TCIL's Credit Rating Soars to AA/Stable

Thomas Cook (India) Limited (TCIL) has received a reaffirmation of its long-term rating and corporate credit rating (CCR) at 'CRISIL AA/Stable', with its short-term rating maintained at 'CRISIL A1+'. This recognition highlights the company's resilient business model and strong financial profile, even amidst global shifts.

The ratings reflect strong support from its parent, Fairfax Financial Holdings Ltd, and TCIL's leading market positions in India's travel and foreign exchange sectors. The company's revenue grew by 7.4% year-on-year to ₹6,628 crore in the first nine months of FY26, primarily driven by its travel segment which accounts for over 75% of total revenues.

TCIL's financial health remains robust, featuring a comfortable capital structure and strong liquidity. As of February 2026, the company reported cash and bank balances of approximately ₹2,346 crore. Proposed restructuring, including the demerger of its resorts business, is not expected to significantly impact its overall credit risk profile.

The Group's consistent operational performance, enhanced by structural cost optimization, has led to healthy margins and improved return on capital employed (ROCE). Despite facing potential headwinds from geopolitical developments, TCIL's strong liquidity and agile management are expected to mitigate risks.