Synopsis: TSC India reports H1 FY26 revenue of Rs 13.44 crore, 35.93% EBITDA margin, amid 174% topline growth over two years. GTV hits Rs 56,365 lakhs with 3,000 clients.
B2B travel company posts Rs 13.44 crore revenue and 35.93% EBITDA margin in first half of FY26. TSC India Limited has submitted its April 2026 investor presentation to the National Stock Exchange of India. Managing Director Ashish Kumar Mittal signed the document on April 10, 2026. The presentation puts fresh spotlight on the company’s financial progress and growth plans.
TSC India’s Limited’s stock, with a market capitalisation of Rs. 51 crores, was trading at Rs. 35.80. Furthermore, the stock over the past year has given a negative return of 47.3 percent.
TSC India reported solid numbers for H1 FY26. Revenue from operations reached Rs 13.44 crore during this period. EBITDA stood at Rs 4.68 crore, reflecting a healthy margin of 35.93%. Furthermore, the company posted a profit after tax of Rs 2.96 crore. PAT margin came in at 20.02%, showing a strong bottom line.
The Gross Transaction Value the total value of all tickets booked through its platform hit Rs 56,365 lakhs. Total bookings processed during H1 FY26 stood at 1,17,514. The company earns a commission, called a take rate, of 2.41% on its GTV. This commission-based model keeps revenue linked directly to booking volumes.
TSC India operates as a consolidator. It sits between airlines and small travel agents, who often lack direct airline accreditations. As a result, smaller agents depend on TSC to access airline inventory and credit facilities. The company currently serves over 3,000 registered clients. It processes more than 18,000 bookings every month.
The company ranks among the top five Air India consolidators in North India. Additionally, it holds partnerships with over 25 international airlines and maintains top-five relationships with domestic carriers. Airlines like Emirates, Etihad, Lufthansa, IndiGo, SpiceJet, Singapore Airlines, and Qatar Airways all feature in its partner network. This wide connectivity gives TSC strong leverage with airlines on pricing and credit terms.
TSC India currently operates across eight key cities. These include Jalandhar, Chandigarh, New Delhi, Lucknow, Jaipur, Ahmedabad, Pune, and Thiruvananthapuram. The company has a team of over 100 people. Moreover, it has sold over 1.2 million tickets since its inception in 2003.
Following its IPO, the company is now deploying funds aggressively. It plans to expand into Southern and Western India over the next two years. The company also intends to add hotel bookings and visa facilitation services. These additions would make TSC a one-stop travel partner for B2B clients. In-house technology investment remains a top priority to drive automation and operational efficiency.
The company’s financials show consistent growth over recent years. Operating revenue grew from Rs 9.39 crore in FY23 to Rs 25.78 crore in FY25 up 174%. GTV jumped from Rs 426.53 crore in FY23 to Rs 805.88 crore in FY25, a remarkable climb. The number of registered travel agents soared from 1,023 in FY23 to 3,000 by H1 FY26.
ROE stood at 35.66% in FY25, while ROCE came in at 31.13%. Net debt-to-equity has also improved from 2.80x in FY23 to 1.36x in FY25. Therefore, the company is reducing leverage while growing its business simultaneously. The balance sheet as of September 2025 shows total assets of Rs 68.92 crore, up from Rs 47.26 crore in March 2025. TSC India’s story is one of quiet, steady growth from a Punjab-based ticketing firm into a nationally-listed B2B travel platform with serious expansion ambitions.
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