Financial Performance
Thomas Cook India reported consolidated revenue growth of 3.3% to ₹85.6 billion for FY 2025-26, though PAT declined 14.7% to ₹2.2 billion due to geopolitical challenges and exceptional items. Standalone performance showed stronger results with PAT increasing 11.7% to ₹1.2 billion on revenue of ₹21.3 billion. The company maintained robust liquidity with cash reserves of ₹26 billion and achieved a credit rating upgrade to CRISIL AA/Stable from CRISIL AA-/Positive.
Strategic Initiatives & Corporate Actions
The Board approved a Composite Scheme of Arrangement involving demerger of the resorts business into Sterling Holiday Resorts Limited, consolidation of share capital, and amalgamation of inactive subsidiaries. This strategic restructuring aims to unlock shareholder value and enhance business focus. The company declared a dividend of ₹0.50 per share and proposed structural revisions to MD & CEO Mahesh Iyer's remuneration package effective April 2025.
Segment Performance
Financial Services: EBIT margin sustained at 46% with digital penetration reaching 21.2% and prepaid card loads exceeding USD 760 million. Retail contributed approximately 80% of forex revenue with turnover growing 9% to ₹94 billion.
Travel & Related Services: Revenue grew 4% to ₹67 billion with EBIT margin of 3.3%. B2B businesses contributed 70% of segment revenue while B2C grew 8%.
Leisure Hospitality: Sterling reported 7% revenue growth with EBIT margin of 24%, marking 25th consecutive profitable quarter despite 17% room inventory expansion.
Digital Imaging Solutions: Revenue remained stable at ₹8.4 billion with EBIT margin of 1.3%, operating across 14 countries with 108 million imaging captures.
Leadership & Governance
Significant leadership transitions occurred with Madhavan Menon retiring after 25 years of service and Gopalakrishnan Soundarajan designated as Non-Executive Chairman. Mahesh Iyer continued as MD & CEO with proposed remuneration revisions. The 49th AGM is scheduled for September 10, 2026 to approve director appointments, dividend payment, and commission to Non-Executive Independent Directors totaling ₹17.7 million.
Digital Transformation & Innovation
Digital initiatives accelerated with AI adoption across customer service platforms (TACY, Agent Assist, Voice Bot), TCPay app bookings growing 3.5x, and WhatsApp transactions increasing 2.6x. The company partnered with Blinkit for doorstep delivery of prepaid forex cards and pioneered contactless global forex payments through Google Pay integration.
Risk Management & Compliance
The company maintained comprehensive risk management covering cybersecurity, data privacy, geopolitical risks, and regulatory compliance. A cyber incident in December 2024 was resolved with enhanced security features without material financial impact. Clean audit reports were received from both statutory and secretarial auditors with no qualifications or adverse remarks.
ESG & CSR Initiatives
CSR spending of ₹2 million exceeded requirements, supporting Project Dialysis which delivered 3.73 million cumulative sessions. Sustainability Report 2026 and Climate Action Plan were launched, alongside Travelife certification and energy efficiency programs. The company maintained strong governance with 94% average board meeting attendance and 12.5% women directors.