Thomas Cook (India) Ltd (THOMASCOOK)

Services · Miscellaneous · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹107.65 ↓ 39.32% (1Y)

🎯 Key Takeaways

Thomas Cook (India) is in a strategic expansion phase within the Indian hospitality and tourism sector, primarily driven by its subsidiary Sterling Holiday Resorts. The company has been actively expanding its resort footprint into new and emerging destinations, signaling a growth-oriented strategy focused on diversifying its geographic presence and capturing incremental demand in the domestic leisure travel segment.
Revenue grew 18.1% QoQ to ₹2,092 in Q1FY27.
⚠️ Over-reliance on the hospitality and tourism sector makes the company vulnerable to macroeconomic shocks, travel restrictions, or changes in consumer

Market Cap

₹5,064

P/E Ratio

22.3

P/B Ratio

2.21

ROE

9.2%

ROCE

15.8%

Debt/Equity

0.10

Div Yield

0.46%

Promoter

64.8%

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📖 The Story

Thomas Cook (India) is in a strategic expansion phase within the Indian hospitality and tourism sector, primarily driven by its subsidiary Sterling Holiday Resorts. The company has been actively expanding its resort footprint into new and emerging destinations, signaling a growth-oriented strategy focused on diversifying its geographic presence and capturing incremental demand in the domestic leisure travel segment.

📰 What's Happening

In August 2026, Sterling Holiday Resorts launched its 80th property, Sterling Naman Bastar, in Jagdalpur, Chhattisgarh, marking entry into the Bastar region known for its natural and cultural attractions. This followed the earlier launch of Sterling Lake View Sattal in Uttarakhand, expanding the network to 12 properties in Uttarakhand and reinforcing a destination-led growth model. Management has consistently emphasized expanding into underpenetrated tourism circuits to drive future occupancy and revenue growth, as highlighted in recent press releases.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	2,074	2,146	1,771	2,092
Operating Profit	69	73	36	51
OPM %	3.3%	3.4%	2.0%	2.4%
Net Profit	71	45	31	64
EPS	₹1.06	₹1.35	₹0.87	₹1.55

The company has shown fluctuating but generally stable operating performance, with revenue peaking at ₹2,146 million in December 2025 before moderating to ₹2,092 million in June 2026. Operating margins have varied between 2.0% and 3.4%, with the highest margin observed in December 2025, suggesting seasonality or project timing impacts. Net profit declined from ₹71 million in September 2025 to ₹31 million in March 2026, though it improved to ₹64 million in June 2026, indicating some recovery or project completion benefits. EPS trends mirror this pattern, reflecting the impact of new resort launches on profitability timing.

🔮 Management Outlook & What's Next

Management has not provided formal forward guidance on revenue or profitability in the latest filings, but has consistently communicated a strategy of expanding the Sterling Holiday Resorts portfolio into new geographic markets as a driver of long-term growth. The focus remains on destination-led expansion rather than organic same-store growth, with future performance tied to the successful launch and operational ramp-up of new properties.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	47	47	47	47
Reserves	2,094	2,245	2,316	2,499
Borrowings	486	241	508	539
Total Liabilities	7,141	7,116	7,484	7,899
Fixed Assets	1,564	2,896	1,561	1,739
Investments	126	134	198	287
Total Assets	7,141	7,116	7,484	7,899

The balance sheet shows a stable capital structure with total assets growing from ₹7,116 million in March 2025 to ₹7,899 million in March 2026, driven by asset accumulation. Borrowings have increased significantly from ₹241 million to ₹539 million over the same period, indicating active investment in expansion initiatives. Equity and reserves remain relatively flat, suggesting funding for growth is being sourced primarily through debt and asset creation rather than equity dilution.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+717
Investing	-329
Financing	-183
Net Cash Flow	+205

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	63.8%	63.8%	63.8%	64.8%
FII	5.3%	7.3%	7.6%	6.2%
DII	7.3%	6.8%	6.5%	6.5%
Public	17.6%	16.5%	16.4%	17.4%
# Shareholders	1,15,989	1,09,844	1,09,061	1,11,875

Promoter holding has gradually declined from 64.77% in Q1FY27 to 63.83% in Q4FY26, while FII allocation has increased from 5.32% to 7.56%, and DII from 6.83% to 7.33%, indicating growing institutional interest. The number of shareholders has slightly decreased, but the rise in FII and DII participation suggests improving market confidence. No significant promoter selling or large-scale exits are evident, and the capital structure remains conservative with low leverage.

⚖️ Peer Comparison — Miscellaneous

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
GMRAIRPORT	99,096	204.0	12.1%	-23.5%	-13.08
NBCC	23,180	31.3	41.3%	30.9%	0.00
CMPDI	16,508	29.9	32.4%	24.2%	0.00
IGIL	14,747	24.2	56.1%	41.0%	0.00
HORIZONIND	13,933	—	—	—	1.22
RITES	10,492	25.2	23.5%	17.5%	0.00
INOXGREEN	6,703	53.7	9.4%	6.7%	0.10
RAIN	6,555	12.2	12.0%	8.9%	1.21
SIS	6,068	41.4	8.0%	5.8%	0.56
THOMASCOOK	5,064	22.3	15.8%	9.2%	0.10

🔗 Peer Stock Analyses

GMRAIRPORT NBCC CMPDI IGIL HORIZONIND

⚠️ Risk Factors

1. Over-reliance on the hospitality and tourism sector makes the company vulnerable to macroeconomic shocks, travel restrictions, or changes in consumer sentiment. 2. Expansion into new, less-established markets like Bastar carries execution and demand adoption risks, with uncertain scalability and occupancy potential. 3. Rising borrowings to fund expansion could pressure financial flexibility if new properties fail to generate expected returns.

📋 Recent Filings

🧠 Analyst's Read

Thomas Cook (India) is executing a clear geographic expansion strategy through its resort subsidiary, supported by incremental investment and moderate debt growth. While recent financials show volatility, the long-term growth thesis hinges on successful integration of new properties and sustained demand in emerging tourism circuits. Investors should monitor occupancy trends, margin recovery, and capital allocation efficiency in the coming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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