Financial Performance Highlights

Full Year FY26 Performance (Consolidated)

  • Revenue from Operations: ₹16,478 million, representing 13.9% YoY growth compared to adjusted FY25 base of ₹14,470 million
  • Gross Profit: ₹13,961 million with Gross Margin of 84.7% (vs 81.7% in adjusted FY25)
  • EBITDA: ₹6,485 million with EBITDA Margin of 39.4% (vs 36.9% in adjusted FY25)
  • Profit Before Tax (PBT): ₹5,291 million with PBT Margin of 32.1%
  • Profit After Tax (PAT): ₹4,523 million with PAT Margin of 27.4%, representing 21.5% YoY growth
  • Share of Profit in Associate/JV: ₹664 million, up 33.5% YoY
  • Tax Expense: ₹1,431 million
  • Cash Balance: ₹8,356 million as of March 31, 2026 (includes Cash, Cash Equivalents, other Bank balances and Current investments)

Q4 FY26 Performance (Consolidated)

  • Revenue from Operations: ₹4,607 million, up 25.7% YoY
  • Gross Profit: ₹4,021 million with Gross Margin of 87.3% (430 bps improvement)
  • EBITDA: ₹1,863 million with EBITDA Margin of 40.4% (368 bps improvement)
  • PAT: ₹1,226 million, up 15.1% YoY with PAT Margin of 26.6%

System-wide Performance (Including Subsidiaries, Associates and Joint Ventures)

  • System-wide Sales: ₹32,144 million in FY26, up 25.4% YoY
  • Q4 System-wide Sales: ₹8,954 million, up 27.7% YoY
  • Like-for-Like (LFL) Sales Growth: 9.4% for FY26 and 6.1% for Q4 FY26
  • Net Contract Gains: 13.1% for FY26 and 17.3% for Q4 FY26

Operational Highlights

Network Expansion

  • Total operating network: 557 Travel QSR outlets and Lounges as of March 2026
  • Presence across 20 airports (16 in India, 4 internationally)
  • Present in 14 of India's top 15 airports by passenger traffic
  • Contract retention rate of approximately 92%

New Contract Wins and Commencements

  • Delhi IGI Airport T1 & T2: Secured contract for 33 F&B outlets at India's largest aviation hub
  • Cochin International Airport: Operations commenced in Q4 FY26 with multiple Travel QSR outlets and Lounge
  • Noida International Airport: Awarded contract to operate Travel QSR outlets and lounges, operations scheduled to commence from June 2026
  • Bhogapuram International Airport: Secured contract to operate Travel QSR outlets through Joint Venture GHL
  • Hong Kong International Airport: Awarded 2nd Kyra Lounge
  • Navi Mumbai International Airport: Operations started through JV Semolina Kitchens in December 2025

Brand Portfolio

  • Total 145 brands across cuisines and formats
  • Recent openings include Gordon Ramsay Street Pizza (Mumbai CSMIA T2), Malabar Express (Cochin), Masala Kitchen (Delhi T1)

Strategic Priorities

Core Business Expansion

  • Driving Like-for-Like sales growth through menu engineering, operational innovations, and premium offerings
  • Expanding presence at existing airports through deeper footprint and repeat wins
  • Winning new concessions at new airport locations including tier-2 airports

Technology Advancement

  • Developing EATS ecosystem aimed at creating unified access layer across lounge and airport hospitality services

Growth Opportunities

  • Exploring global lounge expansion and expressway QSR growth drivers
  • Leveraging Indian aviation market expected growth: Travel QSR at 17-19% CAGR and Lounge industry at 21-22% CAGR over FY26-35E

Industry Context

  • Q4 FY26 passenger traffic at TFS-managed airports was broadly flat year-on-year
  • Growth impacted by Middle East conflict beginning of March 2026
  • Indian aviation industry maintains strong long-term structural growth prospects

Adjustments and Notes

  • FY25 adjusted consolidated financials exclude one-time impact from deconsolidation of JV Semolina Kitchens Limited effective October 14, 2024
  • FY25 adjustment excludes ₹2,408 million of Semolina Kitchens sales and ₹99 million net loss, but includes ₹25 million loss in proportion to TFS' shareholding
  • LFL calculations exclude revenues from management and other services and outlets open for less than 12 months
  • System-wide numbers cover TFS, its subsidiaries, associates and joint ventures

Corporate Recognition

  • Great Place to Work® Certified for second consecutive year
  • Multiple awards and accolades received during the year

Investor Relations Contact

Chhavi Agarwal, CFA - Vice President Investor Relations