Q4 FY26.^[5]

Recent developments

Sterling demerger from Thomas Cook (India) received SEBI approval; NCLT process is ongoing, with completion targeted by Q1 FY28 (June 2027).^[3]
CRISIL reaffirmed Thomas Cook (India)'s long-term credit rating at 'CRISIL AA/Stable' and short-term rating at 'CRISIL A1+' in April 2026, the highest rating awarded to a travel and tourism company in India.^[1]
SITA achieved Travelife Certified status at ITB Berlin 2025, complying with more than 200 sustainability criteria aligned with ISO 26000 and UN-supported Global Sustainable Tourism Criteria.^[1]
GCC conflict caused DEI's Desert Adventures revenue to decline 89% YoY in Q1 FY27; Middle East recovery was sub-20% in April - June 2026, improving to ~30-35% in July 2026.^[3]

Market Cap

₹4,193 Cr

High / Low

₹169 / 86

Stock P/E

19.2

Price / Book

1.6

Book Value

₹54

EPS

₹4.7

No. of Shares

47.04 Cr

ROCE

15.3%

ROE

9.1%

OPM

5.0%

Debt / Equity

0.11

Sales

₹8,398 Cr

Net Profit

₹220 Cr

Promoter holding

64.8%

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Thomas Cook (India) Ltd(THOMASCOOK)

About

Products, brands and services

Operations and network

Key operating numbers

Customers and distribution

Expansion and capacity pipeline

Recent developments

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