Board Meeting Details

The Board of Directors meeting was held on Thursday, November 12, 2026. The meeting commenced at 4:10 p.m. and concluded at 5:15 p.m.

Financial Performance Highlights (Consolidated)

Q2FY27 (Quarter Ended September 30, 2026):

  • Revenue from Operations: ₹4,253.15 million (up 19.5% YoY from ₹3,558.90 million in Q2FY26)
  • Other Income: ₹796.89 million
  • Total Income: ₹5,050.04 million
  • Profit Before Tax (PBT): ₹1,923.63 million
  • Profit After Tax (PAT): ₹1,473.48 million (up 50.5% YoY from ₹979.03 million in Q2FY26)
  • PAT Margin: 34.6% of Consolidated Sales (714 bps improvement YoY)
  • Basic EPS: ₹11.10
  • Diluted EPS: ₹11.08

H1FY27 (Half Year Ended September 30, 2026):

  • Revenue from Operations: ₹8,775.39 million (up 20.1% YoY from ₹7,309.44 million in H1FY26)
  • Other Income: ₹1,258.44 million
  • Total Income: ₹10,033.83 million
  • Profit Before Tax (PBT): ₹3,626.04 million
  • Profit After Tax (PAT): ₹2,761.02 million (up 43.2% YoY from ₹1,928.66 million in H1FY26)
  • PAT Margin: 31.5% of Consolidated Sales (508 bps improvement YoY)
  • Basic EPS: ₹20.72
  • Diluted EPS: ₹20.68

Profitability Drivers

PAT growth was supported by:

  • Sales growth
  • Higher other income
  • Increase in share of profit from joint ventures (₹156.59 million in Q2FY27)
  • Write-back of provisions (net of tax) amounting to approximately ₹468 million in Q2FY27 and ₹566 million in H1FY27. This includes a partial GST provision write-back of ~₹98 million (net of tax) recognized in Q1FY27.

Operational Performance

System-wide Sales (includes subsidiaries, associates, JVs):

  • Q2FY27: ₹8,654 million (up 18.8% YoY)
  • H1FY27: ₹17,090 million (up 18.4% YoY)

Sales Growth Drivers:

  • Net Contract Gains (new outlets): 11.1% YoY in Q2FY27, 13.5% YoY in H1FY27
  • Like-for-Like (LFL) Sales Growth: 3.5% YoY in Q2FY27, 2.2% YoY in H1FY27
  • Passenger traffic at TFS-managed airports declined by 4.8% YoY in Q2FY27 and 2.2% YoY in H1FY27, attributed to factors influenced by the West Asia crisis.

Network Expansion

  • Presence expanded to 22 airports as of September 30, 2026 (from 18 a year earlier), including commencement at Alluri Sitarama Raju International Airport, Bhogapuram.
  • Travel QSR portfolio: 535 outlets (from 464 a year earlier), with over 70 new outlets added across New Delhi, Navi Mumbai, Cochin, Noida, and Bhogapuram.
  • Lounge portfolio: 35 lounges (compared to 37 a year earlier), reflecting closures related to terminal transitions and renovations.
  • Brand portfolio: 156 brands (21 new inhouse, regional, and international brands added in last 12 months).

Balance Sheet Position (Consolidated as of September 30, 2026)

  • Strong liquidity position with cash balance (including Cash and Cash Equivalents, other Bank balances, and Current Investments) of ₹10,309 million.
  • Debt-free status maintained.
  • Total Assets: ₹28,089.74 million
  • Total Equity: ₹16,091.13 million (Equity attributable to owners: ₹15,852.35 million)
  • Paid-up Equity Share Capital: ₹131.71 million (Face value of Re. 1 each)

Standalone Financial Performance

Q2FY27:

  • Revenue from Operations: ₹3,305.07 million
  • Other Income: ₹795.65 million
  • Profit Before Tax: ₹1,651.68 million
  • Profit After Tax: ₹1,229.35 million
  • Basic EPS: ₹9.33

H1FY27:

  • Revenue from Operations: ₹6,779.33 million
  • Other Income: ₹1,255.68 million
  • Profit Before Tax: ₹3,089.85 million
  • Profit After Tax: ₹2,340.81 million
  • Basic EPS: ₹17.77

Material Uncertainty Disclosure

A material subsidiary, Travel Food Services (Delhi Terminal 3) Private Limited (60% owned), had its license agreement expire on September 30, 2026. Management has assessed the subsidiary's operations on a going concern basis. At the Group level, management evaluated the overall financial position, liquidity, and cash flow projections, concluding that the Group's consolidated financial results continue to be prepared on a going concern basis as the Group is not dependent on this subsidiary to meet its obligations.

Audit Review

The unaudited financial results were reviewed by the statutory auditors, M/s. B S R & Co. LLP, who issued an unmodified limited review report for both standalone and consolidated results.

Additional Information

  • The company's website is www.travelfoodservices.com.
  • The information is being uploaded on the company's website.
  • Press release on the financial results is enclosed with the filing.