TSC India IPO Subscription status & Overview

Core Business & Overview

• Travel management services
  Incorporated in 2003, originally as TSC Travel Services Private Limited, TSC India operates as a B2B and corporate travel management company. Its primary service is air-ticketing—across both domestic and international routes—coupled with itinerary planning, consulting, and negotiation services for business clients.
• Operational footprint & volume
  The company has offices (including virtual ones) in key Indian cities: Jalandhar, Chandigarh, Lucknow, Ahmedabad, Jaipur, New Delhi, and Pune. Over FY 2023–25, it grew ticket volumes from about 70k to over 160k per year.
• Supporting platforms
  TSC provides real-time flight updates, automated accounting, sub-agent management tools, 24×7 support, and guaranteed booking confirmations via Global Distribution System (GDS) integration.

Strengths

1. Automated accounting & real‑time updates
   Its platform automates invoicing and payment tracking, ensuring timely information—an advantage for corporate clients.
2. Comprehensive end‑to‑end booking support
   From enquiry to confirmation, the company supports clients through dedicated teams and integrated tools.
3. Instant booking with guaranteed confirmation
   Reduces the risk of reservation loss and enhances client reliability.
4. Diverse inventory through GDS integration
   Access to flights, hotels, cars, and more via GDS allows competitive pricing and broader service offering.

Potential Risks

1. Industry cyclical exposure
   Heavy reliance on global and corporate travel makes TSC vulnerable to disruptions like pandemics, geopolitical instability, or economic downturns.
2. Working‑capital & liquidity pressure
   The sharp increase in scale has driven working capital and borrowings; FY25 net operating cash was deeply negative (~₹13.46 cr)
3. Commission structure dependency
   Revenue is tied to airline commissions, bonuses, and GDS rebates—any reduction directly impacts margins.
4. Payment framework risk
   Dependence on timely inflow or outflow; delays could hurt operations or cash flow.
5. Geographical expansion hazards
   Investigating new markets introduces regulatory, infrastructural, and competition challenges.

Outcome

TSC India Limited has steadily carved a niche in B2B travel management, leveraging technology, GDS partnerships, and strong execution to grow from ₹9 cr to ₹26 cr in revenue over two years. Its platform strengths—automation, real-time updates, and comprehensive booking—cater well to corporate clients seeking reliability and efficiency.

However, the business remains vulnerable to macro travel trends, working capital dynamics, and airline commission policies. These factors need close monitoring as the company scales.

Overall, TSC India’s momentum is impressive, supported by robust technology and financials. Sustaining growth will require prudent financial management, diversification strategies, and adaptability to the cyclical nature of travel.

Financial Performance Analysis (in ₹ Crore)

Financial Year	Revenue	Profit (PAT)	Total Assets
FY 2023	₹4.51	₹0.29	₹14.55
FY 2024	₹9.30	₹1.19	₹26.16
FY 2025	₹19.35	₹4.69	₹54.03

Revenue

• FY 2023: ₹4.51 crore
• FY 2024: ₹9.30 crore (↑ 106%)
• FY 2025: ₹19.35 crore (↑ 108%)

Analysis:
TSC India has demonstrated consistent and exponential revenue growth, more than doubling its income year-over-year. This reflects strong expansion in its B2B travel operations and increasing customer base.

Profit (PAT)

• FY 2023: ₹0.29 crore
• FY 2024: ₹1.19 crore (↑ 310%)
• FY 2025: ₹4.69 crore (↑ 294%)

Analysis:
Net profit surged sharply in both FY24 and FY25, indicating improved operational efficiency and margin expansion. The company has scaled profit faster than revenue, showcasing effective cost management.

Total Assets

• FY 2023: ₹14.55 crore
• FY 2024: ₹26.16 crore (↑ 80%)
• FY 2025: ₹54.03 crore (↑ 106%)

Analysis:
Total assets have steadily grown, doubling from FY24 to FY25. This suggests increased investment in infrastructure, systems, and working capital, possibly due to rising operational scale and customer demand.

Summary

TSC India Ltd has displayed robust financial growth across all key metrics—Revenue, Profit, and Assets—over three consecutive years. This trend points to a strong business model, successful market positioning in the B2B travel segment, and a well-managed expansion strategy. If the company sustains this momentum and controls debt and working capital efficiently, it holds strong future potential.