{"id":264077,"date":"2026-09-23T12:09:32","date_gmt":"2026-09-23T06:39:32","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=264077"},"modified":"2026-09-23T12:09:32","modified_gmt":"2026-09-23T06:39:32","slug":"this-tourism-finance-stock-rises-121-percent-in-6-months","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/","title":{"rendered":"This Tourism Finance Stock Rises 121% in 6 Months: Bad Loans Vanish, Profit Doubles"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>TFCI closed at Rs 141.38 on 23 September 2026 versus Rs 63.87 on 23 March 2026, a six-month gain of approximately 121 percent, with gross NPA at 0.41 percent.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">A lender to hotels and tourism projects has risen approximately 121 percent in six months, from Rs 63.87 on 23 March 2026 to Rs 141.38 on 23 September 2026. The rally followed two credit rating upgrades, a fall in gross NPA from 3.22 percent to 0.37 percent in FY26, and a June 2026 quarter in which net profit doubled to Rs 61.21 crore. The tourism finance stock trades at roughly 42 times trailing earnings against an industry figure near 23. No verified brokerage target exists.<\/p>\n<\/div>\n<p>A tourism finance stock has more than doubled in six months, and the move rests on filed numbers. The shares closed at Rs 141.38 on 23 September 2026 against Rs 63.87 on 23 March 2026, a verified gain of approximately 121 percent. This tourism finance stock is among the strongest performers on a screen of NSE small-cap stocks ranked by 6-month return, dated 23 September 2026.<\/p>\n<p>The company is <strong><a href='https:\/\/univest.in\/stocks\/tfciltd\/tourism-finance-corporation-of-india-ltd-share-price-today'>Tourism Finance Corporation of India Ltd<\/a><\/strong>, or TFCI, a non-banking finance company lending to hotels, resorts, restaurants, amusement parks and ropeways. TFCI share price went from also-ran to market favourite in two quarters, helped by a profit that doubled in the June 2026 quarter and a loan book almost free of bad debt. Market capitalisation of this tourism finance stock is around Rs 6,519 crore.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href='https:\/\/univest.in\/user\/log-in'>Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#How_This_Tourism_Finance_Stock_Performed_Across_Periods\" title=\"How This Tourism Finance Stock Performed Across Periods\">How This Tourism Finance Stock Performed Across Periods<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#Why_Has_This_Tourism_Finance_Stock_Doubled_in_Six_Months\" title=\"Why Has This Tourism Finance Stock Doubled in Six Months?\">Why Has This Tourism Finance Stock Doubled in Six Months?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#A_Rating_Upgrade_on_27_March_2026\" title=\"A Rating Upgrade on 27 March 2026\">A Rating Upgrade on 27 March 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#FY26_Results_on_13_May_2026\" title=\"FY26 Results on 13 May 2026\">FY26 Results on 13 May 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#A_Second_Upgrade_and_a_Profit_That_Doubled\" title=\"A Second Upgrade and a Profit That Doubled\">A Second Upgrade and a Profit That Doubled<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#The_21_August_2026_AGM_and_a_Rs_1200_Crore_Debt_Limit\" title=\"The 21 August 2026 AGM and a Rs 1,200 Crore Debt Limit\">The 21 August 2026 AGM and a Rs 1,200 Crore Debt Limit<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#Inside_the_Lending_Book_Hotels_Resorts_and_Tourism_Projects\" title=\"Inside the Lending Book: Hotels, Resorts and Tourism Projects\">Inside the Lending Book: Hotels, Resorts and Tourism Projects<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#TFCI_Financials_Quarterly_and_Yearly_Numbers\" title=\"TFCI Financials: Quarterly and Yearly Numbers\">TFCI Financials: Quarterly and Yearly Numbers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#Asset_Quality_and_Capital_The_Core_of_the_Tourism_Finance_Stock_Story\" title=\"Asset Quality and Capital: The Core of the Tourism Finance Stock Story\">Asset Quality and Capital: The Core of the Tourism Finance Stock Story<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#Promoter_Structure_Ownership_and_the_Capital_Raise_Question\" title=\"Promoter Structure, Ownership and the Capital Raise Question\">Promoter Structure, Ownership and the Capital Raise Question<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#Risks_Investors_in_This_Tourism_Finance_Stock_Should_Weigh\" title=\"Risks Investors in This Tourism Finance Stock Should Weigh\">Risks Investors in This Tourism Finance Stock Should Weigh<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#TFCI_Share_Analyst_View\" title=\"TFCI Share: Analyst View\">TFCI Share: Analyst View<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#TFCI_Share_Price_Target\" title=\"TFCI Share Price Target\">TFCI Share Price Target<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#What_the_Tourism_Finance_Stock_Rally_Says_About_Valuation\" title=\"What the Tourism Finance Stock Rally Says About Valuation\">What the Tourism Finance Stock Rally Says About Valuation<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#Other_Stocks_to_Track_From_the_Same_Return_Screen\" title=\"Other Stocks to Track From the Same Return Screen\">Other Stocks to Track From the Same Return Screen<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#How_much_has_the_TFCI_share_price_risen_in_six_months\" title=\"How much has the TFCI share price risen in six months?\">How much has the TFCI share price risen in six months?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#What_does_Tourism_Finance_Corporation_of_India_do\" title=\"What does Tourism Finance Corporation of India do?\">What does Tourism Finance Corporation of India do?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#Why_did_this_tourism_finance_stock_rise_so_sharply_in_2026\" title=\"Why did this tourism finance stock rise so sharply in 2026?\">Why did this tourism finance stock rise so sharply in 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#What_is_the_asset_quality_at_this_tourism_finance_stock_now\" title=\"What is the asset quality at this tourism finance stock now?\">What is the asset quality at this tourism finance stock now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#Is_there_a_verified_TFCI_share_price_target_for_this_tourism_finance_stock\" title=\"Is there a verified TFCI share price target for this tourism finance stock?\">Is there a verified TFCI share price target for this tourism finance stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#Who_is_the_promoter_of_TFCI_and_has_control_changed\" title=\"Who is the promoter of TFCI and has control changed?\">Who is the promoter of TFCI and has control changed?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#Has_this_tourism_finance_stock_announced_a_capital_raise\" title=\"Has this tourism finance stock announced a capital raise?\">Has this tourism finance stock announced a capital raise?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/univest.in\/blogs-2\/this-tourism-finance-stock-rises-121-percent-in-6-months\/#What_are_the_main_risks_in_this_tourism_finance_stock\" title=\"What are the main risks in this tourism finance stock?\">What are the main risks in this tourism finance stock?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"How_This_Tourism_Finance_Stock_Performed_Across_Periods\"><\/span><strong>How This Tourism Finance Stock Performed Across Periods<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Six-month return is approximately 121 percent. Over one year the tourism finance stock is up approximately 94 percent, so most of the annual gain came in the last two quarters. The three-year and five-year figures are far bigger, but they start from a base when the company still carried heavy stressed assets.<\/p>\n<p>One housekeeping point. TFCI split each Rs 10 face value share into five shares of Rs 2 after board approval on 10 July 2025, so older prices below are adjusted. That split sits outside the window, so the gain in this tourism finance stock is real price appreciation. Where a date was a holiday, the nearest session is used.<\/p>\n<table>\n<thead>\n<tr>\n<th>Period<\/th>\n<th>Close then (Rs)<\/th>\n<th>Close on 23 Sep 2026 (Rs)<\/th>\n<th>Return<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1 month (21 Aug 2026)<\/td>\n<td>130.99<\/td>\n<td>141.38<\/td>\n<td>Up 7.9%<\/td>\n<\/tr>\n<tr>\n<td>6 months (23 Mar 2026)<\/td>\n<td>63.87<\/td>\n<td>141.38<\/td>\n<td>Up 121.4%<\/td>\n<\/tr>\n<tr>\n<td>1 year (23 Sep 2025)<\/td>\n<td>72.80<\/td>\n<td>141.38<\/td>\n<td>Up 94.2%<\/td>\n<\/tr>\n<tr>\n<td>3 years (22 Sep 2023)<\/td>\n<td>19.96<\/td>\n<td>141.38<\/td>\n<td>Up 608.3%<\/td>\n<\/tr>\n<tr>\n<td>5 years (23 Sep 2021)<\/td>\n<td>14.20<\/td>\n<td>141.38<\/td>\n<td>Up 895.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Why_Has_This_Tourism_Finance_Stock_Doubled_in_Six_Months\"><\/span><strong>Why Has This Tourism Finance Stock Doubled in Six Months?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Three dated events did the work: a rating upgrade on 27 March 2026, FY26 results on 13 May 2026 showing gross NPA collapse to 0.37 percent, and a June quarter reported on 20 July 2026 in which profit doubled. Each was followed by a step up in the tourism finance stock rather than a fade.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"A_Rating_Upgrade_on_27_March_2026\"><\/span><strong>A Rating Upgrade on 27 March 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A domestic rating agency upgraded TFCI&#8217;s long-term bank facilities to IVR AA- with a stable outlook on 27 March 2026, from IVR A+ earlier. Rated facilities totalled Rs 575 crore, including Rs 300 crore of bank limits and Rs 175 crore of debentures. For a lender the rating is the cost of funds, so this reads through to margin for the tourism finance stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"FY26_Results_on_13_May_2026\"><\/span><strong>FY26 Results on 13 May 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The audited FY26 numbers reset the tourism finance stock. Net profit rose 18.93 percent to Rs 123.46 crore and assets under management expanded approximately 29 percent to Rs 2,188.87 crore from Rs 1,695.14 crore. Gross NPA fell to 0.37 percent from 3.22 percent, net NPA to nil from 1.61 percent, and capital adequacy stood at 55.53 percent.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"A_Second_Upgrade_and_a_Profit_That_Doubled\"><\/span><strong>A Second Upgrade and a Profit That Doubled<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A second agency moved this tourism finance stock into the AA- band in early July 2026, citing a net interest margin of 6.43 percent. On 20 July 2026 the June quarter landed: net profit of Rs 61.21 crore against Rs 30.56 crore, up 100.29 percent. Interest income rose 27.17 percent to Rs 81.02 crore while total income climbed approximately 75 percent to Rs 115.15 crore. TFCI share price then jumped more than 7 percent to a record on 24 July 2026.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_21_August_2026_AGM_and_a_Rs_1200_Crore_Debt_Limit\"><\/span><strong>The 21 August 2026 AGM and a Rs 1,200 Crore Debt Limit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Shareholders approved all six resolutions on 21 August 2026, including a Rs 1,200 crore limit for issuing debentures by private placement, and confirmed Anoop Bali as managing director from 1 June 2026. A debt limit that size against an AUM near Rs 2,189 crore signals intended growth, and the tourism finance stock hit an all-time high of Rs 147.65 on 2 September 2026.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Inside_the_Lending_Book_Hotels_Resorts_and_Tourism_Projects\"><\/span><strong>Inside the Lending Book: Hotels, Resorts and Tourism Projects<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>TFCI lends long term against tourism assets, and hotels dominate. A rating review dated August 2025 put hotel exposure at 65 percent of the book as of June 2025, up from 61 percent, with the top 20 exposures at 62 percent. A later review put tourism exposure near 52 percent of the FY26 book, so diversification at this tourism finance stock is real but slow.<\/p>\n<p>In January 2026 the company disclosed commitments to two Category II alternative investment funds, roughly 5 percent in a hospitality fund and 10 percent in a real estate fund. That sits closer to equity risk than term lending, and shows where this tourism finance stock wants fee income to come from.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"TFCI_Financials_Quarterly_and_Yearly_Numbers\"><\/span><strong>TFCI Financials: Quarterly and Yearly Numbers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Revenue has risen in each of the last five reported quarters. The June 2026 quarter broke the pattern with a profit jump from non-interest income: interest income grew 27 percent while total income grew approximately 75 percent. For anyone modelling this tourism finance stock, that gap is the most important line in the results.<\/p>\n<table>\n<thead>\n<tr>\n<th>Quarter<\/th>\n<th>Revenue (Rs crore)<\/th>\n<th>Net profit (Rs crore)<\/th>\n<th>Net margin<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Q1 FY26 (Jun 2025)<\/td>\n<td>63.71<\/td>\n<td>30.56<\/td>\n<td>48.0%<\/td>\n<\/tr>\n<tr>\n<td>Q2 FY26 (Sep 2025)<\/td>\n<td>66.45<\/td>\n<td>29.06<\/td>\n<td>43.7%<\/td>\n<\/tr>\n<tr>\n<td>Q3 FY26 (Dec 2025)<\/td>\n<td>69.64<\/td>\n<td>31.82<\/td>\n<td>45.7%<\/td>\n<\/tr>\n<tr>\n<td>Q4 FY26 (Mar 2026)<\/td>\n<td>73.89<\/td>\n<td>32.02<\/td>\n<td>43.3%<\/td>\n<\/tr>\n<tr>\n<td>Q1 FY27 (Jun 2026)<\/td>\n<td>81.02<\/td>\n<td>61.21<\/td>\n<td>75.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Annually the top line grows steadily while profit pulls ahead as credit costs fall away. Borrowings were approximately Rs 1,078 crore at the end of FY26 against Rs 862 crore a year earlier, so the balance sheet of this tourism finance stock is finally being put to work.<\/p>\n<table>\n<thead>\n<tr>\n<th>Financial year<\/th>\n<th>Revenue (Rs crore)<\/th>\n<th>Net profit (Rs crore)<\/th>\n<th>Gross NPA<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>FY24<\/td>\n<td>242<\/td>\n<td>91<\/td>\n<td>11.67% (Mar 2024)<\/td>\n<\/tr>\n<tr>\n<td>FY25<\/td>\n<td>251.63<\/td>\n<td>103.81<\/td>\n<td>3.22%<\/td>\n<\/tr>\n<tr>\n<td>FY26<\/td>\n<td>273.69<\/td>\n<td>123.46<\/td>\n<td>0.37%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"margin-top:24px;\"><strong><a href='https:\/\/univest.in\/screeners'>Check the Univest Screener for Live Fundamentals of High-Return Stocks<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Asset_Quality_and_Capital_The_Core_of_the_Tourism_Finance_Stock_Story\"><\/span><strong>Asset Quality and Capital: The Core of the Tourism Finance Stock Story<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The biggest change here is the disappearance of bad loans. Gross stressed assets were 11.67 percent in March 2024 and 4.21 percent by June 2025, before gross NPA settled at 0.37 percent and then 0.41 percent in June 2026. Most of that came from recoveries, a clean outcome for the tourism finance stock but a one-time one.<\/p>\n<p>Capital is the second pillar. Capital adequacy was 57.13 percent in June 2026, gearing around 0.7 times at the end of FY25, and reported debt to equity approximately 0.82. A lender with that much surplus capital can grow for years without asking shareholders for equity, which is why this tourism finance stock cleared a debt limit rather than a share issue.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Promoter_Structure_Ownership_and_the_Capital_Raise_Question\"><\/span><strong>Promoter Structure, Ownership and the Capital Raise Question<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This tourism finance stock has almost no promoter. The promoter group held 3.85 percent in June 2026, an LIC scheme at 2.92 percent and The Oriental Insurance Company at 0.93 percent, unchanged for five quarters. Holding was approximately 17.7 percent in December 2023, and nothing is pledged. IFCI sold a 24 percent block in September 2017 at an average of Rs 150.03 per pre-split share, and control changed again in 2019.<\/p>\n<p>On the capital raise, the only approved instrument is debt. No equity issue, warrant allotment or fresh change of control had been notified to the exchanges as of 23 September 2026. The largest single holder sits in the public category: Aditya Kumar Halwasiya held 6.99 percent in June 2026 and is also a non-executive director. Domestic institutions hold essentially nothing in this tourism finance stock.<\/p>\n<table>\n<thead>\n<tr>\n<th>Quarter<\/th>\n<th>Promoters<\/th>\n<th>FII<\/th>\n<th>DII<\/th>\n<th>Public<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Jun 2025<\/td>\n<td>3.85%<\/td>\n<td>5.17%<\/td>\n<td>0.08%<\/td>\n<td>90.90%<\/td>\n<\/tr>\n<tr>\n<td>Sep 2025<\/td>\n<td>3.85%<\/td>\n<td>4.61%<\/td>\n<td>0.08%<\/td>\n<td>91.46%<\/td>\n<\/tr>\n<tr>\n<td>Dec 2025<\/td>\n<td>3.85%<\/td>\n<td>4.34%<\/td>\n<td>0.01%<\/td>\n<td>91.80%<\/td>\n<\/tr>\n<tr>\n<td>Mar 2026<\/td>\n<td>3.85%<\/td>\n<td>2.76%<\/td>\n<td>0.06%<\/td>\n<td>93.33%<\/td>\n<\/tr>\n<tr>\n<td>Jun 2026<\/td>\n<td>3.85%<\/td>\n<td>5.46%<\/td>\n<td>0.00%<\/td>\n<td>90.69%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Risks_Investors_in_This_Tourism_Finance_Stock_Should_Weigh\"><\/span><strong>Risks Investors in This Tourism Finance Stock Should Weigh<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Concentration comes first. The top 20 exposures were about 62 percent of the loan book at the last detailed review, and hotel assets ran between 52 and 65 percent. A travel demand shock hits borrower and collateral at once, which is not how a diversified retail lender behaves, and it is the central risk in this tourism finance stock.<\/p>\n<p>Earnings quality is second. The Rs 61.21 crore June quarter profit was flattered by non-interest income. If recoveries on old accounts have largely been booked, the run rate for this tourism finance stock is closer to the Rs 30 crore to Rs 32 crore quarterly profit of FY26.<\/p>\n<p>Valuation is third for this tourism finance stock. Trailing price to earnings is approximately 42.28 against an industry figure near 23.23, price to book approximately 4.96 against book value of Rs 28.41, and return on equity approximately 9.39 percent. Five times book for single-digit returns assumes both book size and margin improve materially.<\/p>\n<p>Liquidity and volatility are fourth, and not academic in a small cap. The 52-week range runs from Rs 51 to Rs 147.65, nearly threefold. Single sessions have seen more than 40 million shares traded, as on 27 July 2026, against quieter days near 1.5 million. This tourism finance stock can retrace as fast as it rose.<\/p>\n<p>The ownership vacuum is fifth. With promoters at 3.85 percent and domestic institutions at nil, roughly 90 percent of the company sits with the public, so no controlling shareholder underwrites a bad year. This tourism finance stock also carries history from past exposures linked to a large travel group that collapsed.<\/p>\n<p style=\"margin-top:24px;\"><strong>Download the <a href=\"https:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track the TFCI share price live<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"TFCI_Share_Analyst_View\"><\/span><strong>TFCI Share: Analyst View<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>No verified brokerage or analyst target is publicly available for TFCI as of 23 September 2026, and institutional research coverage is absent. Domestic institutional holding of effectively zero says the same from the other side. Any circulating number for this tourism finance stock should be treated as unverified.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"TFCI_Share_Price_Target\"><\/span><strong>TFCI Share Price Target<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Without a verified TFCI share price target, the levels themselves are the reference. The all-time and 52-week high is Rs 147.65, set on 2 September 2026, and Rs 141.38 sits approximately 4 percent below it. The 52-week low is Rs 51, roughly where this tourism finance stock traded before the FY26 results. Any TFCI share price target starts from a re-rating that already happened.<\/p>\n<p>The earnings anchor is cleaner. FY26 earnings per share was Rs 2.67 and trailing twelve-month earnings per share is Rs 3.33. At the current TFCI share price the market pays approximately 42 times trailing earnings, and more if the June quarter&#8217;s other income does not repeat at this tourism finance stock. A credible TFCI share price target needs AUM growth near the 29 percent posted in FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_the_Tourism_Finance_Stock_Rally_Says_About_Valuation\"><\/span><strong>What the Tourism Finance Stock Rally Says About Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The re-rating in this tourism finance stock has been about risk perception more than profit. Net profit grew 19 percent in FY26 while the shares roughly doubled, so almost all of the move is multiple expansion. That is defensible once gross NPA goes from 3.22 percent to 0.37 percent and two agencies upgrade the credit.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Other_Stocks_to_Track_From_the_Same_Return_Screen\"><\/span><strong>Other Stocks to Track From the Same Return Screen<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Beyond this tourism finance stock, a screen of NSE small-cap stocks ranked by recent returns also includes related names such as <a href=\"https:\/\/univest.in\/stocks\/senores\/senores-pharmaceuticals-l-share-price-today\">Senores Pharmaceuticals<\/a> with a 1-year return of 104.38%, <a href=\"https:\/\/univest.in\/stocks\/tmb\/tamilnad-mercantile-bank-ltd-share-price-today\">Tamilnad Mercantile Bank<\/a> at 103.95% and <a href=\"https:\/\/univest.in\/stocks\/e2e\/e2e-networks-ltd-share-price-today\">E2E Networks<\/a> at 103.42%.<\/p>\n<p>Among the names covered from that screen, <a href=\"https:\/\/univest.in\/stocks\/mtartech\/mtar-technologies-ltd-share-price-today\">MTAR Technologies<\/a> returned 396.53% over one year. Readers can compare this tourism finance stock with the <a href=\"https:\/\/univest.in\/indices\/nifty-50\/nifty-50-share-price-today\">Nifty 50<\/a> benchmark and track each of these names on Univest before making any decision.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The six-month move in this tourism finance stock is backed by checkable facts: a clean loan book, capital adequacy above 57 percent, two rating upgrades and AUM up approximately 29 percent. TFCI share price at Rs 141.38 reflects all of that and more, which is what a price to book near 4.96 means.<\/p>\n<p>What happens next depends on execution. The Rs 1,200 crore debt limit gives room to grow without shareholder money. Against that sit hotel concentration, earnings flattered by recoveries and small-cap volatility. Anyone tracking TFCI share price should watch the September quarter to see whether core spread carries this tourism finance stock.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"How_much_has_the_TFCI_share_price_risen_in_six_months\"><\/span><strong>How much has the TFCI share price risen in six months?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> TFCI closed at Rs 141.38 on 23 September 2026 against Rs 63.87 on 23 March 2026, a gain of approximately 121 percent. Over one year the rise is approximately 94 percent, split adjusted.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_does_Tourism_Finance_Corporation_of_India_do\"><\/span><strong>What does Tourism Finance Corporation of India do?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> TFCI is a non-banking finance company providing long-term loans to tourism projects such as hotels, resorts, restaurants, amusement parks and ropeways. It has recently begun extending into real estate, manufacturing and social infrastructure lending.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_this_tourism_finance_stock_rise_so_sharply_in_2026\"><\/span><strong>Why did this tourism finance stock rise so sharply in 2026?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Three events drove it: a rating upgrade to the AA- band on 27 March 2026, FY26 results on 13 May 2026 showing gross NPA falling to 0.37 percent, and June quarter profit doubling to Rs 61.21 crore on 20 July 2026.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_asset_quality_at_this_tourism_finance_stock_now\"><\/span><strong>What is the asset quality at this tourism finance stock now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Gross NPA was 0.41 percent and net NPA nil in the June 2026 quarter, against gross stressed assets of 11.67 percent in March 2024. Most of the improvement came from recoveries on legacy accounts.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_there_a_verified_TFCI_share_price_target_for_this_tourism_finance_stock\"><\/span><strong>Is there a verified TFCI share price target for this tourism finance stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No verified brokerage or analyst target is publicly available as of 23 September 2026. The reference points are the 52-week high of Rs 147.65 set on 2 September 2026 and the 52-week low of Rs 51.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_is_the_promoter_of_TFCI_and_has_control_changed\"><\/span><strong>Who is the promoter of TFCI and has control changed?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The promoter group held only 3.85 percent in June 2026, an LIC scheme at 2.92 percent and The Oriental Insurance Company at 0.93 percent, unchanged for five quarters and unpledged. No fresh change of control had been notified to the exchanges.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Has_this_tourism_finance_stock_announced_a_capital_raise\"><\/span><strong>Has this tourism finance stock announced a capital raise?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Shareholders approved a Rs 1,200 crore limit for debentures by private placement on 21 August 2026. No equity issue was announced, and capital adequacy of 57.13 percent means fresh equity is not needed near term.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_main_risks_in_this_tourism_finance_stock\"><\/span><strong>What are the main risks in this tourism finance stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Concentration is largest, with the top 20 exposures around 62 percent of the book and hotels dominant. Other risks are earnings flattered by one-off recoveries, roughly 42 times trailing earnings, and small-cap swings between Rs 51 and Rs 147.65.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"How much has the TFCI share price risen in six months?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"TFCI closed at Rs 141.38 on 23 September 2026 against Rs 63.87 on 23 March 2026, a gain of approximately 121 percent. Over one year the rise is approximately 94 percent, split adjusted.\"}},{\"@type\":\"Question\",\"name\":\"What does Tourism Finance Corporation of India do?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"TFCI is a non-banking finance company providing long-term loans to tourism projects such as hotels, resorts, restaurants, amusement parks and ropeways. 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No fresh change of control had been notified to the exchanges.\"}},{\"@type\":\"Question\",\"name\":\"Has this tourism finance stock announced a capital raise?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Shareholders approved a Rs 1,200 crore limit for debentures by private placement on 21 August 2026. No equity issue was announced, and capital adequacy of 57.13 percent means fresh equity is not needed near term.\"}},{\"@type\":\"Question\",\"name\":\"What are the main risks in this tourism finance stock?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Concentration is largest, with the top 20 exposures around 62 percent of the book and hotels dominant. Other risks are earnings flattered by one-off recoveries, roughly 42 times trailing earnings, and small-cap swings between Rs 51 and Rs 147.65.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A small-cap lender to hotels and tourism projects has more than doubled in six months on vanishing bad loans, a doubled quarterly profit and two credit rating upgrades.<\/p>\n","protected":false},"author":29,"featured_media":264072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[6839,5742,5445,6837,6833,6834,6835,6836],"class_list":["post-264077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-capital-adequacy-ratio","tag-gross-npa","tag-high-return-stocks","tag-hotel-lending-nbfc","tag-tfci","tag-tfci-share-price","tag-tfci-share-price-target","tag-tourism-finance-stock"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["264072"],"rank_math_title":["Tourism Finance Stock Rises 121% in 6 Months"],"rank_math_description":["A tourism finance stock has gained approximately 121% in 6 months on a profit that doubled, gross NPA of 0.41% and two rating upgrades. Numbers, risks and levels."],"rank_math_focus_keyword":["tourism finance stock"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/09\/this-tourism-finance-stock-rises-121-in-6-months-bad-loans-vanish-profit-doubles.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/264077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=264077"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/264077\/revisions"}],"predecessor-version":[{"id":264079,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/264077\/revisions\/264079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/264072"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=264077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=264077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=264077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}