TCIL’s Financial Services segment delivered a growth of 21% y-o-y for Q2 FY27 and 14% y-o-y for H1 FY27 in Revenue from Operations, with Education and Corporate segments contributing
India Travel Businesses at TCIL staged a recovery despite a slow start in July, ending the quarter just 6% lower than last year, with EBIT margins at 3.8%. Domestic and Short Haul segments led the growth.
Overseas Destination Management Services (DMS) business revenue recovered during the quarter despite the continued impact of the West Asia conflict. The effect of the conflict impacted operations in specific geographies, resulting in a drop in Revenue from Operations and EBIT margin for the segment.
Consolidated Financial Performance
- PBT* for Q2 FY27 held firm at Rs. 848 Mn. vs Rs. 845 Mn in Q2 FY26.
- Total Income for Q2 FY27 stood at Rs. 20,030 Mn, (5)% y-o-y; H1 FY27 stood at Rs. 41,560 Mn, (9)% y-o-y.
- Cash & short-term investments at Rs. 28,430 Mn as of September 30, 2026 vs Rs. 26,488 Mn as of June 30, 2026.
- CRISIL has reaffirmed the rating of ‘CRISIL AA/Stable’ on the long-term bank facilities of TCIL and ‘CRISIL A1+’ rating on the short-term bank facilities and short-term debt of the company.
Financial Services
- Revenue from Operations increased by 21% y-o-y for Q2 FY27 and 14% y-o-y for H1 FY27.
- EBIT grew by 10% for Q2 FY27 and 9% for H1 FY27.
- Overall retail sales grew by 12%, driven by a 33% growth in Education, despite a decline in the segment nationally.
Travel Services
India Travel Businesses staged a recovery despite a slow start in July and ended the quarter with a reduced gap of 6% vs last year & EBIT margins of 3.8%. Domestic and Short-Haul segments led the growth.
The India DMS business grew 16% in a seasonally softer quarter, supported by steady inflows from key source markets like UK, Germany, France, Portugal & Japan.
International DMS businesses in specific geographies continue to be impacted due to geopolitical factors USA (ATP) and GCC region (Desert Adventures).
Leisure Hospitality (Sterling Holidays & Nature Trails)
- 83 Resorts as of September 2026, up by 20% y-o-y.
- 7 Resorts opened in Q2 FY27 – Jagdalpur, Sattal, Agra, Varanasi, Corbett, Tadoba and Jawai.
- Occupancy & ARR also improved by 52% and 9% y-o-y, respectively.
- Nature Trails saw a doubling of resorts from 3 to 6 with a 10% increase in revenue, 79% increase in room inventory and 19% increase in guest ratio on a y-o-y basis. Agreements for 3 more resorts have been signed to go on stream in the current quarter.
Digital Imaging Solutions (DEI)
While DEI continued to be impacted by geopolitical headwinds, cost containment measures initiated in Q1 FY27 helped narrow its losses from Rs 208 Mn to Rs 76 Mn in Q2 FY27.
Commenting on the results, Mahesh Iyer, Managing Director & CEO, Thomas Cook (India) Limited, said, “Q2 FY27 again demonstrated the resilience of the TCIL Group with PBT* holding firm at Rs. 848 Mn despite the continued impact of the West Asia conflict. Disciplined execution with a clear focus on margins, helped us offset some shortfall in the travel business. Looking ahead, we are optimistic of continued momentum in India leisure travel, with forward bookings trending at a healthy 30% growth over last year – even in the face of elevated airfares and other input costs. This is a positive signal for the current quarter and beyond”
Revenue from Operations across all business segments
Business Segment-wise Performance
Financial Services
Forex business through digital touchpoints:
- WhatsApp: Transactions grew over 3% y-o-y, with 798+ in Q2 FY27 vs 774 in Q2 FY26.
- App bookings: 4x growth y-o-y in Q2 FY27 with +939 transactions vs 236 in Q2 FY26.
- Website bookings: 99% y-o-y in Q2 FY27 with +1013 transactions vs 1022 in Q2 FY26.
- Video KYC: Transactions were at an all-time high in Q2 FY27 with 5,191+ transactions vs 186 in Q1 FY26.
- Digital adoption (DFC + FX Mate) is at 22.4% y-o-y in Q2 FY27 vs 22.7% in Q2 FY26.
Retail: Operationalised retail counters in Angamaly, Cochin, and Hubli while closing branches in Thiruvananthapuram as part of the retail network optimisation during the quarter.
Travel Services
Corporate Travel:
- Secured new corporate travel accounts across the Pharmaceuticals & Healthcare, Auto Components, FinTech & Digital Payments and Information Technology (IT) sectors in Q2 FY27.
- Total Air and Non-Air volumes grew by 18.15% y-o-y in Q2 FY27.
- Air volumes recorded growth of 18.2% y-o-y during Q2 FY27.
- Domestic Air volumes increased by 22.7% y-o-y, driven by continued growth in business travel demand across India.
- International Air volumes grew by 15.26% y-o-y.
- Hotel volumes increased by 81.83% y-o-y.
- Hotel transactions grew by 36.5% y-o-y.
- Non-Air volumes and transactions recorded q-o-q growth of 19.2% and 19.9%, respectively.
Meetings-Incentives-Conferences-Exhibitions (MICE)
Managed over 176 groups ranging from 50 to 7000 delegates per group.
Key international destinations: Switzerland, Italy, the United Kingdom, Japan, Thailand, Vietnam, Malaysia, South Africa, Singapore, Australia-New Zealand; Domestic: Andaman, Hyderabad, Kashmir, Darjeeling, Varanasi, Chandigarh, Goa, Jaipur, Kochi, Delhi & Dehradun.
SOTC managed a MICE movement in Bangkok, comprising 7,000 delegates from one of India’s pharmaceutical companies.
Leisure Travel
Expanded outbound holidays, including rail journeys across South Africa, Canada, Australia, New Zealand and Egypt.
Expanded charter-led holiday offerings with Bengaluru–Lakshadweep and Mumbai–Bhutan departures announced for the upcoming season.
Partnered with Abu Dhabi’s Department of Culture and Tourism to offer complimentary UAE entry visas on eligible holiday packages.
Destination Management Services (DMS) Network
India DMS: SITA participated in Kerala Travel Mart, Kochi, from 24–27 September 2026.
Overseas DMS: Revenue declined by 7% year-on-year in Q2 FY27, primarily due to continued geopolitical disruptions in the Middle East, which significantly impacted Desert Adventures and softer U.S. inbound tourism affecting Allied T Pro. The decline was partially offset by growth across Asian Trails and the Private Safaris businesses in East and Southern Africa.
Asia Pacific – Asian Trails: Revenue grew 9% year-on-year, supported by positive performances in China, Singapore and Thailand, though growth was tempered by softer inflows from select source markets amid ongoing geopolitical uncertainties.
USA – Allied T Pro: U.S. inbound tourism continued to face headwinds from softer international visitor arrivals and geopolitical uncertainties; hence the business saw sales lower by 22%. However, the extent of the decline moderated compared with the preceding quarter.
Middle East – Desert Adventures: Performance remained significantly impacted by geopolitical uncertainties in the Middle East, which continued to weigh on travel demand during the seasonally weaker quarter. As a result, sales reduced by 67% y-o-y. While September witnessed early signs of improvement from key source markets, regional uncertainty continued to affect traveller confidence.
Private Safaris
Southern Africa: Revenue improved 31% year-on-year, powered by resilient inbound travel demand, with margin expansion driven by strategic upselling and stronger supplier negotiations, even against a backdrop of elevated airfares and constrained airline capacity.
East Africa: Revenue recorded 10% year-on-year growth, led by sustained demand from key source markets, including the USA, Europe and India, despite some uncertainty affecting traveller confidence.
Leisure Hospitality (Sterling Holidays & Nature Trails)
Revenue from Operations reached ₹1,259 Mn, up 21% y-o-y, supported by stronger room demand, higher occupancy and improved pricing.
Sustained profitability for 27 consecutive quarters, with EBITDA of ₹298 Mn and EBIT of ₹184 Mn, marking y-o-y growth of 4% and 1%, respectively, despite incremental cost pressures. Room nights sold growing 23%, ARR increasing 9% to ₹6,484 and total RevPAR improving by 12%.
Seven resorts opened during Q2 – the highest number in any quarter – taking the enterprise network to 83 resorts and crossing 4,000 keys, with six additional sign-ups made during the quarter.
Cash reserves reached ₹3,808 Mn, up 12% q-o-q. Sterling continued to remain debt-free and net cash-positive.
Digital Imaging Solutions (DEI)
Middle East operations (~ 50% of the portfolio) saw positive trends, with almost all portfolio attractions restarting and currently functioning at ~40-50% levels. International visitors outlook through Q4 is the focus of the business.
Capex deployment has been tightened, and the business continues its efforts to drive profitability growth through closure of non-profitable locations, optimisation of commercial terms, and continued review of operating costs and capex deployment.
5 new partnerships signed: Malaysia (POP Morgan VR World, Snow World BTS), Maldives (Royal Island) and Singapore (The Palawan @ Sentosa) India (Mysore Water Park).
Renewed 20 key partnerships: China: Shanghai Disney, Maldives (Le Meridien, Velassaru Maldives, Westin Miriandhoo, St. Regis), Indonesia (Ayodya Resort Bali, Bali Safari and Marine Park, Taman Safari Bogor, PT Taman Safari Indonesia II Jatim, Jumeirah Bali Resort, Conrad Bali), Malaysia (Penang Hill, Langkawi Wildlife Park, Langkawi Cable Car, KL Tower), UAE (Madinat Jumeirah Festive Market Event, Dubai World Cup 26–27, MEFCC 2026), Singapore (Singapore Flyer) Egypt (Snow City) and India (Ramoji Film City).
Operational launch of 3 partnerships: Indonesia (Omma Day Club Bali), China (Shanghai Ocean Aquarium) and Maldives (Royal Island).
Other Key Business Updates
Focus on Digitalisation: AI-powered Chatbot with Dynamic Itinerary Customization (DynaPack): Enhanced the existing AI-powered chatbot with the integration of DynaPack, a customized itinerary feature currently in its initial phase.
India Network Expansion: Leisure Travel: Inaugurated 6 outlets across Thomas Cook India and SOTC in Q2 FY27 in Bengaluru, Gorakhpur, Ahmedabad, Chennai, Tirupati and Jamshedpur.
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