Thomas Cook India Reports 18% Q1 FY26 PBT Growth Amid Geopolitical Headwinds

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Consolidated Total Income from Operations grew by 15% y-o-y to Rs. 24,530 Mn from Rs. 21,343 Mn and on a sequential basis grew by 21%
Travel Services EBIT grew by 25% y-o-y to Rs. 811 Mn from Rs. 649 Mn despite geopolitical challenges. Growth attributed to strong early booking pipeline and turnaround of India and International DMS Companies
Leisure Hospitality EBIT grew by 25% y-o-y to Rs. 409 Mn from Rs. 328 Mn; on a sequential quarter basis grew by 74%; Network grew from 50 to 62 resorts in Q1 FY26 with no of rooms to 3285 vs Q1 FY25; ARR sustained at Rs. 7,162 despite the large influx of new inventory
Digital Imaging Solutions (DEI) EBIT grew by 61% y-o-y to Rs. 106 Mn from Rs. 66 Mn on the back of improved operational efficiencies
Forex EBIT stood at Rs. 374 Mn, lower than the comparable quarter due to geopolitical challenges resulting in sluggish demand and reduced student traffic. However, the business continues to sustain a healthy margin of 44%
CRISIL upgraded 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 increased to Rs. 22,481 Mn from Rs. 20,739 Mn as of 31st March 2025

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.”

Business Segment-wise Performance:

Expansion of both digital and physical distribution:

Retail: 2 new franchise outlets opened in Q1 FY26 – Thodupuzha, Kerala and Bengaluru
Forex by WhatsApp: Transactions grew over 7x y-o-y, with 550+ in Q1 FY26 against 73 in Q1 FY25; App bookings: 3x growth y-o-y in Q1 FY26
Inked partnership with Muthoot Group to expand payments solutions business for Borderless Travel and Study Buddy forex cards
Integrated the WhatsApp Calling support feature into the existing WhatsApp bot for forex card customers, blending self-service and real-time human assistance
Appointed Kartik Aaryan as brand ambassador for the Borderless Prepaid Travel Card

Corporate Travel
2 accounts acquired in Q1 FY26 in sectors – entertainment & ITES
50% touchless transactions led by the adoption of the corporate self-booking tool in Q1 FY26
Non-Air business has grown over 15% compared to the previous quarter
Commenced operations in the European Union with the establishment of TCI Euro in 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, leveraging AI and LLMs to address the evolving needs of the corporate travel sector
Introduced Travel One: an in-house self-booking online system
Meetings-Incentives-Conferences-Exhibitions (MICE)
Managed over 300 groups of 50 to over 1000 delegates per group. Key international destinations: Europe, Australia, UK, UAE and Asia; 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 and the Prime Minister of Sri Lanka
MICE Tour Manager app: in-house expense management app designed for seamless cost management
Leisure Travel
- Launched the India Holiday Report 2025, highlighting key travel trends and consumer insights
- Thomas Cook India & SOTC Travel partnered exclusively with Disney Cruise Line to offer Disney Adventure cruises through its first-ever consumer activation in India at Jio World Drive
- SOTC Travel partnered with Shoppers Stop for the ‘Travel Edit’ campaign, combining destination-led fashion with curated holiday offerings
- Launched experiential tours – like Midnight Sun, National park trails (USA), Alpine Route (Japan), unique destinations like Colombia and Costa Rica; successfully extended Cherry Blossom tours through Q1 FY26
- Introduced TravSure—a comprehensive programme designed to address travellers’ need for safety, flexibility and peace of mind in uncertain times: from 24/7 emergency assistance, real-time travel alerts to on-ground support across borders

Destination Management Services (DMS) Network
India DMS: Turnover grew by 36% y-o-y for Q1 FY26, despite it being a seasonally 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% y-o-y, 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
Middle East – Desert Adventures: Sales held steady y-o-y, despite seasonal softness in Q1 and continued regional geopolitical challenges
Private Safaris:
- Southern Africa: 19% y-o-y growth, driven by successful upselling initiatives within its tour series. Namibia continued to demonstrate strong momentum in its post-pandemic recovery
- East Africa: The y-o-y 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

Revenues grew by 8% growth y-o-y in Q1 FY26 to Rs. 1,357 Mn driven by room and F&B growth from an expanded inventory base
Network Expansion Momentum: Efficient Asset-Light Growth. Revenue from management contract resorts doubled y-o-y without additional fixed costs. 20 additional resorts (1000 rooms) in the pipeline (15-18 months)
Sustained ARR (Rs.7,162) despite the large influx of new inventory
Guest ratio of non-members grew to 74% in Q1 FY26 (up by 5% y-o-y)
Resort Network: Added 2 new Sterling Holiday Resorts – in Lansdowne and Rudraprayag in Q1 FY26. The network stands at 59 properties with 3,194 rooms, following the integration of three Nature Trails properties into the Thomas Cook India portfolio
Trip Advisor Recognition: 36 resorts rated 4.5 stars; 16 resorts rated 5 stars
ESG initiatives towards sustainable tourism also contributed towards savings

5 new partnerships signed in Q1 FY26: UAE (RTA Marine Ferry), Maldives (Coco Bodu Hithi), Hong Kong and Malaysia
Renewed 7 key partnerships: UAE, Singapore (Universal Studios Singapore, The Singapore Oceanarium), India (VGP Marine Kingdom)
Operational launch of 2 partnerships: India (Aquarium Paradise Bengaluru) and China (LEGOLAND Shanghai Resort)
DEI has won the prestigious Image Award for the most outstanding exhibit booth at IAAPA Expo Asia 2025

Other Key Business Updates

Focus on Digitalization
GenAI Chatbots – Tacy (Thomas Cook) & Ezy (SOTC): launched to offer website visitors a seamless, fully assisted experience without human intervention
AI-powered dynamic itinerary builder: introduced to enable end-to-end holiday transactions with itinerary building, integrated pricing and booking features, empowering both sales teams and customers
Launched Holidays CSS app offering extensive post-booking services, simplifying trip management with 24/7 access and real-time updates for travellers – visa information and tracking, downloading of vouchers, itineraries to invoices for a seamless experience
Quality Check AI Tool: deployed at contact centers to monitor calls and generate actionable insights, aiding in targeted training and up-skilling of service agents