TFCI Q1 net profit doubles to ₹61.2 Cr — but a ₹34 Cr tax-refund windfall does the heavy lifting
PAT +100.3% YoY · revenue +27.2% · margins flat
₹81.02 Cr
+27.2% YoY
₹61.21 Cr
+100.3% YoY
53.16%
+6.7pp YoY
₹1.32
Tourism Finance Corporation of India (standalone, unaudited) reported Q1 FY27 net profit of ₹61.21 Cr, up ~100% YoY from ₹30.56 Cr and ~91% QoQ from ₹32.02 Cr, on revenue from operations of ₹81.02 Cr (+27.2% YoY, +9.7% QoQ). Total income of ₹115.15 Cr and PBT of ₹78.32 Cr both carry a large distortion: ₹34.00 Cr of net interest on income-tax refunds for AY 1995-96 to 2002-03, recognised in other income this quarter. Strip that one-off (and its ~25% tax) and adjusted PAT is roughly ₹36 Cr, i.e. about +17% YoY — a steady quarter, not the doubling the headline suggests.
Q1 FY-2027 vs prior quarters
The underlying franchise did grow: interest income rose to ₹72.12 Cr from ₹55.85 Cr a year ago (+29%), driving the genuine revenue expansion, while finance cost rose more modestly to ₹26.16 Cr; the reported net profit margin of 53.2% (vs 46.4% year-ago) is flattered by the refund and normalises to the low-40s adjusted, essentially flat-to-slightly-lower. Asset quality is clean — Gross NPA 0.41%, Net NPA nil, 100% provision coverage, CRAR a comfortable 57.1% — and debt-equity eased to 0.75x from 0.83x.
The stock went into the print at ₹82.77, up 11.1% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.
What the summary numbers don't show
PBT ₹78.32 Cr — tax ₹17.11 Cr; ₹1.20 Cr provision for bad/doubtful debts taken this quarter (nil in comparatives)
EPS ₹1.32 (not annualised) vs ₹0.66 restated YoY — figures restated for 1:5 stock split (FV ₹10→₹2) effective Sep 2025
Management gives no formal earnings guidance and there is no street/consensus coverage on this small-cap NBFC, so the print can't be scored against an external bar. It lands alongside prior-quarter board actions: a ₹0.60 FY26 dividend, a planned ₹1,200 Cr fundraise, and the reappointment of Anoop Bali as MD (who signs as MD & CFO). The ₹1,200 Cr raise, against current ₹115 Cr quarterly income, signals a growth-capital push whose deployment is the thing to watch, not this quarter's headline profit.
What to watch
W1
Deployment of the planned ₹1,200 Cr fundraise — whether it converts to loan-book/interest-income growth beyond the current ₹72 Cr/quarter run-rate
W2
Underlying (ex-one-off) PAT trajectory next quarter — the ₹34 Cr refund interest will not recur, so Q2 should revert toward a ~₹35-40 Cr run-rate
W3
Provisioning trend — ₹1.20 Cr booked this quarter after nil prior; watch if ECL builds as book grows, against Gross NPA 0.41%
Standalone only (limited-review, unaudited). Source in ₹ Lakh, converted to Cr. Other income ₹34.13 Cr includes a ONE-OFF ₹34.00 Cr net interest on income-tax refunds (AY 1995-96 to 2002-03) — the main driver of the PAT surge; also a ₹1.20 Cr provision for bad/doubtful debts sits below 'Total Expenses' before PBT. No exceptional-items line. EPS restated for 1:5 stock split (FV ₹10→₹2) effective 19.09.2025.