International Travel House Limited

Consumer Cyclical — Travel Services · BSE

₹281.00+₹3.55 (+1.28%)

DalalBaazaar Score

58 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: Reasonable but unspectacular business quality, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of International Travel House Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

International Travel House Limited provides travel related services in India and internationally. The company offers travel solutions; business travel management; car rental services; and events and leisure travel services.

IndustryTravel Services

SectorConsumer Cyclical

Employees447

Annual revenue₹229 Cr

How does it make money?

Turns over ₹229 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹15 left at the operating level before interest, tax and depreciation. Each of its 447 employees supports ₹51.2 lakh of revenue a year, the signature of a people-led business.

EBITDA margin15.2%

Net margin8.1%

Revenue / employee₹51.2 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?Little sign of one

Returns on capital of 13.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE13.7%

ROE9.1%

Peer median ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +26% while net margin moved -48% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+26%

Margin effect-48%

DalalBaazaar Score

58/ 100

Moderate

Weighted across six categories. Every point is explained below.

• Revenue CAGR of 8.1% is steady
✗ Profit has declined at 13.3% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows
✗ Latest-year revenue growth of 0.6% is below the longer-term trend — momentum is fading
✗ Profit fell 14.1% in the latest year

Quality vs. Valuation

Company Quality

52/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

80/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

13.7x

3Y Median

14.0x

40 monthly readings · mean 14.9x · range 7.8x–24.2x

Sector Median

69.2x

median of 4 sector peers

🟡Currently trading close to its 3y median of 14.0x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 80% below the peer median of 69.2x.

vs. its own history

Fair

14.0x median over 40 months · -2%

vs. sector peers

Cheap

69.2x median of 4 peers · -80%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

13.7x

P/B

1.21x

EV/EBITDA

5.9x

PEG

—

Dividend Yield

1.96%

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 12.4% to 15.2% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Debt is rising
Total debt is up 277% over 3 years — worth checking what it funded.
Return on equity is falling
ROE has dropped from 23.0% to 10.3% — each rupee of shareholder capital earns less than it did.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 277% over 3 years, from ₹0 Cr to ₹1 Cr.
🟡Profit is decliningFinancial
Net profit is down 35% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 12.4% to 15.2%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 80% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹6 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Returns on shareholder capital are falling
ROE has dropped from 23.0% to 10.3%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 13%✓ 15.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 6% a year✓ 8.1% CAGR
Latest reported year was 0.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹6 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 11%✓ 13.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹225 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

13.7x

Cheap

Cheap against the generic band

P/B Ratio

1.21x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹20.45

Profitable

Profitable on a per-share basis

ROE

9.1%

Moderate

Moderate capital efficiency

ROCE

13.7%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.40x

Low

Conservative leverage

Revenue Growth (YoY)

0.6%

Modest

Modest growth

Profit Growth (YoY)

-14.1%

Falling

Profits are shrinking

Dividend Yield

1.96%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹21 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹281

P/E (Forward)

16.0x

Flat

At or above the trailing multiple — no earnings uplift is being priced in

ROA

5.4%

Average

Average asset productivity

Operating Margin

9.7%

Average

Average margins

Net Margin

7.1%

Average

Average bottom-line conversion

Current Ratio

2.89

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.08

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

282.7 / 291.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

38.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹181 Cr	₹217 Cr	₹233 Cr	₹229 Cr	+8.1%
EBITDA	₹22 Cr	₹34 Cr	₹39 Cr	₹35 Cr	+15.9%
EBITDA Margin	12.4%	15.7%	16.6%	15.2%	—
PAT (Net Profit)	₹28 Cr	₹23 Cr	₹27 Cr	₹18 Cr	-13.3%
EPS	₹35.51	₹28.15	₹33.96	₹23.12	-13.3%
ROE	23.0%	15.8%	16.4%	10.3%	—
ROCE	14.6%	20.9%	21.8%	13.7%	—
Total Debt	₹0 Cr	₹1 Cr	₹1 Cr	₹1 Cr	+55.6%
Free Cash Flow	-₹3 Cr	₹45 Cr	₹23 Cr	₹6 Cr	—

🟢 Revenue has grown at 8.1% a year over 3 years.

🟢 EBITDA has grown at 15.9% a year over 3 years.

🟢 EBITDA Margin has risen from 12.4% to 15.2% over 3 years (+2.9 pts).

🔴 PAT (Net Profit) has shrunk at 13.3% a year over 3 years.

🔴 EPS has shrunk at 13.3% a year over 3 years.

🔴 ROE has fallen from 23.0% to 10.3% over 3 years (-12.7 pts).

🟡 ROCE has held roughly flat at 13.7% over 3 years.

🔴 Total Debt has grown at 55.6% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹3 Cr to ₹6 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹249 Cr

Total Liabilities

₹70 Cr

Total Debt

₹1 Cr

Cash & Equivalents

₹19 Cr

Operating Cash Flow

₹25 Cr

Capex

-₹19 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

72.3%

Corporate Actions

Dividend Rate

₹5.5

Ex-Dividend Date

31 Jul 2026

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 mixed1 negative4 general

International Travel House Q2FY27 Results: Net profit down 14% YoY

scanx.trade, 13 OctResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

International Travel House Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

International Travel House Reports Q2 FY27 Net Profit of ₹5.50 Crore

EquityBulls, 13 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Mach Conferences and Events Share Price near 52-week high

Univest, 28 Sept

International Travel House Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

7 Best Travel & Tourism Stocks for 2026 and How to Invest

The Motley Fool, 21 Sept

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate10.5/20

🟢Financial HealthStrong15.6/20

🔴GrowthWeak7.7/20

🔴ProfitabilityWeak5.8/15

🟢ValuationAttractive11.8/15

🟡RiskModerate6.2/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 13%15.2%
✓Revenue growth stays above 6% a year8.1% CAGR
✓Free cash flow remains positive₹6 Cr
✓Debt / EBITDA stays below 2x0.0x
✓ROCE stays above 11%13.7%