Tourism Finance Corporation of India Ltd(TFCILTD)

NSE: TFCILTDBSE: 526650

₹ 147.85-1.92%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 6,845 crWebsite: www.tfciltd.comUpdated: 24 Oct 2026

About

Tourism Finance Corporation of India Ltd (TFCI) is a New Delhi-based RBI-classified Middle Layer Non-Deposit Accepting NBFC that finances tourism and hospitality projects across India, having contributed to the creation of approximately 58,700 star-category hotel rooms - 29% of India's total star-category room supply. As of Q1 FY27, TFCI had a gross AUM of ₹2,002.05 cr and a net worth of ₹1,366.80 cr, operating with a lean workforce of 40 employees from offices in Delhi and Mumbai.^[1][2][3]

Loan portfolio mix

Hotels are the largest segment at 47% of the loan portfolio as of June 2026, down from 52% at Mar-26, 54% at Dec-25, and 60% at Sep-25, reflecting ongoing diversification.^[2][4][5][6]
Real Estate accounted for 24% of the loan portfolio as of June 2026, up from 19% at Mar-26, 16% at Dec-25, and 12% at Sep-25.^[2][4][5][6]
Manufacturing stood at 12% of loans as of June 2026; Infra/Social Infra at 7%, NBFC at 6%, and ARC & Other Financial Co. at 4%.^[2]
Gross AUM comprises gross loans (₹1,901.55 cr) and project-related NCDs (₹100.50 cr) as of Q1 FY27; NCDs were first introduced in FY26 as a new lending instrument.^[2][4]

Products and services

TFCI offers project loans, term loans, corporate loans, working capital loans, acquisition financing, refinancing, takeover financing, and special situation financing.^[1]
A Loans Against Shares (LAS) product line is active for corporates, LLPs, and individuals (minimum credit score 700) via pledge of eligible listed equity shares.^[2]
TFCI has in-principle approved co-sponsorship and co-investment in a SEBI-registered Category II Alternative Investment Fund focused on Hospitality and Real Estate.^[6][5]

Key operating metrics

NIM reached 7.59% in Q1 FY27, described as the highest in TFCI's five-year history, up from 6.44% in Q1 FY26 and 6.43% for full-year FY26.^[2]
Cost of borrowings eased to 9.50% in Q1 FY27 from 9.68% in Q1 FY26 and 9.65% in FY26, the first decline in five years.^[2]
Return on average loans was 13.34% in Q1 FY27, up from 12.70% in FY26 and 12.45% in FY25.^[2][4][1]
Capital Adequacy Ratio (CRAR) stood at 57.13% in Q1 FY27, well above the regulatory minimum of 15%, compared to 55.53% at Mar-26 and 69.70% at Mar-25.^[2][4][1]
Debt:Equity ratio improved to 0.75:1 at June 2026 from 0.83:1 at Mar-26, as borrowings fell to ₹1,028.82 cr from ₹1,083.46 cr.^[2][4]

Asset quality

Gross NPL ratio was 0.41% in Q1 FY27 (₹7.82 cr at Mar-26), sharply down from 3.22% at Mar-25, reflecting significant NPA resolution during FY26.^[2][4]
Net NPL has been Nil since Sep-25 and remained Nil through Q1 FY27.^[2][6]
Investment in Security Receipts (SRs) fell from ₹104.00 cr at Mar-24 to ₹40.49 cr at Mar-25, indicating continued ARC exposure reduction.^[1]

AUM and disbursement growth

Gross AUM was ₹2,002.05 cr in Q1 FY27, up 17% YoY from ₹1,711.67 cr at Jun-25, and compared to ₹2,188.87 cr at Mar-26 peak.^[2]
Gross loan book grew 23% YoY to ₹2,088.14 cr at Mar-26 from ₹1,693.57 cr at Mar-25.^[4]
Gross AUM grew 29% YoY to ₹2,188.87 cr at Mar-26, the highest on record, from ₹1,693.57 cr at Mar-25.^[4]

Operations and reach

TFCI has its registered and corporate office in New Delhi and a branch/liaison office in Mumbai; it had 40 employees as of March 31, 2025.^[1]
Top geographic concentrations in the loan book as of Dec-25: Uttar Pradesh (₹519.76 cr), Maharashtra (₹506.02 cr), and Gujarat (₹317.86 cr).^[5]
Since inception, TFCI has contributed to the creation of approximately 58,700 star-category hotel rooms, representing 29% of India's total star-category room supply.^[1]

Credit ratings

Infomerics upgraded TFCI's long-term bonds and bank borrowings from A+ to AA- (Stable) in March 2026.^[4][2]
Brickwork upgraded TFCI's long-term bonds from A+ to AA- (Stable) in July 2026.^[2]

Strategy and expansion

Hospitality and tourism financing remains the primary lending thrust, including term loans, last-mile funding, takeover financing, and special-situation financing.^[2][4]
Selective diversification continues into Real Estate (affordable/mid-income housing, LRD, commercial), Manufacturing, Social Infra, Logistics, NBFC/ARC, and LAS.^[4][5]
TFCI is evaluating inorganic growth via acquisition of companies with business interests in financial services.^[6][5]
A co-lending tie-up with NBFCs engaged in secured SME and LAP lending is planned to access the retail lending segment.^[5][6]

Market Cap

₹6,845 Cr

High / Low

₹162 / 51

Stock P/E

6.4

Price / Book

0.6

Book Value

₹28

EPS

₹2.7

No. of Shares

46.3 Cr

ROE

9.8%

Debt / Equity

0.82

Sales

₹274 Cr

Net Profit

₹123 Cr

Promoter holding

3.9%

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