Thomas Cook (India) Limited (THOMASCOOK.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+256.3%

₹313.72

vs ₹88.05 price

Levered DCF

₹467.07

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	19.11×	24.99×	30.04×	581.26×	-9.91×	-7.17×	-49.58×	40.06×
P/B	1.64×	2.81×	3.78×	1.5×	1.51×	0.94×	0.53×	0.38×
P/S	0.5×	0.78×	1.06×	0.51×	1.36×	2.3×	0.13×	0.52×
EV / EBITDA	8.42×	9.46×	14.66×	10.64×	-21.41×	-8.45×	8.11×	14.95×
Gross margin	11.5%	13.8%	13.3%	10.3%	36.8%	-26.8%	24.8%	23.0%
Operating margin	3.2%	4.2%	11.2%	2.1%	-16.3%	-60.7%	0.7%	1.1%
Net margin	2.6%	3.1%	3.5%	0.1%	-12.1%	-32.0%	-0.3%	1.3%
Current ratio	0.86×	0.92×	0.86×	0.8×	0.68×	0.83×	0.87×	0.98×
Debt / equity	0.21×	0.21×	0.2×	0.31×	0.35×	0.32×	0.47×	0.04×
Interest coverage	2.86×	3.62×	8.27×	1.17×	-5×	-7.74×	1.1×	3.01×
Dividend yield	0.7%	0.5%	0.3%	1.1%	0.0%	0.0%	1.9%	0.4%
Payout ratio	12.8%	13.0%	8.1%	435.3%	0.0%	0.0%	-95.0%	16.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.6%	11.3%	12.6%	0.4%	-13.5%	-13.2%	-1.1%	1.0%
Return on invested capital	4.7%	6.8%	20.2%	1.3%	-8.0%	-10.1%	0.4%	0.6%
Return on assets	2.8%	3.6%	4.0%	0.1%	-4.9%	-5.3%	-0.3%	0.6%
Free cash flow yield	13.1%	9.4%	9.3%	15.8%	-7.8%	-32.8%	2.7%	5.2%
Earnings yield	5.2%	4.0%	3.3%	0.3%	-8.9%	-14.0%	-2.0%	2.5%
Enterprise value	₹36.3B	₹58.2B	₹75.8B	₹25.5B	₹28.4B	₹17.4B	₹10.2B	₹30.1B
Net debt / EBITDA	-1.29×	-0.88×	-0.38×	-0.1×	-2.06×	0.38×	1.09×	-1.93×
Cash conversion cycle (days)	-107	-100	-86	-95	-237	-257	-69	-74