Credit Rating

September 21, 2026 The Manager, The Manager, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 500413 Scrip Code: THOMASCOOK Fax No.: 2272 2037/39/41/61 Fax No.: 2659 8237/38 Dear Sir/ Madam, Sub: Intimation for reaffirmation of credit rating of the Company under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that CRISIL vide its letter dated September 21, 2026, has reaffirmed the long-term rating at “CRISIL AA/Stable” and reaffirmed the short-term rating at “CRISIL A1+. For further information, kindly refer to the enclosed copy. This is for your information and records. Thank you. Yours faithfully, For Thomas Cook (India) Limited Amit J. Parekh Company Secretary and Compliance Officer Encl: a/a 9/21/26, 9:46 PM Rating Rationale Rating Rationale September 21, 2026 | Mumbai Thomas Cook India Limited Ratings reaffirmed at 'Crisil AA / Stable / Crisil A1+ ' Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.433 Crore Instrument Long Term Rating Crisil AA/Stable (Reaffirmed) RBI Short Term Rating Crisil A1+ (Reaffirmed) RBI Corporate Credit Rating Crisil AA/Stable (Reaffirmed) - Rs.50 Crore Commercial Paper Crisil A1+ (Reaffirmed) RBI Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has reaffirmed its ‘Crisil AA/Stable/Crisil A1+’ ratings on the bank facilities, corporate credit rating and commercial paper programme of Thomas Cook India Limited (TCIL). TCIL’s ratings benefit from strong support from its parent, Fairfax Financial Holdings Ltd (Fairfax, rated ‘A-/Stable’ by S&P Global Ratings). The ratings are also supported by TCIL’s strong business risk profile, marked by its leadership position in the travel and foreign-exchange segments and healthy presence in leisure hospitality and digital imaging solutions (DEI). Its diversified operations across leisure travel, destination management services (DMS), MICE (meetings, incentives, conferences and exhibitions), corporate travel, foreign exchange, hospitality and DEI provide resilience against volatility across markets and geographies. These strengths are partially offset by the travel and tourism business’s susceptibility to geopolitical and event-driven disruptions and intense competition, which can materially affect travel demand and profitability. TCIL’s revenue from operations weakened in the first quarter of fiscal 2027, with consolidated revenue from operations declining by around 13% on-year to Rs 2,092 crore. The decline was concentrated in higher-margin businesses affected by geopolitical instability in West Asia, airspace and connectivity disruptions. Revenue from international DMS and DEI declined by 33% and 38%, which contributed to around 34% and 10% each to consolidated operating income in fiscal 2026. The impact was cushioned by TCIL’s diversified operations and partial shift to short haul destinations. Leisure hospitality benefited from higher occupancy and growth in room and food and beverage revenue, while financial services remained stable, supported by TCIL’s established market position and diversified offerings. In fiscal 2026, consolidated operating income grew by 3.4% to Rs 8,517 crore despite multiple geopolitical, operational and weather-related disruptions. However, lower contribution from higher-margin international DMS, long-haul outbound travel and DEI led to moderation in the Earnings before interest, tax, depreciation and amortisation (Ebitda) margin to 6.4% in fiscal 2026 from 7.1% in fiscal 2025. Travel and DEI saw Ebitda margins (‘operating margins’) decline to 4.4% and 5.1%, respectively, while financial services and leisure hospitality maintained healthy margins of around 48% and 33%, respectively. While the adverse impact of geopolitical developments began in the quarter ended March 2026 and persisted through the quarter ended June 2026, TCIL reported moderate growth in absolute EBITDA during the first nine months of fiscal 2026. Crisil Ratings expects TCIL’s consolidated operating income to decline by 2–5% and Ebitda margin to moderate, while remaining in excess of 5% in fiscal 2027, amid continued pressure on the international DMS business, long-haul outbound travel and DEI segment. Growth in MICE, corporate travel, domestic and short-haul leisure travel, hospitality and financial services should provide partial support. However, lower average transaction values and margins in domestic and short-haul travel will limit the benefit to consolidated revenue and profitability. TCIL is recalibrating the destination mix towards relatively resilient markets in East and Southeast Asia, including Japan, Vietnam and China, and implementing cost-optimisation measures in DEI. The impact of evolving geopolitical developments on travel demand and business performance will remain a key monitorable. Over the medium term, operating performance is expected to recover with stabilisation of geopolitical conditions, improvement in air connectivity, normalisation of tourist footfall and revival in long-haul travel. Despite the proposed demerger of the hospitality segment, growth across travel, foreign exchange and DEI should support consolidated operating income to sustain https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/ThomasCookIndiaLimited_September 21_ 2026_RR_401641.html 1/11 9/21/26, 9:46 PM Rating Rationale above Rs 7,500 crore over the medium term. Recovery in Desert Adventures and DEI, conversion of the booking pipeline, improvement in long-haul travel and sustained demand across East and Southeast Asia will remain monitorable. The proposed demerger of the hospitality segment from fiscal 2028 is expected to reduce TCIL's consolidated scale, earnings and EBITDA margins due to the exclusion of the segment's relatively high-margin operations. Consequently, consolidated EBITDA margin is expected to moderate, while remaining in excess of 4% post-demerger. Profitability is expected to improve gradually over the medium term, supported by normalisation in the international DMS business, long-haul outbound travel and the DEI segment, along with cost-rationalisation initiatives and stable profitability from the financial services business. Liquidity remains strong, with cash and short-term investments of around Rs 2,650 crore as on June 30, 2026. After adjusting for the foreign-exchange card float of approximately Rs 1,750 crore, unencumbered cash is estimated at around Rs 900 crore. Annual net cash accrual of Rs 180-260 crore together with available free cash and largely unutilised bank lines, should adequately cover annual capital expenditure and scheduled debt repayment over the medium term. The liquidity assessment benefits from the expectation of need-based support from Fairfax. Despite the impact of the West Asia conflict and the expected moderation in consolidated scale, earnings and networth following the demerger of hospitality segment, the ratings continue to derive comfort from TCIL’s established market position, diversified operations, adequate capital structure and strong liquidity. Additionally, TCIL’s ratings centrally factor in expectation of continued strong support from the parent, Fairfax, and the same will remain a key rating sensitivity factor. Analytical Approach Crisil Ratings has combined the business and financial risk profiles of TCIL and i [Showing first 8,000 characters — download PDF for full document]