TSC India
Book Building issueSME₹25.89 Cr issue
-2.86%
Listing gain over issue price
Issue size
₹25.89 Cr
1 lot at cut-off
₹1,40,000
Lot size
2,000shares
Open
23 Jul 2025
Close
25 Jul 2025
Allotment
28 Jul 2025
Listing
30 Jul 2025
Listing performance
Issue price
₹70
Listed at
₹68
Listing-day close
₹71.40
Latest price
₹38.95
Close on 23 Oct 2026
Listing gain
-2.86%
Return since issue
-44.36%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Jul 2025 – 25 Jul 2025
- Listing date
- 30 Jul 2025
- Face value
- ₹10 per share
- Issue price
- ₹70 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹25.89 Cr
- Market cap at offer price
- ₹98.34 Cr
- Promoter holding
- 90.74% → 66.85% pre-issue → post-issue
- ISIN
- INE16VK01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Expert Global Consultants Pvt.Ltd.
- Registered office
- Office No.3, 2nd Floor, Midland Financial Centre, Plot No.21-22, G.T.Road, Punjab
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 10,50,000 | — | — |
| Market maker | 1,86,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹70
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 16,000 | ₹11,20,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
10,50,000
Anchor portion
₹7.35 Cr
at ₹70 per share
Valuation and performance
Valuation at offer price
₹70 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.53 | 3.85 |
| P/E (×) | 15.45 | 18.18 |
| Price to book (×) | 1.55 | — |
| Market cap | — | ₹98.34 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 31.13%
- ROCE
- 19.49%
- PAT margin
- 19.11%
- EBITDA margin
- 33.96%
- NAV per share
- ₹15.29
- Price to book
- 1.55
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About TSC India
TSC India Limited, originally incorporated as TSC Travel Services Private Limited on July 18, 2003, and converted to a public company in 2024, is a travel management company focused on serving the B2B and corporate sectors. The company specializes in providing comprehensive air ticketing services tailored to the requirements of its business clients. TSC works in close collaboration with airlines and travel agents to deliver cost-effective and streamlined travel solutions. It earns revenue primarily through commissions, incentives, and performance-linked bonuses from suppliers such as airlines, along with service and convenience fees charged to buyers.
Company Analysis
from RHPTSC India Limited is a B2B travel management company specializing in air ticketing services for business clients and corporate sectors.
TSC India Limited, originally incorporated as TSC Travel Services Private Limited on July 18, 2003, and converted to a public company in 2024, is a travel management company focused on serving the B2B and corporate sectors. The company specializes in providing comprehensive air ticketing services tailored to the requirements of its business clients. TSC works in close collaboration with airlines and travel agents to deliver cost-effective and streamlined travel solutions. It earns revenue primarily through commissions, incentives, and performance-linked bonuses from suppliers such as airlines, along with service and convenience fees charged to buyers.
Travel and TourismAir TicketingTravel DistributionB2B Travel Management
Objects of the Issue
- Working Capital requirement of the Company ₹2,200.00 lakhs p.26
- General Corporate Purpose p.26
- Working Capital Requirements ₹2,200.00 lakhs p.78
- General Corporate Purposes Up to 15% of Gross Proceeds or ₹1,000 lakhs (whichever is lower) p.77
Issue Structure
- Total Issue
- Up to ₹ [●] Lakhs (36,98,000 Equity Shares of ₹10 each)
- Fresh Issue
- Up to 36,98,000 Equity Shares of Face Value of ₹10 each aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹ [●] (Floor Price) to ₹ [●] (Cap Price)
- Lot Size
- [●] Equity Shares (Bid Lot) and in multiples of [●] equity shares thereafter; subject to a minimum allotment of [●] Equity Shares to the successful applicants
- Face Value
- ₹10 each
Business Model
TSC operates as a B2B travel distribution platform connecting buyers (travel agencies, travel management companies, tour operators, super-apps, and loyalty apps) with suppliers (airlines, hotels, car rentals, cruises, insurance providers). The company earns revenue through commissions and incentives paid by suppliers, performance-linked bonuses, and service/convenience fees charged to buyers. Revenue from operations for FY 2025 was ₹2,578.13 lakhs.
Business Segments
Provides B2B air ticketing services and travel distribution solutions to corporate buyers, travel agencies, travel management companies, tour operators, and online platforms.
Facilitates air ticket bookings through travel agents and partners with airlines, earning commission and performance-linked bonuses
Provides comprehensive air ticketing services including booking management, analytical reporting systems, cost-effective solutions, consulting and negotiation expertise, 24/7 emergency support, and integrated one-stop travel solutions tailored to B2B partners, retailers, tour operators, and corporate clients.
B2B air ticketing services including commission income, service charges, cashback income, deposit incentives/GDS fees, and processing fees from airline ticket sales and travel bookings
Non-Banking Financial Company (NBFC) operations through subsidiary TSC Finserv Private Limited offering lending services with interest income and finance charges
SWOT Analysis
Strengths
- • Experienced promoters with deep domain knowledge in travel industry(p.87)
- • Strong customer base and relationships with suppliers(p.87)
- • Proven track record of ticket sales and revenue growth(p.87)
- • Efficient business model with consistent financial growth(p.87)
- • High operational profitability with EBITDA margin of 33.96%(p.90)
- • Strong return on equity demonstrating capital efficiency(p.90)
- • Access to Global Distribution Systems for wide array of travel services(p.87)
- • Extensive travel network access with competitive pricing(p.116)
- • Strong operational efficiency with high booking accuracy and volume(p.116)
- • Diversified revenue streams from multiple airline partnerships(p.126)
- • Integration with global distribution systems and advanced technology platform(p.121)
- • Established brand recognition with multiple international airline awards(p.119)
- • Experienced management team with 20+ years in travel industry(p.116)
- • Growing revenue and market presence across multiple Indian cities(p.212)
- • Revenue growth trajectory with 33% YoY increase in FY2025(p.216)
- • Strong profitability with double-digit net profit margins(p.215)
- • Diverse revenue streams from both travel and financial services segments(p.212)
Weaknesses
- • Significant working capital requirements for business growth; operating cycle of 8 days (FY2025) creates working capital strain(p.32)
- • Heavy dependence on limited number of suppliers; top 10 suppliers account for 70% of GTV (FY2025)(p.34)
- • Delayed compliance with statutory filing requirements across multiple forms and financial years(p.36)
- • Pending adjudication of penalties for delayed filing of Form CFS AOC-4 for FY2021-22, 2022-23, and 2023-24(p.36)
- • Heavy reliance on third-party web-hosting provider (Traversia Technology Private Limited); no in-house server infrastructure(p.36)
- • Inability to trace historical records from 2003 incorporation; missing Form 23ACA and Form 23B filings(p.37)
- • High dependence on individual promoters (Ashish Kumar Mittal, Puja Mittal, Vinay Gupta); no succession plan disclosed(p.37)
- • Past delays in GST returns (July 2021 filed 1 day late; April 2021 filed 13 days late) and EPF/ESI returns(p.40)
- • No insurance coverage for travel-related accidents or customer misconduct liabilities(p.44)
- • Contingent liabilities of ₹2,695.49 lakhs including ₹2,500 lakhs bank guarantees and ₹183.29 lakhs income tax demands(p.40)
- • Declining EBITDA margin from 42.28% to 33.96% YoY(p.90)
- • Declining PAT margin from 24.37% to 19.11%(p.90)
- • Significant decline in Return on Equity from 54.01% to 31.13%(p.90)
- • High short-term borrowings of ₹2,276.03 lakhs indicating working capital strain(p.54)
- • Deteriorating cash flow from operations: negative ₹1,346.32 lakhs in FY2025(p.56)
- • Minimal cash balance of only ₹397.71 lakhs relative to liabilities(p.54)
- • Increased total debt (long-term + short-term borrowings) of ₹2,552.62 lakhs(p.54)
- • High concentration in top suppliers representing majority of GTV(p.127)
- • Limited ancillary revenue generation compared to global peers(p.110)
- • Relatively small scale with 72 employees and limited geographic presence(p.129)
- • Dependence on productivity-linked bonuses from airline partners(p.126)
- • High reliance on short-term borrowings and working capital financing(p.218)
- • Significant debt burden with total borrowings of ₹1,555.99 lakhs as of March 31, 2025(p.220)
- • Negative operating cash flow of ₹1,346.32 lakhs in FY2025(p.218)
- • Dependence on related party loans totaling ₹99.17 lakhs(p.189)
- • Pending income tax demands totaling ₹169.18 lakhs across multiple assessment years(p.225)
Opportunities
- • Global travel and tourism sector projected to reach USD 11.1 trillion in 2024, a 21% increase from 2019 pre-pandemic levels(p.25)
- • Strong recovery momentum: Travel and tourism sector contributed USD 9.9 trillion in 2023 (9.1% of global GDP), up from pandemic lows(p.25)
- • Company plans to utilize ₹2,200 lakhs of net proceeds for working capital to support business growth(p.26)
- • India's strong GDP growth trajectory of 8.2% with projected sustained 6.5% growth(p.97)
- • Booming air travel recovery with 9.7 billion passengers projected in 2024 vs 3.6 billion in 2020(p.103)
- • Global air passenger traffic expected to reach 20 billion by 2042, doubling 2024 levels(p.104)
- • Indian tourism revenue projected to grow from $28 billion (2023) to $59 billion by 2028(p.108)
- • Foreign tourist arrivals to India expected to surge from 9.24 million to 30.5 million by 2028(p.108)
- • Travel & Tourism industry expected to contribute $16 trillion globally by 2034(p.104)
- • Rising disposable income and growing middle class driving domestic travel demand in India(p.107)
- • Rapid growth in domestic air travel projected to double by 2030(p.112)
- • Expansion of airport infrastructure to 200 airports with government support(p.112)
- • Rising business travel expected to grow 18.3% in 2024 with strong recovery(p.111)
- • Emerging low-cost carrier dominance providing growth opportunities(p.110)
- • Expansion of regional connectivity through UDAN scheme(p.111)
- • Growing adoption of digital ticketing platforms and NDC technology(p.112)
- • Expanding middle class driving increased air travel demand(p.112)
- • Expansion to additional markets beyond current seven-city presence(p.212)
- • Growing take rate from 2.59% in FY2024 to 2.98% in FY2025 reflecting increased monetization(p.216)
- • Significant growth in total bookings from 109,451 in FY2024 to 162,975 in FY2025(p.216)
- • B2B corporate travel market with focus on cost-effective solutions(p.212)
- • Development of new service offerings through financial services subsidiary(p.175)
Threats
- • Suppliers may reduce or eliminate commissions, incentives, and other compensation; take rate under pressure(p.34)
- • Top supplier concentration risk: largest supplier represents 21% of GTV (FY2025); top 3 suppliers represent 36%(p.34)
- • High competitive pressure from companies with greater financial resources and geographic reach(p.41)
- • Seasonal fluctuations in travel demand impact revenue and platform traffic throughout the year(p.45)
- • Contagious disease outbreaks (COVID-19 precedent) could cause travel restrictions, booking cancellations, and business disruptions(p.50)
- • Economic slowdown in India and global economies could reduce travel demand(p.50)
- • Government policy changes could negatively impact economic conditions and the travel industry(p.50)
- • Volatility in foreign exchange rates affects international travel pricing and competitiveness(p.23)
- • Potential loss of key suppliers due to their preference for driving traffic to own platforms(p.34)
- • SEBI order restricting Book Running Lead Manager from undertaking new assignments creates perception risk(p.44)
- • India's economic slowdown risk from domestic consumption and savings variations(p.51)
- • High inflation risk impacting cost structure and profitability(p.51)
- • Tax and regulatory risk from government levies and policy changes(p.51)
- • Natural calamities risk including earthquakes, tsunami, and floods(p.51)
- • Geopolitical and terrorism risk affecting financial markets and business sentiment(p.51)
- • Global economic uncertainty and liquidity crisis risk(p.51)
- • Monsoon and agricultural production volatility affecting domestic economy(p.51)
- • Intense competition from global and regional online travel agencies(p.129)
- • Pressure on margins due to competitive pricing strategies(p.129)
- • Operational disruptions from capacity constraints and technical failures(p.111)
- • Regulatory and compliance complexities in travel services(p.111)
- • Dependence on airline partner relationships and policy changes(p.129)
- • Cybersecurity and data security risks in online platform operations(p.122)
- • Risk of technological disruption making existing systems obsolete(p.129)
- • Competitive pressures in the travel industry from existing and potential competitors(p.221)
- • Exposure to income tax assessments and proceedings on multiple fronts(p.198)
- • Vulnerability to economic downturns and travel industry cyclicality(p.213)
- • Dependence on airline relationships and policy changes(p.213)
- • Technological disruption and need for continuous system upgrades(p.213)
- • Pending consumer complaint litigation which, if decided against company, could establish precedent(p.222)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ashish Kumar Mittal | Promoter | 44.38% | — |
| Puja Mittal | Promoter | 15.70% | — |
| Vinay Gupta | Promoter | 26.97% | — |
| Ashish Kumar Mittal | Promoter | 44.38% | [●] |
| Vinay Gupta | Promoter | 26.97% | [●] |
| Puja Mittal | Promoter | 15.70% | [●] |
| Krishan Kumar Mittal | Promoter Group | 0.72% | [●] |
| Rishi Kumar Mittal | Promoter Group | 0.97% | [●] |
| Nisha Agarwala | Promoter Group | 2.00% | [●] |
| Ashish Kumar Mittal | Promoter/Managing Director | 44.38% | — |
| Puja Mittal | Promoter/Chairperson & Non-Executive Director | 15.70% | — |
| Vinay Gupta | Promoter/Executive Director & CFO | 26.97% | — |
| Puja Mittal | Promoter | 15.70% | — |
| Vinay Gupta | Promoter | 26.97% | — |
| Ashish Kumar Mittal | Promoter | 44.38% | — |
Leadership
Ashish Kumar Mittal · Managing Director
Puja Mittal · Chairperson and Non-Executive Director
Vinay Gupta · Chief Financial Officer and Executive Director
Sonia Gaba · Company Secretary & Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
TSC India IPO FAQs
What is the lot size of TSC India IPO?
The minimum lot size of TSC India IPO is 2,000 shares. One lot costs ₹1,40,000 at the cut-off price.
When does TSC India IPO open and close?
TSC India IPO opened for subscription on 23 Jul 2025 and closed on 25 Jul 2025.
What is the listing date of TSC India IPO?
TSC India IPO listed on 30 Jul 2025.