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Last Updated: April 2, 2026, 3:49 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500413 | NSE: THOMASCOOK

Thomas Cook (India) Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹85.95Overvalued by 10.28%vs CMP ₹95.80

P/E (17.9) × ROE (11.9%) × BV (₹50.20) × DY (0.47%)

₹99.17Fairly Valued by 3.52%vs CMP ₹95.80
MoS: +3.4% (Thin)Confidence: 43/100 (Low)Models: 4 Under, 4 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹139.7826%Under (+45.9%)
Graham NumberEarnings₹76.6416%Over (-20%)
Earnings PowerEarnings₹27.9813%Over (-70.8%)
DCFCash Flow₹122.7613%Under (+28.1%)
Net Asset ValueAssets₹50.258%Over (-47.5%)
EV/EBITDAEnterprise₹121.0410%Under (+26.3%)
Earnings YieldEarnings₹52.008%Over (-45.7%)
Revenue MultipleRevenue₹173.106%Under (+80.7%)
Consensus (8 models)₹99.17100%Fairly Valued
Key Drivers: EPS CAGR 62.6% lifts DCF — verify sustainability. | Wide model spread (₹28–₹173) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 62.6%

*Investments are subject to market risks

Investment Snapshot

65
Thomas Cook (India) Ltd scores 65/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health60/100 · Moderate
ROCE 18.7% GoodROE 11.9% AverageD/E 0.23 Low debtInterest Coverage 0.0x RiskyProfitable 3/5 years Mixed
Smart Money60/100 · Moderate
FII holding up 2.76% (6mo) AccumulatingDII holding down 1.27% MF sellingPromoter holding at 63.8% Stable
Earnings Quality65/100 · Strong
OPM expanding (-3% → 6%) Improving
Quarterly Momentum68/100 · Strong
Revenue (4Q): +10% YoY GrowingProfit (4Q): +2% YoY Positive
Industry Rank75/100 · Strong
P/E 17.9 vs industry 30.7 Cheaper than peersROCE 18.7% vs industry 26.5% Average3Y sales CAGR: 63% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:49 am

Market Cap 4,505 Cr.
Current Price 95.8
Intrinsic Value₹99.17
High / Low 188/86.2
Stock P/E17.9
Book Value 50.2
Dividend Yield0.47 %
ROCE18.7 %
ROE11.9 %
Face Value 1.00
PEG Ratio0.29

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Thomas Cook (India) Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Thomas Cook (India) Ltd 4,505 Cr. 95.8 188/86.217.9 50.20.47 %18.7 %11.9 % 1.00
Easy Trip Planners Ltd 2,335 Cr. 6.42 13.5/5.7788.8 2.380.00 %20.9 %16.2 % 1.00
Autoriders International Ltd 160 Cr. 460 1,031/61.216.5 1540.04 %19.5 %20.0 % 10.0
BLS International Services Ltd 10,516 Cr. 255 422/21816.3 51.70.78 %33.6 %34.3 % 1.00
Indian Railway Catering & Tourism Corporation Ltd (IRCTC) 40,896 Cr. 511 820/49329.6 53.21.66 %49.0 %37.2 % 2.00
Industry Average11,682.40 Cr221.5230.7052.100.49%26.50%22.02%2.67

All Competitor Stocks of Thomas Cook (India) Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,5361,3131,8991,8431,8931,6642,1062,0042,0611,9692,4082,0742,146
Expenses 1,4721,2771,7751,7411,7771,5731,9701,8791,9451,8712,2811,9662,031
Operating Profit 64361241031169113612511698127108114
OPM % 4%3%7%6%6%5%6%6%6%5%5%5%5%
Other Income 26113328482928431850456411
Interest 28232623242622242624242424
Depreciation 32303031333334353736363941
Profit before tax 30-61017710761109110718811111060
Tax % 12%74%28%32%16%7%33%35%35%28%34%36%25%
Net Profit 27-107151915873724766747145
EPS in Rs 0.39-0.151.551.001.751.201.601.381.051.371.531.410.89

Last Updated: March 3, 2026, 2:12 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 4:46 am

MetricDec 2013Mar 2015n n 15mMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,2873,2446,0948,76211,2486,6036,8337951,8885,0487,2998,1408,596
Expenses 1,1403,0015,9108,42510,8766,5206,7261,1472,0754,8706,8627,6628,149
Operating Profit 14724318433837283107-352-187178437478447
OPM % 11%7%3%4%3%1%2%-44%-10%4%6%6%5%
Other Income 641-31846,005168761465562134141170
Interest 34719213214973101626289999595
Depreciation 1841619113767151148129124128142153
Profit before tax 10217111996,091110-69-416-32227345382369
Tax % 33%34%6,392%57%-1%19%-74%-29%-21%61%21%32%
Net Profit 69112-59866,13189-18-295-25410271258256
EPS in Rs 2.513.31-2.131.18161.212.29-0.02-6.72-5.180.145.515.415.20
Dividend Payout % 0%15%-18%32%0%16%0%0%0%291%11%8%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)245.76%7029.07%-98.55%-120.22%-1538.89%13.90%103.94%2610.00%-4.80%
Change in YoY Net Profit Growth (%)0.00%6783.31%-7127.62%-21.68%-1418.66%1552.79%90.04%2506.06%-2614.80%

Thomas Cook (India) Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 9 years from 2016-2017 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:10%
5 Years:4%
3 Years:63%
TTM:12%
Compounded Profit Growth
10 Years:11%
5 Years:326%
3 Years:46%
TTM:-2%
Stock Price CAGR
10 Years:7%
5 Years:42%
3 Years:34%
1 Year:-18%
Return on Equity
10 Years:-21%
5 Years:0%
3 Years:9%
Last Year:12%

Last Updated: September 5, 2025, 1:46 pm

Balance Sheet

Last Updated: December 4, 2025, 2:07 am

MonthDec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 25273737373738384447474747
Reserves 6631,3021,2111,9508,6348,8561,6271,8911,6511,6662,0102,2132,316
Borrowings 1823801,0421,404425361762612598539418465508
Other Liabilities 6531,4172,6093,5753,0003,7533,0662,1942,3213,4043,8894,3034,613
Total Liabilities 1,5233,1264,8996,96512,09613,0085,4924,7364,6155,6576,3647,0287,484
Fixed Assets 4751,2001,9032,8431,7232,4032,7072,6282,5802,5762,7702,8092,922
CWIP 5975356137126142660938
Investments 2083401342197,3987,417100130129106134134198
Other Assets 8351,4892,8103,8472,9623,1802,6731,9711,8922,9483,4003,9924,356
Total Assets 1,5233,1264,8996,96512,09613,0085,4924,7364,6155,6576,3647,0287,484

Reserves and Borrowings Chart

Cash Flow

MonthDec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 219131383273-244253120-581-139649829717
Cash from Investing Activity + -366-607-165-253-458-263-184351-123-179-437-325
Cash from Financing Activity + 88565548161477-167-170335-85-230-291-183
Net Cash Flow -5989766181-225-178-234105-347239101210
Free Cash Flow 20029113162-40917928-595-201612730609
CFO/OP 176%81%268%117%1%357%185%177%76%391%201%170%

Free Cash Flow

MonthDec 2013Mar 2015n n 15mMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-35.00243.00183.00337.00-53.00-278.00-655.00-964.00-785.00-361.0019.0013.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthDec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 947350422846255945413228
Inventory Days
Days Payable
Cash Conversion Cycle 947350422846255945413228
Working Capital Days -30-15-61-52-38-66-78-540-235-102-89-63
ROCE %18%17%9%10%6%2%1%-14%-11%5%19%19%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 72.34%72.34%72.34%63.83%63.83%63.83%63.83%63.83%63.83%63.83%63.83%63.83%
FIIs 0.51%0.47%0.57%1.83%2.29%3.16%3.58%4.38%4.52%4.41%5.32%7.28%
DIIs 9.20%9.02%8.14%9.26%8.64%9.10%9.84%9.48%8.10%7.78%7.33%6.83%
Government 0.00%0.00%0.00%0.06%0.08%0.07%0.08%0.09%0.10%0.12%0.12%0.11%
Public 16.63%16.85%17.74%23.88%24.07%22.76%21.64%21.21%22.44%22.86%22.43%20.98%
Others 1.33%1.33%1.21%1.11%1.08%1.06%1.03%1.00%1.00%0.98%0.97%0.96%
No. of Shareholders 79,76677,94377,92882,59593,08095,49198,8421,04,1201,17,2531,17,3831,15,9891,09,844

Shareholding Pattern Chart

No. of Shareholders

Thomas Cook (India) Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Focused Fund 12,255,872 1.48 126.15N/AN/AN/A
Aditya Birla Sun Life ELSS Tax Saver Fund 10,549,933 0.73 108.5910,549,9332025-04-22 15:56:520%
Aditya Birla Sun Life MNC Fund 2,757,680 0.83 28.382,782,1502026-02-23 01:32:13-0.88%
Nippon India Multi Asset Allocation Fund 2,153,718 0.16 22.171,244,9752026-01-25 02:20:3472.99%
UTI MNC Fund 1,100,000 0.42 11.321,125,5412026-02-23 00:30:17-2.27%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 5.465.570.22-6.92-6.83
Diluted EPS (Rs.) 5.465.570.22-6.92-6.83
Cash EPS (Rs.) 8.438.482.84-2.85-3.89
Book Value[Excl.RevalReserv]/Share (Rs.) 48.0343.2035.6037.4139.13
Book Value[Incl.RevalReserv]/Share (Rs.) 48.0343.2035.6037.4139.13
Revenue From Operations / Share (Rs.) 173.04155.17107.3142.6921.02
PBDIT / Share (Rs.) 13.2212.155.13-2.93-5.35
PBIT / Share (Rs.) 10.209.442.50-5.84-9.27
PBT / Share (Rs.) 8.047.330.55-7.30-11.01
Net Profit / Share (Rs.) 5.415.760.20-5.76-7.80
NP After MI And SOA / Share (Rs.) 5.415.510.13-5.18-6.72
PBDIT Margin (%) 7.637.834.78-6.86-25.46
PBIT Margin (%) 5.896.082.32-13.68-44.08
PBT Margin (%) 4.644.720.51-17.10-52.38
Net Profit Margin (%) 3.123.710.19-13.48-37.12
NP After MI And SOA Margin (%) 3.123.540.12-12.13-31.96
Return on Networth / Equity (%) 11.2512.590.37-13.52-17.01
Return on Capital Employeed (%) 14.8814.634.36-9.69-11.71
Return On Assets (%) 3.574.030.11-4.93-5.33
Long Term Debt / Equity (X) 0.040.050.080.070.07
Total Debt / Equity (X) 0.100.100.220.260.23
Asset Turnover Ratio (%) 1.201.210.330.070.04
Current Ratio (X) 0.920.850.800.670.82
Quick Ratio (X) 0.910.840.790.660.81
Inventory Turnover Ratio (X) 212.550.000.000.000.00
Dividend Payout Ratio (NP) (%) 10.987.280.000.000.00
Dividend Payout Ratio (CP) (%) 7.044.880.000.000.00
Earning Retention Ratio (%) 89.0292.720.000.000.00
Cash Earning Retention Ratio (%) 92.9695.120.000.000.00
Interest Coverage Ratio (X) 6.575.762.71-2.11-3.25
Interest Coverage Ratio (Post Tax) (X) 3.763.731.13-3.09-3.69
Enterprise Value (Cr.) 5545.666832.252229.992892.171353.56
EV / Net Operating Revenue (X) 0.680.930.441.531.70
EV / EBITDA (X) 8.9211.959.24-22.30-6.69
MarketCap / Net Operating Revenue (X) 0.771.070.521.602.34
Retention Ratios (%) 89.0192.710.000.000.00
Price / BV (X) 2.803.801.541.781.24
Price / Net Operating Revenue (X) 0.771.070.521.602.34
EarningsYield 0.040.030.00-0.07-0.13

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Thomas Cook (India) Ltd. is a Public Limited Listed company incorporated on 21/10/1978 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L63040MH1978PLC020717 and registration number is 020717. Currently Company is involved in the business activities of Travel agency and tour operator activities. Company's Total Operating Revenue is Rs. 2073.71 Cr. and Equity Capital is Rs. 47.04 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Travel/Tourism/Amusement Park11th Floor, Marathon Futurex, Mumbai Maharashtra 400013Contact not found
Management
NamePosition Held
Mr. Madhavan MenonNon Executive Chairman
Mr. Mahesh IyerManaging Director & CEO
Mr. Chandran RatnaswamiNon Executive Director
Mr. Sumit MaheshwariNon Executive Director
Mr. Gopalakrishnan SoundarajanNon Executive Director
Mr. Nilesh VikamseyInd. Non-Executive Director
Mr. Sunil MathurInd. Non-Executive Director
Mrs. Sharmila A KarveInd. Non-Executive Director
Mr. Rahul N BhagatInd. Non-Executive Director
Mr. Sharad SaxenaInd. Non-Executive Director

FAQ

What is the intrinsic value of Thomas Cook (India) Ltd and is it undervalued?

As of 17 April 2026, Thomas Cook (India) Ltd's intrinsic value is ₹99.17, which is 3.52% higher than the current market price of ₹95.80, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (11.9 %), book value (₹50.2), dividend yield (0.47 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Thomas Cook (India) Ltd?

Thomas Cook (India) Ltd is trading at ₹95.80 as of 17 April 2026, with a FY2026-2027 high of ₹188 and low of ₹86.2. The stock is currently near its 52-week low. Market cap stands at ₹4,505 Cr..

How does Thomas Cook (India) Ltd's P/E ratio compare to its industry?

Thomas Cook (India) Ltd has a P/E ratio of 17.9, which is below the industry average of 30.70. This is broadly in line with or below the industry average.

Is Thomas Cook (India) Ltd financially healthy?

Key indicators for Thomas Cook (India) Ltd: ROCE of 18.7 % indicates efficient capital utilization. Dividend yield is 0.47 %.

Is Thomas Cook (India) Ltd profitable and how is the profit trend?

Thomas Cook (India) Ltd reported a net profit of ₹258 Cr in Mar 2025 on revenue of ₹8,140 Cr. Compared to ₹-254 Cr in Mar 2022, the net profit shows an improving trend.

Does Thomas Cook (India) Ltd pay dividends?

Thomas Cook (India) Ltd has a dividend yield of 0.47 % at the current price of ₹95.80. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Thomas Cook (India) Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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