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1. 🧠 At a Glance
Travels & Rentals Ltd (T&R) is a niche travel solutions provider — tickets, tours, hotel bookings, visa assistance, and insurance bundling. On paper, it’s profitable, has 66%+ operating margins, and an ROCE of 24% — but with working capital days of 1,003, this is the literal definition of “ghoomne ka paisa abhi tak nahin mila.”
2. 🎬 Introduction with Hook
This is not IRCTC. This is not BLS or Thomas Cook.
This is Travels & Rentals, an SME stock that:
Reported ₹11.45 Cr revenue in FY25
Delivered ₹3.22 Cr PAT
But also sat on ₹9.67 Cr of receivables (966 days) 🤯
And burned ₹21 Cr in operating cash
In short: profits on paper, panic on cash flow.
3. 🌐 Business Model – WTF Do They Even Do?
T&R offers:
Airline, rail & hotel booking
Tours & activities (custom group tours)
Travel insurance
Passport & visa processing
Essentially a B2C + B2B travel desk, functioning as a travel aggregator and white-label fulfilment player. It’s not building an app like Yatra or ixigo — it’s running manual margin travel. Surprisingly, it works, just not fast.
