About Thomas Cook (India) Limited

Thomas Cook (India) Limited is a leading integrated travel and travel-related financial services company, incorporated in 1978 with roots tracing back to 1881 and backed by the Fairfax Group (63.83% stake). The Company offers a comprehensive portfolio across four verticals: travel and travel related services, foreign exchange, hospitality, and digital imaging, and operates across 28 countries on five continents. Its travel segment spans leisure holidays, destination management, corporate travel and MICE; the Company is also India’s largest non-bank forex service provider, runs a nationwide resort chain under the Sterling brand, and delivers tech-enabled imaging solutions under DEI at major global attractions. Together, these create an end-to-end platform for customers across planning, payments and experiences. Products and services include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services and Visa Services, delivered via an omnichannel network in India and overseas. Subsidiaries: The Group has material unlisted subsidiaries numbering 4; in addition, subsidiaries, associates and joint ventures are detailed in the Annual Report’s consolidation and AOC‑1 sections. 

Key milestones include the Company’s evolution into India’s leading omnichannel travel company and a sustained international presence spanning 28 countries.

Thomas Cook (India) Limited’s Business Segments

• Segment contribution to consolidated revenue (FY 2024-25):
• Travel and Related Services: approximately 79%.
• Financial Services, Leisure Hospitality & Resorts, and Digiphoto Imaging Services: balance of the consolidated revenue (segment revenues are disclosed in the report).
• Geographic mix (FY 2024-25): India about 51%, Rest of the world about 49%, based on revenue from external customers by location (India vs. Rest of the world).

Thomas Cook (India) Limited Key Management

• Madhavan Menon – Executive Chairman
• Mahesh Iyer – Managing Director & Chief Executive Officer
• Brijesh Modi – Chief Financial Officer
• Amit Parekh – Company Secretary & Compliance Officer

Latest Updates on Thomas Cook (India) Limited

• Expansion into the European Union: inaugurated Travel Circle International (Cyprus) Ltd (TCI Euro) in Nicosia to provide clients local EU pricing, regional inventory and seamless cross-border travel solutions.
• Portfolio extension: acquisition of the resort business from Nature Trails Resorts Private Limited through a slump sale on March 19, 2025; leisure hospitality & resorts now forms part of the Company’s business segments.
• Technology partnership: entered a joint venture with Atirath Technologies Private Limited to co-develop proprietary travel-domain IP leveraging AI via Indian Horizon Marketing Services Limited (50:50 JV).
• Industry recognition: won several awards including MICE Outbound (Economic Times MICE & Wedding Tourism Awards 2024), ‘Masters of Risk – Travel & Hospitality Sector’ (CNBC‑TV18 India Risk Management Awards 2024), MICE Powerhouse (MaxiiiMICE Awards 2025), and honours at SATTE 2024 and The French Ambassador’s Travel Awards 2024.
• Ratings: CRISIL upgraded the Company’s long-term rating and corporate credit rating to ‘CRISIL AA/Stable’ in June 2025; the business profile considered the Company and its subsidiaries collectively.