| Traveltime Mobility India Private Limited | ||||||
| Long-term rating upgraded to 'Crisil BBB / Stable'; 'Crisil A3+' reassigned to short-term bank debt | ||||||
| Rating Action | ||||||
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| Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. | ||||||
| 1 crore = 10 million | ||||||
| Refer to Annexure for Details of Instruments & Bank Facilities |
Detailed Rationale Crisil Ratings has upgraded its rating on the long-term bank facility of Traveltime Mobility India Private Limited (TMIPL, part of the Traveltime group) to 'Crisil BBB/Stable' from 'Crisil BBB-/Stable' and has reassigned its ‘Crisil A3+’ rating to the short-term bank facilities. The upgrade reflects the improvement in the group’s overall credit profile. Group’s revenue increased to Rs. 569 crores in fiscal 2026 from Rs. 524 crores in fiscal 2025, driven by steady increase from operation and maintenance and employee transport divisions, while state transport bus segment remain stagnant. With addition of electric buses in two cities and additional buses in Pune, revenue growth is expected to sustain. Financial profile also improved with repayment of debt and accretion to reserves. Despite additional debt for the new contracts, the financial profile will remain comfortable. Liquidity remains adequate with increased accruals providing adequate cushion against repayments, moderately utilized bank lines and unencumbered cash and cash equivalents.
The ratings continue to reflect the extensive experience of the promoters in the industry, established customer relationships and assured offtake agreements and comfortable financial risk profile. These strengths are partially offset by a large planned capex for electric buses and exposure to risks related to government transportation policies and the tender-based nature of business. |
Analytical Approach Crisil Ratings has combined the business and financial risk profiles of TMIPL and its subsidiaries, Traveltime City Bus Services (Gurugram) Pvt Ltd (TCBSG), Traveltime Mobility Services LLP (TMSL), Traveltime City Bus Services (Nagpur) Pvt Ltd (TCBSN), Traveltime E-Mobility Chennai Pvt Ltd (TEMCPL) and Traveltime Mobility Keonjhar Odisha Pvt Ltd. (TMKOPL) Collectively referred to as the Traveltime group, have a common management, are in the same business, and have financial fungibility.
Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation. |
Key Rating Drivers - Strengths Established presence of the promoters in the industry: The promoters have more than 20 years of experience in the car rental and transportation industry, that has helped them build an in depth understanding of the dynamics of the industry and has helped overcome business cycles. They have diversified operations into three segments and thus established a strong base comprising of large corporate clients and state/city transport corporations, which led to repeat orders and a steady increase in revenues. The group has a large fleet of 260 owned cars and more than 650 buses currently and also hires cars as per requirement. On the back of extensive experience of the promoters, the revenues of the group have increased to Rs 569 crores in fiscal 2026 from Rs 430 crores in fiscal 2023.
Established customer relationships and assured offtake agreement: The group has assured revenue visibility as it has enters into 8-12 years agreements with customers across Pune, Nagpur, Ahmedabad, Odisha, Gurugram, Chennai, etc. The customers primarily include state municipal bodies and public sector units with cashflow tied to assured kilometers providing healthy revenue visibility over the medium term. The group has escalation clauses in the contract which ensures the fuel prices revision monthly, labor prices revision in every billing cycle of 15-30 days, thereby protecting operating margins and insulating profitability from cost volatility.
Comfortable financial risk profile: The net worth was strong at more than Rs. 160 crores as on March 31, 2026, against Rs 116.23 crores as on March 31, 2025. The capital structure remains comfortable backed by healthy net worth and reduction in debt as reflected by gearing and total outside liability to adjusted net worth (TOLANW) of at 0.4x times and 0.9x times, respectively, as on March 31, 2026. The group will undertake addition of 250 buses in Chennai which will be funded through debt or long-term lease. Backed by the moderately healthy profitability and increased scale of operations the debt protection measures are comfortable as highlighted in the interest cover and net cash accruals to adjusted net worth ratio of 14x times and 1.3 times, respectively, estimated for fiscal 2026, and is expected to remain above 5 times in the medium term post addition of debt for Chennai. |
Key Rating Drivers - Weaknesses Large Capital Requirement: The group requires to deploy its own vehicles for transportation contracts as per agreements which are mostly debt-funded capital expenditure (capex), which leads to a sizeable capital requirement. Currently, the group is foraying into the electric bus segment, which requires higher capital requirements and funding of the same will lead to higher debt levels. Further, stabilization of revenues and profitability from electric buses operations is yet to be established and will remain monitorable.
Exposure to risks related to government transportation policies and the tender-based nature of business: Business is dependent on winning tenders floated by the government. Any change in passenger transportation policies or tender-awarding systems by state governments or local municipal bodies, or entry of a large competitive player might constrain revenue and profitability. Furthermore, upon completion of contracts, bids are re-invited and contracts awarded through a new tendering process, which may impact revenues if new contracts are not received. |
Liquidity Adequate Bank limit utilisation is moderate at around 66 percent for the past twelve months ended March 2026. Cash accruals are expected to be over Rs 100crore which are sufficient against term debt obligation of Rs 40- 50 crore over the medium term. Current ratio is expected to be moderate at 1.4 times on March 31, 2026. Moderate cash and bank balance of around Rs 23 crore as on March 31, 2026. |
Outlook Stable Crisil Ratings believe the group will continue to benefit from the extensive experience of its promoter and assured revenue offtake. |
Rating sensitivity factors Upward factors
Downward factors
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About the Group In 1992, Mr Deorao Kalkar started Surya Travels, which was in the car rental business. The firm was reconstituted as a private limited company in 2006 and renamed TMIPL. It is based in Pune, Maharashtra, and owned and managed by Mr Vivek Kalkar. The company operates buses for state transport undertakings and provides employee transportation services to corporate clients and government corporations.
TCBSN was established in 2017 for operating 66 buses for Nagpur Municipal Corporation.
Established in 2018, TCBSG operates 100 buses for Gurugram Metropolitan City Bus Limited in Haryana.
TMSL was established in 2022 for providing manpower to Olectra and OHM Global Mobility operating in Pune and intercity operations of buses in Maharashtra.
TEMCPL was established in 2025, to operate 250 electric buses for Chennai City Transport Corporation. The deployment is expected in later half of fiscal 2027.
TMKOPL was established in 2025, to operate 100 electric buses in Bhubaneshwar for Odisha Transport Corporation. |
Key Financial Indicators
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Any other information: Not applicable |
Note on complexity levels of the rated instrument: |
Annexure - Details of Instrument(s)
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Annexure – List of entities consolidated
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| Annexure - Rating History for last 3 Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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* - Issuer did not cooperate; based on best-available information
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| Annexure - Details of Bank Lenders & Facilities | ||||||||||||||||
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Annexure: List of instruments and names of regulators of the instruments As required by SEBI CRA Circular dated Feb 10, 2026, a list of activities or instruments falling under the purview of various FSRs, along with the names of respective FSRs, is being disclosed below:
* Includes securitisation transactions involving assignee payout, acquirer's payout. ~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), Crisil Ratings Limited shall separately capture the rated quantum details along with names of respective regulators. ^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions. # There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. @ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the investor side regulators have accordingly been included.
Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. |
Criteria Details
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