Consolidated Financial Performance

  • PBT* (excluding exceptional items) for Q2 FY27 was ₹848 Million, nearly flat compared to ₹845 Million in Q2 FY26.
  • Total Income for Q2 FY27 stood at ₹20,030 Million, down 5% year-on-year. For H1 FY27, Total Income was ₹41,560 Million, down 9% year-on-year.
  • The Group maintained a strong financial position, with Cash & short-term investments at ₹28,430 Million as of September 30, 2026, compared to ₹26,488 Million as of June 30, 2026.
  • CRISIL reaffirmed the rating of 'CRISIL AA/Stable' on the long-term bank facilities and 'CRISIL A1+' on the short-term bank facilities and short-term debt.

Segment-wise Performance

Financial Services
  • Revenue from Operations increased by 21% y-o-y for Q2 FY27 and 14% y-o-y for H1 FY27.
  • EBIT grew by 10% for Q2 FY27 and 9% for H1 FY27.
  • Overall retail sales grew by a healthy 12%, driven by a strong 33% growth in Education sales.
  • Digital adoption (DFC + FX Mate) was at 22.4% in Q2 FY27.
Travel Services
  • India Travel Businesses (Thomas Cook & SOTC) ended the quarter with Revenue from Operations down 17% y-o-y for Q2 FY27, but staged a sharp recovery from a slow July, ending just 6% lower than the previous year. EBIT margins were at a healthy 3.8%.
  • Corporate Travel Revenue from Operations grew 11% y-o-y for Q2 FY27. Air volumes grew 18.2% y-o-y.
  • India DMS business revenue grew 16% y-o-y in Q2 FY27.
  • Overseas DMS business revenue declined by 7% y-o-y for Q2 FY27, primarily due to geopolitical disruptions impacting Desert Adventures (Middle East, -67% sales) and Allied T Pro (USA, -22% sales). This was partially offset by growth in Asian Trails (Asia Pacific, +9%) and Private Safaris (Southern Africa +31%, East Africa +10%).
  • Healthy forward bookings of 30% for Q3 FY27 were reported for the India leisure travel business.
Leisure Hospitality (Sterling Holidays & Nature Trails)
  • Revenue from Operations reached ₹1,259 Mn in Q2 FY27, growing 21% y-o-y.
  • EBITDA was ₹288 Mn, growing 4% y-o-y, marking the 27th consecutive profitable quarter.
  • The network expanded to 83 resorts (up 20% y-o-y), with 7 new resorts opened in Q2 FY27.
  • Occupancy improved to 52% (up 400 bps y-o-y) and Average Room Rate (ARR) improved to ₹6,484 (up 9% y-o-y).
  • Cash reserves were at ₹3,808 Mn, up 12% q-o-q. The subsidiary remains debt-free.
Digital Imaging Solutions (DEI)
  • Losses narrowed significantly to ₹76 Mn in Q2 FY27 from ₹208 Mn in Q1 FY27, aided by cost containment.
  • Middle East operations (~50% of portfolio) saw attractions restarting and functioning at ~40-50% levels.

Other Key Business Updates

  • Focus on Digitalization: Enhanced an AI-powered chatbot with a Dynamic Itinerary Customization feature (DynaPack).
  • Network Expansion: Inaugurated 6 new leisure travel outlets in Q2 FY27.
  • The company and its brands won several awards, including "Best Corporate Travel Management Company of the Year 2026" and "Best Travel Agency of the Year".

*PBT excludes exceptional items.