CRISIL Reaffirms Thomas Cook India AA/Stable/A1+

CRISIL reaffirms Thomas Cook India's long-term rating at CRISIL AA/Stable and short-term at CRISIL A1+, the highest for Indian travel sector.
TCIL reported 7.4% YoY revenue growth to ₹6,628 crore in 9M FY26, with cash reserves of ~₹2,346 crore and gearing at 0.34x.
Proposed demerger of resorts and resort management business into Sterling Holiday Resorts Ltd may moderately impact consolidated revenues post-completion.
Fairbridge Capital (Mauritius), a Fairfax Financial Holdings subsidiary, holds 63.83% stake and remains a key rating support factor.