TSC India Limited (TSC)
TSC delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the TSC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 99.73%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal. It closed at a price band (circuit) on 6 sessions in about the last 20.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 100.0%
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
TSC India Limited disclosed that its Managing Director cum Promoter, Ashish Kumar Mittal, acquired an aggregate of 18,000 equity shares via open market purchases. The transactions took place in two tranches: 4,000 shares for Rs. 1,96,000 on September 18, 2026, and 14,000 shares for Rs. 7,11,200 on September 21, 2026. Following these transactions, his shareholding increased slightly from 31.63% (45,93,000 shares) to 31.76% (46,11,000 shares).
- Purchased 4,000 shares on 18-09-2026 for a total value of Rs. 1,96,000
- Purchased 14,000 shares on 21-09-2026 for a total value of Rs. 7,11,200
- Promoter holding increased from 31.63% (45,93,000 shares) to 31.76% (46,11,000 shares)
- Transactions executed via open market on the National Stock Exchange (NSE)
TSC India Limited announced the results of its 23rd Annual General Meeting held on September 21, 2026. All 9 proposed ordinary and special resolutions were passed with the requisite majority via remote e-voting and physical polling. Approved agendas include the adoption of FY25-26 standalone and consolidated financial statements, re-appointments of directors, and approvals for material related-party transactions with entities including TSC Finserv and Traversia Technology. Furthermore, shareholders approved expanded limits on loans, investments, and guarantees under Section 186.
- All 9 resolutions passed with 100% of polled valid votes in favour
- Total of 10,515,683 votes polled across 14,518,933 total shares (representing ~72.43% voter turnout) for the financial statement adoptions
- Approved material related-party transactions and loans to subsidiaries including TSC Finserv Private Limited and Githm Private Limited
- Total of 435 shareholders on the cut-off date of September 14, 2026, with 12 shareholders attending in person
TSC India Limited concluded its 23rd Annual General Meeting on September 21, 2026. The company tabled ordinary and special resolutions, including approval of material related party transactions with Traversia Technology, TSC Finserv, and wholly owned subsidiary GITHM Private Limited. The Board reaffirmed that no dividend was recommended for FY 2025-26 to conserve capital for growth plans and strategic investments. Total attendance included 12 shareholders (including 1 proxy), and voting results with the scrutinizer's report will be disclosed separately.
- 23rd Annual General Meeting conducted on September 21, 2026, between 12:00 PM and 1:00 PM
- Total shareholder attendance at the physical venue was 12 (including 1 proxy)
- Remote e-voting was held from September 18, 2026 (9:00 AM IST) to September 20, 2026 (5:00 PM IST)
- Nil dividend recommended for FY 2025-26 to support ongoing growth plans and investments
- Approval sought for Section 186 loan/investment limits and loan grant to subsidiary TSC Finserv Private Limited
TSC India Limited has issued letters under SEBI LODR Regulation 36(1)(b) containing weblinks to the 23rd AGM Notice and FY2025-26 Annual Report for shareholders whose email addresses are unregistered. The 23rd Annual General Meeting is scheduled to be held in physical mode on September 21, 2026, at 12:00 PM in Jalandhar, Punjab. The e-voting cut-off date has been set for September 14, 2026, with remote e-voting open from September 18 to September 20, 2026. This is a routine procedural compliance filing.
- 23rd Annual General Meeting scheduled for Monday, September 21, 2026, at 12:00 PM IST
- Cut-off date for determining e-voting eligibility fixed as Monday, September 14, 2026
- Remote e-voting window runs from September 18, 2026 (09:00 AM) to September 20, 2026 (5:00 PM)
- Dispatches compliance notice to shareholders with unregistered email IDs under Regulation 36(1)(b)
TSC India Limited has fixed Monday, September 14, 2026, as the cut-off date to ascertain members eligible to participate and vote in its forthcoming Annual General Meeting. The 23rd Annual General Meeting of the company is scheduled to be held on Monday, September 21, 2026. This is a routine administrative compliance filing with no impact on business operations or financials.
- Cut-off date fixed as Monday, 14th September 2026 to determine shareholder eligibility
- 23rd Annual General Meeting scheduled to take place on Monday, 21st September 2026
- Applies to Equity Shares under Symbol NSE-TSC and ISIN INE16VK01010
TSC India Limited has scheduled its 23rd Annual General Meeting (AGM) for Monday, September 21, 2026, and released its Annual Report for FY2025-26. In FY26, the company processed 2,20,450 bookings, generating a Gross Transaction Value (GTV) of ₹1,06,336 Lakhs (₹1,063.36 Cr) with a take rate of 2.68%. Operational revenue reached ₹2,851 Lakhs, with EBITDA of ₹669 Lakhs and Profit After Tax of ₹438 Lakhs. The remote e-voting eligibility cut-off date is set for September 14, 2026.
- 23rd AGM scheduled for September 21, 2026, in physical mode at Jalandhar, Punjab.
- Remote e-voting window open from September 18 to September 20, 2026, with cut-off date on September 14, 2026.
- FY26 Gross Transaction Value stood at ₹1,06,336 Lakhs across 2,20,450 bookings with a 2.68% take rate.
- FY26 Revenue from operations reported at ₹2,851 Lakhs, EBITDA at ₹669 Lakhs, and PAT at ₹438 Lakhs.
- B2B network covers 3,500+ registered travel partners across 8+ cities with a 12-day receivable cycle.
TSC India Limited's Board of Directors met on August 26, 2026, and approved the re-appointment of Managing Director Ashish Kumar Mittal and Director Syed Qaim Abbas Rizvi, both retiring by rotation. The board also approved proposed material related party transactions with Traversia Technology, TSC Finserv, and GITHM Private Limited, along with an enhancement in Section 186 investment and loan limits. The company scheduled its 23rd Annual General Meeting for September 21, 2026, with the cut-off date for voting set as September 14, 2026.
- 23rd Annual General Meeting scheduled for September 21, 2026, at 12:00 PM IST in Jalandhar
- Cut-off date fixed as September 14, 2026, for voting eligibility at the AGM
- Approved re-appointment of MD Ashish Kumar Mittal for a 5-year term effective June 06, 2024
- Approved re-appointment of Director Syed Qaim Abbas Rizvi for a 5-year term effective October 10, 2025
- Approved material related party transactions and enhancement of Section 186 loan/investment limits
TSC India Limited received an interim order dated August 24, 2026, from the Regional Director (Northern Region-II, Chandigarh) compounding past non-compliance under Section 129(3) of the Companies Act, 2013. The violation pertained to the non-preparation and non-laying of Consolidated Financial Statements before the AGM for FY 2021-22, FY 2022-23, and FY 2023-24. Total compounding fees of ₹4,40,000 were levied on three individual applicants (MD, CFO, and Director) payable within 10 days. The company confirmed that the default has already been made good by filing the requisite AOC-4 CFS forms, resulting in no direct financial or operational impact on the listed entity.
- Total compounding fee of ₹4,40,000 levied on individual directors and officers under Section 441
- Pertains to non-preparation and non-laying of Consolidated Financial Statements for FY22, FY23, and FY24
- Compounding fees breakdown: ₹1,65,000 on MD, ₹1,65,000 on CFO, and ₹1,10,000 on Director
- Fees are payable within 10 days from the date of the order
- Default has already been made good by filing the required AOC-4 CFS forms
TSC India Limited has responded to a clarification request from the National Stock Exchange (NSE) regarding recent significant movements in its share price. The company stated on August 4, 2026, that it is in full compliance with SEBI (LODR) Regulations, 2015, and has no undisclosed price-sensitive information. Management attributed the price volatility to market-driven factors beyond its control. This filing serves to dispel rumors of any impending corporate actions or material developments not yet in the public domain.
- NSE sought clarification on August 03, 2026, regarding significant movement in the company's share price.
- Company responded on August 04, 2026, stating no price-sensitive information or impending announcements exist.
- Management confirmed compliance with SEBI (LODR) Regulations, 2015, regarding prompt disclosure of material events.
- The clarification was filed under 'General Updates' due to technical difficulties locating the specific NEAPS portal path.
Financial Performance
Revenue Growth by Segment
Consolidated operating revenue grew 35.3% YoY to INR 810.35 lakhs in Q1 FY26. Standalone revenue grew 21.7% YoY to INR 711.29 lakhs. Domestic ticketing was a major driver with sales of INR 10.7 Cr compared to INR 1.15 Cr in the previous year, representing a massive volume shift despite lower average ticket values.
Geographic Revenue Split
The company has a concentrated presence in North and West India, operating in cities like Jalandhar, Chandigarh, Lucknow, Ahmedabad, Jaipur, New Delhi, and Pune. While specific percentage splits per city are not disclosed, the company is ranked as a top 5 consolidator in North India for Air India.
Profitability Margins
Standalone PAT margin stood at 21.65% in Q1 FY26, a slight decrease from 23.13% in Q1 FY25. Consolidated PAT margin was 21.51%. The decline is attributed to a higher proportion of domestic ticketing and softening international ticket prices.
EBITDA Margin
Standalone EBITDA margin was 35.92% in Q1 FY26, down 117 bps from 37.09% in Q1 FY25. Consolidated EBITDA margin was 34.99%. Despite the margin percentage dip, absolute standalone EBITDA grew 17.9% YoY to INR 255.50 lakhs due to higher transaction volumes.
Capital Expenditure
The company committed INR 3 Crore (INR 299.05 lakhs valuation) for the 100% acquisition of GITHM Private Limited to integrate visa services into its portfolio. Historical Net Debt/Equity has improved from 2.80x in FY23 to 1.36x in FY25.
Credit Rating & Borrowing
Not disclosed in available documents, however, consolidated financial costs increased 48.5% YoY to INR 45.62 lakhs in Q1 FY26, indicating increased utilization of credit lines or higher borrowing costs.
Operational Drivers
Raw Materials
As a service provider, the 'raw material' is airline inventory. Top 5 suppliers (Airlines) represent 52% of the Gross Transaction Value (GTV).
Import Sources
Sourced from 25 international airlines and the top 5 domestic airlines operating within India.
Key Suppliers
Authorized contract agent for Air India (Top 5 consolidator in North India) and 25 other international carriers.
Capacity Expansion
Total bookings increased 72.8% YoY from 35,513 to 61,357 in Q1 FY26. The company plans to expand its registered travel agent base from 2,996 to 10,000 within the next 2 years.
Raw Material Costs
Total standalone expenses rose 23.9% YoY to INR 455.79 lakhs, primarily driven by the cost of services and operational scaling to handle a 72.8% increase in booking volume.
Manufacturing Efficiency
Ticketing efficiency is high, with systems designed to process reissuances in under 60 seconds for over 2,996 registered B2B customers.
Strategic Growth
Expected Growth Rate
35%
Growth Strategy
The company targets a GTV of INR 1,25,000 lakhs in FY26 and INR 1,75,000 lakhs in FY27 (47% CAGR). This will be achieved by expanding the B2B agent network to 10,000, entering the high-margin visa processing segment via the GITHM acquisition, and expanding its geographical footprint beyond North and West India.
Products & Services
B2B air ticketing (domestic and international), travel management consulting, and visa services (newly added).
Brand Portfolio
TSC India Limited (formerly TSC Travel Services Private Limited).
New Products/Services
Visa services segment introduced through the acquisition of GITHM Private Limited, expected to provide a dedicated service line and enhance business development.
Market Expansion
Actively exploring new regions beyond its current strongholds in Punjab, Rajasthan, Gujarat, and Delhi to establish a pan-India presence.
Market Share & Ranking
Ranked among the top 20 travel players in India and top 5 consolidators in North India for Air India.
Strategic Alliances
Authorized contract agent for 25 international and 5 domestic airlines; acquisition of 100% stake in GITHM Private Limited.
External Factors
Industry Trends
The Indian air travel market is expected to reach 500 million passengers by FY30. The online travel market is growing at 7.8% CAGR, with 80% of bookings now occurring online, favoring TSC's digital B2B platform.
Competitive Landscape
Operates in a fragmented market but maintains a top 20 national ranking against other B2B consolidators and online travel agencies.
Competitive Moat
Competitive moat is built on a strong North India distribution network, 'Top 5' status with Air India, and superior technology allowing sub-1-minute ticketing turnaround times.
Macro Economic Sensitivity
Highly sensitive to the Indian economy and travel sector volatility; air passenger traffic in India is projected to grow at 9-10% CAGR, which is the primary tailwind for TSC.
Consumer Behavior
Increasing preference for digital payments and mobile bookings is driving the 7.8% CAGR in the online travel market.
Geopolitical Risks
Global geopolitical uncertainties are cited as factors that could impact international travel demand and ticket pricing.
Regulatory & Governance
Industry Regulations
Subject to IATA regulations for air ticketing and SEBI (ICDR) Regulations for the issuance of preferential shares related to acquisitions.
Taxation Policy Impact
Effective tax rate for Q1 FY26 was approximately 27.4% (INR 65.72 lakhs tax on INR 240.02 lakhs PBT).
Legal Contingencies
The company explicitly states there are no pending disputes with customers as of the Q1 FY26 investor presentation.
Risk Analysis
Key Uncertainties
Fluctuations in airline commission structures (Take Rates) and the impact of international ticket price softening on overall GTV margins.
Geographic Concentration Risk
High concentration in North and West India; failure to successfully expand pan-India could limit the 35% revenue CAGR target.
Third Party Dependencies
52% dependency on the top 5 airline suppliers for inventory and revenue generation.
Technology Obsolescence Risk
The business relies on its proprietary B2B platform; any failure to match the sub-1-minute turnaround time of competitors would erode its moat.
Credit & Counterparty Risk
Exposure to 2,996+ travel agents; the quality of receivables is critical as the company scales to 10,000 agents.
