Thomas Cook (India) Ltd (THOMASCOOK) — Board Meeting | 21 September 2026

Thomas Cook (India) Ltd received a reaffirmation of its CRISIL AA/Stable long-term and CRISIL A1+ short-term credit ratings on September 21, 2026, reflecting stable outlook despite geopolitical headwinds. The rating rationale cites strong parent support from Fairfax, diversified operations across travel, forex, and DEI segments, and robust liquidity with Rs 2,650 crore cash reserves. However, operating income declined 13% YoY in Q1 FY27 due to West Asia instability, with international DMS and DEI revenues falling 33% and 38% respectively. Ebitda margins moderated to 6.4% from 7.1% as high-margin segments faced pressure, though leisure hospitality and financial services remained resilient. The company is recalibrating destination mix toward East and Southeast Asia and implementing cost optimisation, while preparing for a hospitality segment demerger expected to reduce consolidated scale and margins post-FY28.