Thomas Cook (India) financials and balance sheet

NSE: THOMASCOOKBSE: 500413Leisure ServicesSmall Cap

₹88.37₹6.21 (6.57%)BSE ₹88.35

Share price at the NSE close on 23 Oct 2026. Previous close ₹94.58.

52-week range of traded prices to 23 Oct 2026

₹86.35Low, 17 Mar 2026₹168.73High, 23 Oct 2025

Next results date: the board meets on 2 Nov 2026 to consider: financial results and other business matters.

Market cap: ₹4,157 Cr775th largest listed
P/E: 19.0
P/B: 1.6
Dividend yield: 0.57%
ROE: 9.1%
ROCE: 8.2%
Debt to equity: 0.11
Volume, NSE: 16,22,52058.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Thomas Cook (India) annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 3 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

The years either side of a change of basis do not compare. From the year to Mar 2018, the company's revenue for that year, ₹11,248 Cr, differs from its quarters added, ₹11,016 Cr. From the year to Mar 2020, part of the business was demerged on 5 Dec 2019, and figures before the change include the part that left.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue8,398
Materials and goods−6,102
Employee costs−1,171
Other expenses−697
Operating profit428
Depreciation−160
Other income+160
One-off items−6.0
Finance costs−95
Profit before tax327
Tax−110
Joint ventures+4.1
Net profit220

What the company owns

Plant, investments and other assets₹5,820 Cr
Cash and bank₹1,094 Cr
Receivables₹663 Cr
Current investments₹272 Cr
Inventory₹50 Cr

What pays for it: net worth and liabilities

Owed to suppliers₹2,814 Cr
Net worth₹2,524 Cr
Other liabilities₹2,283 Cr
Borrowings₹277 Cr

Thomas Cook (India) business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Thomas Cook (India) segment results by quarter

Revenue by segment

₹8,398 CrTotal

Travel and related services₹6,702 Cr79.8% of total
Digiphoto imaging services₹836 Cr10.0% of total
Leisure hospitality & resorts business₹534 Cr6.4% of total
Financial services₹326 Cr3.9% of total

Profit by segment

Travel and related services₹222 Cr43.4% of total
Digiphoto imaging services₹11 Cr2.1% of total
Leisure hospitality & resorts business₹129 Cr25.3% of total
Financial services₹149 Cr29.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Travel and related services
Revenue, ₹ crore
6,062
5,743
349
1,047
3,643
5,619
6,469
6,702
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
182
137
−311
−251
8
193
249
222
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Digiphoto imaging services
Revenue, ₹ crore
0
530
166
460
790
923
842
836
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
−5
−49
−7
46
54
27
11
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Leisure hospitality & resorts business
Revenue, ₹ crore
261
267
172
271
368
456
501
534
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−45
−28
8
58
79
137
129
129
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Financial services
Revenue, ₹ crore
276
293
108
110
246
302
328
326
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
84
96
14
−3
72
124
150
149
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	6,603	6,833	795	1,888	5,048	7,299	8,140	8,398
Company revenue, as in its results	6,603	6,833	795	1,888	5,048	7,299	8,140	8,398
Revenue	6,062	5,743	349	1,047	3,643	5,619	6,469	6,702
Revenue growth	–	−5.3%	−93.9%	200.1%	247.9%	54.2%	15.1%	3.6%
Profit	182	137	−311	−251	8	193	249	222
Profit growth	–	−24.4%	–	–	–	2,176.4%	29.0%	−10.8%
Margin	3.0%	2.4%	−89.2%	−24.0%	0.2%	3.4%	3.8%	3.3%
Return on capital	77.4%	35.6%	−204.7%	−72.7%	2.4%	28.4%	155.1%	105.6%
Assets	2,553	2,030	1,222	1,301	2,043	2,530	2,297	2,531
Liabilities	2,318	1,644	1,070	956	1,684	1,850	2,137	2,321
Capital employed	235	386	152	345	359	679	160	210
Revenue	0	530	166	460	790	923	842	836
Revenue growth	–	–	−68.7%	177.0%	71.6%	16.8%	−8.7%	−0.8%
Profit	0	−5	−49	−7	46	54	27	11
Profit growth	–	–	–	–	–	17.0%	−50.7%	−59.1%
Margin	–	−1.0%	−29.7%	−1.4%	5.9%	5.9%	3.2%	1.3%
Return on capital	0.0%	−3.3%	−32.7%	−4.2%	17.3%	20.5%	10.4%	4.3%
Assets	299	313	271	352	497	477	482	559
Liabilities	130	161	120	195	229	212	223	306
Capital employed	169	152	151	157	268	265	259	253
Revenue	261	267	172	271	368	456	501	534
Revenue growth	–	2.3%	−35.8%	57.7%	36.0%	23.7%	9.9%	6.6%
Profit	−45	−28	8	58	79	137	129	129
Profit growth	–	–	–	652.9%	35.8%	73.0%	−5.6%	0.1%
Margin	−17.1%	−10.6%	4.5%	21.5%	21.5%	30.0%	25.8%	24.2%
Return on capital	−15.6%	−11.5%	2.3%	15.1%	17.6%	20.0%	16.1%	12.9%
Assets	1,223	1,319	1,304	1,289	1,328	1,556	1,672	1,860
Liabilities	937	1,074	963	905	878	873	872	855
Capital employed	286	245	341	384	450	683	800	1,005
Revenue	276	293	108	110	246	302	328	326
Revenue growth	–	5.9%	−63.0%	1.8%	123.3%	22.7%	8.4%	−0.5%
Profit	84	96	14	−3	72	124	150	149
Profit growth	–	14.8%	−85.3%	–	–	70.9%	21.1%	−0.3%
Margin	30.2%	32.8%	13.0%	−2.9%	29.4%	40.9%	45.7%	45.8%
Return on capital	37.3%	–	–	–	–	–	72.8%	56.0%
Assets	843	669	386	324	184	259	315	361
Liabilities	619	717	453	439	484	504	109	94
Capital employed	224	−48	−67	−115	−300	−245	206	267
Revenue	3	–	–	–	–	–	–	–
Profit	1	–	–	–	–	–	–	–
Margin	39.8%	–	–	–	–	–	–	–
Return on capital	0.0%	–	–	–	–	–	–	–
Assets	7,305	–	–	–	–	–	–	–
Liabilities	6	–	–	–	–	–	–	–
Capital employed	7,299	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Thomas Cook (India) quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 30 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May
Revenue from operations	8,588	11,248	6,603	6,833	795	1,888	5,048	7,299	8,140	8,398
	8,275	10,877	6,521	6,727	1,148	2,076	4,870	6,864	7,663	7,971
Materials and goods bought	3,371	4,399	5,071	5,123	348	1,193	3,594	5,308	5,977	6,102
Employee costs	4,054	5,302	771	936	494	582	770	961	1,041	1,171
Other expenses	850	1,176	679	667	306	300	506	595	644	697
Operating profit before depreciation	313	371	82	106	−353	−188	178	435	477	428
Operating margin	3.6%	3.3%	1.2%	1.6%	−44.4%	−9.9%	3.5%	6.0%	5.9%	5.1%
Materials, % of revenue	39.3%	39.1%	76.8%	75.0%	43.8%	63.2%	71.2%	72.7%	73.4%	72.7%
Employee costs, % of revenue	47.2%	47.1%	11.7%	13.7%	62.2%	30.8%	15.3%	13.2%	12.8%	13.9%
Other expenses, % of revenue	9.9%	10.5%	10.3%	9.8%	38.5%	15.9%	10.0%	8.1%	7.9%	8.3%
Depreciation and amortisation	85	137	67	151	148	129	124	128	142	160
Operating profit after depreciation	228	234	15	−45	−501	−316	54	308	335	268
Other income	94	163	115	116	151	58	64	136	145	160
Finance costs	131	149	73	101	62	62	89	99	95	95
Profit before one-off items and tax	191	249	57	−30	−413	−320	28	345	385	333
One-off items	0	5,825	0	−39	−4	−3	−2	0	−7	−6
Profit before tax	191	6,074	57	−69	−416	−323	26	345	378	327
	114	−41	21	−51	−121	−68	16	74	124	110
Current tax	65	127	7	29	1	1	5	25	54	46
Deferred tax	49	−167	14	−80	−122	−70	12	49	70	64
Share of profit of joint ventures and associates	0	17	53	0	0	1	1	0	4	4
	78	6,131	89	−18	−295	−254	10	271	258	220
Belonging to the company's shareholders	78	6,131	85	−1	−254	−229	6	259	254	219
Belonging to outside owners of subsidiaries	–	–	4	−17	−41	−25	4	12	4	2
Other comprehensive income	–	–	459	24	74	19	9	103	−25	78
Total comprehensive income	–	–	548	7	−221	−235	19	374	233	298
Net margin	0.9%	54.5%	1.3%	−0.3%	−37.1%	−13.4%	0.2%	3.7%	3.2%	2.6%
Net margin without joint ventures and associates	0.9%	54.4%	0.5%	−0.3%	−37.1%	−13.5%	0.2%	3.7%	3.1%	2.6%

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 30 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May
	8,955	1,694	1,916	1,655	1,675	2,032	2,237	2,524
	8,893	1,664	1,929	1,695	1,713	2,057	2,260	2,546
Share capital	37	38	38	44	47	47	47	47
Reserves	8,856	1,627	1,891	1,651	1,666	2,010	2,213	2,499
Belonging to outside owners of subsidiaries	61	30	−13	−40	−39	−25	−23	−23
	298	413	355	455	391	220	241	277
Repayable after a year	241	188	117	128	143	108	99	55
Repayable within a year	57	226	238	327	248	112	141	222
	3,029	2,566	1,771	1,978	2,994	3,381	3,892	4,382
Trade payables	1,820	1,419	788	998	1,787	2,157	2,508	2,814
Other financial liabilities	215	303	230	151	166	181	204	294
Other liabilities	890	568	429	428	729	841	958	994
Provisions	29	30	51	44	40	44	38	30
Tax owed	19	20	36	30	25	46	44	27
	1,153	1,266	1,076	1,009	1,015	1,003	987	993
Other financial liabilities	0	183	124	106	99	152	176	209
Other liabilities	779	855	724	670	669	613	534	475
Provisions	1	6	83	78	76	78	90	124
Deferred tax	131	34	28	28	27	53	88	131
Total assets	13,137	5,526	4,764	4,643	5,684	6,417	7,116	7,899
	10,171	3,302	3,296	3,297	3,288	3,525	3,521	4,146
Plant in use, after depreciation	1,230	1,201	1,240	1,377	1,193	1,339	1,345	1,484
Plant being built	7	11	4	5	4	5	6	8
Intangible assets	160	440	339	140	282	321	338	481
Goodwill	1,010	1,067	1,049	1,062	1,102	1,111	1,125	1,183
Intangible assets being developed	7	1	2	9	22	54	87	2
Investments	0	30	94	83	44	12	10	4
Stakes in joint ventures and associates	7,313	11	10	10	14	14	11	11
Loans given	35	58	57	20	14	14	15	16
Other financial assets	47	73	25	179	61	121	68	505
Deferred tax	152	149	245	321	312	243	202	171
Trade receivables	13	6	3	2	1	2	0	–
Other assets	196	256	227	89	239	289	313	282
	2,966	2,224	1,468	1,345	2,396	2,892	3,595	3,753
Inventories	16	23	18	22	30	40	36	50
Trade receivables	828	474	128	235	567	646	632	663
Cash and cash equivalents	750	639	691	324	563	617	849	960
Other bank balances	284	422	156	223	198	571	155	134
Current investments	104	60	26	36	49	108	113	272
Loans given	6	32	59	0	0	0	0	0
Other financial assets	196	127	61	134	335	290	1,136	1,048
Other assets	782	448	329	370	653	620	674	626
Net debt	−840	−707	−519	−129	−419	−1,076	−876	−1,089

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 May	Mar 2022Filed 30 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May
	−623	−155	597	829	717	643
	−589	−151	551	880	812	681
	−394	−33	256	347	276	183
Receivables	315	−90	−336	−91	−1	−35
Inventories	5	−4	−9	−10	4	−14
Payables	−631	210	788	370	351	306
Other working capital	−83	−149	−188	78	−79	−75
Tax paid	−40	0	46	−51	−94	−38
Interest paid	0	−4	0	0	0	0
Capital spending	16	62	68	104	117	126
Free cash flow	−639	−217	529	725	600	517
	386	5	124	−439	−329	−408
Plant and property sold	3	6	29	5	9	49
Interest received	18	11	11	33	56	94
Dividends received	0	1	2	0	0	0
	746	136	1,813	−291	−183	−189
Borrowings raised	105	34	790	0	25	0
Borrowings repaid	107	12	863	−125	−28	−13
Interest paid	61	37	83	−77	−70	−65
Lease payments	0	47	47	−70	−80	−84
Dividends paid	2	2	28	21	33	28
Shares bought back	0	0	0	0	0	0
Shares issued	0	4	1	–	–	0
Net change in cash	508	−14	2,534	99	205	46

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares issued is left blank for the years to Mar 2024 and Mar 2025: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Consolidated, ₹ per share, years to March.Thomas Cook (India) dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 30 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May
Earnings per share	₹2.12	₹162.52	₹2.29	–	−₹6.75	−₹6.92	₹0.10	₹5.57	₹5.46	₹4.70
Diluted earnings per share	₹2.12	₹162.10	₹2.28	–	−₹6.75	−₹6.92	₹0.10	₹5.57	₹5.46	₹4.69
Dividend per share	₹0.38	₹0.38	₹0.38	–	–	–	₹0.40	₹0.60	₹0.45	₹0.50
Book value per share	–	–	₹239.89	₹44.00	₹51.00	₹38.33	₹36.42	₹43.74	₹48.04	₹54.13
Dividend payout	17.7%	0.2%	16.4%	–	–	–	291.2%	10.9%	8.3%	10.7%
Shareholder yield	–	–	–	–	0.1%	−0.1%	1.0%	–	–	0.7%
Market cap at the year end (₹ crore)	8,540	10,376	9,519	900	1,857	3,034	2,641	7,808	6,336	4,225

Earnings per share is left blank for the year to Mar 2020: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown. Shareholder yield is left blank for the years to Mar 2024 and Mar 2025: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Consolidated, years to March.Thomas Cook (India) PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 30 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May
Revenue growth	102.7%	–	−41.3%	–	−88.4%	137.5%	167.3%	44.6%	11.5%	3.2%
Operating profit growth	–	–	−77.9%	–	–	–	–	144.8%	9.5%	−10.3%
Net profit growth	–	–	−98.6%	–	–	–	–	2,514.6%	−4.7%	−14.7%
Earnings per share growth	–	–	−98.6%	–	–	–	–	5,470.0%	−2.0%	−13.9%
	–	–	1.0%	0.0%	−14.1%	−12.6%	0.4%	13.7%	11.8%	9.1%
	–	–	–	−1.0 pts	−14.1 pts	1.5 pts	13.0 pts	13.4 pts	−2.0 pts	−2.7 pts
From the net margin	–	–	–	−1.0 pts	−41.4 pts	8.8 pts	12.8 pts	10.1 pts	−1.6 pts	−2.0 pts
From asset turnover	–	–	–	0.0 pts	32.6 pts	−8.6 pts	0.2 pts	2.5 pts	0.0 pts	−0.7 pts
From borrowing	–	–	–	0.0 pts	−5.4 pts	1.3 pts	0.1 pts	0.8 pts	−0.3 pts	0.0 pts
Return on capital employed	–	–	0.2%	−2.1%	−22.1%	−15.0%	2.6%	13.7%	13.5%	9.6%
Cash conversion	–	–	–	–	–	–	5,757.5%	305.8%	277.6%	291.7%
Interest cover	1.7	1.6	0.2	–	–	–	0.6	3.1	3.5	2.8
Debt to equity	–	–	0.03	0.24	0.19	0.27	0.23	0.11	0.11	0.11
Receivable days	–	–	46	25	59	45	41	32	28	29
Inventory days	–	–	1	2	18	7	3	3	2	3
Payable days	–	–	131	101	827	305	181	148	153	168
Cash conversion cycle, days	–	–	−84	−74	−749	−253	−137	−113	−123	−137
Working capital days	–	–	−63	−66	−431	−172	−84	−84	−57	−77
Asset turnover	–	–	0.50	0.73	0.15	0.40	0.98	1.21	1.20	1.12
Assets per rupee of net worth	–	–	1.48	1.77	2.86	2.60	3.03	3.21	3.13	3.12
Sales per rupee of plant	–	–	5.37	5.69	0.64	1.37	4.23	5.45	6.05	5.66
Capital spending to depreciation	–	–	–	–	0.11	0.48	0.55	0.82	0.82	0.79
Plant being built, % of plant in use	–	–	0.6%	0.9%	0.3%	0.4%	0.3%	0.4%	0.5%	0.5%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2018: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2020, Mar 2021 and Mar 2022: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth and operating profit growth are left blank for the year to Mar 2020: between the two periods the company demerged a business, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.9%
Cash from operations against operating profit: 150.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	7.1%	60.2%	18.5%
Profit growth, yearly rate	–	–	223.6%
Return on equity, average	–	4.5%	11.5%
Return on capital employed, average	–	4.9%	12.3%
Operating margin, average	−2.4%	2.1%	5.6%
Net margin, average	1.6%	−0.7%	3.2%
Asset turnover, average	–	0.98	1.18
Cash conversion cycle, days, average	–	−153	−124
Interest cover, average	–	2.5	3.2
Debt to equity, average	–	0.17	0.11

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,632	2,189	643
Cash from investing	−1,047	−1,176	−408
Cash from financing	1,285	−663	−189
Capital spending	477	347	126
Dividends paid	112	82	28
Shares bought back	0	0	0
Shares issued for cash	–	–	0
Borrowings raised	849	25	0
Borrowings repaid	1,042	166	13

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	3	3	7	7	6	6
Altman Z-scorePublished threshold 1.1	–	–	4.48	1.06	1.08	0.47	0.84	1.47	1.67	1.36
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.48	−1.24	−1.43	−2.63	−2.84	−2.68
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.13	−2.21	−13.77	−1.97	−1.91	−0.20
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	46.10	3.97	2.92
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−46.22	15.44	−54.25	−26.12	−30.83	−13.62	1.65
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	44.72	69.79	−220.19	−161.51	−13.61	−23.12	35.59
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−5.89	−23.35	6.06	9.58	−1.07	11.05	−1.61
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.09	0.02	0.02	–	0.02	0.04	0.03
Effective tax ratePublished threshold 17.16 per cent	59.48	−0.67	37.44	–	–	–	62.79	21.40	32.71	33.79
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	−110.96	6.66	7.75	22.20

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
21 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Corporate Credit Rating	Crisil AAReview, Re-affirm	Stable
21 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		4
21 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Re-affirm	Stable	85
21 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		50
11 Sep 2025	CRISIL Ratings Limited (opens in a new tab)	Others	Crisil AAReview, Other	Stable

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.