TSC India Ltd
TSC India Limited (formerly TSC Travel Services Ltd) is a B2B travel management company specializing in air ticketing services.[1]
- Market Cap ₹ 40.7 Cr.
- Current Price ₹ 29.0
- High / Low ₹ 79.3 / 28.6
- Stock P/E 8.12
- Book Value ₹ 29.4
- Dividend Yield 0.00 %
- ROCE 26.3 %
- ROE 38.2 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Stock is trading at 0.98 times its book value
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Contingent liabilities of Rs.25.0 Cr.
- Company has high debtors of 459 days.
- Working capital days have increased from 10.7 days to 104 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|
| 18.63 | 24.05 | 26.01 | |
| 12.04 | 16.63 | 17.97 | |
| Operating Profit | 6.59 | 7.42 | 8.04 |
| OPM % | 35.37% | 30.85% | 30.91% |
| 0.51 | 0.60 | 0.60 | |
| Interest | 1.03 | 1.26 | 1.32 |
| Depreciation | 0.94 | 0.62 | 0.52 |
| Profit before tax | 5.13 | 6.14 | 6.80 |
| Tax % | 24.37% | 26.22% | |
| 3.88 | 4.53 | 5.01 | |
| EPS in Rs | 20.21 | 4.38 | 4.09 |
| Dividend Payout % | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
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| TTM: | 29% |
| Compounded Profit Growth | |
|---|---|
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| 5 Years: | % |
| 3 Years: | % |
| TTM: | 17% |
| Stock Price CAGR | |
|---|---|
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| Return on Equity | |
|---|---|
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| Last Year: | 38% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|
| Equity Capital | 1.92 | 10.35 | 14.05 |
| Reserves | 6.57 | 4.89 | 27.30 |
| 16.97 | 15.56 | 10.88 | |
| 23.91 | 16.46 | 16.69 | |
| Total Liabilities | 49.37 | 47.26 | 68.92 |
| 2.24 | 1.82 | 1.80 | |
| CWIP | 0.00 | 0.00 | 0.00 |
| Investments | 0.80 | 1.60 | 1.90 |
| 46.33 | 43.84 | 65.22 | |
| Total Assets | 49.37 | 47.26 | 68.92 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2024 | Mar 2025 | |
|---|---|---|
| 0.32 | -3.70 | |
| 1.45 | -0.97 | |
| 3.73 | -0.38 | |
| Net Cash Flow | 5.50 | -5.04 |
| Free Cash Flow | 0.09 | -3.80 |
| CFO/OP | 23% | -32% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2024 | Mar 2025 | |
|---|---|---|
| Debtor Days | 584.82 | 458.94 |
| Inventory Days | ||
| Days Payable | ||
| Cash Conversion Cycle | 584.82 | 458.94 |
| Working Capital Days | -82.29 | 103.66 |
| ROCE % | 26.31% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Gross Transaction Value (GTV) INR Lakhs |
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| Take Rate Percentage % |
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| Top 5 Suppliers Contribution in GTV % |
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| Total Bookings Number of tickets |
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| Total Travel Agents / Customers Registered Number |
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| Average GTV per Booking INR |
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Documents
Announcements
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Trading Window
23 March 2026 - Trading window closed from April 1, 2026 until 48 hours after audited results for year/half ended March 31, 2026.
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Press Release
20 March 2026 - Appointed Area Manager in Thiruvananthapuram; plans dedicated Kerala office to expand Southern India presence.
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Outcome of Board Meeting
11 March 2026 - Allotment of 4,70,933 shares at Rs.63.50 on March 11, 2026; acquisition of 100% of GITHM for Rs.2.99 crore.
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Shareholders meeting
2 February 2026 - Approve issuance of 470,933 shares @Rs63.50 (≈Rs3 Crore) for acquisition of GITHM Pvt Ltd on 02/02/2026.
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Copy of Newspaper Publication
11 January 2026 - EGM on Feb 02, 2026 at 12:00 IST via VC/OAVM; notice published Jan 11, 2026.
Concalls
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Aug 2025TranscriptAI SummaryPPT
Business Profile[1]
It operates in collaboration with airlines, travel agents, and GDS platforms, providing:
a) Domestic & international flight bookings
b) Corporate itinerary management
c) Analytical travel reporting
d) End-to-end booking support
e) Consulting and negotiation for travel deals