Financial Performance Overview

Thomas Cook India Limited reported Q1 FY27 consolidated results impacted by challenging geopolitical environment, particularly affecting GCC-based subsidiaries.

Consolidated Financials:

  • Total Income: ₹21,530 Mn (down 12% YoY)
  • Profit Before Tax (PBT): ₹885 Mn (down 21% YoY)
  • Cash & short-term investments: ₹26,488 Mn as of June 30, 2026 (vs ₹26,162 Mn as of March 31, 2026)
  • Excluding GCC-based subsidiaries (DEI & Desert Adventures), the Group registered EBIT growth of 8% for Q1 FY27

Segment-wise Performance

1. Financial Services:

  • Revenue from Operations: Increased 6% YoY
  • Retail turnover: Grew 8% YoY
  • EBIT: Grew 8% YoY
  • EBIT Margins: 45.3%
  • Education sales growth: 36% YoY
  • Retail sales growth: 8% YoY
  • Holiday sales: Decline of 5% YoY
  • Card loads: Decline of 5% YoY

2. Travel Services:

Leisure Travel:

  • Revenue from Operations: Decline of 16% YoY across Thomas Cook & SOTC

Corporate Travel:

  • Revenue from Operations: Grew 7% YoY
  • Total Air and Non-Air volumes: Grew 13.4% YoY
  • Air volumes: Growth of 14.4% YoY
  • Domestic Air volumes: Increased 10.9% YoY
  • International Air volumes: Grew 16.7% YoY
  • Hotel volumes: Increased 33.7% YoY
  • Hotel transactions: Grew 16.2% YoY
  • Non-Air volumes: QoQ growth of 5.2%
  • Non-Air transactions: QoQ growth of 3.7%
  • Car rental volumes: QoQ growth of 28.2%
  • Car rental transactions: QoQ growth of 25.4%

MICE (Meetings-Incentives-Conferences-Exhibitions):

  • Sales growth: 14% YoY
  • Managed over 110 groups ranging from 50 to 2400 delegates
  • Key international destinations: Australia, Cambodia, Canada, China, France, Hong Kong, Indonesia, Japan, Malaysia, Mexico, Netherlands, Norway, Singapore, South Africa, Spain, Sri Lanka, Switzerland, Thailand, United Kingdom, United States, Vietnam
  • Domestic destinations: Delhi, Goa, Hyderabad, Shimla, Jaipur, Chandigarh, Kolkata, Amritsar

Destination Management Services (DMS):

India DMS:

  • Revenue from Operations: 0.2% growth despite cancellations due to Israel-Iran War

Overseas DMS:

  • Revenue: Decline of 33% YoY
  • Asia Pacific – Asian Trails: Revenue broadly stable with strong growth in China operations
  • USA – Allied T Pro: Impacted by softness in U.S. inbound tourism
  • Middle East – Desert Adventures: Materially impacted by geopolitical developments
  • Private Safares – Southern Africa: Revenue grew 17% YoY
  • Private Safares – East Africa: Revenue grew 4% YoY

3. Leisure Hospitality (Sterling Holidays & Nature Trails):

  • Revenue from Operations: Grew 19% YoY to record ₹1,614 Mn
  • EBIT: Grew 28% YoY
  • EBIT Margins: 32.4%
  • EBITDA: ₹637 Mn with 37% margins
  • Occupancy: 67%
  • Resort Revenue: 23% growth YoY
  • F&B Revenue: 15% growth YoY
  • Average Room Rate (ARR): Improved 9% YoY to ₹7,809
  • Resort network: Expanded to 78 properties with 3,798 rooms
  • Cash reserves: ₹3,737 Mn, zero-debt, net cash-positive company
  • Customer NPS: Exceeding 81
  • TripAdvisor rating: 4.60

Nature Trails:

  • Relaunched Nature Trails Kundalika Retreat

4. Digital Imaging (DEI) & Desert Adventures (GCC-based subsidiaries):

  • Middle East operations (~50% of portfolio) impacted by ongoing geopolitical situation
  • Several attractions remained closed, others witnessed subdued footfalls
  • Lower contribution from China
  • Healthy growth across Hong Kong, Singapore and Saudi Arabia provided partial offset

Digital Transformation Initiatives

Digital Adoption:

  • Digital adoption (DFC + FX Mate): 23.5% YoY in Q1 FY27 vs 21.6% in Q1 FY26
  • WhatsApp transactions: Grew over 84% YoY (1,026+ vs 559 in Q1 FY26)
  • App bookings: 3x growth YoY (+840 transactions vs 223 in Q1 FY26)
  • Website bookings: 38% growth YoY (+1,200 transactions vs 866 in Q1 FY26)
  • Video KYC: Transactions grew 9x YoY (+1,500 transactions vs 160 in Q1 FY26)

Technology Platforms:

  • Pathfndr: Enhanced AI-powered dynamic holiday packaging platform with Generative AI chatbot
  • Voice Bot: Enhanced AI-powered conversational voice bot with outbound calling capabilities for SOTC
  • Agent Assist: Rolled out AI-powered real-time sales co-pilot across retail sales
  • QC Bot: Expanded AI-powered call quality monitoring solution

Business Development & Partnerships

New Partnerships Signed (3):

  • Indonesia: Cimory Dairyland Farm Puncak, Omma Day Club Bali
  • China: Shanghai Ocean Aquarium

Renewed Partnerships (11):

  • UAE: Snow Reem AD/Snow AUH, Sheikh Zayed Grand Mosque, Sheikh Zayed Grand Mosque 360, Modesh World, Le Meridien
  • Singapore: Singapore Oceanarium including the Marine Mammal Habitat, Adventure Cove Water Park, Universal Studios Singapore
  • Indonesia: Bali Bird Park, Waterbom Bali
  • Oman: Oman Aquarium

Operational Launch (5):

  • India: Wet N Joy Shirdi, Wet N Joy Lonavala, Sai Teerth Shirdi
  • Indonesia: Cimory Dairyland Farm Puncak, Omma Day Club Bali

Network Expansion:

  • Leisure Travel: Inaugurated 11 outlets across Mumbai, Noida, Kolkata, Lucknow, Surat, Hyderabad, Jaipur, Bareilly, Visakhapatnam
  • Retail: Operationalized counters at Delhi Airport T2 (June) and T1 (July 2026)
  • Closed branches in Guwahati, Jaipur, Margao as part of retail network optimization
  • Expanded prepaid Forex Card portfolio to 28 currencies with 16 new global currencies

Awards & Recognition:

  • ET Edge's Best Organizations for Women (BOW) 2026
  • MICE Powerhouse at MaxiiiMICE Awards 2025
  • CRISIL rating reaffirmed: 'CRISIL AA/Stable' on long-term bank facilities, 'CRISIL A1+' on short-term facilities

Management Commentary

Mahesh Iyer, Managing Director & CEO, commented: "The first quarter of FY27 was characterised by a highly volatile operating environment. The impact was particularly severe on our GCC-based subsidiaries - Digital Imaging (DEI) & Desert Adventures, that continue to be affected by the ongoing conflict in the region. The Group delivered a resilient performance for Q1 FY27 despite the challenging environment. While the operating environment continues to remain dynamic, we are cautiously optimistic about the outlook for the remainder of the year. Our focus remains on prudent financial management, driving operational excellence through technology and innovation, and strengthening our customer focus to deliver sustainable growth and create long-term value for all our stakeholders."

Strategic Initiatives

The Group navigated the difficult period with:

  • Timely repricing to manage input cost escalations
  • Renegotiating with partners
  • Prudent cost discipline
  • Site rationalization and closure of non-profitable locations
  • Optimization of commercial arrangements and operating overheads