Key Financial Performance (Consolidated)

  • Total Income: ₹20,030 Mn for Q2 FY27 (▼5% YoY from ₹21,127 Mn in Q2 FY26)
  • Revenue from Operations: ₹19,442 Mn for Q2 FY27 (▼6% YoY from ₹20,738 Mn in Q2 FY26)
  • Other Income: ₹589 Mn for Q2 FY27 (▲52% YoY from ₹388 Mn in Q2 FY26)
  • EBIT: ₹1,076 Mn for Q2 FY27 (▼0.2% YoY from ₹1,078 Mn in Q2 FY26); Margin 5.4% (▲27 bps YoY)
  • PBT before exceptional items: ₹848 Mn for Q2 FY27 (▲0.4% YoY from ₹841 Mn in Q2 FY26); Margin 4.2% (▲24 bps YoY)
  • Exceptional Items: (₹8) Mn for Q2 FY27 (vs ₹257 Mn in Q2 FY26)
  • PBT: ₹839 Mn for Q2 FY27 (▼24% YoY from ₹1,098 Mn in Q2 FY26)
  • PAT: ₹536 Mn for Q2 FY27 (▼24% YoY from ₹704 Mn in Q2 FY26)
  • Reported PAT: ₹537 Mn for Q2 FY27 (▼24% YoY from ₹707 Mn in Q2 FY26)
  • H1 FY27 Total Income: ₹41,560 Mn (▼9% YoY from ₹45,657 Mn)
  • H1 FY27 Revenue from Operations: ₹40,360 Mn (▼10% YoY from ₹44,818 Mn)
  • H1 FY27 PBT: ₹1,722 Mn (▼22% YoY from ₹2,211 Mn)
  • H1 FY27 Reported PAT: ₹1,174 Mn (▼19% YoY from ₹1,443 Mn)

Segment Performance (Q2 FY27)

Financial Services:

  • Revenue: ₹1,025 Mn (▲21% YoY)
  • EBIT: ₹452 Mn (▲10% YoY); Margin 44.1% (▼455 bps YoY)
  • Forex Turnover: ₹38.9 Bn (▲7% YoY)
  • Prepaid Card Float: ₹18.9 Bn (▲11% YoY)

Travel & Related Services:

  • Revenue: ₹15,683 Mn (▼7% YoY)
  • EBIT: ₹455 Mn (▼30% YoY); Margin 2.9% (▼96 bps YoY)
  • B2C Leisure: ₹3,577 Mn (▼17% YoY)
  • B2B: ₹12,767 Mn (▼3% YoY)
  • International DMS: ₹7,254 Mn (▼7% YoY)

Leisure Hospitality:

  • Revenue: ₹1,259 Mn (▲21% YoY)
  • EBIT: ₹184 Mn (▲9% YoY); Margin 14.6% (▼155 bps YoY)
  • Resorts: 83 (▲20% YoY)
  • Rooms: 4,015 (▲15% YoY)
  • Occupancy: 52% (▲300 bps YoY)
  • Average Room Rate: ₹6,484 (▲9% YoY)

Digital Imaging Solutions:

  • Revenue: ₹1,474 Mn (▼25% YoY)
  • EBIT: (₹12) Mn (vs ₹23 Mn profit in Q2 FY26)

Cash Position and Credit Rating

  • Cash & Short-term Investments: ₹28,430 Mn as of September 30, 2026 (vs ₹26,488 Mn as of June 30, 2026)
  • CRISIL Rating Reaffirmed: 'CRISIL AA/Stable' on long-term bank facilities and 'CRISIL A1+' on short-term facilities

Management Commentary

Mahesh Iyer, Managing Director & CEO, stated: "Q2 FY27 again demonstrated the resilience of the TCIL Group with PBT holding firm at Rs. 848 Mn despite the continued impact of the West Asia conflict. Disciplined execution with a clear focus on margins helped us offset some shortfall in the travel business. Looking ahead, we are optimistic of continued momentum in India leisure travel, with forward bookings trending at a healthy 30% growth over last year."

Strategic Update: Sterling Holiday Resorts Demerger

  • Demerger process underway to separate resorts business into Sterling Holiday Resorts Ltd (SHRL)
  • Share entitlement: 0.81 SHRL shares for every 1 TCIL share
  • Face value reset: TCIL face value cut from ₹4 to ₹3
  • Expected completion by Q1 FY28
  • Purpose: Unlock shareholder value and sharpen strategic focus

Operational Highlights

  • Financial Services: Education segment turnover ▲33% YoY; Corporate segment turnover ▲10% YoY; Digital adoption at 22.4%
  • Travel Services: India travel businesses recovered sharply after slow July start; Middle East conflict impacted operations; Corporate travel revenue ▲11% YoY
  • Leisure Hospitality: 7 new resorts opened in Q2 (highest for any quarter); crossed 4,000+ keys milestone
  • Digital Imaging: 5 new partnerships signed; 20 key partnerships renewed; 229 attraction sites

Forward Guidance

  • Healthy forward bookings of 30% for Q3 FY27 for India leisure travel business
  • Sterling Resorts network expected to expand with 5 additional resorts by FY27