Top 5 Tourism Stocks in India
From TBO Tek and Ixigo to Thomas Cook, Yatra, and International Travel House, here are five tourism stocks benefiting from India's growing travel market and government tourism initiatives.
India's tourism sector is expected to grow steadily over the coming years, supported by higher government spending and rising travel demand. Among tourism stocks, TBO Tek and Ixigo offer growth potential, Thomas Cook provides diversification, Yatra dominates corporate travel, while International Travel House offers value and dividend income.
Travel stocks in India have been grabbing attention from investors over the past few years. The travel market stood at $23.8 billion in 2025 and is expected to reach $39.6 billion by 2034, at a CAGR of 5.62%.
Union Budget FY26 allocated ₹2,541 crore to the Ministry of Tourism, nearly triple the previous year's revised estimate of ₹850 crore in FY24-25. Schemes like Swadesh Darshan 2.0 and the plan to develop 50 world-class tourist destinations are adding fuel from the policy side.
For investors tracking the best tourism stocks in India, this is a sector worth watching closely. This blog covers the top 5 tourism stocks in India based on market cap, business model, and growth potential.
Overview of Top Tourism Stocks in India
Here's a look at these travel stocks in India, what each company does, and what investors should watch.
1. TBO Tek
TBO Tek is a technology-driven B2B travel marketplace connecting travel agents, tour operators, and corporate clients with flights, hotels, packages, rail, and insurance. Over 50,000 agents across 140 source markets access 1 million+ hotels and 750+ airlines through the platform.
Hotels and packages make up 79% of total revenue, and overseas markets contribute 78% of FY25 revenue. Beyond its core marketplace, TBO runs platforms like TBO Academy for agent training, Paxes for corporate travel, and ZamZam for religious travel in Saudi Arabia.
In October 2025, it completed the acquisition of Classic Vacations LLC, a US-based premium B2B luxury travel platform, adding a high-value American client base to its network.
TBO Tek was listed in June 2024. And TBO Tek stock price is still trading below its listing price, but it has been attempting to recover in recent months.
As of 22 June 2026
What investors should track: Hotel booking volumes, international market expansion, and Classic Vacations integration progress.
List of Top 5 Tourism Stocks in India
The table below lists the best 5 tourism stocks in India ranked by market cap.
|
Company |
Market Cap (₹ Cr.) |
ROCE % |
ROE % |
1Yr CAGR Return |
|
TBO Tek |
16,244.73 |
18.0 |
17.6 |
18% |
|
Le Travenues Tech (Ixigo) |
8,374.19 |
6.80 |
5.54 |
10% |
|
Thomas Cook (India) |
5,310.60 |
14.8 |
9.27 |
-30% |
|
Yatra Online |
1,771.58 |
7.24 |
6.23 |
30% |
|
International Travel House |
247.39 |
17.9 |
13.2 |
-39% |
Data Source: Screener, data as of 21 June 2026.
Note: Although EaseMyTrip has higher market capitalization, it has not been included in the list due to a negative ROE of -0.71% and an ROCE of just 0.63%.
2. Le Travenues Technology (Ixigo)
Ixigo is an OTA built for mass-market Indian travellers, especially in Tier 2 and Tier 3 cities. It runs 3 platforms: ixigo for train and flight bookings, ConfirmTkt, which uses machine learning for waitlist predictions, and AbhiBus, covering 100,000+ bus routes.
Together they serve 480 million annual active users, with lifetime transacted users crossing 38 million and lifetime downloads at 620 million as of Q2 FY25. In June 2024, a partnership with PhonePe opened a new distribution channel, and in October 2024 the company acquired a 51% stake in Zoop, which handles food ordering on trains.
Ixigo was listed in 2024 and delivered a strong run after its debut. However, the stock later saw profit booking and is now trading around its listing price.
As of 22 June 2026
What investors should track: Working capital days which rose from 18 to 102, train booking volumes, and PhonePe channel growth.
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3. Thomas Cook (India)
Thomas Cook India runs 4 segments. Travel services cover leisure, corporate, MICE, and destination management across 28 countries. Financial services handle foreign exchange with a unique non-bank AD-II license. Sterling Holidays operates 72 resorts with 3,610 rooms and 21 more coming. DEI runs digital imaging across tourist attractions in 15+ countries.
Its new initiatives include AI tools Agent Assist and digital avatar TACY, a first-of-its-kind Visa Rejection Cover with ICICI Lombard, and an approved in-principle demerger of Sterling Holidays into a separately listed entity.
Similar to the other two stocks, Thomas Cook share price has seen profit booking over the past few months. And currently trading near its June 2023 levels, its long-term trend remains positive.
As of 22 June 2026
What investors should track: Sterling demerger timeline and promoter holding which has fallen 8.51% over 3years.
4. Yatra Online
Yatra Online is India's largest managed corporate travel provider by total spend, serving 1,300+ large corporates and 58,000 SME clients with 97% retention. The platform also has 15.6 million registered consumers with 81% of traffic coming through direct and organic channels.
Gross bookings grew from ₹67,372 million in FY23 to ₹80,512 million in FY26, with air ticketing at 77% and hotels and packages at 21% of the booking mix. Total transactions in FY26 stood at around 73.68 lakh, with air passengers at 53.95 lakh and hotel room nights at 19.36 lakh.
The company is investing in AI, hotel supply expansion, and its B2E enterprise platform. In April 2026, CESTAT cleared old tax and penalty demands of over ₹154 crore, removing a legacy liability from the books.
Yatra Online was listed in December 2023. The stock saw a rally after its debut, but profit booking followed. As a result, it is currently trading below its listing price.
As of 22 June 2026
What investors should track: Corporate client additions, SEBI queries on IPO proceeds, and the NCLT-approved merger of six subsidiaries.
5. International Travel House (ITH)
ITH has served premium corporate clients since 1981 and now operates as part of the ITC Hotels ecosystem. As of March 31, 2026, ITC Hotels directly held 48.96% and Russell Investments held 12.73%, taking the total promoter group stake to 61.69%.
Clients include Infosys, Reliance, Apple, and the Tata Group, served from 39 offices across 19 cities and through GlobalStar Travel Management in 55+ countries.
Services cover corporate travel, a 2,200+ vehicle car rental fleet with EVs being inducted, MICE, and leisure. FY26 revenue from operations stood at ₹231.63 crore and the board recommended a final dividend of ₹5.50 per share.
Like several other tourism stocks in India, ITH has also faced profit booking. In June 2026, the stock is trading almost 50% below its all-time high.
As of 22 June 2026
What investors should track: How the ITC Hotels integration shapes ITH's business direction going forward and working capital days which have risen from 69 to 173 days.
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India's Tourism Sector Outlook
A few numbers and policy moves that matter for anyone tracking the tourism sector in India 2026:
-
India's travel market is forecast to reach $ 39.6 billion by 2034 from $ 23.8 billion in 2025, a CAGR of 5.62%, with domestic trips and inbound arrivals both contributing.
-
Budget 2025-26 tripled the tourism allocation to ₹2,541 crore from ₹850 crore, with Swadesh Darshan 2.0 taking ₹1,900 crore for infrastructure.
-
Budget 2026-27 added thematic tourism trails, Buddhist circuits in the Northeast, 15 archaeological sites as experiential destinations and five regional medical tourism hubs.
-
TCS on overseas tour packages dropped to 2% from the earlier rate of 5% in Budget 2026-27, cutting costs for outbound travellers and helping companies operating in that space.
-
Spiritual tourism is getting real budget attention. PRASHAD, which stands for Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive and is a government scheme focused on developing and upgrading pilgrimage sites across India, received ₹240 crore. Both Uttar Pradesh and Uttarakhand are actively building dedicated pilgrimage circuits under this push.
Conclusion
None of these 5 companies is the same. The top 5 tourism stocks in India covered here span B2B platforms, consumer OTAs, diversified conglomerates, corporate travel, and a value small-cap. Each carries a different risk profile under the same sector label.
TBO Tek and Ixigo are priced for high growth. Valuations on both reflect that expectation clearly. Thomas Cook is the diversified bet with a live demerger catalyst running in the background. Yatra's corporate moat is real, even if the headline numbers look quieter than the others.
ITH is cheap, well-run, and illiquid. It's the one name here where value and income show up together.
Travel stocks in India reward investors who read filings rather than headlines. Go through annual reports, NSE and BSE disclosures, and quarterly investor presentations before committing any capital.