CRISIL has upgraded the long-term rating and corporate credit rating (CCR) of Thomas Cook (India) Limited (TCIL) to ‘CRISIL AA/Stable’ from ‘CRISIL AA-/Positive’. The short-term rating remains at ‘CRISIL A1+’.

Mahesh Iyer, Managing Director & CEO of Thomas Cook (India) Limited, stated:

“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. As leaders in India’s travel & tourism industry, it reflects the Company’s growth in earnings, a strong balance sheet, and sustainability measures, alongside an upgrade of our parent company’s credit rating to ‘A-/Stable’.”

The Thomas Cook India Group displayed a strong year-on-year revenue growth of 11% to ₹8,251 crore in FY25, primarily driven by robust demand across its business lines. The travel segment, contributing over 75% of total revenues, experienced a 15% surge to ₹6,469 crore. Forex and Hospitality segments also saw growth of 8% and 10%, respectively.

Additionally, cost reduction strategies and improved operational efficiencies have enhanced profit margins, further solidifying the financial risk profile of the group. Improved liquidity metrics reflect the group’s commitment to maintaining a healthy capital structure and satisfying operational needs, positioning them for sustainable growth in the future.