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Tourism Finance Corporation of India Limited (TFCILTD)

📊 NSE: TFCILTD 🏢 Finance - Term-Lending Institutions 📅 Last Updated: 12/14/2025 14:29

📢 Recent Corporate Announcements

TFCI Concludes 37th AGM; Transacts Resolutions on NCD Issuance and MD Appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Aug 2026, 07:27 PM

Tourism Finance Corporation of India Limited (TFCI) successfully concluded its 37th Annual General Meeting on August 21, 2026. Key agenda items transacted included the adoption of FY26 financial statements, dividend declaration for FY26, and the re-appointment of director Shri Aditya Kumar Halwasiya. Shareholders also considered special resolutions for the issuance of Non-Convertible Debentures/Bonds and alterations to the Articles of Association, alongside approving the appointment and remuneration of Managing Director Shri Anoop Bali. Final consolidated voting results are being submitted separately.

37th AGM held on August 21, 2026, commencing at 11:00 AM and concluding at 11:42 AM
Remote e-voting window was active from August 18, 2026 (9:00 AM) to August 20, 2026 (5:00 PM)
Transacted 6 agenda items including approval of FY26 dividend and adoption of audited accounts
Special resolutions presented for issuance of Non-Convertible Bonds/Debentures and alteration of Articles of Association

💡 Track the upcoming formal scrutinizer's report and voting results disclosure to confirm approval percentages for the NCD fundraising and MD appointment resolutions.

TFCI Concludes 37th AGM; Resolutions on Debt Issuance & MD Remuneration Put to Vote

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Aug 2026, 07:21 PM

Tourism Finance Corporation of India Limited (TFCI) concluded its 37th Annual General Meeting on August 21, 2026, conducted via video conferencing. Key resolutions placed for shareholder approval included the adoption of FY26 financial statements, dividend declaration for FY26, and enabling approval for the issuance of Non-Convertible Bonds/Debentures. Additionally, resolutions regarding the appointment and remuneration of Shri Anoop Bali as Managing Director and alteration of the Articles of Association were tabled. Detailed voting results will be disclosed separately upon scrutinizer certification.

Conducted 37th AGM on August 21, 2026, concluding at 11:42 A.M.
Remote e-voting was held from August 18, 2026 (9:00 AM) to August 20, 2026 (5:00 PM)
Special resolution tabled for the issue of Non-Convertible Bonds/Debentures/other debt instruments
Shareholder approval sought for appointment and remuneration of Managing Director Shri Anoop Bali
Adoption of FY26 financial statements and declaration of dividend for FY 2025-26 transacted

💡 Track the formal voting results and scrutinizer report to confirm unanimous or requisite majority clearance of the debt issuance and MD remuneration resolutions.

₹0.60 Dividend Recommended; 37th AGM Scheduled for August 21, 2026

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 31 Jul 2026, 04:13 PM

Tourism Finance Corporation of India Limited (TFCI) has scheduled its 37th Annual General Meeting (AGM) for August 21, 2026. The Board has recommended a dividend of ₹0.60 per equity share (30% of face value ₹2) for FY2025-26. The record date for determining dividend eligibility and e-voting rights is set for August 14, 2026. The company has dispatched letters to shareholders without registered emails to provide access to the Annual Report.

Recommended dividend of ₹0.60 per equity share of face value ₹2.
37th Annual General Meeting to be held on August 21, 2026, via Video Conferencing.
Record date for dividend and e-voting eligibility is August 14, 2026.
Remote e-voting period is scheduled from August 18, 2026 (9:00 AM) to August 20, 2026 (5:00 PM).
Annual Report for FY2025-26 is now available on the company and stock exchange websites.

💡 Investors should ensure their bank and email details are updated with their Depository Participant or RTA by August 14, 2026, to ensure seamless dividend credit and voting participation.

August 14 Set as Record Date for Dividend and 37th AGM of TFCI

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 29 Jul 2026, 05:50 PM

Tourism Finance Corporation of India (TFCI) has scheduled its 37th Annual General Meeting (AGM) for August 21, 2026. The company has fixed August 14, 2026, as the record date for determining shareholder entitlement to the dividend for FY2025-26. Additionally, the remote e-voting period is set from August 18 to August 20, 2026. This is a routine administrative update following the board's previous dividend recommendation.

37th Annual General Meeting to be held on August 21, 2026, via video conferencing.
August 14, 2026, established as the Record Date for FY2025-26 dividend eligibility.
Remote e-voting period scheduled from August 18, 2026 (9:00 AM) to August 20, 2026 (5:00 PM).
August 14, 2026, also serves as the cut-off date for e-voting eligibility.

💡 Investors interested in the dividend should ensure they hold shares by the August 14 record date. Monitor the AGM proceedings for updates on the company's strategy to diversify its loan book away from the tourism sector.

Aug 14 Set as Record Date for FY26 Dividend and 37th AGM

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 29 Jul 2026, 05:35 PM

Tourism Finance Corporation of India (TFCI) has fixed August 14, 2026, as the record date for determining shareholder eligibility for the FY2025-26 dividend. The 37th Annual General Meeting (AGM) is scheduled for August 21, 2026, via video conferencing. Shareholders as of the record date will also be eligible for e-voting, which will take place between August 18 and August 20, 2026. This announcement follows a period where the company maintained a TTM PAT of Rs 85 Cr.

Record date for dividend and AGM voting eligibility fixed for August 14, 2026
37th Annual General Meeting scheduled for August 21, 2026, at 11:00 a.m.
Remote e-voting period spans from August 18, 2026 (9:00 a.m.) to August 20, 2026 (5:00 p.m.)
Dividend pertains to the financial year 2025-26 as recommended by the Board

💡 Investors should ensure shares are held in their demat accounts by the record date of August 14, 2026, to be eligible for the dividend and to participate in the AGM voting process.

₹1,200 Cr Fundraise & MD Re-appointment: TFCI to Seek Shareholder Approval at AGM

🟢 POSITIVE ⭐ 7/10

BOARD_MEETING 📅 29 Jul 2026, 04:41 PM

Tourism Finance Corporation of India (TFCI) has convened its 37th AGM for August 21, 2026, to seek approval for a significant fundraise of up to ₹1,200 crore via Non-Convertible Debentures/Bonds. This proposed fundraise is substantial, representing approximately 91% of the company's current net worth of ₹1,316 crore. Shareholders will also vote on the re-appointment of Managing Director Anoop Bali (remuneration of ₹2.50 crore p.a.) and Director Aditya Kumar Halwasiya, who holds a significant 8.83% stake. The meeting will also finalize the dividend declaration for the financial year 2025-26.

Proposed fundraise of up to ₹1,200 crore through private placement of bonds or debentures in the coming year
Re-appointment of Shri Anoop Bali as Managing Director from June 1, 2026, to May 31, 2028, with a fixed pay of ₹2.50 crore per annum
Director Aditya Kumar Halwasiya, holding 4,08,92,000 equity shares (8.83% stake), is seeking re-appointment
The company proposes to delete 'Common Seal' clauses from its Articles of Association to align with the Companies (Amendment) Act, 2015
AGM scheduled for August 21, 2026, to adopt FY26 audited financial statements and declare dividends

💡 Monitor the voting results on August 21, 2026, specifically for the ₹1,200 crore fundraise approval and the finalized dividend amount per share.

TFCILTD Q1FY27: PAT at ₹61.21 Cr, NIM Expands to 7.59%, and Net NPLs at Nil

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 21 Jul 2026, 01:13 PM

TFCI reported a strong performance for Q1 FY27, with a Profit After Tax (PAT) of ₹61.21 Cr, which is approximately 72% of the TTM PAT of ₹85 Cr. Total income for the quarter stood at ₹115.15 Cr, driven by a significant expansion in Net Interest Margin (NIM) to 7.59% from 6.43% in FY26. Asset quality has reached a peak with Net NPLs at Nil and Gross NPLs at a low 0.41%. The company continues its diversification strategy, with the hospitality sector now comprising 47% of the ₹2,002 Cr AUM, while Real Estate has grown to 24%.

Q1 FY27 PAT of ₹61.21 Cr represents nearly half of the total PAT achieved in the entire previous fiscal year (FY26: ₹123.46 Cr).
Net Interest Margin (NIM) improved to 7.59% in Q1 FY27, up from 5.07% in FY25 and 6.43% in FY26.
Gross AUM stood at ₹2,002.05 Cr as of June 30, 2026, with a diversified sectoral mix including 12% in Manufacturing and 24% in Real Estate.
Asset quality remains exceptional with Net NPLs at Nil and a Capital Adequacy Ratio (CRAR) of 57.13%.
Credit rating for bonds was upgraded to AA- (Stable) by Infomerics in July 2026, potentially lowering future borrowing costs.

💡 Investors should monitor the sustainability of the high 7.59% NIM and the company's ability to maintain zero Net NPLs as it aggressively expands into non-hospitality sectors like Real Estate and Manufacturing.

TFCI Q1 FY27: Net Profit Doubles to ₹61.2 Cr, Boosted by ₹34 Cr One-time Tax Refund Interest

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 20 Jul 2026, 01:46 PM

Tourism Finance Corporation of India (TFCI) reported a 100% YoY increase in Net Profit to ₹61.21 Cr for Q1 FY27, up from ₹30.56 Cr. This surge was significantly aided by a one-time interest on income tax refund amounting to ₹34.00 Cr, recognized under 'Other Income'. Core revenue from operations showed healthy growth of 27.2% YoY, reaching ₹81.02 Cr. The company maintained a stable Debt-Equity ratio of 0.75 as of June 30, 2026.

Net Profit grew 100% YoY to ₹61.21 Cr, driven by a ₹34.00 Cr one-time interest income from tax refunds for AY 1995-96 to 2002-03
Revenue from operations increased 27.2% YoY to ₹81.02 Cr from ₹63.71 Cr in the previous year's quarter
Interest income, the primary revenue driver, rose 29.1% YoY to ₹72.12 Cr
Basic EPS doubled to ₹0.66 from ₹0.33 (restated for the 1:5 stock split effective Sept 2025)
Total Income for the quarter (₹115.15 Cr) represents approximately 49.4% of the TTM revenue of ₹233 Cr

💡 Investors should distinguish between the one-time tax refund gain and core operational performance. Monitor the sustainability of the 29% interest income growth and the progress of diversification into non-tourism sectors like manufacturing and NBFCs.

Rs 61.21 Cr PAT in Q1; Net Profit doubles YoY aided by Rs 34 Cr tax refund interest

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 20 Jul 2026, 01:44 PM

TFCI reported a strong Q1 FY27 with Net Profit doubling to Rs 61.21 Cr, though this was significantly aided by a one-time interest on income tax refund of Rs 34.00 Cr. Operational performance was also robust, with revenue from operations increasing 27% YoY to Rs 81.02 Cr and interest income rising to Rs 72.12 Cr. The company recognized a provision of Rs 1.20 Cr for bad debts during the quarter. While the headline numbers are inflated by the one-off gain, the core lending business shows growth momentum.

Net Profit doubled to Rs 61.21 Cr (6,120.93 Lakh) from Rs 30.56 Cr in the same quarter last year.
One-time interest on income tax refund contributed Rs 34.00 Cr (3,400.03 Lakh) to other income.
Revenue from operations grew 27.2% YoY to Rs 81.02 Cr (8,102.26 Lakh).
Interest income rose to Rs 72.12 Cr (7,211.75 Lakh) from Rs 55.85 Cr in Q1 FY26.
Debt-Equity ratio stood at 0.75 as of June 30, 2026.

💡 Investors should strip out the one-time tax refund interest to assess core profitability and monitor the asset quality of the diversifying loan book as it moves away from tourism concentration.

₹61.21 Cr PAT in Q1 FY27; Profit doubles on ₹34 Cr one-time tax refund interest

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 20 Jul 2026, 01:37 PM

TFCI reported a 100% YoY increase in PAT to ₹61.21 Cr for Q1 FY27, significantly boosted by a one-time interest income of ₹34.00 Cr from historical income tax refunds (AY 1995-96 to 2002-03). Operationally, revenue from operations grew 27.2% YoY to ₹81.02 Cr, driven by a 29% rise in interest income. Asset quality showed notable improvement with Gross NPA declining to 3.12% from 3.86% in the preceding quarter. The company maintains a very strong capital position with a CRAR of 56.41%.

Net Profit doubled to ₹61.21 Cr in Q1 FY27 compared to ₹30.56 Cr in Q1 FY26.
Other Income surged to ₹34.13 Cr, primarily due to ₹34.00 Cr interest received on tax refunds for Assessment Years 1995-96 to 2002-03.
Gross NPA improved to 3.12% as of June 30, 2026, down from 3.86% as of March 31, 2026.
Revenue from operations increased 27.2% YoY to ₹81.02 Cr from ₹63.71 Cr.
Capital Risk Adequacy Ratio (CRAR) remains robust at 56.41%, indicating significant lending headroom.

💡 Investors should distinguish between the one-time tax gain and the 27% operational revenue growth. Monitor the execution of the diversification strategy into manufacturing and NBFC sectors to reduce the 65% concentration in tourism.

TFCILTD Submits Quarterly Dematerialization Certificate for Period Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Jul 2026, 04:12 PM

Tourism Finance Corporation of India Limited (TFCILTD) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document confirms that all physical share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within the mandated 15-day timeline. The Registrar and Transfer Agent, MCS Share Transfer Agent Limited, verified that the certificates were mutilated and cancelled, with the depository's name substituted in the register of members. This is a standard administrative filing with no impact on business operations or financials.

Quarterly compliance completed for the period ended June 30, 2026
Securities processed for dematerialization within 15 days of receipt
Certificate issued by MCS Share Transfer Agent Limited dated July 1, 2026
Confirmation of mutilation and cancellation of physical certificates after due verification

💡 This is a routine regulatory filing. Investors should monitor the upcoming quarterly financial results for actual business performance updates.

TFCI Announces Trading Window Closure from July 1 for Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jun 2026, 11:30 AM

Tourism Finance Corporation of India Limited (TFCI) has announced the closure of its trading window for designated persons starting July 1, 2026. This is a standard regulatory requirement under SEBI Insider Trading regulations ahead of the declaration of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially announced. The specific date for the board meeting to approve these results will be communicated at a later time.

Trading window closure begins on July 1, 2026, for the Q1 FY27 reporting period.
Restriction applies to all designated and connected persons regarding buying, selling, or pledging securities.
The window will reopen 48 hours after the financial results for the quarter ended June 30, 2026, are declared.
Board meeting date for result consideration is yet to be announced.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals; investors should wait for the Q1 result date announcement to assess performance.

LIC Confirms No New Encumbrances on TFCI Shares for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 12 Jun 2026, 02:55 PM

Life Insurance Corporation of India (LIC), a major shareholder in Tourism Finance Corporation of India Limited (TFCI), has submitted its annual declaration under Regulation 31(4) of SEBI SAST Regulations. The declaration confirms that LIC has not created any new encumbrances or pledges on its shareholding, directly or indirectly, during the financial year ending March 31, 2026. This is a routine compliance filing intended to provide transparency regarding the status of shares held by significant investors.

LIC submitted the annual declaration under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
The disclosure confirms no additional encumbrances were made on TFCI shares during the financial year ending March 31, 2026.
The declaration was officially signed by S.K. Srivastava, Executive Director (Investment Back Office) at LIC.
TFCI received the communication on April 7, 2026, and notified the exchanges on April 8, 2026.

💡 This is a routine regulatory disclosure with no impact on company fundamentals; investors should treat it as a standard transparency measure confirming no new share pledges by LIC.

TFCI FY26 Results: PAT Grows 19% to ₹123.46 Cr; Net NPA Drops to Nil

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 14 May 2026, 02:37 PM

Tourism Finance Corporation of India (TFCI) reported a strong financial performance for FY26, with Profit After Tax (PAT) increasing by 19% YoY to ₹123.46 crore. The company achieved a significant milestone in asset quality, reducing Gross NPLs from 3.22% to 0.37% and bringing Net NPLs down to Nil. Gross AUM saw robust growth of 29%, reaching ₹2,188.87 crore, while Net Interest Margins (NIM) expanded significantly to 6.43% from 5.07% in the previous year. The company continues to diversify its portfolio, though hospitality remains the core segment at 52% of the loan book.

Net Interest Income (NII) increased by 36% YoY to ₹145.16 crore in FY26.
Gross AUM grew by 29% to ₹2,188.87 crore, driven by a 23% increase in the gross loan book.
Asset quality improved drastically with Net NPLs reaching 0.00% and Gross NPLs at 0.37%.
Net Interest Margin (NIM) expanded by 136 bps to 6.43% compared to 5.07% in FY25.
Book Value per share rose 8% to ₹28.18, while Earnings Per Share (EPS) grew to ₹2.67.

💡 TFCI's drastic improvement in asset quality and margin expansion makes it a strong turnaround story in the niche lending space. Investors should maintain a positive outlook but monitor the company's ability to sustain zero NPAs as they scale their non-hospitality portfolio.

TFCI Reports FY26 Results, Recommends ₹0.60 Dividend, and Approves ₹1,200 Cr Fundraise

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 May 2026, 07:53 PM

Tourism Finance Corporation of India (TFCI) has approved its audited financial results for the year ended March 31, 2026, and recommended a dividend of ₹0.60 per share (30%). To fuel future growth, the board has authorized a significant fundraise of up to ₹1,200 crore through debt instruments like bonds and debentures. The company reported a gross loan book of ₹2,088.14 crore with a total impairment allowance of ₹36.16 crore. Additionally, Shri Anoop Bali has been re-appointed as Managing Director and CFO for a two-year term starting June 2026.

Recommended a dividend of ₹0.60 per equity share (30% of face value) for FY 2025-26.
Approved raising resources up to ₹1,200 crore via loans, bonds, or debentures.
Reported Gross Loans of ₹2,08,814.09 lakh as of March 31, 2026.
Maintained an impairment loss allowance of ₹3,616.19 lakh, which includes a significant management overlay of ₹3,367.52 lakh.
Re-appointed Anoop Bali as Managing Director and CFO for a 2-year term effective June 1, 2026.

💡 Investors should take note of the dividend payout and the large fundraise as indicators of management's confidence in growth. Monitor the deployment of the ₹1,200 crore and the stability of the loan book's asset quality.

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💰 Financial Performance

Revenue Growth by Segment

The loan book grew 6.58% YoY to Rs. 1693.57 Cr as of March 31, 2025. Segmental exposure is dominated by tourism and tourism projects at 65% (up from 61% in FY24), with the remaining 35% allocated to other sectors including manufacturing and NBFCs.

Geographic Revenue Split

Not disclosed in available documents; however, the company is headquartered in New Delhi and operates as a pan-India financial institution.

Profitability Margins

Profit After Tax (PAT) grew 14.28% YoY to Rs. 104 Cr in FY25 from Rs. 91 Cr in FY24. Return on Average Total Assets (RoTA) improved to 4.95% from 4.41%, and Return on Net Worth (RoNW) increased to 9.05% from 8.71%.

EBITDA Margin

Net Interest Margin (NIM) in relation to average total assets improved to 5.08% in FY25 from 4.59% in FY24, driven by reduced gearing and healthy internal accruals despite marginal compression in spreads due to increased cost of funds.

Capital Expenditure

Not applicable for financial services; focus is on loan book growth. Tangible Net Worth increased 12.32% to Rs. 1207.28 Cr as of March 31, 2025, supported by a Rs. 50.02 Cr capital infusion in Q1 FY25.

Credit Rating & Borrowing

Ratings reaffirmed at BWR/CareEdge 'Stable'. Gearing remains low at 0.72 times as of March 31, 2025, down from 0.91 times in FY24, indicating significant headroom for borrowing to fund future disbursements.

⚙️ Operational Drivers

Raw Materials

Debt Capital (Borrowings) represents the primary 'raw material' cost, comprising Non-Convertible Debentures (39%), Bank Loans (30%), NBFC Loans (23%), and Financial Institution loans (9%).

Import Sources

Domestic India; the resource base is concentrated across nine lenders, largely public sector banks.

Key Suppliers

Key resource providers include Life Insurance Corporation of India (LIC), The Oriental Insurance Co. Ltd., and various public sector banks.

Capacity Expansion

Current AUM stands at Rs. 1693.57 Cr. Growth is targeted through new product segments like Loan Against Securities (LAS) and increased exposure to manufacturing and NBFC sectors.

Raw Material Costs

Cost of funds is the primary operational cost. While NIM improved to 5.08%, the company witnessed marginal spread compression in FY25 due to rising borrowing costs.

Manufacturing Efficiency

Not applicable; however, operating expenses as a % of Average Total Assets rose to 1.28% in FY25 from 1.15% in FY24 due to higher employee costs.

📈 Strategic Growth

Expected Growth Rate

12-15%

Growth Strategy

Diversification away from tourism (currently 65% of book) into manufacturing, NBFCs, and real estate. Launch of Loan Against Securities (LAS) to boost short-term disbursements and improve AUM churn.

Products & Services

Project loans for hotel and tourism infrastructure, corporate loans, Loan Against Securities (LAS), and financial assistance to NBFCs/HFCs/ARCs.

Brand Portfolio

Tourism Finance Corporation of India Limited (TFCI).

New Products/Services

Loan Against Securities (LAS) introduced in FY25, expected to boost disbursement volumes though with shorter tenures (up to one year).

Market Expansion

Targeting the NBFC/HFC/ARC sector which is projected to grow at 12-15% annually, and exploring digital transformation avenues in manufacturing lending.

Market Share & Ranking

Not disclosed; established position as a specialized lender for the tourism sector since 1989.

Strategic Alliances

Engaged in co-lending activities within the NBFC sector to expand reach and manage risk exposures.

🌍 External Factors

Industry Trends

NBFC sector is evolving with a 12-15% growth outlook. There is a shift toward digital transformation in manufacturing and services, requiring innovative financial solutions.

Competitive Landscape

Stiff competition from banks and other NBFCs, particularly for refinancing operational projects with stable cash flows.

Competitive Moat

Durable advantage in specialized underwriting for hospitality projects (30+ years experience), which are often complex for standard commercial banks to assess.

Macro Economic Sensitivity

Highly sensitive to tourism sector health and interest rate mismatches between assets and liabilities.

Consumer Behavior

Shift toward digital financial services and rapid transformation in the manufacturing sector affecting lending demand.

Geopolitical Risks

Not disclosed; however, global travel disruptions can indirectly impact the 65% tourism-heavy loan portfolio.

⚖️ Regulatory & Governance

Industry Regulations

Regulated as an NBFC-ML by the RBI; currently implementing new guidance on Operational Risk Management and Operational Resilience.

Environmental Compliance

Industry nature results in low exposure to environmental risks; TFCI focuses on sustainable financing for environmentally friendly projects.

Legal Contingencies

Not disclosed; management focuses on NPA/Stressed Asset Management and recovery of high-ticket stressed assets (7.67% of earning assets).

⚠️ Risk Analysis

Key Uncertainties

Volatility in asset quality due to high average ticket sizes (Rs. 30-31 Cr); slippage in just 2-3 accounts can cause significant spikes in GNPA ratios.