Event Type: Q1 FY27 Earnings Conference Call hosted by Systematix Shares & Stocks

Date and Time: The conference call was held on August 4, 2026. Specific time and time zone were not disclosed in the transcript.

Purpose: Discussion of Q1 FY27 financial and operating performance across all business segments including foreign exchange, travel, hospitality, and digital imaging services.

Management Participants:

  • Mr. Mahesh Iyer: Managing Director and Chief Executive Officer - Thomas Cook (India) Limited
  • Mr. Vishal Suri: Managing Director and Chief Executive Officer - SOTC Travel Limited
  • Mr. Vikram Lalvani: Managing Director and Chief Executive Officer - Sterling Holidays Resorts
  • Mr. K. S. Ramakrishnan: Managing Director and Chief Executive Officer - DEI
  • Mr. Debasis Nandy: President and Group Chief Financial Officer - Thomas Cook (India) Limited
  • Mr. Brijesh Modi: Chief Financial Officer - Thomas Cook (India) Limited
  • Mr. Krishna Kumar: Chief Financial Officer - Sterling Holidays Resorts
  • Ms. Urvashi Butani: Head of Investor Relations

Financial Period Discussed: Q1 FY27 (April-June 2026)

Key Financial Highlights:

  • Consolidated total income: INR 21,530 million (decline of 12% YoY)
  • Profit before tax: INR 885 million (decline of 21% YoY)
  • Excluding GCC-based subsidiaries (DEI and Desert Adventures), consolidated EBIT grew 8%

Business Segment Performance:

Foreign Exchange Business:

  • Segment revenue growth: 6% YoY
  • EBIT growth: 8% YoY
  • EBIT margins: 45.3%
  • Retail portfolio turnover growth: 8% YoY
  • Education portfolio turnover growth: 36% YoY
  • Corporate business portfolio growth: 9% YoY
  • Digital penetration: 23.5% (vs 20.4% last year)
  • Transactions increased by 38%
  • TCPay app bookings increased threefold
  • WhatsApp channel growth: 80+%
  • Present on Blinkit platform in 12 cities with 34% increase in cards sold

Travel Business:

  • Revenue: INR 17,106 million (decline of 14% YoY)
  • B2B segment: 63% of travel revenue at INR 11,192 million (decline of 13%)
  • B2C performance:
  • Domestic segment: 29% increase
  • Short-haul business: 6% growth (21% excluding Middle East)
  • Long-haul business: 28% decline
  • MICE portfolio: 14% YoY growth to INR 5,420 million
  • Corporate travel: 7% revenue growth to INR 350 million (gross turnover crossed INR 7 billion with 15% growth)
  • DMS portfolio: 31% decline to INR 5,422 million
  • Travel segment EBIT: INR 405 million (decline of 50% YoY)

Sterling Holidays Resorts:

  • Record quarter with 26 consecutive profitable quarters
  • Revenue from operations: INR 1.7 billion (21% YoY growth)
  • EBITDA: Over INR 620 million (21% growth)
  • EBITDA margin: 37%
  • Profit before tax: 30% YoY growth
  • PBT margins: 28% (200 bps expansion)
  • Operating free cash flow: 30% increase
  • Debt-free with cash reserves exceeding INR 3.7 billion
  • Occupancy: 77% (700 bps improvement)
  • Average room rate: INR 7,809 (10% increase)
  • RevPAR: 20% increase
  • Portfolio: 78 resorts/hotels with 3,800 rooms across 65 destinations
  • Development pipeline: 35+ resorts/hotels representing 2,000+ additional rooms
  • Net Promoter Score: above 81%

DEI (Digital Imaging):

  • Revenue: INR 1,307 million (vs INR 2,097 million in Q1 FY26)
  • EBIT: Negative INR 152 million (vs positive INR 106 million last year)
  • 50% business dependency on Middle East impacted by geopolitical issues

Compliance Statement: The transcript was uploaded on the company website within prescribed timeline pursuant to Regulations 30 and 46(2)(oa) of SEBI LODR Regulations, 2015.

Additional Notes:

  • The document is a transcription of the earnings conference call
  • The transcript contains detailed management commentary and Q&A session with analysts
  • Geopolitical disruptions in West Asia significantly impacted Middle East operations (DEI and Desert Adventures)
  • India operations remained stable excluding Middle East impact