Tour, Travel Related Services industry
23 companies · ₹90,325 cr · 7 with AI deep dives · Q1FY27 report
West Asia conflict bifurcates the sector: domestic demand holds, GCC-exposed revenues collapse
- Revenue YoY
- +9.7%
- EBITDA margin
- 15.0%
- -70bps YoY
- Price, 1 year
- -33.0%
- 14% of names up
- P/E vs own 5y
- -2.8%
- 42.3x now
Exhibit 1The quarter in numbers
constant panel of 7 companies above ₹500 cr- Jun 26
- 5,957 cr
- Mar 26
- 5,508 cr
- QoQ
- +8.2%
- Jun 25
- 5,428 cr
- YoY
- +9.7%
- Peak
- 5,957 cr
- vs peak
- 0.0%
- Jun 26
- 15.0%
- Mar 26
- 14.5%
- QoQ
- +50bps
- Jun 25
- 15.7%
- YoY
- -70bps
- Peak
- 17.6%
- vs peak
- -260bps
Breadth: 71% of 7 companies grew revenue year on year (was 71% a quarter earlier) and 14% expanded margin (was 0%).
Exhibit 2What it costs
23.86x - 66.64x across the panel todayThe median name trades at 42.3x, -2.8% against this industry's own 5-year median of 43.5x, and -29.8% against its own peak of 60.2x.
Exhibit 3Structure
₹90,325 crIndian Railway Catering & Tourism Corporation Ltd is 41.9% of this industry by market cap. The top 5 are 88.9% and the top 10 are 99.5%.
Exhibit 4Screen
P/E below the sub-industry median of 42.28x, 5y ROCE above its median of 15.87%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (20 of 20)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹37,032 cr
- P/E
- 26.9x
- EV/EBITDA
- -
- ROCE
- 41.1%
- Margin
- 35.5%
- Rev YoY
- +18.1%
- Mcap
- ₹9,573 cr
- P/E
- 13.7x
- EV/EBITDA
- 10.7x
- ROCE
- 26.1%
- Margin
- 29.5%
- Rev YoY
- +25.3%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Four managements - TBO, Thomas Cook, Yatra, and Cordelia - cited the Middle East conflict as a direct earnings headwind. Thomas Cook's DEI swung from INR 106 million EBIT profit…
- THOMASCOOK (Q1FY27): “Obviously, this has been directly related to our 50% dependence of our overall global…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
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