Financially, the group reported revenue of ₹6,628 crore in the first nine months of FY26, a 7.4 per cent year-on-year increase. Photo Credit: SUZANNE PLUNKETT
Thomas Cook (India) Limited received a reaffirmation of its CRISIL AA/Stable and CRISIL A1+ credit ratings on Wednesday, the highest assigned to any travel and tourism company in India. The company’s shares were up 6.33 per cent on the NSE to ₹95.52, closing at ₹95.78 — up ₹5.95 from the previous close of ₹89.83.
The rating agency cited the group’s strong backing from Canadian parent Fairfax Financial Holdings, which holds a 63.83 per cent stake through Fairbridge Capital (Mauritius) Limited, as a primary factor in the reaffirmation. CRISIL also pointed to Thomas Cook India’s leadership in travel and foreign exchange, along with its diversified presence in hospitality and attraction imaging.
Planned Restructuring
Financially, the group reported revenue of ₹6,628 crore in the first nine months of FY26, a 7.4 per cent year-on-year (YoY) increase, driven largely by the travel segment which accounts for over 75 per cent of total revenues. Key growth areas included destination management services, outbound leisure, MICE and corporate travel. As of February 2026, the group held cash and bank balances of approximately ₹2,346 crore, with gearing at a low 0.34x.
CRISIL flagged a planned restructuring — the demerger of the resorts and resort management business into Sterling Holiday Resorts Limited — which could moderate consolidated revenues post-completion, though it does not expect a material impact on the group’s overall credit profile.
Managing Director and CEO Mahesh Iyer said the rating reflects the group’s consistent performance and prudent financial management.
The rating covers Thomas Cook India’s subsidiaries including Sterling Holiday Resorts, SOTC Travel, TC Tours, Travel Corporation India and several international entities. Geopolitical risks and competitive intensity were noted as partial offsets to the group’s credit strengths.
Published on April 1, 2026