CRISIL Upgrades Thomas Cook India's Rating to 'Stable'

New Delhi, Jun 25 (PTI) Thomas Cook (India) Ltd on Wednesday said credit rating agency CRISIL has upgraded its long-term rating and corporate credit rating to 'Stable' from 'Positive'.

The short-term rating has been reaffirmed at CRISIL A1+, the omnichannel travel services firm said.

The upgrade comes on the back of Thomas Cook India Group reporting an 11 per cent revenue growth y-o-y to Rs 8,251 crore in FY25 (from Rs 7,405 crore in FY24), driven by strong demand across business lines.

The travel segment -- accounting for over 75 per cent of total revenues -- led the surge with 15 per cent growth to Rs 6,469 crore, Forex and Hospitality grew by 8 per cent and 10 per cent respectively.


Thomas Cook India has an estimated cash and bank balance of Rs 2,070 crore as on March 31, 2025, along with annual cash accrual estimated above Rs 300 crore.

Cash and cash equivalents continue to be strong, supporting both investment and operational requirements.

CRISIL expects the financial metrics to remain healthy with consistent cash accruals and disciplined capital management.

The upgrade in rating follows the rating upgrade on the debt facilities of the parent, Fairfax Financial Holdings Ltd (Fairfax) by S&P Global Ratings to Stable from Positive.

Mahesh Iyer, Managing Director & CEO, Thomas Cook (India) Ltd said, "This upgrade in CRISIL's long-term rating to AA/Stable represents the highest credit rating in Thomas Cook India's history. Also, this is the highest credit rating for any travel and tourism company in India".