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 ₹ 83.4 Cr.
- Current Price ₹ 59.4
- High / Low ₹ 79.3 / 56.0
- Stock P/E 16.3
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 22.0 %
- ROE 39.6 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 43.5%
Cons
- Contingent liabilities of Rs.25.3 Cr.
- Company might be capitalizing the interest cost
- Company has high debtors of 428 days.
- Working capital days have increased from 10.8 days to 131 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.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 4.51 | 9.30 | 19.37 | 25.78 | |
| 2.15 | 7.03 | 12.41 | 17.56 | |
| Operating Profit | 2.36 | 2.27 | 6.96 | 8.22 |
| OPM % | 52.33% | 24.41% | 35.93% | 31.89% |
| 0.41 | 0.55 | 1.23 | 0.54 | |
| Interest | 2.10 | 0.54 | 1.04 | 1.35 |
| Depreciation | 0.15 | 0.59 | 0.84 | 0.70 |
| Profit before tax | 0.52 | 1.69 | 6.31 | 6.71 |
| Tax % | 44.23% | 30.18% | 25.20% | 26.68% |
| 0.29 | 1.19 | 4.72 | 4.92 | |
| EPS in Rs | 1.51 | 5.00 | 21.72 | 4.71 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 79% |
| TTM: | 33% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 156% |
| TTM: | 17% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 44% |
| Last Year: | 40% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Equity Capital | 1.92 | 1.92 | 1.92 | 10.35 |
| Reserves | 1.65 | 2.61 | 6.82 | 5.48 |
| 4.75 | 13.08 | 17.76 | 25.52 | |
| 6.23 | 8.55 | 26.83 | 20.10 | |
| Total Liabilities | 14.55 | 26.16 | 53.33 | 61.45 |
| 1.03 | 2.96 | 2.51 | 1.99 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.02 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 |
| 13.52 | 23.20 | 50.82 | 59.44 | |
| Total Assets | 14.55 | 26.16 | 53.33 | 61.45 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 3.67 | -5.64 | -0.19 | -13.46 | |
| -4.73 | -2.32 | 1.93 | 1.35 | |
| -3.32 | 7.79 | 3.64 | 10.00 | |
| Net Cash Flow | -4.38 | -0.17 | 5.39 | -2.11 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 415.18 | 331.25 | 562.67 | 428.15 |
| Inventory Days | ||||
| Days Payable | ||||
| Cash Conversion Cycle | 415.18 | 331.25 | 562.67 | 428.15 |
| Working Capital Days | 102.78 | -90.27 | -8.29 | 131.11 |
| ROCE % | 15.55% | 30.86% | 22.03% |
Documents
Announcements
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Structural Digital Database
15 October 2025 - SEBI PIT SDD compliance certificate for quarter ended Sep 30, 2025; two UPSI events captured.
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Appointment
10 October 2025 - Appointed Syed Qaim Abbas Rizvi (Executive) and Richa Arora (Independent) effective 10 Oct 2025; Arora five-year term.
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Appointment
10 October 2025 - Appointed Syed Qaim Abbas Rizvi (Executive) and Richa Arora (Independent, five-year term), effective October 10, 2025.
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Change in Director(s)
10 October 2025 - Appointed Syed Qaim Abbas Rizvi (Executive) and Richa Arora (Independent, five-year term) effective October 10, 2025.
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Outcome of Board Meeting
10 October 2025 - Appoints Syed Qaim Abbas Rizvi (Executive) and Richa Arora (Independent) as additional directors effective 10 Oct 2025; Arora five-year term.
Concalls
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Aug 2025TranscriptNotesPPT
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