1. At a Glance
TSC India is boarding the SME IPO runway with a ₹25.89 Cr fully fresh issue. It runs a B2B air ticketing platform booking 12,000 tickets a month for corporates and travel agents. With a high-margin model and solid anchor response, the real question is—will listing blues hit hard, or is this flight clear for takeoff?
2. Introduction with Hook
Imagine a travel agency that doesn’t sell dreams to tourists but powers the back-end of a thousand others, quietly issuing flight tickets like an unsung airline wizard. That’s TSC India for you.
- 12,000 flight bookings/month
- FY25 PAT up to ₹4.93 Cr from ₹4.72 Cr YoY
- Anchor raised ₹7.35 Cr before takeoff
But the ₹2.80 lakh retail ticket price? That’s first-class seat territory.
3. Business Model (WTF Do They Even Do?)
TSC India Limited is strictly B2B. No holiday packages or honeymoon in Manali fluff. They issue air tickets, manage travel schedules, and optimize corporate itineraries.
Core offerings include:
- Air ticket booking via GDS
- Emergency 24/7 assistance
- Real-time flight & hotel tracking
- Data-based travel analytics
- Cost negotiation for corporates
- Integrated platform with flight, hotel, cab booking
They serve 2,100+ clients from hubs like Delhi, Chandigarh, Ahmedabad, and Pune.
4. Financials Overview
TSC India Ltd Financials (₹ Cr)
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 9.85 | 20.59 | 26.32 |
| EBITDA | 2.82 | 8.19 | 8.75 |
| PAT | 1.22 | 4.72 | 4.93 |
| Net Worth | 4.56 | 8.74 | 15.83 |
| Total Assets | 26.16 | 53.33 | 61.45 |
| Total Debt | 13.08 | 17.76 | 25.53 |
YoY revenue jumped 28%, but PAT grew only ~4%. Debt ballooned by 44% in FY25 — working capital or turbulence?
5. Valuation
IPO Price Band: ₹68–₹70
Post-issue Market Cap: ₹98.34 Cr
EPS Post IPO: ₹3.85
P/E Post IPO: 18.17x
P/BV: 1.55x
Fair Value Range (EduEstimates):
₹58 – ₹76 per share
(Depending on FY26 growth visibility and execution margin)
IPO is not cheap, especially for SME territory. But high margins could justify the premium — if scale sustains.
6. What’s Cooking – News, Triggers, Drama
- Anchor investors took up ₹7.35 Cr – big confidence boost
- Day 1 subscription: 0.18x (Retail: 0.36x) — lukewarm, not spicy
- Massive travel boom in India – post-COVID revenge travel persists
- IPO opens July 23, closes July 25
- Listing on NSE SME on July 30
Trigger to watch: UPI mandate confirmations on Day 3.
7. Balance Sheet
| Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net Worth | 4.56 | 8.74 | 15.83 |
| Reserves | 2.64 | 6.82 | 5.48 |
| Total Borrowings | 13.08 | 17.76 | 25.53 |
| Cash Equivalents | Low (unspecified) |
Key Points:
- Debt has tripled in two years
- Net worth doubled in FY25
- Might need IPO funds for oxygen — a red-ish flag
8. Cash Flow – Sab Number Game Hai
Detailed cash flow not disclosed in RHP summaries, but signs indicate:
- Working capital stress (hence ₹22 Cr IPO ask)
- Operating cash flows likely positive but thin margins
- IPO proceeds = runway extension
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROE | 31.13% |
| ROCE | 19.49% |
| PAT Margin | 19.11% |
| EBITDA Margin | 33.96% |
| RoNW | 31.13% |
Verdict:
ROE = fire.
Margins = higher than your flight ticket.
ROCE still decent — despite rising borrowings.
But the trend is flat. No hockey stick.
10. P&L Breakdown – Show Me the Money
| Metrics | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 9.85 | 20.59 | 26.32 |
| Expenses | 7.03 | 12.4 | 17.57 |
| EBITDA | 2.82 | 8.19 | 8.75 |
| PAT | 1.22 | 4.72 | 4.93 |
Key takeaway:
- PAT growth slowed from FY24 to FY25
- Flat profits despite 28% higher revenue = margin pressure brewing
- Cost of operations inching up
11. Peer Comparison
| Company | Rev (₹ Cr) | PAT Margin | P/E | Market Cap (₹ Cr) |
|---|---|---|---|---|
| TSC India | 26.32 | 19.11% | 18.17 | 98.34 |
| Easy Trip Planners | 473 | 34% | 47 | ~6,600 |
| Rategain | 636 | 9% | 70+ | ~9,000 |
Reality Check:
TSC is a microcap compared to giants like Easy Trip.
But margins are still respectable.
P/E is less than half of peers — but scale and liquidity are also 1/100th.
12. Miscellaneous – Shareholding, Promoters
Promoters:
- Ashish Kumar Mittal
- Puja Mittal
- Vinay Gupta
Pre-IPO Holding: 90.74%
Post-IPO Est.: ~73.70%
Employees: 77 across departments
Book Running Lead Manager: Expert Global Consultants
Registrar: Bigshare
Market Maker: Prabhat Financial
13. EduInvesting Verdict™
TSC India is the kind of SME IPO that doesn’t promise stardust but quietly builds margins in the background of a crowded travel bazaar. Their game? B2B ticketing with data tools, real-time support, and decent retention.
Is it a blockbuster? No.
Is it overhyped? Also no.
Is it clean, profitable, and moderately priced? Yup.
But beware: SME IPOs don’t come with return tickets. If you’re parking ₹2.8 lakh, make sure your investment passport says “Medium Risk Taker.”
If this company scales ops without letting costs fly off the runway, it could cruise. But for now, it’s boarding… slowly.
Metadata
– Written by EduInvesting Team | July 23, 2025
– Tags: TSC India Ltd, SME IPO, B2B Travel, NSE SME, Travel Tech, IPO Review, Air Ticketing Platform
