CRISIL Reaffirms Thomas Cook India’s Rating at CRISIL AA-/Positive & CRISIL A1+, Reflecting Strong Performance and Healthy Financials

CRISIL has reaffirmed its ratings of Thomas Cook (India) Limited at 'Crisil AA-/Positive/Crisil A1+' on the Company’s bank facilities, corporate credit rating and commercial paper programme. The ratings reflect the significant improvement in the Group’s operating performance with healthy revenue growth of ~11% on-year to Rs 8,197 crore in fiscal 2025. The Group’s margins remained healthy at 6.52% in fiscal 2025, led by cost reduction initiatives. Financial risk profile is expected to remain comfortable, with healthy capital structure and debt protection metrics. Tangible net worth stood at Rs 1,447 crore as on March 31, 2025, against total debt of Rs 484 crore. The Ratings also factor in benefits from strong support from the parent, Fairfax Financial Holdings Ltd.