TSC India: FY26 GTV crosses 106,336 lakh as margins soften

TSC India Limited is a B2B travel management company focused on air ticketing services. In FY26, the company reported operating revenue of 2,851 lakh, EBITDA of 668.53 lakh, and PAT from operations of 438.08 lakh. Revenue from operations grew 10.58 percent year-on-year, while profitability moderated, with EBITDA margin declining to 23.45 percent and PAT margin to 15.37 percent.

The operating model described in the presentation is commission-led. The company reported Gross Transaction Value of 106,336 lakh in FY26 and a take rate of 2.68 percent. Scale continued to improve, with total bookings reaching 220,450 in FY26 and average daily booking volume stated at 600 plus. The company also reported a team size of 82 and presence across eight key cities.

Scale up continues, but take rate and margins dip

TSC’s growth over FY23 to FY26 is presented primarily through GTV, take rate, and booking volume. GTV increased from 42,653 lakh in FY23 to 106,336 lakh in FY26. Take rate, which moved up from 2.04 percent in FY23 to 2.98 percent in FY25, fell to 2.68 percent in FY26. Operating revenue tracked this trajectory, rising from 939.3 lakh in FY23 to 2,851 lakh in FY26.

Profitability metrics softened in FY26. EBITDA declined from 772 lakh in FY25 to 669 lakh in FY26, and PAT from operations reduced from 462 lakh to 438 lakh. The presentation does not provide a detailed bridge for the change in margins, but the P&L table shows higher total expenses in FY26 at 2,183 lakh compared to 1,806 lakh in FY25.

Working capital metrics and balance sheet position

The presentation highlights receivable discipline in the context of rapid GTV expansion. Receivable days are calculated using GTV rather than revenue, with the rationale that receivables arise from total booking value. As of March 2026, trade receivables were 3,274 lakh, receivables were 3.40 percent of GTV, and receivable days were 12. This compares with 14 days in March 2025 and 15 days in March 2024.

On leverage, net debt to equity is reported at 0.24x in FY26, down from 1.36x in FY25 and 1.38x in FY24. The balance sheet table shows total equity of 4,490 lakh in FY26 versus 1,583 lakh in FY25. Total assets increased to 9,794 lakh from 6,145 lakh.

The company also discloses supplier concentration through the top five suppliers’ contribution to GTV. This stood at 51.31 percent in FY26, compared with 48 percent in FY25, 52 percent in FY24, and 54 percent in FY23.

Strategy: from air ticketing consolidator to broader travel platform

TSC positions itself as an intermediary that enables smaller and mid-sized travel agents to access airline inventory and credit facilities, leveraging its accreditations and airline relationships. The presentation describes direct connectivity with major domestic and international airlines, alongside supplier networks for remaining connectivity. It also emphasizes backend automation in processes such as invoicing and account statements, and a secure agent portal supporting registration, booking management, and credit request flows.

On growth triggers, the company outlines a plan to evolve into a fully integrated, digital travel ecosystem. It states that it plans to expand into hotels and visa facilitation services in the near term, followed by other travel-related services and products. It also states continued investment in in-house technology to support automation, efficiency, and scalability.

The presentation also lays out a pan-India expansion strategy. Over the next two years, the company aims to build a nationwide presence with focused expansion in Southern and Western India, supported by a growing network of offices and partnerships.

Management commentary adds a FY2027 priority set that includes deepening airline partnerships to unlock incremental yield advantages, expanding the agent distribution network into underpenetrated Tier 2 and Tier 3 geographies, continued investment in booking technology and agent-facing digital infrastructure, and maintaining balance-sheet strength to pursue consolidation opportunities if they arise.

Takeaways from FY26

FY26 shows continued scale-up for TSC India on GTV and booking volumes, supported by its B2B consolidator positioning and agent ecosystem. At the same time, the year reflects a clear decline in take rate and margins versus FY25, which becomes the key operational point to track going forward.

The company’s stated strategy focuses on broadening the offering beyond air ticketing through hotels and visa facilitation, strengthening its technology stack, and expanding distribution geographically. If the company can sustain growth in GTV while stabilizing take rate and profitability, the model it describes in the presentation could become structurally stronger as it expands across India.