Tourism Finance Corporation of India Limited (TFCILTD)
₹147.57 -2.06% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Tourism Finance's net interest income was ₹46.0 Cr (+9.4% year on year, -8.1% on the previous quarter), and net profit ₹61.2 Cr (+97.4% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹46.0 | +9.4% | -8.1% |
| Operating profit | ₹79.5 | — | — |
| Net profit | ₹61.2 | +97.4% | +91.3% |
| EPS (₹) | 1.32 | +100.0% | +91.3% |
| Gross NPA | 0.41% | — | — |
TFCILTD delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 23 Oct 2026, 37.18% of the TFCILTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.59%. That is close to its usual level. 3 bulk or block deals were reported in TFCILTD in the last 60 days: ₹52 Cr bought and ₹93 Cr sold.
Delivery in the last 5 sessions: 42.7% · 41.5% · 35.5% · 24.9% · 37.2%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 9 Oct | Sell | Share India Securities Limited | ₹52.18 Cr | ₹147.19 | 3,545,163 | Bulk |
| 9 Oct | Buy | Share India Securities Limited | ₹52.09 Cr | ₹146.94 | 3,544,960 | Bulk |
| 9 Oct | Sell | Nitn Kapoor | ₹40.90 Cr | ₹146.08 | 2,800,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
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
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.
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.
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
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.
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
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
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.
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.
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.
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.
Infomerics has upgraded TFCI's long-term bank facility ratings to IVR AA-/Stable from IVR A+/Stable, reflecting a significant turnaround in asset quality. The company's Gross NPA improved to 0.38% in 9MFY26 from 3.22% in FY25, while Net NPA reached 0%. AUM witnessed a strong revival, reaching Rs. 2,036 crore as of December 2025, supported by robust disbursements of Rs. 938 crore. Profitability also saw a healthy 24% YoY increase in PAT to Rs. 91.44 crore for the 9-month period.
- Long-term credit rating upgraded to IVR AA-/Stable; Commercial Paper reaffirmed at IVR A1+
- Asset quality improved drastically with GNPA at 0.38% and NNPA at 0% for 9MFY26
- AUM grew to Rs. 2,036 crore in 9MFY26, reversing the degrowth trend of the last three years
- Net Interest Margin (NIM) expanded to 6.34% in 9MFY26 from 4.65% in the previous year
- Capital Adequacy Ratio (CRAR) remains robust at 58.13% with a low gearing of 0.75x
Tourism Finance Corporation of India Limited (TFCI) has announced the closure of its trading window for all designated and connected persons starting April 1, 2026. This action is a standard regulatory requirement under SEBI Insider Trading regulations ahead of the company's financial results for the quarter and year ending March 31, 2026. The trading window will remain closed until 48 hours after the financial results are officially declared to the exchanges. The specific date for the board meeting to approve these results will be communicated separately in the future.
- Trading window closure begins on April 1, 2026, for all designated persons.
- Closure is in anticipation of the financial results for the quarter and year ended March 31, 2026.
- The window will reopen 48 hours after the official declaration of the financial results.
- Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015.
- Board meeting date for result approval to be intimated in due course.
Tourism Finance Corporation of India Limited (TFCI) has announced its decision to invest up to 5% of the corpus in Oxyzo Credit Fund I. This fund is a SEBI-registered Category II Alternative Investment Fund (AIF) that focuses on debt instruments across diversified sectors. The move signifies TFCI's intent to diversify its investment portfolio beyond its core tourism-focused lending. This disclosure follows a preliminary intimation made by the company on January 30, 2026.
- TFCI will act as an investor for up to 5% of the total corpus of Oxyzo Credit Fund I.
- The target fund is a Category II Alternative Investment Fund (AIF) registered with SEBI.
- Oxyzo Credit Fund I is a debt-focused fund covering multiple diversified sectors.
- The investment is part of TFCI's strategic asset allocation and diversification strategy.
Tourism Finance Corporation of India Limited (TFCI) has announced the retirement of Shri Bapi Munshi from his position as an Independent Director. The retirement became effective at the close of business hours on January 31, 2026, following the successful completion of his tenure. This is a routine administrative change in the board composition as per regulatory requirements. The company's Board of Directors has formally acknowledged and appreciated the contributions made by Shri Munshi during his time with the firm.
- Shri Bapi Munshi (DIN: 02470242) retired as Independent Director on January 31, 2026
- The cessation of office is due to the completion of his designated tenure
- The filing was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- No immediate replacement was announced in the current regulatory filing
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.
Geographic Concentration Risk
Not disclosed; however, the tourism portfolio is likely concentrated in major Indian travel hubs.
Third Party Dependencies
High dependency on a limited pool of 9 lenders for resource mobilization.
Technology Obsolescence Risk
Managed through a dedicated IT Governance and Information Security framework led by a Chief Technology Officer with 32 years of experience.
Credit & Counterparty Risk
Stressed assets (GNPA + Stage 2 + Security Receipts) stood at 7.67% of earning assets as of March 31, 2024, requiring active monitoring.
