Tour, Travel Related Services industry

22 companies · ₹82,093 cr · 9 with AI deep dives · Q1FY27 report

West Asia conflict bifurcates the sector: domestic demand holds, GCC-exposed revenues collapse

Mid cyclemargin range-bound near 15.0%

Revenue YoY: +9.7%
EBITDA margin: 15.0%; -70bps YoY
Price, 1 year: -38.6%; 0% of names up
P/E vs own 5y: -24.3%; 32.0x now

Exhibit 1The quarter in numbers

constant panel of 7 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	5,957 cr	5,508 cr	+8.2%	5,428 cr	+9.7%	5,957 cr	0.0%
EBITDA margin	15.0%	14.5%	+50bps	15.7%	-70bps	17.6%	-260bps

Revenue

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%

EBITDA margin

Jun 26: 15.0%
Mar 26: 14.5%
QoQ: +50bps
Jun 25: 15.7%

Sept 26: 1 of 8 reported so far, so it is not in the trend above.

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

20.72x - 41.68x across the panel today

The median name trades at 32.0x, -24.3% against this industry's own 5-year median of 42.2x, and -46.9% against its own peak of 60.2x.

Exhibit 3Structure

₹82,093 cr

Indian Railway Catering & Tourism Corporation Ltd is 43% of this industry by market cap. The top 5 are 89.7% and the top 10 are 99.5%.

mid 2small 6micro 148 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 31.98x, 5y ROCE above its median of 14.2%, 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.

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Exhibit 5Coverage (19 of 19)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Indian Railway Catering & Tourism Corporation Ltd	₹35,096 cr	25.2x	18.1x	45.2%	31.9%	+18.1%	Unlock
TBO Tek Ltd	₹16,422 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

mixedWest Asia conflict devastating GCC-exposed businesses while domestic travel holds4 managements

Four 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…”

tailwind3 managements tailwind3 managements

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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AppendixThe other 0 companies

1-0

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