3 Travel and Hospitality Services Stocks With a Strong Future Roadmap: Thomas Cook India, Juniper Hotels and Mahindra Holidays & Resorts India

Thomas Cook Rs 98.53, P/E 21.99. Juniper Hotels Rs 215.33, P/E 28.89. Mahindra Holidays Rs 187.23, P/E 73.72. Closing prices of 8 Oct 2026.

Updated: 9 Oct 2026 • 10:45 am

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3 Travel and Hospitality Services Stocks With a Strong Future Roadmap: Thomas Cook India, Juniper Hotels and Mahindra Holidays & Resorts India

Quick Answer

Travel and hospitality services stocks with the clearest long-term roadmaps today include Thomas Cook in leisure travel and forex, Juniper Hotels in upscale hotels and Mahindra Holidays in holiday membership and resorts. FY26 revenue growth was 3.3% at Thomas Cook, 9.6% at Juniper Hotels and 7.1% at Mahindra Holidays. P/E stands at 21.99 for Thomas Cook (industry 36.93), 28.89 for Juniper Hotels (industry 37.34) and 73.72 for Mahindra Holidays (industry 37.34). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company's risks need equal attention.

Travel and hospitality services stocks give investors exposure to companies that earn from how Indians travel and holiday. Bookings, occupancy and memberships decide how steady earnings are.

Readers comparing travel and hospitality services stocks should weigh growth, margins, cash flow and valuation together instead of leaning on any single number.

This list covers three travel and hospitality services stocks: Thomas Cook India for leisure travel and forex, Juniper Hotels for upscale hotels and Mahindra Holidays & Resorts India for holiday membership and resorts. Every figure comes from the latest reported financials and the 8 October 2026 market close. Companies without complete current figures were left out.

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Table of Contents

What Are Travel and Hospitality Services Stocks?

Travel and hospitality services stocks are shares of companies that earn from bookings, hotel stays, forex and holiday memberships. Results depend on bookings, occupancy and memberships, so occupancy and memberships separate the stronger names.

Travel and Hospitality Services Stocks at a Glance

The table compares size, valuation, return on equity and debt for the three travel and hospitality services stocks as of the 8 Oct 2026 close.

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE	Debt to Equity
Thomas Cook India	98.53	4,633	21.99	36.93	8.59%	0.21
Juniper Hotels	215.33	4,789	28.89	37.34	6.05%	0.42
Mahindra Holidays & Resorts India	187.23	3,784	73.72	37.34	8.94%	4.92

Among tourism stocks, Mahindra Holidays trades at a premium to the industry P/E, while Thomas Cook and Juniper Hotels trade at a discount.

Valuation matters here because travel and hospitality services stocks can look attractive on growth and still look expensive on earnings.

Why Do Travel and Hospitality Services Stocks Have a Strong Roadmap in India?

Travel and hospitality services stocks have a strong roadmap in India because incomes are rising, more Indians travel and hotel demand is outpacing new supply. Three drivers stand out.

Rising travel: Leisure and outbound trips continue to grow with incomes.
Hotel demand: Occupancy and room rates have improved as travel recovers and widens.
Holiday ownership: Membership resorts offer predictable annual fees.

Together these drivers explain why travel and hospitality services stocks keep drawing investor attention.

Thomas Cook India: Leisure Travel and Forex Anchor the Roadmap

Thomas Cook's roadmap rests on leisure travel, foreign exchange, corporate travel and holiday packages, with rising outbound travel supporting demand across its businesses.

Revenue grew from Rs 1,946.06 crore in FY22 to Rs 8,557.75 crore in FY26, a 339.7% rise, and FY26 revenue was 3.3% higher than FY25. FY26 net profit fell 14.7% to Rs 220.48 crore. In Q1 FY27, revenue declined 12.2% to Rs 2,153.00 crore, and net profit fell 13.4% to Rs 63.71 crore. Operating margin was 6.96% in FY26 and 7.37% in Q1 FY27 against 7.14% a year earlier.

Debt to equity is 0.21 and return on equity is 8.59%. FY26 operating cash flow was Rs 643.04 crore against capital expenditure of Rs 125.99 crore. Thomas Cook paid a dividend of Rs 0.5 per share for FY26, a yield of 0.51%. At a P/E of 21.99 against an industry P/E of 36.93, the stock trades below its industry multiple.

What to watch: Q1 FY27 revenue of Rs 2,153.00 Cr was 12.2% lower than a year earlier, and Q1 FY27 net profit was 13.4% lower than a year earlier.

Juniper Hotels: Upscale Hotels Drive the Pipeline

Juniper Hotels' roadmap rests on upscale and luxury hotels, including Hyatt-branded properties in key business and leisure cities, with rising hotel occupancy and room rates supporting revenue.

Revenue grew from Rs 343.75 crore in FY22 to Rs 1,069.22 crore in FY26, a 211.0% rise, and FY26 revenue was 9.6% higher than FY25. FY26 net profit rose 98.6% to Rs 141.61 crore. In Q1 FY27, revenue grew 11.0% to Rs 252.20 crore, and net profit rose 269.6% to Rs 33.26 crore. Operating margin was 42.33% in FY26 and 35.63% in Q1 FY27 against 31.35% a year earlier.

Debt to equity is 0.42 and return on equity is 6.05%. FY26 operating cash flow was Rs 393.92 crore against capital expenditure of Rs 197.55 crore. At a P/E of 28.89 against an industry P/E of 37.34, the stock trades below its industry multiple.

What to watch: Return on equity of 6.05% is modest.

Mahindra Holidays & Resorts India: Holiday Membership and Resorts Build the Next Leg

Mahindra Holidays' roadmap rests on vacation ownership and holiday memberships through the Club Mahindra resort network, with membership growth and resort additions supporting revenue.

Revenue grew from Rs 2,178.85 crore in FY22 to Rs 3,116.06 crore in FY26, a 43.0% rise, and FY26 revenue was 7.1% higher than FY25. FY26 net profit fell 46.8% to Rs 67.00 crore. Over four years, net profit fell from Rs 67.64 crore in FY22 to Rs 67.00 crore. In Q1 FY27, revenue grew 4.5% to Rs 773.54 crore, and the company reported a net loss of Rs 8.56 crore against a profit of Rs 7.17 crore a year earlier. Operating margin was 24.90% in FY26 and 20.92% in Q1 FY27 against 22.91% a year earlier.

Debt to equity is 4.92 and return on equity is 8.94%. FY26 operating cash flow was Rs 530.76 crore against capital expenditure of Rs 420.62 crore. At a P/E of 73.72 against an industry P/E of 37.34, the stock trades above its industry multiple.

What to watch: The Q1 FY27 operating margin of 20.92% was below the 22.91% of a year earlier, and the company reported a Q1 FY27 net loss of Rs 8.56 Cr against a profit of Rs 7.17 Cr a year earlier. The P/E of 73.72 sits above the industry P/E of 37.34, so earnings delivery matters for the valuation.

Best Travel and Hospitality Services Stocks in India: Thomas Cook vs Juniper Hotels vs Mahindra Holidays on Key Financials

Among the best travel and hospitality services stocks in India, Thomas Cook leads on the lowest P/E and the lowest debt to equity; Juniper Hotels leads on FY26 revenue growth and FY26 operating margin; Mahindra Holidays leads on return on equity. The table puts the numbers side by side.

Metric	Thomas Cook	Juniper Hotels	Mahindra Holidays
FY26 revenue (Rs Cr)	8,557.75	1,069.22	3,116.06
FY26 revenue growth	3.3%	9.6%	7.1%
FY26 net profit (Rs Cr)	220.48	141.61	67.00
FY26 net profit growth	-14.7%	98.6%	-46.8%
FY26 operating profit margin	6.96%	42.33%	24.90%
Q1 FY27 revenue growth (YoY)	-12.2%	11.0%	4.5%
Return on equity	8.59%	6.05%	8.94%
P/E ratio	21.99	28.89	73.72
Debt to equity	0.21	0.42	4.92
Dividend yield	0.51%	0.00%	0.00%
FY26 operating cash flow (Rs Cr)	643.04	393.92	530.76

Travel earnings follow bookings, occupancy and memberships, so full-year numbers and quarterly trends together give a better view.

How to Evaluate Travel and Hospitality Stocks to Buy Before You Invest

A short checklist keeps the research consistent when you screen travel and hospitality services stocks and shortlist travel and hospitality stocks to buy.

Compare each stock's P/E with its industry P/E, which differs by company here.
Check how much revenue is recurring from memberships versus seasonal bookings and stays.
Check whether revenue growth is turning into profit growth, not only sales.
Read operating cash flow against capital expenditure to see how growth is funded.
Watch debt to equity and interest cover before sizing a position.
Spread exposure across companies and business lines instead of one demand cycle.

Check the Univest Screener for live data on these travel and hospitality services stocks

Risks to Consider Before Investing in Travel and Hospitality Services Stocks

Valuation: Mahindra Holidays trades at 73.72 times earnings against an industry multiple of 37.34.
Debt and cash flow: Mahindra Holidays has debt to equity of 4.92.
Quarterly profit: Thomas Cook's Q1 FY27 net profit was 13.4% lower than a year earlier.
Seasonality: Travel demand varies through the year.

Download the Univest iOS App or Univest Android App to track Thomas Cook, Juniper Hotels and Mahindra Holidays live.

Final Take: Which Stock Has the Strongest Roadmap?

These three tourism stocks cover leisure travel and forex, upscale hotels and holiday membership resorts. Thomas Cook leads on the lowest P/E and the lowest debt to equity; Juniper Hotels leads on FY26 revenue growth and FY26 operating margin; Mahindra Holidays leads on return on equity.

Across travel and hospitality services stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the travel and hospitality stocks to buy discussed here.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. 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).

FAQs on Travel and Hospitality Services Stocks

Which are the best travel and hospitality services stocks in India with a strong roadmap?

Ans. Thomas Cook India, Juniper Hotels and Mahindra Holidays & Resorts India stand out for their roadmaps in leisure travel and forex, upscale hotels and holiday membership resorts. FY26 revenue growth was 3.3% at Thomas Cook, 9.6% at Juniper Hotels and 7.1% at Mahindra Holidays, and return on equity ranges from 6.05% to 8.94%.

Is Thomas Cook India a good stock to buy now?

Ans. Thomas Cook India has a debt to equity ratio of 0.21, a return on equity of 8.59% and a P/E of 21.99 against an industry P/E of 36.93. Valuation, seasonality and event shocks move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.

What is the P/E ratio of Thomas Cook, Juniper Hotels and Mahindra Holidays?

Ans. The P/E ratio is 21.99 for Thomas Cook (industry 36.93), 28.89 for Juniper Hotels (industry 37.34) and 73.72 for Mahindra Holidays (industry 37.34). Only Mahindra Holidays trades at or above the industry multiple.

Which of these travel and hospitality services stocks has the highest return on equity?

Ans. Mahindra Holidays & Resorts India has the highest return on equity at 8.94%, followed by Thomas Cook India at 8.59% and Juniper Hotels at 6.05%.

What are the risks of investing in travel and hospitality services stocks?

Ans. The main risks are valuation, debt and cash flow, quarterly profit and seasonality. Mahindra Holidays trades at 73.72 times earnings against an industry multiple of 37.34.

How did Thomas Cook, Juniper Hotels and Mahindra Holidays perform in Q1 FY27?

Ans. Thomas Cook India reported revenue of Rs 2,153.00 crore, down 12.2% year on year, and net profit fell 13.4% to Rs 63.71 crore. Juniper Hotels reported revenue of Rs 252.20 crore, up 11.0% year on year, and net profit rose 269.6% to Rs 33.26 crore. Mahindra Holidays & Resorts India reported revenue of Rs 773.54 crore, up 4.5% year on year, and a net loss of Rs 8.56 crore against a profit a year earlier.

Do travel and hospitality services stocks pay dividends?

Ans. Thomas Cook pays dividends. The dividend yield is 0.51% for Thomas Cook, based on dividends declared for FY26.

How can I invest in travel and hospitality services stocks in India?

Ans. You can buy travel and hospitality services stocks through a demat and trading account on NSE or BSE after checking each company's financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.