Tourism Finance Corporation of India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Tourism Finance Corporation of India Ltd trades at ₹141, in a confirmed uptrend and 72 weeks into that stage. That is +63.4% against its own 200-day average. It sits at 98% of a 52-week range of ₹55 to ₹143. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 9 straight weeks.

Today the stock is in a confirmed uptrend — week 72 of stage 2, confirmed. At ₹141 it trades +63.4% versus its 200-day average and sits at 98% of its 52-week range (₹55–₹143).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +1,655% while the NIFTY 500 moved +273% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 9 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each ₹1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.

Tourism Finance Corporation of India Ltd trades at 5.0× P/BV, about the priciest it has ever traded. Its long-run median P/BV is 1.1×, measured across 10.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/BV of 5.0× is about the priciest it has ever traded, against a long-run median of 1.1× measured over 10.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The honest context for that discount: a bank earning about 10% on its equity is worth less per rupee of book, and the market has priced that in rather than overlooked it. The discount closes only if the returns themselves improve.

🚨 Why the multiple sits where it does: over the past year book value grew while the price moved +94.2% — the price ran ahead of the book, pushing the multiple up its own range.

The price move, decomposed: over 5y, of the +58.5%/yr price move, ~+9.9%/yr came from book-value growth and ~+48.6 pp from the multiple (expanding); over 10y, of the +30.1%/yr price move, ~+8.3%/yr came from book-value growth and ~+21.8 pp from the multiple (expanding). The split is the honest approximate (price return minus book-value growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the book-value line underneath it, not the multiple.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Tourism Finance Corporation of India Ltd reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROE at 11.7% is below the 12% bar this page requires to call it Consistent. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

4-Factor Sector Score

66.2/100 — rank 1 of 6 in Finance - PSU Lending · 97% evidence confidence

Tourism Finance Corporation of India Ltd scores 66.2 out of 100 against the 6 companies it is compared with in Finance - PSU Lending, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

The four contributions add to the total exactly: 25.1 + 18.7 + 2.4 + 20 = 66.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fee and other income.

Tourism Finance Corporation of India Ltd reported ₹81.0 Cr of income in the Jun 26 quarter, +26.6% year on year. That is the 6th straight quarter of year-on-year growth. Over 10 years it has compounded at 4.1% a year. The last full year, FY26, came in at ₹277 Cr. The last four reported quarters add to ₹291 Cr.

FY26 revenue came in at ₹277 Cr (+9.9% on the year), capping 10 years at 4.1% compound. The latest quarter (Jun 26) printed ₹81.0 Cr, +26.6% year on year — the 6th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +14.9% growth against the decade's 4.1% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +14.6% over the last 4 quarters against +9.0%/yr over the last 8 — accelerating; TTM profit +40.0% vs +29.4%/yr — accelerating.

Net margin Net margin — what the bank keeps of every ₹100 of revenue after every cost, provision and tax. It is the cleanest single margin we can read for a lender.

Tourism Finance Corporation of India Ltd's net margin is 75.3% in the Jun 26 quarter, +26.9 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the net margin has ranged 29.2% to 44.4%.

The latest quarter's net margin is 75.3%, +26.9 pp against the same quarter a year ago. Across 12 fiscal years the net margin has ranged 29.2%–44.4%, and FY26's 44.4% is the top of that band — a record year.

Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Tourism Finance Corporation of India Ltd earned ₹61.0 Cr of net profit in the Jun 26 quarter, +96.8% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹123 Cr. The 10-year compound rate is 8.6%. That is 75.3% of the quarter's revenue. The same quarter a year earlier earned ₹31.0 Cr.

Jun 26 profit was ₹61.0 Cr, +96.8% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹123 Cr (+18.3%), and the 10-year compound rate is 8.6%.

Why profit moved: revenue contributed +26.6% and the margin +26.9 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +38.5% vs revenue +14.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.

Tourism Finance Corporation of India Ltd's gross NPA is 0.41% of the loan book in Jun 26, up from 0.24% a year ago. Across the 12 quarters held here the book has ranged 0.22% to 5.61%. Falling NPAs are a loan book healing; rising NPAs are damage arriving.

Jun 26: gross NPA at 0.41% and net NPA at null%, against 0.24% / null% a year ago. Over the 12 quarters we hold, the book's worst reading was 5.61% and its best is 0.22%.

The synthesis: profit growth at a bank is only as good as the book behind it, and this book is not yet on a clear healing streak. A note on depth: quarterly provisioning detail is not in our numbers yet, so this ladder reads levels and trend, not the cost of the cleanup.

🚨 Why the ladder moved: recoveries, write-offs and slippages each play a part, and that split sits below what we hold — the numbers show the healing; the driver mix does not travel with them.

The loan book We read the loan book through revenue — when the book grows, revenue grows with it. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.

Tourism Finance Corporation of India Ltd's revenue grew +9.9% in FY26 to ₹277 Cr, so the book is growing. The latest quarter ran +26.6% year on year. The net margin on that income is 75.3%, +26.9 percentage points against a year ago.

FY26 revenue was ₹277 Cr, +9.9% on the year, and the latest quarter ran +26.6% year on year. The net margin on that revenue is 75.3% this quarter (+26.9 pp YoY) — growth with a widening margin on it.

The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — gross NPA is the loan-quality read we carry here.

Returns on equity and assets Two numbers rate a bank: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys. ROE above ~13–15% earns its keep; below that, growth builds book slowly.

Tourism Finance Corporation of India Ltd earns a return on equity of 10% in FY26. Its trough over the ladder below was 8% in FY25. For a lender the balance sheet is the operating asset, so equity return and asset return have to be read together.

FY26 ROE came in at 10%, recovered from a FY25 trough of 8%. Return on assets is withheld on this page — its two source series disagree for this quarter. That return is below the bar a bank must clear to compound book value quickly — which is also the honest reason the stock trades where it does.

Why ROE moved: profit compounded 8.6% a year over 10 years while the equity base grew more slowly — earnings recovering faster than book value builds is what lifts ROE off a trough.

Debt

For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.

A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 4.0 points of Tourism Finance Corporation of India Ltd over 8 quarters, the biggest move on the register. That takes promoters to 3.9% of the company. Foreign institutions moved +2.5 points over the same window, to 5.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −4.0 points over 8 quarters to 3.9%; Foreign institutions: +2.5 points over 8 quarters to 5.5%; Domestic institutions: +0.0 points over 8 quarters to 0.0%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.

🚨 Why the register moved: promoters drove it (−4.0 points), absorbed on the other side by foreign institutions (+2.5 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Tourism Finance Corporation of India Ltd: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.

The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.

Frequently asked questions