Trade Wings Ltd (TRADWIN)

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Trade Wings Ltd (TRADWIN) · mywealthgrid

About

Trade Wings provides tour and travel-related services targeting leisure travelers. Small-scale operator (₹197.97 Cr market cap, ₹45–60 Cr quarterly revenue) in India's leisure travel market.

Face value: ₹10

Market cap

₹138 Cr

P/E

57.7×

P/B

—

Dividend yield

ROE

—

ROCE

44.8%

Debt / equity

—

OPM

-0.2%

EPS (TTM)

₹8.0

Book value

₹-30.5

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Razor-thin operating margins (-2.13% in Jun 2023, -0.17% in Mar 2025) and frequent losses (Jun 2024 -₹0.4 Cr, Sep 2024 -₹0.33 Cr) mean cost inflation or demand weakness quickly erodes profit.
Earnings extremely volatile: EPS ranges -₹2.94 (Jun 2023) to +₹3.98 (Mar 2025), driven by small revenue swings on near-zero margins.
High valuation (PE 59.45) on unstable earnings (Mar 2025 EPS 3.98 vs Dec 2024 EPS 0.35); verify if recent profit recovery is durable or one-time.
Zero institutional participation (FII 0%, DII 0%) despite ₹197.97 Cr market cap; verify if this reflects liquidity constraints, governance concerns, or simple exclusion from indices.

Generated analysis · source review pending

Growth drivers

Operating margin recovery (-2.13% in Jun 2023 to -0.17% in Mar 2025) could significantly scale profit if trend continues toward positive 1–2%.
Seasonal profit opportunity: Mar and Dec quarters generate ₹1.26–₹0.38 Cr profit vs Jun/Sep losses of -₹0.53–₹-0.4 Cr; verify if company can optimize peak-season pricing or cost management.
Flat revenue trend (Mar 2024 ₹51.59 Cr to Mar 2025 ₹52.26 Cr) suggests growth potential; verify if company has expansion plans or barriers in addressable market.

Generated analysis · source review pending

244 historical price candles were omitted because the exchange source has not been verified.

₹460.0+7%1Y

Quick read

rule-based

Pros

+High return on capital employed of 50.5%
+Revenue CAGR of 47.5% over the last 5 years
+High promoter holding of 75% with no pledge

Cons

−Profit declined 10.5% a year over the last 3 years
−Weak interest coverage of 1.4×

Research score

Structured signal from quality, growth, valuation and momentum.

29/100

Business quality: 34
Growth: 14
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Tbo Tek LimitedTBOTEKTBOTEK	₹18,152 Cr	₹18,798 Cr	₹3,092 Cr	₹432 Cr	13.8%	₹265 Cr	9.1%	18.5%	17.8%	-133
Bls International Services LimitedBLSBLS	₹8,914 Cr	₹9,144 Cr	₹3,178 Cr	₹867 Cr	27.3%	₹706 Cr	24.1%	30.1%	32.7%	-19
Le Travenues Technology LimitedIXIGOIXIGO	₹7,103 Cr	₹7,127 Cr	₹1,265 Cr	₹72 Cr	5.9%	₹87 Cr	5.8%	7.6%	5.4%	-47
Thomas Cook (India) LimitedTHOMASCOOKTHOMASCOOK	₹4,737 Cr	₹5,014 Cr	₹8,082 Cr	₹394 Cr	5.1%	₹219 Cr	2.6%	12.7%	9.1%	-137
Easy Trip Planners LimitedEASEMYTRIPEASEMYTRIP	₹2,295 Cr	₹2,327 Cr	₹557 Cr	₹-29 Cr	-2.8%	₹-52 Cr	-8.9%	0.8%	-5.2%	-4,782
Yatra Online LimitedYATRAYATRA	₹1,551 Cr	₹1,622 Cr	₹985 Cr	₹70 Cr	8%	₹31 Cr	4.7%	7.6%	5.8%	109
Waterways Leisure Tourism LimitedCORDELIACORDELIA	₹731 Cr	₹780 Cr	₹591 Cr	—	—	₹168 Cr	28.5%	-62.6%	513.1%	-23
Mach Travel Solutions LtdMACHLTDMACHLTD	₹407 Cr	—	₹217 Cr	₹21 Cr	9.7%	₹17 Cr	7.7%	—	—	—
International Travel House LtdITHLITHL	₹226 Cr	₹226 Cr	₹59 Cr	₹-38 Cr	14.7%	₹-45 Cr	8%	17.6%	10.7%	11
Trade Wings LtdTRADWINTRADWIN	₹138 Cr	₹156 Cr	₹262 Cr	₹-1 Cr	-0.2%	₹2 Cr	0.9%	44.8%	—	12
Yaan Enterprises LtdYAANENTYAANENT	₹51 Cr	₹57 Cr	₹2 Cr	₹-0 Cr	5.7%	₹-3 Cr	3.2%	24.5%	15.8%	117
Helloji Holidays LtdHELLOJIHELLOJI	₹40 Cr	—	₹28 Cr	₹1 Cr	5.4%	₹1 Cr	4.5%	—	—	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	298	254	248	37	87	214	242	249	262
COGS	—	—	213	29	70	174	0	202	213
Gross profit	—	—	35	8	17	40	—	47	49
	299	255	36	12	18	36	239	45	49
	-2	-0	-2	-3	-1	4	3	2	-1
OPM %	-0.5%	-0.2%	-0.7%	-8.6%	-0.9%	1.8%	1.4%	1%	-0.2%
Depreciation	1	1	2	1	1	1	2	2	2
Interest	3	2	4	4	4	4	3	3	4
	7	3	5	2	3	4	5	6	8
Profit before tax	—	—	-2	-6	-3	3	4	4	2
Tax	0	0	0	1	0	-0	0	0	-1
Tax %	—	—	7.6%	12.8%	8.3%	-12.9%	12.9%	5.3%	-38.7%
	1	0	-2	-7	-3	3	3	3	2
PAT margin %	0.2%	0%	-0.7%	-19.3%	-3.6%	1.6%	1.3%	1.4%	0.9%
EPS (₹)	—	—	-5.7	-24.1	10.5	11.1	20.7	25.4	8
EPS adjusted (₹)	1.8	0.3	-5.6	-24.1	-10.5	11.1	10.4	11.4	8
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	3	3	3	3	3	3	3	3	3
Reserves	-11	-11	-12	-19	-22	-20	-18	-14	-12
	6	6	9	11	23	23	17	21	18
	62	62	63	66	53	49	51	47	47
Total equity & liabilities	60	60	63	60	56	55	54	57	56
	21	21	27	26	24	23	25	24	22
CWIP	—	—	—	—	—	—	—	—	0
Investments	—	—	2	0	0	0	0	0	0
	39	39	34	35	31	32	28	33	34
Total assets	60	60	63	60	56	55	54	57	56

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	14%	22.2%	19.8%	18.5%	—	18.9%	18.6%
EBITDA margin %	-0.2%	-0.7%	-8.6%	-0.9%	1.8%	1.4%	1%	-0.2%
EBIT margin %	-0.7%	-1.3%	-12.4%	-2.5%	1.2%	0.8%	0.1%	-1.1%
PAT margin %	0%	-0.7%	-19.3%	-3.6%	1.6%	1.3%	1.4%	0.9%
Working capital
Receivable days	35	22	53	20	9	28	31	30
Inventory days	4	4	23	8	3	3	3	3
Payable days	—	17	131	75	30	22	24	20
NWC days	—	10	-55	-46	-19	8	10	12
Leverage
Current ratio	0.68	0.62	0.52	0.36	0.36	0.61	0.71	0.74
Debt to EBITDA	—	—	—	—	6.01	5.15	8.93	—
Debt to equity	-0.81	-0.93	-0.65	-1.16	-1.36	-1.19	-1.94	-1.97
Interest coverage	1	0.6	-0.7	0.2	1.8	2	2.2	1.4
Asset turnover	4.22	3.95	0.62	1.56	3.88	4.53	4.34	4.69
Return ratios
Return on assets %	0.1%	-2.7%	-12%	-5.7%	6%	5.8%	6%	4.3%
Return on capital employed %	20.9%	17.3%	-17.2%	4.9%	47.9%	53.2%	53.6%	44.8%
Return on equity %	-1.1%	18.3%	44%	16.2%	-19.4%	-21.3%	-31.6%	-26.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	25.03%	25.03%	25.03%	25.03%	25.03%	25.03%	25.03%	25.03%	25.03%	25.03%	25.03%	25.03%
No. of shareholders	—	—	—	—	—	—	—	—	731	733	834	825

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Trade Wings Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results13 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

34 announcementsExport CSV

21 Sept 2026, 4:07 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

4 Sept 2026, 3:58 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

2 Sept 2026, 3:11 pmAGM/EGM

Intimation Of E-Voting Period

AGM PDF

2 Sept 2026, 3:05 pmCompany Update

Intimation Of Book Closure Date For 76Th Annual General Meeting

General PDF

29 Aug 2026, 5:25 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

29 Aug 2026, 5:08 pmAGM/EGM

Notice Of 76Th Annual General Meeting Scheduled To Be Held On Thursday, 24Th September, 2026 At 10:30 Am At The Registered Office Of The Company

AGM PDF

17 Aug 2026, 1:37 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

13 Aug 2026, 5:20 pmResult

Submission Of Un-Audited Financial Results Under Regulation 33 Of SEBI (Listing Obligation And Disclosure Requirements) Regulations, 2015 For The First Quarter Ended 30Th June, 2026

Financial Results PDF

Date	Category	Subject	Filing
21 Sept 2026, 4:07 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
4 Sept 2026, 3:58 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication

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Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	14%	22.2%	19.8%	18.5%	—	18.9%	18.6%
EBITDA margin %	-0.2%	-0.7%	-8.6%	-0.9%	1.8%	1.4%	1%	-0.2%
EBIT margin %	-0.7%	-1.3%	-12.4%	-2.5%	1.2%	0.8%	0.1%	-1.1%
PAT margin %	0%	-0.7%	-19.3%	-3.6%	1.6%	1.3%	1.4%	0.9%
Working capital
Receivable days	35	22	53	20	9	28	31	30
Inventory days	4	4	23	8	3	3	3	3
Payable days	—	17	131	75	30	22	24	20
NWC days	—	10	-55	-46	-19	8	10	12
Leverage
Current ratio	0.68	0.62	0.52	0.36	0.36	0.61	0.71	0.74
Debt to EBITDA	—	—	—	—	6.01	5.15	8.93	—
Debt to equity	-0.81	-0.93	-0.65	-1.16	-1.36	-1.19	-1.94	-1.97
Interest coverage	1	0.6	-0.7	0.2	1.8	2	2.2	1.4
Asset turnover	4.22	3.95	0.62	1.56	3.88	4.53	4.34	4.69
Return ratios
Return on assets %	0.1%	-2.7%	-12%	-5.7%	6%	5.8%	6%	4.3%
Return on capital employed %	20.9%	17.3%	-17.2%	4.9%	47.9%	53.2%	53.6%	44.8%
Return on equity %	-1.1%	18.3%	44%	16.2%	-19.4%	-21.3%	-31.6%	-26.1%

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5	3	3	5	4	7	4
	-2	1	0	-0	-3	-1	-0
	-3	-3	-4	-4	-3	-3	-4
Net cash flow	0	1	-0	1	-2	3	-0
Free cash flow	2	3	3	5	1	6	2
CFO / Operating profit %	—	—	—	136.8%	118.7%	314.4%	—

Trade Wings Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

1

Announcements

Not in the F&O segment

No fund holdings on record

1

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Trade Wings Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Board meetings1

Announcements

Annual reports

Quarterly record

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

1

1