Thomas Cook (India) Limited has informed the Exchange about Investor Presentation
November 12, 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 November 6, 2025, please find enclosed a copy of Investor Presentation on financial and business performance of the Company for the quarter ended September 30, 2025, for the Earnings Call scheduled to be held on November 14, 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 – Q2 & H1 FY26 Nov 12, 2025
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 – Q2 & H1 FY26
03
05
11
16
25
30
33
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 Revenue 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 30th September 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 Q2 & H1 FY26
Revenue from Operations
(Rs mn)
9%
• Thomas Cook (India) Limited reports Revenue from Operations growth of 9%
3%
41,097
44,818
y-o-y to Rs. 44,818 Mn for H1 FY26; growth of 3% y-o-y to Rs. 20,738 Mn for
Q2 FY26. Despite headwinds owing to geopolitical events and weather
20,038
20,738
disturbances in key domestic markets
Q2FY25
Q2FY26
H1FY25
H1FY26
PBT
-
1%
• PBT after exceptional items, maintained at Rs. 2,211 Mn in H1 FY26 vs Rs.
2,187 Mn in H1 FY25 and Rs. 1,098 Mn in Q2 FY26 vs Rs. 1,096 Mn in Q2
FY25, despite the headwinds posed by multiple challenging global
geopolitical events and severe weather events in India
• The Group continues to maintain a strong financial position, with Cash &
Bank balances at Rs. 23,861 Mn as of September 30, 2025 vs Rs. 20,739 Mn
1,096
1,098
2,187
2,211
as of March 31, 2025
Q2FY25
Q2FY26
H1FY25
H1FY26
• Thomas Cook India is the only Indian company to have won two awards at
the prestigious Adam Smith Awards Asia 2025 - for Best Risk Management
Solution and Best Investing Solution – for strong Treasury management
6
Segmental Performance – Q2 & H1 FY26 Consolidated
Particulars (Rs. mn)
Segment Revenue
(a) Financial Services
Q2 FY26 Q2 FY25 Y-o-Y (%)
H1 FY26 H1 FY25 Y-o-Y (%)
Key Highlights
(b) Travel and Related Services
16,891
15,915
845
839
1%
6%
1,687
1,746
(3%)
36,675
32,736
12%
(c) Leisure Hospitality & Resorts
1,044
1,196
(13%)
2,401
2,453
(d) Digiphoto Imaging Services
1,958
2,088
(6%)
4,055
4,162
(2%)
(3%)
Total
20,738
20,038
3%
44,818
41,097
9%
Financial services • Retail turnover increased by 13% y-o-y for Q2 FY26 and 9% y-o-y for H1 FY26, led by the holidays and overseas education segments, despite overall challenging trading environment. Maintained healthy EBIT margins at 49%
Travel and Related Services • Revenue from Operations grew to 12% y-o-y in H1 FY26 and 6% y- o-y in Q2 FY26, EBIT impacted by lower sales in key growth markets led by external factors
Segment Results (EBIT)
(a) Financial Services
(b) Travel and Related Services
(c) Leisure Hospitality & Resorts business
(d) Digiphoto Imaging Services
411
651
169
23
410
776
301
65
-
785
876
(10%)
(16%)
1,463
1,425
3%
(44%)
(65%)
578
129
629
131
(8%)
(2%)
Leisure Hospitality & Resorts • Sterling Holidays: Weather & seasonality headwinds
in Q2 impacted sales for the quarter. Sterling opened a record seven new properties during the quarter, after having opened 2 new resorts in the previous quarter. Profitability was, however, impacted by higher setup and operating costs for the new resorts and lower occupancy levels across the newly added inventory
Total
1,254
1,552
(19%)
2,954
3,061
(3%)
Less : Interest and Finance expenses
Less : Common Expenditure
Profit from ordinary activities before tax
237
176
842
236
221
-
(20%)
475
525
451
423
5%
24%
1,096
(23%)
1,954
2,187
(11%)
Digital Imaging Solutions (DEI) • Revenue from Operations stood at (3%) in H1 FY26 and (6%) in Q2 FY26, due to the geopolitical issues affecting home markets in the Middle East
7
Management Commentary : Q2 & H1 FY26
Commenting on the results, Mahesh Iyer - Managing Director & CEO
Thomas Cook (India) Limited said, “While multiple global geopolitical
challenges and monsoon-related disruptions affected India’s travel sector
this quarter, the TCIL Group has demonstrated resilience – growing Revenue
from Operations by 9% for H1 & 3% for the quarter, as well as sustaining
PBT at Rs. 2,211 Mn in H1 FY26. Despite RBI’s LRS data reflecting a
slowdown, particularly in the education segment – our forex business has
managed to increase retail sales by 9% in H1 FY26.
Looking ahead, we believe that initiatives of the government such as GST 2.0
and other growth-led investments will benefit the travel industry as the
consumption led trickle down effect will
lead to higher discretionary
category spends.”
8
Balance Sheet Overview
Cash & Bank Balance
Gross Debt & Equity
Interest Coverage Ratio
(Rs bn)
23.8
(Rs bn)
23.4
21.2
5.8
5.1
18.9
20.7
2.6
2.7
Sep-24
Mar-25
Sep-25
Sep-24
Sep-25
H1 FY25
H1 FY26
Gross Debt
Equity
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
9
Diversified Verticals – Powered by Consistent Execution & Scalable Growth
Segment wise EBIT* contribution
52%
33%
13%
2%
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.
*Q2 FY26
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 845 Mn
Q2 FY26
81%
19%
Remittance
Prepaid Travel Cards
Buy & Sell Forex
*On net basis
Leisure Travel
12
Corporates
Education
Update on Business operations : Foreign Exchange
Margin % Margin %
(Rs mn) (Rs mn)
Segment Revenue
EBIT
-3%
50.2%
46.5%
1,746
1,687
-10%
876
785
H1FY25
H1FY26
H1FY25
H1FY26
1%
839
845
48.8%
48.7%
-
410
411
Q2FY25
Q2FY26
Q2FY25
Q2FY26
13% y-o-y
Retail Sales
22%
FX Digital Adoption Q2 FY26
25% y-o-y
108% y-o-y
App Bookings
Forex transactions by WhatsApp
9% y-o-y
13% y-o-y
Education turnover
Holiday turnover
Key Highlights
• Turnover in the education segment was up by 9% y-o-y despite weakness in the sector. As per RBI LRS data, forex outflows in April-August 2025 for education dropped by ~22% y-o-y, reflecting softer demand in this key category
• Q2FY26 reported segment revenue were stable y-o-y , however EBIT margins remained healthy at 49%.
13
Key Initiatives – Forex
TC Pay: All-in-One Forex App for the Mobile-First Traveller
First Forex Card provider in India to enable contactless Cross- Border payments in partnership with Google Pay & Visa
One-Stop Digital Forex Hub: Buy or reload forex cards, send international remittances, or manage currencies — all within a single, intuitive mobile app.
End-to-End Digital Fulfilment: Seamless transactions from home with Ghar Baithe Forex—offering secure payments, faster navigation, and digital KYC in the next phase.
All-in-One Card Control: Instant virtual card access, limit management, blocking/unblocking, and real-time tracking across 12 global currencies.
Always-On Assistance via WhatsApp: Integrated in-app chat and voice support ensure instant query resolution and personalized service— anytime, anywhere.
Secure, Smart, and Simple:Top-tier biometric authentication and personalized offers deliver a swift, safe, and seamless forex experience.
14
Instant Forex Delivery with Blinkit
Partnered with Blinkit to Deliver Forex Cards at Your Doorstep— in Minutes!
First-of-its-Kind Service: India’s first forex delivery via quick commerce, bringing Borderless Travel & Study Buddy cards to your doorstep.
Superfast Access: Order via Blinkit and receive your Thomas Cook forex card within minutes — complete KYC and activation digitally to be travel-ready in under an hour.
Seamless 3-Step Process: Order → Complete secure KYC & payment → Instant card loading and activation for immediate use.
Ghar Pe Forex, Reinvented: Extends Thomas Cook’s Ghar Pe Forex promise—now powered by Blinkit’s rapid last-mile network across Delhi, Mumbai, and Bengaluru, with pan-India rollout planned.
Safe & Compliant: Video-KYC, secure link payments, and full regulatory compliance handled by Thomas Cook’s expert Forex team.
Perfect for Travellers: Ideal for leisure and student travellers, enabling last-minute forex convenience ahead of trips or festive travel.
Redefining Convenience: A breakthrough blend of speed, security, and simplicity—cementing Thomas Cook India’s leadership as India ka Forex Specialist.
Service is live in Mumbai, Delhi, Bangalore, Chennai, Pune & Hyderabad.
15
Key Highlights
Travel and Related Services
16 16
TCIL Group’s Travel Eco-System
Q2 FY26
75%
B2B
25%
B2C
Travel Segment Revenue: Rs 16,891 mn
6% y- o-y
B2B
DMS
H1FY25 H1FY26
y-o-y
Q2FY25 Q2FY26
y-o-y
B2C
H1FY25 H1FY26
y-o-y
Q2FY25 Q2FY26
y-o-y
14,003
16,165
15%
7,931
8,342
5%
Leisure Holidays
India
1,011
1,112
International
12,992
15,053
MICE
8,586
9,194
Corporates
8,586
9,194
Government
-
-
10%
16%
7%
7%
-
572
515
(10%)
7,359
7,827
4,339
4,421
4,339
4,421
-
-
6%
2%
2%
-
Corporate Travel*
639
730
14%
317
402
27%
Total B2B (A)
23,228
26,089
12%
12,587
13,165
5%
Domestic
934
859
(8%)
169
189
12%
Outbound
9,956
11,366
14%
3,849
4,121
Total B2C (B)
11,162
12,226
10%
4,018
4,310
7%
7%
Inter segment elimination (C)
Segment Revenue (A+B+C)
(1,381)
(1,640)
(690)
(583)
32,736
36,675
12%
15,916
16,891
6%
*Reported on net basis
17
Update on Business operations : Travel & Related Services
Margin %
(Rs mn)
Segment revenue
12%
32,736
36,675
H1FY25
H1FY26
6%
15,915
16,891
EBIT
4.4%
4.0%
3%
1,425
1,463
H1FY25
4.9%
776
-16%
H1FY26
3.9%
651
Q2FY25
Q2FY26
Q2FY25
Q2FY26
•
From July to September, the travel segment enters a traditionally soft and seasonal period • While topline saw a 6% increase y-o-y with
EBIT stood impacted by 16% • Domestic travel was impacted by excessive rainfall and landslides across northern India, growth— particularly in hill circuits that typically peak during the monsoon season.
leading
limited
to
in
India
business
source-market
• Middle East inbound remained subdued as traditionally off-peak; ongoing tensions further dampened
Q2 is geopolitical travel sentiment and momentum. faced The DMS headwinds from protests in Nepal and weaker performance, influenced by advisories during the India– Pakistan conflict. In the USA, a normally strong quarter was affected by a shift in sentiment and weaker bookings, reflecting broader geopolitical uncertainty in muted inbound traffic. Southeast Asia stayed broadly positive, with steady inbound volumes; however, geopolitical spillovers tempered growth, limiting the region’s full potential.
•
•
•
resulting
and
18
Update on B2C Operations : Leisure Holidays
Customer Segments
Groups (GIT)
Pre-packaged group tours with fixed itineraries and dates
Individuals (FIT)
Flexible, self-paced travel for solo or small group travelers
Adhoc Customized GIT
Tailor-made group travel designed around specific client needs
Customer Age Profile
26-35 years
36-45 years
46 years & above
34%
29%
37%
Segment revenue
7%
(Rs mn)
4,018
4,310
3,849
169
Q2FY25
4,121
189
Q2FY26
Domestic
International
22%
Digital Adoption Rate
Q2 FY26 (no of Pax booked online)
14-15%
Avg Gross Margin %
19
Key Initiatives - Leisure Holidays
Opened new outlets
New Offerings & Strategic Initiatives
• Thomas Cook India & SOTC Travel launched Festival and Carnival tours - unique holidays around global and Indian cultural
celebrations to maximise on this growing trend
• Expanded spiritual tourism portfolio featuring curated group and customized pilgrimage tours across India and the subcontinent, offering aerial darshans, VIP access, and personalized spiritual experiences across 11 iconic pilgrimage sites — encompassing temples, shrines, and sacred rivers.
Franchise outlets (Gold Circle Partner): Davangere, Kanpur, NCR and Kozhikode •
• Signed a long-term strategic MoU with Tourism and Events Queensland to drive Indian outbound travel through joint marketing and product development, strengthening Thomas Cook India’s leadership in the high-potential Australia segment.
• Capitalising on rising festive travel demand,
launched curated festive-season holidays across India and international destinations—driven by multi-generational family travel, longer stays, premium experiences, and growing participation from Tier 2 & 3 markets.
• Signed MoU with the Ministry of Tourism to capture real-time traveller feedback and enhance destination quality, safety, and
overall visitor experience across India.
• Launched Van Tours – a unique travel format combining the convenience and value of group tours with the flexibility and comfort of personalized holidays, designed for small groups and families across short-haul destinations like Vietnam, Japan, South Korea, Oman, China, Dubai, Abu Dhabi and more.
• Launched an expanded China holidays portfolio leveraging resumed direct air connectivity and rising travel demand, featuring new destinations like Chongqing, Chengdu, and Zhangjiajie, alongside classics such as Shanghai, Beijing, and Xi’an, offering immersive cultural experiences, curated group tours, and customized itineraries for leisure, business, and MICE travellers.
• Expanded partnership with Disney Cruise Line to launch premium Australia & New Zealand sailings as part of the Companies
group tours & customized holidays for Winter 2025-26
• Restarted the Kailash Mansarovar Yatra for the first time since Covid-19
•
Introduced special regional Festival Tours during Durga Puja, Dussehra, Diwali – domestic & outbound
20
Update on B2B Operations : Meetings Incentives Conferences Events (MICE)
Segment revenue
Key Highlights
2%
(Rs mn)
4,339
4,421
Q2FY25
Q2FY26
8-9%
Avg Gross Margins
• Managed over 200 groups of 50 to over 3000 delegates per group. Key international destinations: Europe, Australia, UAE, UK, USA and Asia. Domestic: Goa, Jaipur, Mumbai, Delhi, Kolkata, Hyderabad
•
Thomas Cook India successfully managed 200+ delegates for the International Solar Alliance Regional Committee Programme (Latin America) held in Santiago (Chile) - the country’s first large-scale diplomatic event, facilitating bilateral meetings with the Honorable Energy Minister of Chile and various global ambassadors and diplomats
• Managed 300+ delegates in Accra (Ghana) for International Solar
Alliance Regional Committee Programme (Africa), inaugurated by the President of Ghana, facilitating meetings and site visits with various global ambassadors and diplomats
•
•
Thomas Cook India successfully managed the Asian Aquatic Championships 2025 in Ahmedabad as the exclusive partner for transport and accommodation for a strong 1100+ contingent, including over 650+ athletes, 60+ support staff and dignitaries from 29 Asian nationalities
Focus on Digitalization: MICE Corporate Service Portal: a personalized portal offering for MICE Operations teams to seamlessly manage their respective group activations, itinerary planning, document upload, broadcasts & notification, invoicing and receipt management
21
•
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
93:7
Non-Air to Air ratio Q2 FY26
38%
Adoption by clients on the corporate self-booking Q1 FY26
(Rs mn)
Segment revenue
Key Highlights
27%
317
402
Q2FY25
Q2FY26
•
•
•
•
Air revenue recorded a growth of over 4%
y-o-y in Q2 FY26
Non-air transactions grew by 20% y-o-y in
Q2 FY26; 19% in H1 FY26
Hotel and car transactions grew by 23%
and 9%, respectively, y-o-y in Q2 FY26
Focus on Digitalization- TravelOne &
Dhruv.ai: Launched an AI-powered
corporate booking platform for flights and
travel insurance, offering touchless
booking via voice and email, policy
Services Offered :
•
Air travel Online and Offline
50%
Key Highlights
• Hotel Bookings
•
•
Car Bookings
Train Bookings
Touchless transactions Q2 FY26
•
Acquired 11 accounts in Q2 FY26 across
configuration, real-time updates, credit
sectors – IT, automobile, entertainment, Ed-
limit management, invoicing and self-
tech, pharmaceutical, financial services & E-
service. Additionally the tool includes a
commerce
self-service feature for employees of TCIL
4-5%
•
Client adoption of the corporate self-
and SOTC
Avg Gross Margin
booking tool improved to 59%
*Reported on net basis
22
Update on B2B Operations : Destination Management Specialists (DMS)
Customer
B2B Partners
Segment revenue
5%
(Rs mn)
7,931
7,359
572
Q2FY25
8,342
7,827
515
Q2FY26
India
International
15 - 17%
Avg Gross Margin
•
•
•
•
•
•
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
23
Update on B2B Operations : Destination Management Specialists (DMS)
Key Highlights
India DMS: 10% decline in sales for Q2 FY26, attributed to recent protests in Nepal, along with reduced source market performance impacted by advisories issued during the India–Pakistan conflict
Overseas DMS: Asia Pacific – Asian Trails: Reported 18% y-o-y growth in sales, driven by strong contributions from key markets including Thailand, Indonesia, Malaysia, Vietnam, and Australia. Improved margins were achieved through cost optimization initiatives, particularly in Thailand USA – Allied T Pro: Q2 turnover growth was subdued however earnings remained strong supported by disciplined cost management and operational efficiencies. For USA, a normally strong quarter was affected by a shift in sentiment and weaker bookings, reflecting broader geopolitical uncertainty and resulting in muted inbound traffic. Middle East - Desert Adventures: Revenue declined during the quarter, which is typically a low season for the region, and was further impacted by geo-political developments. The business focused on maintaining competitiveness through strategic pricing initiatives, particularly in the FIT segment Private Safaris: Southern Africa: The business achieved 38% y-o-y growth in sales in the quarter, driven by peak tourism season in South Africa and successful upselling within its tour series. East Africa: Q2 FY26, was a strong operational period, with sales improving 12% y-o-y, supported by demand from key markets such as the USA and India.
DMS
India
Revenue Contribution (%) Q2 FY26
Operates in
6%
India, Nepal, Bhutan and Sri Lanka
International
94%
Across continents
Asian Trails
46%
Cambodia, China, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, Vietnam, Australia
Desert Adventures
11%
UAE, Oman, Jordan, Saudi
Allied Tpro
32%
U.S.A, Canada
Private Safaris – Southern Africa
Private Safaris – East Africa
6%
6%
South Africa, Namibia
East Africa: Kenya, Tanzania
24
Key Highlights
Leisure Hospitality and Resorts (Sterling Holiday Resorts+ Nature Trails)
25 25
Leisure Hospitality & Resorts Eco-System
Total no. of Resorts: 69
22%
Owned
38%
Q2 FY26
Q2 FY26
78%
Partnered
62%
Total no. of Rooms: 3,506
69 Resorts 3,506 Rooms
Operational
25 Resorts 1,296 Rooms
Pipeline^
94 Resorts 4,802 Rooms
Total
As of September 2025
Sterling (65)
Nature Trails (4)
^Exit CY 2026
26
Update on Operations: Leisure Hospitality & Resorts (Sterling Holiday Resorts + Nature Trails)
New Resorts launched in Q2 FY26
Sterling GK Exotica Dehradun
Sterling Darshan Guruvayur
Sterling Kadumane Hills Sakleshpur
Sterling Ameris Kasauli
Sterling Hiblis Vellore
Sterling Rampath Ayodhya
Sterling Goverdhan Malampuzha
7 New Resorts In Q2 FY26
3,506
Rooms ( 17%)
69 Resorts as of Sep ’25 ( 28%)*
49% Resort Occupancy in Q2 FY26 vs 49% LY
3.04 lakh Room Nights Avl. in Q2 ( 19%)
1.48 lakh Room Nights Sold in Q2 ( 19%)
75% Guest Ratio in Q2 FY26 vs 74% LY
Rs. 5,949 Avg Room Rate(ARR) Q2 FY26 ( 10%)
*Growth as compared to Q2 FY25
27
Update on Operations: Leisure Hospitality & Resorts
Stable H1 despite temporary headwinds; Growth Momentum in H2
Margin %
(Rs mn)
Segment revenue
-2%
2,453
2,401
EBIT
• 23rd consecutive profitable quarter
25.6%
24.1%
-8%
629
• Core resort growth continues: 13% growth in resort revenue, with a 11% increase in REVPAR in Q2. Room revenue grew by 22% in Q2 FY26: F&B revenue growth at 11%; Management Contract Revenues grew at 22%
• Strong financial position: Cash reserves up 51% YoY; company
578
remains debt-free
H1FY25
H1FY26
H1FY25
H1FY26
• Weather & Seasonality headwinds in Q2: Excess rainfall in
Himachal and Uttarakhand impacted ~21% of resorts; number of Saya/auspicious dates impacting Rajasthan (12% of resorts) and jungle closures (21% of resorts)
25.2%
16.2%
• EBIT reflects monsoon disruption: 16% margin this qtr vs 25%
-44%
last year
-13%
1,196
1,044
301
169
Q2FY25
Q2FY26
Q2FY25
Q2FY26
• Expanding resort network: Added 7 new resorts / 228 rooms,
taking total portfolio to 69 resorts across India.
• Guest satisfaction: TripAdvisor rating up to 4.61 vs 4.57 LY
• Growth momentum in H2: Reduced weather headwinds, 30% more Saya/auspicious dates, opening of jungles and impact of Q2 expansions expected to drive strong H2.
28
Update on Nature Trails
• Revenues grew by 14% y-o-y in Q2 FY26
• Corporate business reported a strong 86% y-o-y growth; the
school/college segment recorded a 15% growth for the quarter
• Signed two new properties - Dodamarg and Rishikesh — under management contracts, both scheduled to be operational in Q3 FY26
• Added inventory at Nature Trails - Durshet, 14 rooms, new swimming pool and a conference facility to enhance guest experience
•
Improved guest satisfaction scores (Google – 4.2) and repeat visit ratio through service and facility enhancements
• Successfully hosted the Durshet Marathon in August with participation from over 650 runners, strengthening local community engagement and brand visibility
• Launched sustainability initiatives across Nature Trail properties,
focusing on waste reduction and eco-friendly practices
Key Highlights
Digital Imaging Solutions
30 30
Update on operations : Digital Imaging Solutions
Dubai
8
256
15
119
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)
Segment revenue
EBIT
-3%
3.1%
3.2%
4,162
4,055
H1FY25
H1FY26
-6%
2,088
1,958
-2%
131
129
H1FY25
3.1%
65
-65%
H1FY26
1.2%
23
Q2FY25
Q2FY26
Q2FY25
Q2FY26
• Sales declined by 6% y-o-y, primarily due to attendance shortfalls in the UAE and Malaysia, revenue loss in Hong Kong following an exit, and an unplanned closure of a key venue in Singapore for upgradation.
• WeC Software: More than 80% of the locations
have gone live with WeC in this quarter
• 9 new partnerships signed in Q2 FY26: UAE (Ain Dubai, Dubai Miracle Garden, Zeta Seventy Seven, Butterfly Gardens Abu Dhabi, RTA Marine Ferry) and Maldives (Coco Bodu Hithi, Constance Moofushi, Royal Island), along with expansion into India (Black Thunder Waterpark)
• Renewed 8 key partnerships: Malaysia (KL Tower), Jumeirah Bali, Indonesia (Wahoo Waterworld, Ayodya Resort Bali), Maldives (Le Méridien Maldives ), UAE (The National Aquarium Abu Dhabi, Aura Sky Pool), Oman (Snow Oman)
• Operational launch of 6 partnerships: UAE (Dubai Miracle Garden, Zeta Seventy Seven, RTA Marine Ferry), Singapore (Singapore Oceanarium, Marine Mammal Habitat), and Hong Kong (Ocean Park)
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Results – Q2 & H1 FY26 Consolidated
Particulars (Rs. mn) Revenue from Operations Other Income I. Mark to market gain on Investment II. Others Total Income 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
Q2 FY26 20,738
Q2 FY25 20,038
y-o-y (%) 3%
H1 FY26 44,818
H1 FY25 41,097
y-o-y (%) 9%
- 388 21,127
15,314 2,797
12 1,534 19,656 1,470 392 1,078 237 842 257 1,098 393 705 2 708
33 401 20,472
14,712 2,634
- 1,446 18,793 1,679 347 1,332 236 1,096 - 1,096 380 716 4 720
- (3%) 3%
4% 6%
- 6% 5% (12%) 13% (19%) - (23%) - - 3% (2%) (34%) (2%)
- 839 45,657
33,507 5,713
23 3,228 42,471 3,186 757 2,430 475 1,954 257 2,211 772 1,439 4 1,443
51 667 41,815
30,274 5,149
- 3,068 38,491 3,324 686 2,638 451 2,187 - 2,187 740 1,446 5 1,451
- 26% 9%
11% 11%
- 5% 10% (4%) 10% (8%) 5% (11%) - 1% 4% - (17%) (1%)
Q2 FY26
Q2 FY25
H1 FY26
H1 FY25
21% 58% 21%
23% 56% 22%
21% 58% 21%
22% 56% 21%
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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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