International Travel House Ltd H1 FY26 – The Curious Case of a 43-Year-Old “Travel Detective” That’s Still Outpacing Its Luggage
1. At a Glance
If there was ever a company that could file for “senior citizen benefits” yet still run faster than most start-ups, it’s International Travel House Ltd (ITH) — the OG of India’s listed travel sector. Incorporated way back in 1981 and still running strong under the ITC Group umbrella, this ₹320 crore market-cap veteran continues to outmaneuver younger digital travel firms like an old-school agent armed with a magnifying glass and a boarding pass.
At ₹401 a share, ITH sits comfortably with a P/E of 12.2, while the entire leisure services pack trades at an industry multiple of 42x. The stock has seen better days though — down 36.9% over the past year, a slump that would make even an airline seat recline in sympathy. Still, with ROCE at 24.1% and ROE at 17.6%, the company isn’t exactly lost at the airport — it’s just taking a strategic layover.
For H1 FY26, revenue clocked in at ₹119.82 crore, and PAT came in at ₹13.26 crore, translating to an estimated EPS of ₹16.5 for the half year. Annualized, that’s a potential ₹33 per share — nearly matching its FY25 EPS of ₹33.9. The business has grown slower than the queue at Delhi airport security (2.7% sales growth YoY), but it’s debt-free, efficient, and still punching above its weight in an industry that’s all turbulence and turbulence fees.
2. Introduction
Imagine being India’s first listed travel company and still being relevant when half the world books trips through apps named after animals, colors, or random syllables. International Travel House Limited (ITH) doesn’t just sell tickets — it sells order in chaos.
This company was listing shares before Google existed, before IRCTC was a twinkle in the Indian Railways’ eye, and before Gen Z decided “airport selfies” were personality traits. Backed by the mighty ITC Group (holding 61.69%), ITH has survived dot-com busts, 9/11 travel bans, demonetization, and COVID-19 — a resume that could humble most government PSUs.
While tech-heavy peers like EaseMyTrip chase valuation dreams, ITH is quietly cashing in actual profit. Its travel services aren’t built on a “burn rate”; they’re built on four decades of relationships, high-end clientele (Infosys, Apple, Reliance, Tata), and a luxury car fleet that could make Ola jealous.
But let’s be honest — this isn’t a flashy unicorn story. It’s a detective’s tale — of old-school management, careful cash handling, and a constant battle between staying traditional and keeping up with tech-savvy travel startups.
3. Business Model – WTF Do They Even Do?
ITH’s business model is like a five-star buffet — car rentals, business travel, leisure packages, MICE services — all served under one polished roof.
Let’s decode it, Sherlock-style:
Car Rentals (Fleet of 2,200+ cars in 70+ cities): Their bread and butter. Chauffeur-driven cars, airport transfers, and even a pilot project with EVs. Basically, they’re Uber if Uber wore a tie and said “Sir” every 10 seconds.
Business Travel Services: The company’s stronghold. Self-booking tools, visa concierge, VIP handling, and corporate travel management. Infosys and Facebook don’t call them for discounts; they call them for efficiency.
MICE (Meetings, Incentives, Conferences, Events): This segment organizes conferences where rich people discuss how to make more money by flying more often.
Leisure Travel: Custom holiday packages with pickup from your home to the resort. Think of it as a curated break for those too rich to open MakeMyTrip themselves.
The company’s global reach comes via GlobalStar Travel Management, a 55-country alliance, giving it access to nearly every business travel route imaginable.
Revenue split? 98% from core travel services, 2% from “other bits and bobs.” You don’t need to be Poirot to know where the money’s coming from.
4. Financials Overview – The Case of the Modest Millionaire
