CRISIL Reaffirms Thomas Cook India Group’s Ratings at CRISIL AA/Stable/CRISIL A1+

CRISIL has reaffirmed the long-term rating and corporate credit rating of Thomas Cook (India) Limited at ‘CRISIL AA/Stable’, along with its short-term rating at ‘CRISIL A1+’. The reaffirmation underscores the Group’s resilient business model, strong financial profile, and consistent operational performance. The ratings continue to reflect the strong backing of Fairfax Financial Holdings Ltd, TCIL’s parent, along with the Group’s leadership position in India’s travel and foreign exchange sectors. TCIL reported healthy performance momentum, with revenue growth of 7.4% yoy to ₹6,628 crore in the first nine months of FY26. The Group’s ongoing structural cost optimisation initiatives have enhanced operating efficiencies, resulting in healthy margins and improved return on capital employed (ROCE). TCIL’s financial risk profile remains strong, characterised by a comfortable capital structure and robust liquidity position.