TSC India Limited is a diversified service provider and technology-led platform specializing in **B2B travel management** and **financial services**. With over **30 years of management experience**, the company has evolved from a regional air ticketing specialist into a comprehensive digital ecosystem. Following its **July 2025 IPO**, TSC India is aggressively scaling its infrastructure to capture a larger share of the Indian travel and lending markets through geographic expansion and service diversification. --- ### **Core Business Verticals & Revenue Streams** TSC India operates through three distinct but synergistic business segments, leveraging a high-volume, technology-driven model. * **B2B Travel Services (Primary Revenue Driver):** * Acts as a major consolidator for **B2B air ticketing**, serving travel agencies, corporate entities, and tour operators. * Maintains authorized contracts with **25 international airlines** and the **top 5 domestic airlines**. * Ranked among the **top 5 consolidators** in North India for **Air India** and among the **top 20 nationwide**. * **Revenue Model:** Commission-based, derived from the **Gross Transaction Value (GTV)** of tickets sold. * **Financial Services (High-Growth Engine):** * Operated via the subsidiary **TSC Finserv Private Limited**, an **RBI-registered NBFC** since March 2022. * Focuses on strategic lending, contributing significantly to the group’s recent profitability surge with a **334.7% YoY revenue growth** in **H1 FY26**. * **Event Ticketing & Digital Distribution:** * Provides end-to-end digital distribution, payment integration, and transaction processing for entertainment, sports, and cultural exhibitions. --- ### **Operational Scale & Efficiency Metrics** The company’s infrastructure is designed for high-frequency transactions, featuring a ticketing turnaround time of **under 1 minute** and **24/7/365 customer support**. | Metric | Current Status / Value | | :--- | :--- | | **Registered B2B Customers** | **2,996+** | | **Total Tickets Sold (Cumulative)** | **1,200,000+** | | **Average Daily Booking Volume** | **600+** | | **Quarterly Ticket Volume (Q1 FY26)** | **61,357** (73% YoY increase) | | **Geographical Presence** | **8 Key Cities** | | **Workforce** | **100+ Employees** | --- ### **Financial Performance & Profitability Trends** TSC India has demonstrated strong operational leverage and capital efficiency. While the **Take Rate** (revenue as a % of GTV) has normalized due to a higher mix of domestic volume, absolute profitability continues to climb. #### **Historical Financial Growth** | Particulars (₹ Lakhs) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | | :--- | :---: | :---: | :---: | :---: | | **Gross Transaction Value (GTV)** | **17,434** | **42,653** | **71,903** | **80,588** | | **GTV Growth (%)** | - | **144.65%** | **68.58%** | **12.08%** | | **Trade Receivables** | **513.24** | **843.74** | **2,985.50** | **3,024.00** | | **Receivable Days** | **11 Days** | **7 Days** | **15 Days** | **14 Days** | | **Take Rate (%)** | **2.04%** | **2.59%** | **2.98%** | **2.41% (H1 FY26)** | #### **Recent Consolidated Results (H1 FY26 vs. H1 FY25)** * **Consolidated Revenue:** **₹15.70 Crore** (Up **30.8% YoY**). * **Profit After Tax (PAT):** **₹3.42 Crore** (Up **35.9% YoY**). * **EBITDA Margin:** **35.92%** (as of **Q1 FY26**). * **PAT Margin:** **21.65%** (as of **Q1 FY26**). * **Segment Shift:** Domestic ticketing revenue surged to **₹10.7 crore** in **Q1 FY26** (from **₹1.15 crore** YoY), though **Average Ticket Value (ATV)** moderated due to lower international ticket prices. --- ### **Strategic Roadmap: The "One-Stop Solution" Evolution** The company is utilizing IPO proceeds to transition from a ticketing agent to a full-service travel ecosystem. #### **1. Inorganic Growth & Service Integration** In March 2026, TSC completed the **100% acquisition of GITHM Private Limited** for **₹2.99 crore** (via preferential allotment of **4,70,933 shares** at **₹63.50**). This acquisition integrates **visa facilitation** directly into the TSC platform. #### **2. Aggressive Geographic Expansion** TSC is moving beyond its North Indian stronghold (Jalandhar, Delhi, Chandigarh) to establish a **Pan-India** presence: * **New Markets:** Appointed an **Area Manager for Kerala** in March 2026. * **Future Hubs:** Planned regional offices in **Kolkata, Mumbai, Bengaluru, J&K, and Delhi** within 24 months. #### **3. Product Diversification Timeline** * **Near-term:** Launch of integrated **Hotel Bookings** and **Visa Services**. * **Medium-term (2-3 years):** Expansion into **Outbound/Domestic Packages**, **Fixed Group Departures**, **Cruise Bookings**, and **Travel Insurance**. --- ### **Future Growth Targets** Management has outlined ambitious scaling targets supported by the expansion of the B2B agent network and technology automation. | Metric | FY26 Target | FY27 Target | Primary Driver | | :--- | :--- | :--- | :--- | | **Revenue CAGR** | **~35%** | **~35%** | New service launches & scaling | | **GTV** | **₹1,250 crore** | **₹1,750 crore** | Pan-India expansion (~47% CAGR) | | **Customer Base** | **10,000 Agents** | - | Expansion from current **2,996** | --- ### **Governance & Leadership** The company is strengthening its corporate governance framework to support its status as a listed entity. Key leadership appointments include: * **Mr. Syed Qaim Abbas Rizvi:** Appointed as **Executive Director** (October 2025) for a 5-year term. * **Mrs. Richa Arora:** Appointed as **Independent Director** (October 2025). * **Management Philosophy:** Focus on maintaining **best-in-class receivable days** (currently **14-15 days**) and a low **Receivable-to-GTV ratio (3.75%)** to ensure high liquidity and minimal credit risk.