Thomas Cook (India) Limited has informed the Exchange about Investor Presentation.
July 30, 2025
The Manager, Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 500413 Fax No.: 2272 2037/39/41/61
Dear Sir/ Madam,
The Manager,
Listing Department National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051 Scrip Code: THOMASCOOK Fax No.: 2659 8237/38
Sub: Analyst and Investor Earnings Conference Call Presentation
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in continuation to our intimation dated July 15, 2025, please find enclosed a copy of Investor Presentation on financial and business performance of the Company for the quarter ended June 30, 2025, for the Earnings Call scheduled to be held on Friday, August 1, 2025.
This is for your information and records.
Thank you.
Yours faithfully,
For Thomas Cook (India) Limited
Amit J. Parekh Company Secretary and Compliance Officer
Encl: a/a
Thomas Cook (India) Limited Investor Presentation – Q1 FY26
Table of Contents
Sr. No.
Contents
Page No.
1
2
3
4
5
6
7
About the Group
Group Performance
Financial Services
Travel & Related Services
Leisure Hospitality & Resorts
Digital Imaging Solutions
Results – Q1 FY26
03
05
11
15
27
31
34
2
Thomas Cook India Group at a Glance
A 144+ year old brand having diversified interests in Travel & Related Services, Foreign Exchange & Related Services, Leisure Hospitality & Resorts and DEI.
# Part of Fairfax Group (63.83%)
An Industry Unique Portfolio Set-up
• • • •
Travel and related services – B2C & B2B Financial Services Digital Imaging Solutions Leisure Hospitality and Resorts
Financial Resilience*
• • • •
Total Income From Operations - Rs. 82.8 bn. Profitability - PBT Rs. 3.8 bn. Cash and Cash Equivalents - Rs. 20.7 bn. ROE – 12%
*FY25 Numbers
#Promoter Holding as on June 2025
India’s Largest Integrated Company in the Travel and Tourism sector
10,000+ TCIL Group Strength
Global Footprint Spread across: 28 countries 5 continents 900+ touchpoints
India’s leading Player in Prepaid Forex Card
16 Brands under TCIL portfolio
FY25 - Revenue Breakup Rs. 81,396 mn
10%
4%
6%
79%
Financial Services^ Leisure Hospitality
Travel & related Services Digital Imaging Solutions
^ Reported on net basis
3
Thomas Cook India Group at a Glance
Travel & Related Services
Southern Africa East Africa
Financial Services
Leisure Hospitality & Resorts
Digital Imaging Solutions
The Brand Names mentioned are the property of their respective owners and are used here for identification purposes only
4
This image will change
Key Highlights Group Performance Financial Services Quarterly Highlights
5 5
Consolidated Financial Performance for Q1 FY26
Total Income from Operations
15%
21,343
20,220
24,530
Margin %
(Rs mn)
7.7%
EBITDA
7.5%
15%
1,645
1,514
7.7%
1,887
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26*
5.1%
1,091
PBT
4.4%
18%
884
5.2%
1,284
Q1FY25
Q4FY25
Q1FY26*
• Thomas Cook India Group reports PBT growth of 18% to Rs. 1,284 Mn for Q1 FY26
excluding the effect of a one-time expense, despite ongoing geopolitical challenges
impacting travel.
• CRISIL upgrades Thomas Cook India Group’s ratings to CRISIL AA/Stable/CRISIL A1+.
The highest rating for a travel & tourism company in India.
• Cash & Bank balances as of 30th June 2025 were at Rs. 22,481 mn as compared to Rs.
20,739 Mmn in March 2025.
*Excludes One-time expenses refer to a one-off ex gratia provision of Rs.171 Mn in Q1 FY26
6
Management Commentary : Q1 FY26
Commenting on the results, Mahesh Iyer - Managing Director & CEO Thomas Cook
(India) Limited said, “Despite the recent geopolitical events this quarter, that disrupted
the travel ecosystem both in India and globally, I am happy to announce that the
Thomas Cook India Group reported a PBT growth of 18% for Q1 FY26 at Rs 1,284 Mn,
excluding the effect of a one-time expense. Total Income from Operations grew by 15%
y-o-y and 21% on a sequential basis. This was driven by strong performances across
Travel Services, Hospitality (Sterling Holidays), our DMS companies and DEI. CRISIL’s
recent upgraded rating to CRISIL AA/Stable/CRISIL A1+, the highest in India’s travel and
tourism sector, is a reaffirmation of the Group’s leadership.
Looking ahead, the Group continues to stay focused on technology and improved
customer experience. Given the unpredictable external environment, and its potential
impact on travel sentiment, we remain cautiously optimistic as we move into the
festive season ahead.”
7
Diversified Verticals – Powered by Consistent Execution & Scalable Growth
Segment wise EBIT* contribution
48%
22%
24%
6%
Travel and Related Servies
One-stop solution for every traveler’s needs A trusted name in travel, delivering comprehensive services across leisure travel, corporate travel, MICE Offers end-to-end travel solutions serving both retail and corporate customers
Financial Services
With 75+ years of expertise, TCIL holds a prominent position in India’s financial ecosystem. India’s only non-bank AD-II license holder with: SWIFT membership and a perpetual RBI license, a dedicated dealing room and active Nostro accounts First to issue Forex prepaid cards with Mastercard, Visa, and Rupay A key player in both B2C and B2B segments,
Leisure Hospitality & Resorts
Sterling Holiday Resorts Ltd. is a leading leisure hospitality brand with 60+ resorts, while Nature Trails, owns and operates adventure retreats close to Mumbai in scenic locations amidst natural surroundings Properties span hills, beaches, jungles, waterfronts, heritage, and pilgrimage sites. It caters to FIT holidays, weddings, MICE events, reunions, picnics, and more
Digital Imaging Solutions
DEI Holdings Ltd. is a global leader in souvenir imaging solutions, operating across 15 countries and 262 sites.
It serves top attractions including aquariums, theme parks, cable cars, tall towers, animal & snow parks, water parks, and luxury hotels.
*Q1 FY26
8
Segmental Performance – Q1 FY26
Travel & Related Service
Financial Services
Leisure Hospitality & Resorts
Digital Imaging Solutions
18%
19,784
16,821
15,723
907
-7%
787
8%
1%
842
1,257
1,164
1,357
2,075
2,015
2,097
Margin %
(Rs mn)
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
3.9%
649
3.7%
25%
589
4.1%
51.4%
811
466
42.5%
-20%
334
44.4%
26.1%
374
328
20.2%
25%
235
30.2%
3.2%
3.9%
5.1%
409
61%
78
106
66
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
9
m o r f e m o c n
I
s n o i t a r e p O
T I B E
Balance Sheet Overview
Cash & Bank Balance
Gross Debt & Equity
Interest Coverage Ratio
(Rs bn)
22.5
(Rs bn)
21.0
22.4
23.0
20.7
18.7
6.1
4.9
5.7
Jun-24
Mar-25
Jun-25
2.5
2.4
2.8
Jun-24
Mar-25
Jun-25
Gross Debt
Equity
Q1 FY25
Q4FY25
Q1FY26
Prudent financial management evident from its robust position
The balance sheet strength provides capacity to drive growth
Group interest cost includes - Interest Cost, Other finance charges, Interest on lease liabilities
10
Key Highlights Key Highlights
Financial Services Financial Services
11 11
Financial Services Ecosystem
Retail
Holiday
Education
Wholesale
Banks
MSBs
Corporates
Airport
*Reported Revenue: Rs 842 Mn
Q1 FY26
80%
20%
Remittance
Prepaid Travel Cards
Buy & Sell Forex
*On net basis
Leisure Travel
12
Corporates
Education
Update on Business operations : Foreign Exchange
Income from Operations
907
-7%
787
842
52.6%
477
Margin %
(Rs mn)
EBIT
46.2%
51.4%
42.5%
44.4%
-20%
EBITDA
44.2%
-18%
348
389
466
334
374
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Key Highlights
The financial services segment reported 7% y-o-y decline to Rs 842 Mn, however increased by 7% on a q-o-q basis. The shift reported on a y-o-y basis is driven by
• Challenging geopolitical environment and heightened regional tensions • Lower Hajj quota for Indian pilgrims corresponding dip in forex transactions linked to
pilgrimage travel.
• Weakness in the education segment: As per RBI LRS data, forex outflows in April-May 2025 for education dropped by 25% y-o-y, reflecting softer demand in this key category
• Exit from Delhi airport: Led to a reduction in retail forex volumes.
However, important to note that despite the dip in reported revenues, EBIT margins remained healthy at 44%.
4% y-o-y
Retail Sales
20%
3x y-o-y
FX Digital Adoption Q1 FY26
App bookings
3% y-o-y
6% y-o-y
7x y-o-y
550+ in Q1 FY26
Retail transactions
Holiday Sales
Forex transactions by WhatsApp
13
Key Initiatives – Forex
Opened new forex outlets
Sahakara Nagar - Bengaluru
Thodupuzha - Kerala
Franchise outlet in Jayanagar – Bengaluru (Gold Circle Partner)
India’s First Contactless Cross-Border Forex Card – Powered by Google Pay & Visa
Seamless addition of Thomas Cook’s range of forex prepaid cards to Google Pay
Contactless and quick payments via mobile
Enhanced security with tokenization
Eliminates the need to carry physical cards, reducing stress of card loss/theft; avoids the hassle of card replacement and need for emergency cash
Global access – transact smoothly and seamlessly in 95 countries
•
Prepaid Cards: Borderless Travel (12 currencies), FX Enterprise, Study Buddy, One Currency (zero cross currency conversion fees)
• Digital Access: App, Online, 24x7
WhatsApp, V-KYC
•
Student Forex: Fee transfers, living costs, flights, insurance
• Global Coverage: 26 currencies, remittances to 120+ countries
Strategic Partnership with Muthoot Forex (Muthoot Group) to Expand Payment Solutions
Wider Reach: Borderless Travel & Study Buddy Cards now available at 7,000+ Muthoot branches, including 43 full-fledged forex branches across India’s metros, mini-metros & Tier 2-4 source markets.
WhatsApp Calling Now Live for Prepaid Forex Card Assistance
Voice Support Anytime, Anywhere: Direct WhatsApp voice calls to Forex experts via +91 8879142236—no local SIM or toll-free numbers needed.
Integrated with WhatsApp Bot: Check balance, download statements, set PINs, manage limits—all within the Forex WhatsApp Bot
Human Touch with Tech Ease: Switch from self-service to real-time human support globally—enhancing and personalization
convenience
Proven Impact: 75% drop in Forex card queries. Over 9x growth in resolution, greater leads via WhatsApp. Faster customer satisfaction.
Always-On Assistance: to support—tailored for new-age 24x7 access travellers seeking speed, simplicity, and seamless service
14
Key Highlights
Travel and Related Services
15 15
TCIL Group’s Travel Eco-System
Q1 FY26
62%
B2B
38%
B2C
Travel Segment Revenue: Rs 19,784 mn 18% y- o-y
Q1FY25
Q1FY26
y-o-y
B2C
Q1FY25
Q1FY26
y-o-y
B2B
DMS
India
6,071
7,823
438
597
International
5,633
7,226
MICE
Corporates
Government
Corporate Travel*
4,247
4,247
-
322
4,773
4,773
-
328
29%
36%
28%
12%
12%
-
2%
Total B2B (A)
10,640
12,925
21%
Leisure Holidays
Domestic
Outbound
765
670
(12%)
6,107
7,245
19%
15%
Total B2C (B)
6,872
7,915
Inter segment elimination (C )
(691)
(1,056)
Income from Operations (A+B+C)
16,821
19,784
18%
*Reported on net basis
16
Update on Business operations : Travel & Related Services
Income from Operations
EBITDA
EBIT
18%
19,784
16,821
15,723
4.8%
4.9%
5.0%
3.9%
3.7%
4.1%
23%
994
811
765
649
25%
589
811
Margin %
(Rs mn)
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
17
Update on B2C Operations : Leisure Holidays
Customer Segments
Customer Age Profile
Income from Operations
15%
(Rs mn)
6,872
6,107
765
Q1FY25
7,915
7,245
670
Q1FY26
Groups (GIT)
Pre-packaged group tours with fixed itineraries and dates
Individuals (FIT)
Adhoc Customized GIT
Flexible, self-paced travel for solo or small group travelers Tailor-made group travel designed around specific client needs
26-35 years
36-45 years
46 years & above
34%
29%
37%
Domestic
International
New Offerings & Strategic Initiatives
19%
Digital Adoption Rate
Q1 FY26 (no of Pax booked online)
14-15%
Avg Gross Margin %
• Thomas Cook India & SOTC Travel partnered with Disney Cruise Line to offer
Disney Adventure cruises departing from Singapore starting December 2025
• SOTC Travel partnered with Shoppers Stop for the ‘Travel Edit’ campaign,
combining destination-led fashion with curated holiday offerings
• Experiential
travel witnessed high demand – including Midnight Sun,
Mediterranean cruises, National park trails in USA, Alpine Route (Japan);
successfully operated tours for the Japan Cherry Blossom season
•
Introduced tours to South America’s Colombia & Costa Rica
18
Key Initiatives - Leisure Holidays
Opened new outlets
Franchise outlets (Gold Circle Partner): •
Jayanagar – Bengaluru
• Mohali – Punjab
•
Siliguri – West Bengal
Introducing ‘TravSure’: A Comprehensive Travel Safety Program
Launched unique holidays around Global and Indian cultural celebrations
Free Rescheduling & Refund in emergencies – of unutilized services
Celebrations include • La Tomatina Festival • Oktoberfest • Mardi Gras • Rio Carnival • Rann Utsav • Hornbill Festival and more
Additional Trip Protection: Covers flight rescheduling due to war-like disruptions and emergency hotel stays, with
up to USD 1500 per person coverage on air and land expenses for international group tours.
24x7 Customer Support : Dedicated resource offering real-time support for emergencies, changes or queries
Empowering Confident Travel:
Assurance, safety, and peace of mind — enabling customers to explore worry-free.
19
TCIL & SOTC Travels’ India Holiday Report 2025 – Key Survey Findings (1/2)
Increased Holiday Intent
Key Holiday Drivers
Traveller Intent
85% Increased Frequency
84% Increased Spends
60%
Social Media / OTT
44%
60% Seeking Unique Holidays
Simplified visa & Easy Access
54% Longer Holidays
43%
Enhanced Connectivity
90% Preferred travelling with company
65%
Multi Generational Families
60% Couples
28%
Frolleagues
(Colleagues become friend)
Guided Tours
Partially guided
39% Value Proposition
10%
Solo
Self Planned
32.0%
35.0%
30%
Emerging Traveller subsets
• Mother Daughter / Cousins
Word of Mouth
– Siblings
•
•
Senior female solo traveller
GenS / Empty Nesters
33.0%
Fully Guided
75% - Experiential travel takes center stage
45% Phenomena Travel
32%
Safaris / Self Drives / Outdoor Adventure
26% Gastronomy
22% Event Tourism
19% Spa / Wellness
Hybrid / Omni Channels Preferred
68% prefer to buy holidays through retail outlets
59% prefer digital platforms
58% prefer phygital channels (combination of physical + digital models)
New Travel Formats
45% prefer Cruise Holidays
35% prefer Drivecations
20% prefer Scenic Train Journeys
Sustainability & AI
37%
35%
Sustainability
Used AI
The survey was conducted over a period of one month and administered via the Companies’ online channels with responses recorded from 2,500 consumers
Values may exceed 100% because of multiple choice responses
20
TCIL & SOTC Travels’ India Holiday Report 2025 – Key Survey Findings (2/2)
Preferred Domestic Destinations + Indian Subcontinent
Preferred International Destinations
Preferred Destinations
55%
Kashmir, Himachal Pradesh, Uttarakhand
32%
Bhutan
25%
Northeast
21%
Rajasthan, Kerala
13%
Goa
3%
Andaman & Lakshadweep
50%
Europe led by Switzerland, France, Austria, Germany
46%
Southeast Asia’s Thailand, Malaysia, Indonesia, Singapore
37%
Dubai, Abu Dhabi, Oman, Ras Al- Khaimah
35%
Japan, South Korea
32%
Central Asia including Uzbekistan, Kyrgyzstan, Kazakhstan
26%
Australia, New Zealand
22%
Island Locales Mauritius, Maldives, Sri Lanka
12%
South Africa, Kenya, Russia
8%
Morocco, Greenland, Iceland
The maps are only for the purpose of representation and are not to be considered an accurate geopolitical representation. The survey was conducted over a period of one month and administered via the Companies’ online channels with responses recorded from 2,500 consumers
Values may exceed 100% because of multiple choice responses
21
Update on B2B Operations : Meetings Incentives Conferences Events (MICE)
Income from Operations
Key Highlights
12%
(Rs mn)
4,247
4,773
Q1FY25
Q1FY26
8-9%
Avg Gross Margins
• Managed over 300 groups, including groups of 4 to over 1000 delegates per group. Key international destinations: Europe (France, Netherlands, Germany, Hungary, Austria, Spain, Czech Republic), Australia, UK, UAE, Japan, Thailand, Malaysia, Vietnam, Indonesia, Cambodia; Domestic: Goa, Jaipur, Delhi, Kolkata, Hyderabad
•
Thomas Cook India successfully managed 120 delegates for the International Solar Alliance - Regional Committee Programme in Sri Lanka, facilitating bilateral meetings with various Asia- Pacific ministries. Also met with the Prime Minister of Sri Lanka
• MICE Tour Manager app: in-house expense
management app designed for seamless and miscellaneous cost management
22
•
Events & travel management
• Hospitality services related to conferences / meetings, team outings, family days
•
Award ceremony & Gala Dinners
• Weddings
•
Experiential destinations
• Government Businesses and
Events
Update on B2B Operations : Corporate Travel
Income from Operations*
Key Highlights
93:7
Non-Air to Air ratio Q1 FY26
(Rs mn)
2%
322
328
33%
Adoption by clients on the corporate self-booking Q1 FY26
Q1FY25
Q1FY26
Services Offered :
•
Air travel Online and Offline
50%
Key Highlights
• Hotel Bookings
•
•
Car Bookings
Train Bookings
Touchless transactions Q1 FY26
4-5%
Avg Gross Margin
•
•
•
corporate
2 accounts acquired in Q1 FY26 in sectors - entertainment & ITES 4 accounts new large implemented for Q1 FY26 in sectors like Hospitality, Telecom and Engineering solutions Non-Air business has grown over 15% compared to the previous quarter
Pharma,
• Commenced operations in the European Union with the establishment of TCI Euro in Nicosia, Cyprus – a dedicated entity focused on serving the business travel needs of multinational corporations and India-based clients with a presence in Europe
• Thomas Cook India and SOTC partnered with Zaggle to enhance corporate travel and expense management through AI-driven automation and integrated travel solutions.
• Operationalized Dhruv, India’s first multi-modal, multi-lingual GenAI advisor for business travel, which leveraged AI and LLMs to address the evolving needs of the corporate travel sector
•
Introduced Travel One: an in-house self-booking online system to improve booking accuracy and reduce post-ticketing corrections
*Reported on net basis
23
Update on B2B Operations : Destination Management Specialists (DMS)
Customer
B2B Partners
Income from Operations Income from Operations
29%
(Rs mn)
6,071
5,633
438
Q1FY25
7,823
7,226
597
Q1FY26
India
International
•
•
•
•
•
•
Local Expertise
India
International
Customized Itinerary Planning
India, Nepal, Bhutan and Sri Lanka
Vendor & Logistics Management
Event & Activity Coordination
Risk Management & Compliance
Client Servicing
Southeast Asia
Middle East
• Multilingual Communication
USA & Canada
East Africa Southern Africa
24
Update on B2B Operations : Destination Management Specialists (DMS)
Key Highlights
India DMS: Turnover grew by 36% y-o-y for Q1 FY26, traditionally a lean quarter.
Overseas DMS: Sales grew by 28% y-o-y for Q1 FY26.
Asia Pacific – Asian Trails: Reported robust growth of 42% y-o-y, driven by contribution from markets such as Thailand, Cambodia, Vietnam and China.
USA – Allied T Pro: Recorded strong sales growth of 31% in Q1 FY26 over the previous year, driven by a significant contribution from the MICE segment (included a large group with a topline of ~ USD 4 Mn) along with higher volumes in the FIT segment.
DMS
India
Revenue Contribution (%) Q1 FY26
Operates in
8%
India, Nepal, Bhutan and Sri Lanka
International
92%
Across continents
Asian Trails
40%
Cambodia, China, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, Vietnam, Australia
Middle East - Desert Adventures: Sales held steady year-over-year, despite seasonal softness in Q1 and continued regional geopolitical challenges.
Desert Adventures
27%
UAE, Oman, Jordan, Saudi
Private Safaris: Southern Africa: The business reported a 19% year-on-year growth, driven by successful upselling initiatives within its tour series. Namibia continued to demonstrate strong momentum in its post-pandemic recovery. East Africa: The year-on-year performance was impacted primarily due to the discontinuation of business from FTI, following its insolvency. The Company remains focused on strengthening relationships with existing partners and actively onboarding new business to mitigate the impact and drive future growth.
Allied Tpro
27%
U.S.A, Canada
Private Safaris – Southern Africa
Private Safaris – East Africa
5%
2%
South Africa, Namibia
East Africa: Kenya, Tanzania
25
Technology / AI Updates
Leisure Travel
AI powered Travel Assistant : Tacy
• Chats like a human • GenAI powered chatbot that can mimic human interaction & aimed at
converting web traffic to leads
Key Features
Corporate Travel
GenAI advisor – Dhruv
India’s first multi-modal, multi-lingual, agentic voice & email GenAI advisor • • Harnesses AI and Large Language Models (LLMs) to address the rapidly
growing and evolving needs of India’s business travel sector.
Foreign Exchange
• WhatsApp Calling support for its Forex prepaid card customers • WhatsApp calling feature is integrated into Thomas Cook’s Forex WhatsApp
Bot, supporting a comprehensive suite of self-service option
26
Key Highlights
Leisure Hospitality and Resorts
27 27
Leisure Hospitality & Resorts Eco-System
Srinagar
Manali
Amritsar
Shimla
Kufri
Chail
Mussoorie Dehradun
Rishikesh Haridwar Lansdowne
Rudraprayag Nainital
Corbett
Jaisalmer
Sariska
Pushkar
Ranthambore
Mount Abu
Udaipur
Gangtok
Darjeeling
Kalimpong
Total no. of Resorts: 62
77%
Partnered
Q1 FY26
23%
Owned
Bokaro
25
4
11
13
12
Gir
Kanha
Pench
Dhabosa
Sajan
Tipeshwar
Puri
Durshet Kundalika
Lonavala
Panchgani
Badami
Goa
Karwar
Yelagiri
Razole
Tiruvannamalai
Ooty
Yercaud
Anaikatti
Coorg Wayanad Vythiri Guruvayur
Athirappilly
Alleppey
Hills
Beach
Waterfront
Wildlife
Culture
9
4
5
19
Spiritual
Eco-Adventure
Business
Pet Friendly
Total no. of Rooms : 3,285
Kodaikanal
Madurai
Munnar Thekkady
Sterling (58)
Nature Trails (4)
As of June 2025
59%
41%
28
Update on operations : Leisure Hospitality & Resorts
Income from Operations
8%
1,257
1,164
1,357
33.6%
EBITDA
29.6%
25%
422
345
38.9%
528
Margin %
(Rs mn)
EBIT
26.1%
20.2%
30.2%
328
25%
235
409
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
•
Strong Start to FY26: Delivered highest ever Q1 revenues of Rs 1,357 Mn despite occupancy dip, driven by room and F&B revenue growth from an expanded inventory base.
• Guest Ratio Improved: Non-member guest ratio rose to 74% from 69%
last year—indicating stronger brand pull and distribution.
• Network Expansion Momentum: Added 2 new resorts in Q1 FY26; 20+
•
more properties in the pipeline. Efficient Asset-Light Growth: Revenue from management contract resorts doubled YoY without additional fixed costs, improving flow- through.
•
•
•
TripAdvisor Recognition: 30 resorts received Traveler’s Choice Awards. • Sterling Kanha won “Best of the Best” for the third consecutive year. • 36 resorts now rated 4.5 stars; 16 rated 5 stars on TripAdvisor. • Customer Delight on NPS: NPS rose to 81 across 59 resorts; 40% resorts scored above 80. Continued ESG Leadership via SANKALP: • • • Ongoing elimination of plastic bottles and increased use of bottled
Dialysis machines funded across 7 hospitals Heat pump and solar installations underway
water stations
29
Update on operations : Leisure Hospitality & Resorts
6 2 Y F 1 Q n
i
d e h c n u a
l
s t r o s e R w e N
Sterling Vanvasa, Lansdowne
Sterling Kastoori – Rudrprayag
2 in Q1 FY26
New resorts
3,285
Rooms
74% Guest Ratio in Q1 FY26
62 Resorts As of June ‘25
Rs. 7,162 Average Room Rate (ARR) Q1 FY26
62% Resort Occupancy in Q1 FY26
30 30
Key Highlights
Digital Imaging Solutions
31 31
Update on operations : Digital Imaging Solutions
Dubai
8
262
15
123
Headquartered
Regional Offices
No. of Sites Operated
Presence in countries
Total Partnerships
DEI serves customers at leading attractions across the world, with, serving a wide array of leisure and entertainment categories, including:
Aquariums
Cable Cars
BAHAMAS
Tall Towers
Theme Parks
Animal Parks
Snow Parks
Water Parks
Luxury Hotels
CHINA MAINLAND
HONG KONG SAR MACAU SAR
KUWAIT
OMAN
EGYPT
DUBAI GLOBAL HQ
SAUDI ARABIA
INDIA
MALDIVES
SINGAPORE MALAYSIA INDONESIA THAILAND
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Update on operations : Digital Imaging Solutions
Margin %
(Rs mn)
Income from Operations
EBITDA
1%
7.0%
6.7%
7.6%
3.2%
2,075
2,015
2,097
11%
145
135
160
EBIT
3.9%
61%
5.1%
106
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Key Highlights
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78
Partnership Spotlight – Q1FY26 •
5 new partnerships signed in Q2 CY25: UAE, Maldives, Hong Kong, Malaysia Renewed 7 key partnerships: UAE, Singapore Operational launch of 2 partnerships: China, India
•
•
•
Business Summary – Q1FY26 •
Sales during the quarter improved led by increase in performance in UAE and positive contributions from regions of Indonesia and Macau – led by account additions adding to topline performance. EBIT saw improvements driven by a reduction in fixed overheads and improved labour efficiency across key markets—including the UAE, Far East countries (Singapore and Malaysia), and the Bahamas. This improvement has been achieved despite muted sales volumes.
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Results – Q1 FY26 Consolidated
Particulars (Rs. mn) Income from Operations Other Income I. Mark to market gain on Investment II. Others Total Income from Operations Expenses - Cost of services - Employee benefits expense - Other expenses I. Mark to market loss on Investment II. Others Total Expenses EBITDA Depreciation / Amortization EBIT Interest and Finance cost PBT before exceptional items Exceptional Items PBT Tax expense PAT Share of Profit / (loss) of associates (net of income tax) Reported PAT
Interest cost mix (%)
Interest Cost Other finance charges Interest on lease liabilities
Q1 FY26 24,080
Q4 FY25 19,689
Q1 FY25 21,059
y-o-y (%) 14%
- 451 24,530
18,193 2,916
11 1,694 22,814 1,716 365 1,351 238 1,113 - 1,113 379 734 2 736
- 531 20,220
14,334 2,700
2 1,670 18,706 1,514 364 1,151 235 916 (31) 884 251 633 27 660
18 266 21,343
15,561 2,515
- 1,622 19,698 1,645 339 1,306 215 1,091 - 1,091 361 730 1 731
Q1 FY26
Q4 FY25
Q1 FY25
21% 58% 20%
21% 57% 22%
21% 57% 22%
- 69% 15%
17% 16%
- 4% 16% 4% 8% 3% 11% 2% - 2% 5% 1% 33% 1%
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Segmental Results – Q1 FY26 Consolidated
Particulars (Rs. mn)
Segment Revenue
(a) Financial Services
(b) Travel and Related Services
(c) Leisure Hospitality & Resorts
(d) Digiphoto Imaging Services
Total
Segment Results (EBIT)
(a) Financial Services
(b) Travel and Related Services
(c) Leisure Hospitality & Resorts business
(d) Digiphoto Imaging Services
Total
Less : Interest and Finance expenses
Less : Common Expenditure
Profit from ordinary activities before tax
Q1 FY26
Q4 FY25
Q1 FY25
y-o-y (%)
842
19,784
1,357
2,097
787
15,723
1,164
2,015
907
16,821
1,257
2,075
24,080
19,689
21,059
374
811
409
106
1,700
238
349
1,113
334
589
235
78
1,236
235
86
915
466
649
328
66
1,509
215
203
1,091
(7%)
18%
8%
1%
14%
(20%)
25%
25%
61%
13%
11%
72%
2%
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Contact Us
For further information please contact
Debasis Nandy
President and Group CFO
Tel: +91 22 4242 7000
Urvashi Butani
Head- Investor Relations
Tel: +91 22 4242 7095
Ami Mehta
Manager- Investor Relations
Tel: +91 22 4242 7597
Email: Debasis.Nandy@thomascook.in
Email: Urvashi.Butani@thomascook.in
Email: ami.mehta@thomascook.in
Corporate Identification No: L63040MH1978PLC020717
Investor e-mail id: sharedept@thomascook.in
Regd. Office: Thomas Cook India Ltd, Marathon Futurex, A Wing, 11Th & 13th Floor, N.M. Joshi Marg, Lower parel (E), Mumbai 400013
Website : www.thomascook.in
Rahul Agarwal / Abhishek Shah
Strategic Growth Advisors - Investor Relations Advisors
Tel: +91 98214 38864 / +91 9930651660
Email: rahul.agarwal@sgapl.net / abhishek.shah@sgapl.net
About Thomas Cook (India) Limited: Set up in 1881, Thomas Cook (India) Ltd. (TCIL) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa and Passport services and E-Business. It operates leading B2C and B2B brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Luxe Asia, Kuoni Hong Kong, Sterling Holiday Resorts Limited, TC Forex, Distant Frontiers, TC Tours, TC Visa, Travel Circle International Limited, Ithaka, Digiphoto Entertainment Imaging (DEI), Private Safaris East & Southern Africa.
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Disclaimer
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