We have reason to celebrate! In June 2025, CRISIL has upgraded the long-term rating and corporate credit rating (CCR) of Thomas Cook (India) Limited (TCIL) to ‘CRISIL AA/Stable’ — the highest credit rating in our Company’s history. Even more remarkable, this is also the highest rating ever achieved by a travel and tourism company in India.
This upgrade reflects the company’s strong business risk profile, sustained profitability, healthy financial performance with double-digit revenue growth in fiscal 2025, and strong liquid surpluses, all supported by the continued trust of its parent, Fairfax Financial Holdings.
CRISIL has upgraded the credit ratings on the long-term bank facilities and corporate credit ratings of Thomas Cook (India) Limited and our key group companies.
SOTC Travel has also been upgraded to CRISIL AA/Stable, TC Tours has been upgraded to CRISIL AA-/Stable, while Travel Corporation India has been upgraded to CRISIL AA/Stable.
This recognition is a powerful endorsement of who we are today: a strong, resilient, and future-ready organisation.
About CRISIL
CRISIL Limited, formerly Credit Rating Information Services of India Limited, is an Indian analytical company providing ratings, research, and risk and policy advisory services and is a subsidiary of the American company S&P Global.
CRISIL, was the first credit rating agency in India, introduced in 1988 by ICICI and UTI jointly, with share capital coming from SBI, LIC and United India Insurance Company. In April 2005, US based credit rating agency S&P acquired the majority shares of the company.
What’s Behind the Upgrade?
- Leadership across businesses: Our Group holds a strong position in Travel and Foreign Exchange, with healthy contributions from Hospitality and Digi-photo Imaging (DEI).
- Stronger performance: We reported an 11% year-on-year revenue growth in FY25, crossing ₹8,251 crore—with the Travel segment leading at 15% growth, followed by steady gains in Forex and Hospitality.
- Smart cost management: Initiatives like automation and branch optimisation have strengthened margins and boosted return on capital employed (ROCE).
- Financial resilience: With healthy cash balances of over ₹2,000 crore and annual cash accruals of ₹300 crore-plus, our Group is in a strong position to invest, grow, and weather any challenges.
- Global stability: The upgrade of our parent, Fairfax Financial Holdings Ltd, by S&P Global Ratings further enhances confidence in our long-term strength and backing.
A Group-wide Success
CRISIL’s assessment reflects the combined strength of the entire Thomas Cook India Group—including Sterling Holiday Resorts, SOTC, TCI, DEI and our international arms. Together, our collective efforts and integration have delivered the performance that led to this historic recognition.
From Our MD & CEO
Mahesh Iyer, our MD & CEO, proudly 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. As leaders in India’s travel & tourism industry, it reflects our growth in earnings, strong balance sheet, long-term resilience and sustainability measures—coupled with the upgrade in our parent company’s credit rating. This recognition enhances our ability to scale with confidence and deliver greater value to our customers and stakeholders.”
What It Means for Us
This achievement is more than just a rating — it is a reflection of our collective hard work, resilience, and commitment across every level of the organisation. It validates our ability to innovate, adapt, and succeed in an industry that is constantly evolving.
As we celebrate this milestone, let us look ahead with renewed pride and confidence. Together, we will continue to build on this strong foundation and shape a future filled with opportunity.
Congratulations to the entire Thomas Cook India Group family—this success belongs to all of us!