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10 Yrs X-Ray 
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Analyst Note 
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About
Trade-Wings Ltd (509953)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 509953 NSE: Travel Services | Small Cap | Trade-Wings Share Price
₹410.45 0.00 (0.00%)
As on 28-Sep'26 16:59
Trade-Wings Ltd (509953)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 509953 NSE: Travel Services | Small Cap | Trade-Wings Share Price
₹410.45 0.00 (0.00%)
As on 28-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹123 Cr.
Current Price
₹410.5
52-Week Low / High
₹47 / 846
TTM EPS
₹4.5
TTM Sales
₹262 Cr.
Book Value per Share
₹-32.5
P/E Ratio
90.74
Lower than its 5-year historical median
Industry PE
38
Price to Book (P/B)
-12.63
Lower than its 5-year historical median
Price to Sales (P/S)
0.47
Higher than its 5-year historical median
EV/EBITDA
19.97
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
0.00%
Underperforms industry median
Return on Capital Employed (ROCE)
76.21%
Outperforms industry median
Return on Assets (ROA)
6.85%
Operating Profit Margin
1%
Net Profit Margin
1.53%
Gross Profit Margin
2.3%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
1.97%
Operating Profit Growth (1 Year)
-
-28.61%
Net Profit Growth (1 Year)
-
22.19%
Asset Quality
Promoter Holding
74.97%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹-13 Cr.
Equity
₹3 Cr.
Face Value
₹10
All Time Low / High
₹40.00 / 846.45
Check Before You Invest
Quality
Very GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is Trade-Wings Ltd a good quality company?
Trade-Wings Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Trade-Wings Ltd performance compare with that of its Peers?
Revenue growth of Trade-Wings Ltd vs industry peers?
Trade-Wings Ltd revenue CAGR is 0.12%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Trade-Wings Ltd?
Promoters hold 74.97% of the Trade-Wings Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Trade-Wings Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 16% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Trade-Wings Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 15.1% | 14.8% | 13.9% | 14.8% | 10.6% | 0.5% | 4.2% | 17.1% | 16.5% | 18.1% | - |
| Value Creation Index ⓘ | 0.1 | 0.1 | 0.0 | 0.1 | -0.3 | -1.0 | -0.7 | 0.2 | 0.2 | 0.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 16.8 | 17.9 | 264 | 277 | 223 | 30.5 | 72.1 | 180 | 208 | 212 | 226 |
| Sales YoY Gr. | - | 6.9% | 1,369.1% | 5.1% | -19.6% | -86.3% | 136.1% | 149.2% | 16% | 2% | - |
| Adj EPS ⓘ | 0.8 | 0.2 | 0.5 | 0.9 | -3.7 | -10.3 | -5.7 | 0.4 | 0.2 | 1.9 | 3 |
| YoY Gr. | - | -70.9% | 121.7% | 76.5% | -507.8% | NA | NA | NA | -55.8% | 905.3% | - |
| BVPS (₹) ⓘ | 20.7 | 21.9 | 22.1 | 22.6 | 18.4 | 8.5 | 2.8 | 3 | 3.1 | 4.8 | 7.7 |
| Adj Net Profit ⓘ | 0.2 | 0.1 | 0.2 | 0.3 | -1.1 | -3.1 | -1.7 | 0.1 | 0.1 | 0.6 | 1 |
| Cash Flow from Ops. ⓘ | 1.7 | 4.1 | 1.3 | 1.9 | 3.9 | 3.1 | 1.3 | 3.1 | 8 | 0 | - |
| Debt/CF from Ops. ⓘ | 7.4 | 3.3 | 11.1 | 8.7 | 5.1 | 6.4 | 13.7 | 5.9 | 1.8 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 32.6% | -0.9% | 43.4% | 2% | ||||
| Adj EPS ⓘ | 10.3% | NA | NA | 905.3% | ||||
| BVPSⓘ | -15.1% | -23.7% | 19.5% | 55.1% | ||||
| Share Price | 16% | 53.6% | 104.5% | 755.1% | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 3.6 | 1 | 2.2 | 3.7 | -16.5 | -68.1 | -78.5 | 9.7 | 4.3 | 35.9 | 47.6 |
| Op. Profit Mgn % ⓘ | 10.7 | 7.3 | -1.2 | -1.4 | -1.2 | -7.5 | -3.3 | -0.9 | -0.9 | -1.3 | -1.9 |
| Net Profit Mgn % ⓘ | 1.4 | 0.4 | 0.1 | 0.1 | -0.5 | -10.1 | -2.4 | 0.1 | 0 | 0.3 | 0.4 |
| Debt to Equity ⓘ | 2 | 2.1 | 2.3 | 2.5 | 3.7 | 7.8 | 20.5 | 20.6 | 15.4 | 12.7 | - |
| Working Cap Days ⓘ | 582 | 612 | 48 | 49 | 60 | 377 | 139 | 51 | 38 | 39 | 23 |
| Cash Conv. Cycle ⓘ | 43 | 78 | 21 | 19 | 26 | 185 | 66 | 29 | 25 | 25 | 6 |
Valuation of Trade-Wings - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 40 | 43 | 290 | 307 | 248 | 37 | 87 | 214 | 242 | 249 |
| Operating Expenses ⓘ + | 36 | 41 | 291 | 306 | 249 | 41 | 88 | 210 | 239 | 247 |
| Operating Profit ⓘ | 4 | 2 | -1 | 0 | -2 | -3 | -1 | 4 | 4 | 3 |
| Operating Profit Margin (%) | 8.8% | 4.8% | -0.3% | 0.1% | -0.6% | -8.4% | -0.6% | 1.9% | 1.5% | 1.0% |
| Other Income ⓘ + | 2 | 3 | 6 | 7 | 5 | 2 | 3 | 4 | 5 | 6 |
| Interest ⓘ | 3 | 3 | 4 | 5 | 4 | 4 | 4 | 4 | 4 | 3 |
| Depreciation ⓘ | 1 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 2 | 2 |
| Profit Before Tax ⓘ | 0 | 1 | 0 | 1 | -2 | -6 | -3 | 3 | 4 | 4 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | 1 | 0 | -0 | 0 | -0 |
| Profit After Tax | 0 | 0 | 0 | 1 | -2 | -7 | -3 | 3 | 3 | 4 |
| PAT Margin (%) | 1.0% | 1.0% | 0.1% | 0.4% | -0.7% | -19.3% | -3.6% | 1.6% | 1.3% | 1.5% |
| Adjusted EPS (₹) | 1.3 | 1.5 | 1.3 | 4.2 | -5.7 | -24.1 | -10.5 | 11.1 | 10.4 | 12.7 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | -8 | -8 | -8 | -7 | -9 | -16 | -19 | -17 | -15 | -11 | |
| Debt + | 18 | 19 | 6 | 9 | 24 | 25 | 23 | 25 | 20 | 22 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 12 | 16 | 17 | 18 | 10 | 10 | 14 | 15 | 15 | 13 | |
| Others Liabilities ⓘ | 33 | 34 | 52 | 47 | 39 | 41 | 38 | 33 | 34 | 33 | |
| Total Liabilities ⓘ | 55 | 60 | 68 | 66 | 64 | 60 | 56 | 55 | 54 | 57 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 20 | 21 | 24 | 25 | 27 | 26 | 24 | 23 | 25 | 24 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Investments ⓘ | 2 | 0 | 1 | 2 | 2 | 0 | 0 | 0 | 0 | 0 | |
| Inventories | 2 | 3 | 4 | 3 | 3 | 2 | 2 | 1 | 2 | 2 | |
| Trade Receivables | 20 | 24 | 24 | 24 | 21 | 15 | 20 | 21 | 19 | 22 | |
| Cash Equivalents | 2 | 4 | 3 | 2 | 3 | 4 | 3 | 5 | 2 | 6 | |
| Others Assets ⓘ | 8 | 8 | 11 | 9 | 9 | 15 | 6 | 5 | 6 | 4 | |
| Total Assets ⓘ | 55 | 60 | 68 | 66 | 64 | 60 | 56 | 55 | 54 | 57 | |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 3 | 7 | 3 | 4 | 5 | 3 | 3 | 5 | 4 | 0 |
| Cash Flow From Investing Activity ⓘ + | -1 | -2 | -4 | -2 | -2 | 1 | 0 | -0 | -3 | 0 |
| Cash Flow From Financing Activity ⓘ + | -3 | -3 | 0 | -3 | -3 | -3 | -4 | -4 | -3 | 0 |
| Net Cash Flow ⓘ | -0 | 1 | -1 | -1 | 0 | 1 | -0 | 1 | -2 | 0 |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| ROCE (%) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Asset Turnover Ratio | 0.77 | 0.75 | 4.54 | 4.58 | 3.8 | 0.6 | 1.5 | 3.85 | 4.46 | 4.49 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | 4 | N/A | N/A | N/A | 1.67 | 1.33 | 0 |
| Working Capital Days | ||||||||||
| Receivable Days | 171.80 | 188.80 | 30.40 | 28.70 | 33.20 | 172.30 | 72 | 34.70 | 29.60 | 29.40 |
| Inventory Days | 16.80 | 20.10 | 4.30 | 4.40 | 4.20 | 21.10 | 7.10 | 2.60 | 2.30 | 2.40 |
| Payable Days | 2,243.90 | 2,110.70 | 65.20 | 75 | 74.60 | 785.10 | 389.60 | 30.20 | 26.70 | 25.30 |
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Announcements
Trade-Wings Ltd FAQs
The current trading price of Trade-Wings on 28-Sep-2026 16:59 is ₹410.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 27-Sep-2026 the market cap of Trade-Wings stood at ₹123.1 Cr
The latest P/E ratio of Trade-Wings as of 27-Sep-2026 is 138.3.
The latest P/B ratio of Trade-Wings as of 27-Sep-2026 is 53.25.
The 52-week high of Trade-Wings is ₹846.5 and the 52-week low is ₹47.04.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Trade-Wings is ₹226 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Trade-Wings Ltd is a good quality company.
The key valuation ratios of Trade-Wings Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Trade-Wings Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Trade-Wings Ltd
From a small beginning in 1949, Trade-Wings has grown from strength to strength to become a premier organization in the country, unmatched for its quality of highly personalized service. A committed management policy has kept us abreast of developments in information technology and global reservation systems. The company's pursuit of these commitments continues to provide clients a total package on travel and tourism backed by assured quality of service.
Pioneering and professionalism is the way of life at Trade-Wings Travel and Tours. Two young pioneers and entrepreneurs, Late Allan Currimbhoy and Late Raja Khandke got together in 1949 to established Trade-Wings. Since then, Trade-Wings have grown to be one of the leading travel organisations in the country. As a pioneer, Allan Currimbhoy visualized a great future in tourism for India. In fact, the very first organized tour from Europe to visit India was from Geneva in 1951 on Air India and all arrangements were well taken care of by Trade-Wings.
Trade Wings Tours handles both inbound and outbound travel operations. It is headquatered at Delhi with its branches in six Indian cities. It is also aided by the travel network of Trade Wings all over the country.
Services offered by the company:
- Travel and Ticketing
- Business Travel
- Leisure Travel
- Inbound & Domestic Tours
- Outbound Tours
- Financial Services
- Money Changers
- Money Gram
- American Express
- Insurance
- Courier Service
- Conference & Convention
Value Added Services- Trade Wings offers various other travel related value added services through its sister companies and associates, viz. travel money, travel insurance, money transfers, ticketing, hotels, etc.
Achievements/ recognition:
- Trade Wings is a member of prominent associations of the Travel Industry viz.-IATA, ASTA, PATA, TAAI, AFTA, UFTA, ACAAI, IATO, ICBP, etc.
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