International Travel House Ltd (500213)
Q2 FY27 results
International Travel House Ltd reported Q2 FY27 results on 13 Oct 2026: revenue ₹59.8 Cr (+0.6% year on year, +8.1% on the previous quarter), and net profit ₹5.5 Cr (-14.0% year on year); the operating margin was 13.6%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹59.8 | +0.6% | +8.1% |
| Operating profit | ₹8.1 | -13.7% | +4.4% |
| Net profit | ₹5.5 | -14.0% | -2.6% |
| EPS (₹) | 6.87 | -14.0% | -2.6% |
| Operating margin | 13.6% | — | — |
- Operating margin contracted 225 bps YoY
- H1 FY27 operating cash flow was negative despite a profit
Quality of profit: of pre-tax profit of ₹7.4 Cr, ₹5.8 Cr (78%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved -19.4% year on year.
Against its own trend: net profit of ₹5.5 Cr was +4.8% against the ₹5.2 Cr its recent growth pointed to (in line). This is a statistical baseline, not an analyst estimate.
📢 Recent Corporate Announcements
International Travel House reported its Q2 FY27 results (quarter ended Sep 30, 2026), with revenue from operations edging up 0.7% YoY to ₹59.76 Cr compared to ₹59.38 Cr in Q2 FY26. Net profit declined 14.1% YoY to ₹5.50 Cr from ₹6.39 Cr, driven by an increase in car hire charges and employee expenses. For H1 (six months ended Sep 30, 2026), operating cash flows turned negative at -₹6.51 Cr, mainly due to higher working capital tie-ups in trade receivables.
- Revenue from operations was ₹59.76 Cr in Q2 vs ₹59.38 Cr in Q2 FY26 (up 0.7% YoY)
- Profit after tax fell 14.1% YoY to ₹5.50 Cr from ₹6.39 Cr in the corresponding quarter
- Car hire charges rose to ₹27.04 Cr from ₹26.56 Cr YoY, squeezing operating margins
- Net cash used in operating activities stood at -₹6.51 Cr for H1 due to a ₹21.67 Cr rise in trade receivables
International Travel House reported its Q2 FY27 results (quarter ended Sep 30, 2026), with revenue from operations edging up 0.7% YoY to ₹59.76 Cr compared to ₹59.38 Cr in Q2 FY26. Net profit declined 14.1% YoY to ₹5.50 Cr from ₹6.39 Cr, driven by an increase in car hire charges and employee expenses. For H1 (six months ended Sep 30, 2026), operating cash flows turned negative at -₹6.51 Cr, mainly due to higher working capital tie-ups in trade receivables.
- Revenue from operations was ₹59.76 Cr in Q2 vs ₹59.38 Cr in Q2 FY26 (up 0.7% YoY)
- Profit after tax fell 14.1% YoY to ₹5.50 Cr from ₹6.39 Cr in the corresponding quarter
- Car hire charges rose to ₹27.04 Cr from ₹26.56 Cr YoY, squeezing operating margins
- Net cash used in operating activities stood at -₹6.51 Cr for H1 due to a ₹21.67 Cr rise in trade receivables
International Travel House Ltd has scheduled a Board of Directors meeting on October 13, 2026. The board will consider and approve the unaudited financial results for the quarter and half-year ended September 30, 2026, alongside the statement of assets, liabilities, and cash flows. The company reported TTM revenue of Rs 230 crore and net profit of Rs 17 crore, with the prior quarter (Jun 2026) posting Rs 55.27 crore in revenue and Rs 5.64 crore in PAT.
- Board meeting convened for Tuesday, 13th October, 2026
- Agenda includes reviewing unaudited financial results for Q2 and H1 ended 30th September, 2026
- Statement of Assets and Liabilities and Statement of Cash Flows for H1 to be approved
- Notice issued in compliance with Regulation 29 of SEBI LODR Regulations, 2015
International Travel House (ITHL) has scheduled its 45th Annual General Meeting for August 25, 2026, to approve a final dividend of ₹5.50 per share for FY26. The record date for this dividend was July 31, 2026, with payment expected by September 1, 2026. The company reported a PAT of ₹18.0 cr for FY26, a significant decline from ₹27.0 cr in FY25, despite revenue remaining relatively stable at ₹232.0 cr. The company is currently focusing on transitioning its fleet to electric and hybrid vehicles to meet corporate ESG mandates.
- Final dividend of ₹5.50 per equity share of ₹10 each proposed for FY26
- 45th AGM scheduled for August 25, 2026, via Video Conferencing
- Record date for dividend entitlement was Friday, July 31, 2026
- FY26 PAT stood at ₹18.0 cr, down 33.3% from ₹27.0 cr in FY25
- Statutory auditor remuneration proposed at ₹26.50 lakhs for FY26-27
International Travel House (ITHL) has released its FY26 Annual Report, confirming a final dividend of ₹5.50 per share (55% of face value). The company's FY26 performance showed a revenue of ₹232 crore and a net profit of ₹18 crore, reflecting a decline from FY25's ₹27 crore profit. The 45th AGM is scheduled for August 25, 2026, to approve these results and the reappointment of directors. ITHL continues to focus on corporate travel, leveraging its 61.69% ownership by the ITC Group.
- Proposed final dividend of ₹5.50 per equity share for the financial year ended March 31, 2026.
- FY26 Net Profit of ₹18.0 crore against ₹27.0 crore in FY25, representing a 33% year-on-year decline.
- ITC Group remains the majority promoter with a 61.69% stake and contributes over 10% of total revenue.
- Statutory audit fee for FY26-27 approved at ₹26.50 lakhs for Deloitte Haskins & Sells LLP.
- The company operates across 19 cities and is transitioning its rental fleet to electric and hybrid vehicles to meet ESG mandates.
International Travel House reported a 3.05% YoY decline in revenue to ₹55.27 Cr for the quarter ended June 30, 2026. Net profit fell more significantly by 17.9% YoY to ₹5.64 Cr, impacted by higher employee costs and other expenses. The company has fixed July 31, 2026, as the record date for a final dividend of ₹5.50 per share. The 45th Annual General Meeting is scheduled for August 25, 2026.
- Revenue from operations decreased to ₹5,526.51 Lakhs from ₹5,700.69 Lakhs in the same quarter last year.
- Net Profit after tax dropped to ₹563.77 Lakhs compared to ₹686.99 Lakhs YoY.
- Final dividend of ₹5.50 per equity share (55% of face value) to be paid by September 1, 2026.
- Employee benefit expenses increased to ₹1,302.46 Lakhs from ₹1,235.85 Lakhs YoY.
- Record date for dividend entitlement is fixed as July 31, 2026.
International Travel House reported a 17.9% year-on-year decline in Net Profit to ₹5.64 crore for the quarter ended June 30, 2026. Revenue from operations also contracted by 3.1% to ₹55.27 crore compared to the same quarter last year. The company has confirmed a final dividend of ₹5.50 per share, setting July 31, 2026, as the record date. Despite the revenue dip, total expenses remained nearly flat at ₹49.80 crore, leading to margin compression.
- Net Profit after tax decreased 17.9% YoY to ₹563.77 Lakhs from ₹686.99 Lakhs.
- Revenue from operations declined 3.1% YoY to ₹5,526.51 Lakhs.
- Final dividend of ₹5.50 per equity share (55% of face value) recommended for FY26.
- Record date for dividend entitlement fixed as July 31, 2026.
- Employee benefit expenses increased 5.4% YoY to ₹1,302.46 Lakhs.
International Travel House reported a 17.9% YoY decline in net profit to ₹5.64 crore for the quarter ended June 30, 2026, down from ₹6.87 crore in the previous year. Total income saw a marginal dip of 2.8% to ₹57.33 crore, while total expenses remained nearly flat at ₹49.80 crore. The company has confirmed a final dividend of ₹5.50 per share (55% of face value) with a record date of July 31, 2026. Earnings per share (EPS) for the quarter fell to ₹7.05 from ₹8.59 in the corresponding quarter last year.
- Net profit for Q1 FY27 decreased to ₹563.77 Lakhs from ₹686.99 Lakhs in Q1 FY26.
- Total income for the quarter stood at ₹5,732.60 Lakhs compared to ₹5,899.53 Lakhs YoY.
- Final dividend of ₹5.50 per equity share of ₹10 each confirmed for FY26.
- Record date for dividend entitlement fixed as Friday, July 31, 2026.
- Car hire charges, a major expense component, stood at ₹2,337.57 Lakhs for the quarter.
International Travel House Ltd reported a 17.9% YoY decline in Net Profit to ₹5.64 crore for the quarter ended June 30, 2026, down from ₹6.87 crore in the previous year. Revenue from operations also contracted by 3% to ₹55.27 crore. Despite the earnings dip, the company has confirmed a final dividend of ₹5.50 per share (55% of face value) with a record date of July 31, 2026. Total expenses remained nearly flat at ₹49.80 crore, leading to margin compression as the top line softened.
- Net Profit after tax fell 17.9% YoY to ₹563.77 Lakhs for Q1 FY27.
- Revenue from operations decreased to ₹5,526.51 Lakhs from ₹5,700.69 Lakhs in the year-ago period.
- Final Dividend of ₹5.50 per equity share of ₹10 each confirmed for FY26.
- Record date for dividend entitlement fixed as July 31, 2026, with payment by September 1, 2026.
- Total expenses stood at ₹4,980.31 Lakhs, showing a marginal increase from ₹4,970.89 Lakhs YoY.
International Travel House reported a 17.9% YoY decline in net profit to ₹5.64 crore for the quarter ended June 30, 2026, down from ₹6.87 crore in the previous year. Revenue from operations also saw a slight contraction of 3.1% YoY, totaling ₹55.27 crore. The company has fixed July 31, 2026, as the record date for a final dividend of ₹5.50 per share, representing a 55% payout on face value. Profitability was pressured by a 15.2% increase in 'Other Expenses' despite a reduction in car hire charges.
- Net Profit after tax fell 17.9% YoY to ₹563.77 Lakhs from ₹686.99 Lakhs.
- Revenue from operations decreased 3.1% YoY to ₹5,526.51 Lakhs compared to ₹5,700.69 Lakhs.
- Final dividend of ₹5.50 per equity share (face value ₹10) confirmed for shareholder approval.
- Record date for dividend entitlement fixed as July 31, 2026, with payment by September 1, 2026.
- Other expenses rose significantly to ₹868.22 Lakhs from ₹753.43 Lakhs in the corresponding previous quarter.
Financial Performance
Revenue Growth by Segment
Total operating income grew by 8.4% YoY, reaching INR 235.6 Cr in FY2025 compared to INR 217.3 Cr in FY2024. While specific segment percentages are not disclosed, the growth is driven by a recovery in business travel and service volumes in air ticketing, car rentals, and MICE (Meetings, Incentives, Conferences, and Exhibitions).
Geographic Revenue Split
Not disclosed in available documents, though the company operates primarily within the Indian business travel market with a focus on corporate hubs.
Profitability Margins
Net Profit Margin (NPM) improved to 11.5% in FY2025 from 10.4% in FY2024. This improvement is attributed to better operational efficiencies and a focus on high-margin services like MICE and visa assistance.
EBITDA Margin
Operating Profit Margin (OPBDIT/OI) stood at 16.2% in FY2025, a slight increase from 15.9% in FY2024. Core profitability remains stable due to the company's asset-light model and ability to cross-sell services to a diversified corporate client base.
Capital Expenditure
Property, Plant and Equipment (PPE) increased by 24.6% to INR 24.59 Cr in FY2025 from INR 19.73 Cr in FY2024, reflecting investments in fleet and technology. Intangible assets under development stood at INR 0.28 Cr.
Credit Rating & Borrowing
The company maintains a credit rating of [ICRA]AA (Stable) and [ICRA]A1+. It is essentially debt-free (0.0 debt/OPBDIT) with an interest coverage ratio of 50.5x in FY2025 and 303.4x in H1 FY2026, indicating negligible borrowing costs.
Operational Drivers
Raw Materials
Human capital (employee benefits) represents 20.7% of total revenue (INR 48.72 Cr). Other major operational costs include 'Other Expenses' (likely vehicle hire and travel costs) at 63.4% of revenue (INR 149.40 Cr).
Import Sources
Not applicable as a service-oriented travel company; however, the company sources vehicles and fuel locally within India for its car rental operations.
Key Suppliers
Not specifically named, but the company utilizes a Billing and Settlement Plan (BSP) for 265 member airlines and maintains a network of managed car providers.
Capacity Expansion
The company is transitioning its fleet by adding electric and hybrid cars starting from FY2024 to meet tightening emission standards and client ESG preferences.
Raw Material Costs
Employee benefit expenses rose 8.2% YoY to INR 48.72 Cr in FY2025. Procurement strategies focus on an asset-light model with a mix of owned and managed cars to minimize fixed cost burdens.
Manufacturing Efficiency
Not applicable; however, the company maintains an asset-light model to ensure flexibility in scaling operations based on travel demand.
Logistics & Distribution
Distribution is managed through a nationwide network of offices and digital platforms to serve MNCs and large consultancy firms.
Strategic Growth
Expected Growth Rate
8%
Growth Strategy
Growth will be achieved by leveraging the strong parentage of the ITC Group (61.69% stake) to capture a larger share of business travel. The strategy includes cross-selling end-to-end solutions (air, car, hotel, MICE), expanding the electric vehicle fleet to attract ESG-conscious corporates, and improving service volumes as business travel returns to pre-pandemic levels.
Products & Services
Air ticketing, car rentals, MICE management, visa assistance, hotel bookings, domestic and overseas holiday packages, and foreign exchange services.
Brand Portfolio
International Travel House (ITHL).
New Products/Services
Gradual addition of electric and hybrid cars to the rental fleet, expected to support revenue growth by meeting corporate sustainability mandates.
Market Expansion
Focus on increasing service volumes within the Indian business travel segment, which is currently on a gradual recovery path.
Market Share & Ranking
Not specifically ranked, but identified as a large, organized player in the highly competitive B2B travel and car rental industry.
Strategic Alliances
Associate company of the ITC Group, receiving managerial support and deriving over 10% of revenue from ITC Group companies.
External Factors
Industry Trends
The industry is evolving toward sustainable travel (EVs) and digital integration. While business travel is increasing, it has not yet fully reached pre-COVID levels, providing a 'catch-up' growth opportunity.
Competitive Landscape
Faces intense competition from B2B cab aggregators (like Ola/Uber for Business) and online travel portals (like MakeMyTrip/Yatra), which exert constant pricing pressure.
Competitive Moat
The primary moat is the 'ITC' brand and parentage, providing strong financial flexibility and a captive customer base. This is sustainable due to the 61.69% equity stake held by the ITC Group and deep operational linkages.
Macro Economic Sensitivity
Highly sensitive to corporate travel budgets and GDP growth, as business travel is a discretionary corporate expense.
Consumer Behavior
Shift toward 'green' travel and higher expectations for safety and hygiene protocols post-pandemic.
Geopolitical Risks
International travel services (visa, ticketing) are sensitive to global geopolitical stability and cross-border travel regulations.
Regulatory & Governance
Industry Regulations
Subject to IATA regulations for air ticketing and Ministry of Tourism norms for travel agencies. Compliance with tightening vehicle emission standards is a critical operational requirement.
Environmental Compliance
Exposed to climate transition risks; tightening emission standards may require material investment to replace the fossil-fuel fleet with environment-friendly vehicles.
Taxation Policy Impact
Effective tax rate for FY2025 was approximately 26.2% (INR 9.64 Cr tax on INR 36.79 Cr PBT).
Legal Contingencies
The company has complied with all conditions of Corporate Governance as per SEBI Listing Regulations (17 to 27). No major pending court cases with material INR values were disclosed in the provided summaries.
Risk Analysis
Key Uncertainties
The primary uncertainty is the pace of recovery in business travel volumes to pre-pandemic levels and the potential for technological disruption by B2B aggregators.
Geographic Concentration Risk
High concentration in the Indian domestic market, specifically serving corporate hubs.
Third Party Dependencies
Significant dependence on airline carriers and third-party vehicle owners for the managed fleet portion of the asset-light model.
Technology Obsolescence Risk
Risk of being bypassed by direct-to-corporate digital platforms if the company does not continuously upgrade its own booking and management technology.
Credit & Counterparty Risk
Low risk due to a reputed and diversified customer base including MNCs and the ITC Group; receivables management has improved working capital intensity to 8%.
