Press Release August 06, 2026 TOURISM FINANCE CORPORATION OF INDIA LIMITED Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	950.00	ACUITE A+ | Stable | Reaffirmed	-	RBI
Total Outstanding	0.00	950.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

­Acuité has reaffirmed its long-term rating of ‘ACUITE A+’ (read as ACUITE A plus) on the Rs. 950.00 Cr. bank facilities of Tourism Finance Corporation of India Limited (TFCI). The outlook is 'Stable'. Rationale for rating The rating continues to factor in TFCI’s long track record in financing tourism and other sectors, experienced management coupled with comfortable capital raising ability. The rating also takes into account its healthy capitalization with CAR levels of 55.53 percent coupled with low gearing levels of 0.82 times as on March 31, 2026 (CAR 69.70 percent and gearing 0.71 times as on March 31, 2025). The rating is, constrained due to TFCI’s high exposure to tourism and related sectors coupled with wholesale nature of portfolio The rating is further constrained on the account of modest scale of operations. Going forward, ability to scale up/ diversify its business, contain slippages while maintaining operating metrics will be key monitorable.

About the company

­TFCI is a Delhi-based NBFC-ML, incorporated in 1989, as a Public Financial Institution (PFI) to cater to the financial needs of the tourism industry. The company is listed on Bombay Stock Exchange and National Stock Exchange. TFCI has seen change in promoter shareholding since September 2017 with IFCI Limited diluting its, stake, LIC reducing its stake and Redkite Capital Private Ltd.(Redkite) alongwith India Opportunities III Pte Ltd. (IOPL)& Tamaka Capital (Mauritius) Ltd.(TC) and Mr. Koppara Sajeeve Thomas joining as promoter/promoter group in March 2019. Thereafter, Redkite diluted its stake and was classified as public shareholder in July 2020, IOPL & TC exited as shareholders in September 2022 and Mr. Koppara Sajeeve Tomas has sold his stake in February 2024. Now, Mr. Koppara Sajeeve Thomas and his company Pransatree Holding Pte Ltd. have requested for reclassification as public shareholder subject to regulatory approval. As on December 31, 2024, the promoters shareholding further reduced to 3.85 percent with classification of shareholding of Pransatree Holdings Pte. Limited from 'Promoter Group' category to 'Public Shareholder' category in terms of SEBI (LODR) Regulation after approval of stock exchanges and now it is stable at 3.85 percent as on March 31, 2026.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuité has considered the standalone financial and business risk profile of TFCI to arrive at the rating.

Key Rating Drivers

Strength

­Experienced management and resourceful promoters TFCI benefits from a experienced and diverse Board of Directors, supported by resourceful promoters. The leadership team comprises professionals with decades of expertise across banking, finance, risk management, insurance, corporate governance, and strategic advisory. Dr. S. Ravi, Non-Executive Chairman, brings over 35 years of experience in finance, forensic audits, and insolvency resolution. Shri Anoop Bali, Managing Director & CFO, has more than three decades of experience in credit appraisal, monitoring, recovery, and treasury management. The Board also includes former senior executives from insurance companies, public sector banks, and reputed financial institutions, such as Shri Parkash Chand, Mrs. Thankom T. Mathew, Shri Bapi Munshi, Shri Ashok Kumar Garg, Shri Deepak Amitabh, Dr. Mahabaleshwara M S, Shri Aditya Kumar Halwasiya who collectively provide strong strategic guidance. Acuité believes that TFCI will continue to leverage its established position, proven underwriting skills in financing and expertise of management to consolidate their position in the domestic lending sector. Strong Capitalisation TFCI’s gearing stood at 0.82 times as on Mar 31, 2026 as against 0.71 times as on Mar 31, 2025. Net worth of TFCI, mainly comprised accumulated reserves and stood at Rs. 1315.14 Cr. as on March 31, 2026 from Rs. 1216.37 Cr. as on Mar 31, 2025. TFCI's Capital adequacy ratio is at  55.53 percent as on Mar 31, 2026  from 69.70 percent as on Mar 31, 2025 (March 31, 2024: 59.01 percent), with Tier-1 at 54.37 percent as of FY26, providing enough headroom to scale up its loan book. TFCI’s borrowing profile is largely constituted of medium to long term borrowings. TFCI continues to be conservatively geared and has adequate headroom to grow its loan portfolio. Moderate business volumes along with gradual efforts to diversify into other sectors While the company continues to derive a significant portion of its business from the tourism and hospitality segment, it has been gradually diversifying its portfolio into manufacturing, social infrastructure, real estate, loans against shares (LAS) and retail co-lending segment. TFCI’s loan book comprises long term loans (including project loans) to tourism and tourism related sector having sectoral exposure of ~52 percent, ~19 percent in real estate, ~12 percent in manufacturing and ~17 percent in other sectors as on Mar 31, 2026. Healthy asset quality The Company has demonstrated a notable improvement in the asset quality matrix  wherein GNPA of TFCI stood at 0.37 percent and NNPA was NIL as on Mar 31, 2026 as against GNPA of 3.22 percent and NNPA of 1.61 percent as on March 31, 2025. Going forward, the company’s ability to scale up its operations while maintaining asset quality, will remain a key monitorable.

Weakness

­Moderate scale of operations TFCI has reported moderate growth in scale of operations, with AUM increasing to Rs. 2088.14 crore as on March 31, 2026 from Rs. 1693.57 crore as on March 31, 2025 and stood at Rs. 1588.92 Crore as on March 31, 2024 driven primarily by incremental disbursement in core segments. Acuité believes that the ability of the management to maintain the growth momentum in its loan book will remain key monitorable. Concentration risk The loan portfolio is wholesale oriented with high average ticket sizes and concentration towards the top 20 borrowers, resulting in elevated single-obligor and group exposure risk. Since these loans are usualy for capital intensive projects, the average ticket size is high with individual exposures going beyond Rs. 75 Cr. in certain cases. As of March 31, 2026, the top 20 borrower were ~69% of its total loan portfolio and it was ~73% as of March 31, 2025. Given that wholesale exposures are chunky in nature, slippages in few accounts can lead to significant asset quality deterioration. Acuite believes that the ability of TFCI to meaningfully scale up its granular loan segments while maintaining underwriting discipline will remain a key monitorable.

ESG Factors Relevant for Rating

­Tourism Finance Corporation of India Limited (TFCI) belongs to the Non-Banking Financial Companies (NBFC) sector which complements bank lending in India. Some of the material governance issues for the sector are policies and practices with regards to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions to financial inclusion and community development, sustainable financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. TFCI has maintained adequate transparency in its business ethics operations as it can be inferred through its disclosures regarding its policies on related party transactions, vigil mechanism, grievance redressal committee and whistle blowing. Additionally, the company has defined a Code of Conduct to deter wrongdoings and to promote ethical practices. The company’sm  board has nine directors out of which five are independent directors and one female director. The Audit Committee of the board comprises five directors, majority of whom including the Chairman are independent. TFCI has adequate transparency with respect to its shareholders rights, which can be inferred by way of its disclosures in this respect. Since TFCI is engaged in funding tourism infrastructure projects, it needs to formulate policies to invest in green and sustainable projects and also have a negative screening mechanism in its credit policy. Further, it also needs to assess its lending portfolio from an ESG perspective. As regards the social factors, the projects financed by TFCI are expected to boost tourism in the country and generate employment in the sector

Rating Sensitivity

Potential triggers (individual or collective) for an upward rating action:

Siginificant growth in disbursements and AUM Sustained improvement in earning profile as denoted by PAT and ROAA

Potential triggers (individual or collective) for a downward rating action:

­Deterioration in asset quality metrics as reflected by GNPA and on time portfolio  High Leverage beyond 4 and low liquidity buffers

Liquidity Position

Adequate

­The liquidity position of TFCI is adequate, TFCI maintained cash and bank balance of ~Rs. 41.38 Cr. and has investments of ~ Rs. 376.19 Cr. as on March 31, 2026. As per the ALM statement dated March 31, 2026, TFCI total debt obligations stood at Rs. 992.44 Cr. up to the one year period against expected inflows of Rs. 1186.60 Cr. over the same period, resulting in a cumulative positive mismatch of Rs. 194.16 Cr up to one year.

Outlook : Stable

­

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

Particulars Unit FY26 (Actual) FY25 (Actual) Total Assets Rs. Cr. 2408.68 2098.12 Total Income* Rs. Cr. 183.72 159.89 PAT Rs. Cr. 123.46 103.81 Net Worth Rs. Cr. 1315.14 1216.37 Return on Average Assets (RoAA) (%) 5.48 4.95 Return on Average Net Worth (RoNW) (%) 9.75 9.00 Total Debt/Tangible Net worth (Gearing) Times 0.82 0.71 Gross NPA (%) 0.37 3.22 Net NPA (%) 0.00 1.61 *Total income equals to Net Interest Income plus other income

Status of non-cooperation with previous CRA (if applicable):

­Not Applicable

Any other information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 22 Dec 2025 Term Loan Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 13.10 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 149.93 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 9.82 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 34.38 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 260.27 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 177.50 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 159.74 ACUITE Not Applicable (Withdrawn) 11 Mar 2025 Non-Covertible Debentures (NCD) Long Term 159.74 ACUITE A+ | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 207.32 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 7.43 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 312.50 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 16.88 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 19.83 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 4.16 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 200.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 46.88 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 40.00 ACUITE Not Applicable (Withdrawn) Proposed principal protected market linked debentures Long Term 35.00 ACUITE Not Applicable (Withdrawn) 13 Jun 2024 Term Loan Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 159.74 ACUITE A+ | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 221.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 23.34 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 387.50 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 19.84 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 12.49 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 200.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 250.00 ACUITE Not Applicable (Withdrawn) Proposed Non Convertible Debentures Long Term 200.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 40.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 35.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) 29 May 2024 Non-Covertible Debentures (NCD) Long Term 159.74 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 19.84 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 12.49 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 200.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 221.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 200.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 23.34 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 387.50 ACUITE A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 40.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 35.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 250.00 ACUITE Provisional AA- | Stable (Reaffirmed) 07 May 2024 Proposed Long Term Bank Facility Long Term 221.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 159.74 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 200.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 23.34 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 387.50 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 19.84 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 12.49 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 200.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 35.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 40.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 250.00 ACUITE Provisional AA- | Stable (Reaffirmed) 23 Aug 2023 Proposed Non Convertible Debentures Long Term 200.00 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Term Loan Long Term 45.00 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Cash Credit Long Term 50.00 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Term Loan Long Term 300.00 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Term Loan Long Term 67.50 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Term Loan Long Term 77.49 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Term Loan Long Term 41.67 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Term Loan Long Term 200.00 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Term Loan Long Term 50.00 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Proposed Long Term Bank Facility Long Term 3.34 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Term Loan Long Term 20.00 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Non-Covertible Debentures (NCD) Long Term 159.74 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Proposed Long Term Bank Facility Long Term 85.00 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Principal protected market linked debentures Long Term 75.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Proposed Non Convertible Debentures Long Term 250.00 ACUITE Provisional AA- | Stable (Downgraded from ACUITE Provisional AA | Negative) 07 Feb 2023 Non-Covertible Debentures (NCD) Long Term 159.74 ACUITE AA- | Negative (Reaffirmed) Proposed Long Term Bank Facility Long Term 34.17 ACUITE AA- | Negative (Reaffirmed) Proposed Non Convertible Debentures Long Term 200.00 ACUITE AA- | Negative (Reaffirmed) Term Loan Long Term 45.83 ACUITE AA- | Negative (Reaffirmed) Cash Credit Long Term 120.00 ACUITE AA- | Negative (Reaffirmed) Term Loan Long Term 248.50 ACUITE AA- | Negative (Assigned) Cash Credit Long Term 10.00 ACUITE AA- | Negative (Assigned) Term Loan Long Term 67.50 ACUITE AA- | Negative (Assigned) Term Loan Long Term 77.49 ACUITE AA- | Negative (Assigned) Term Loan Long Term 45.83 ACUITE AA- | Negative (Assigned) Term Loan Long Term 200.00 ACUITE AA- | Negative (Assigned) Term Loan Long Term 50.00 ACUITE AA- | Negative (Assigned) Proposed Long Term Bank Facility Long Term 50.68 ACUITE AA- | Negative (Assigned) Principal protected market linked debentures Long Term 75.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Proposed Non Convertible Debentures Long Term 250.00 ACUITE Provisional AA | Negative (Reaffirmed)

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Not Applicable

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Eshan Jain Senior Manager - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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