Steady revenue gains highlight Thomas Cook India’s resilience amid geopolitical challenges and domestic weather impacts
Thomas Cook India Limited has posted a steady financial performance for the first half of FY26, reporting Revenue from Operations of Rs. 44,818 million, an increase of 9 percent year on year. For the second quarter, revenue rose to Rs. 20,738 million, reflecting a year on year growth of 3 percent despite the impact of global geopolitical disturbances and severe weather conditions in several domestic markets.
Profit before tax after exceptional items remained stable at Rs. 2,211 million for H1 FY26, compared with Rs. 2,187 million in the previous year. For Q2 FY26, the figure stood at Rs. 1,098 million against Rs. 1,096 million in Q2 FY25. The Group reported a strong financial position with Cash and Bank balances rising to Rs. 23,861 million as of September 30, 2025, compared with Rs. 20,739 million on March 31, 2025.
Management Commentary
Mahesh Iyer, Managing Director and Chief Executive Officer of Thomas Cook India Limited, said the performance demonstrated resilience in a challenging quarter. He noted that both global issues and monsoon related disruptions had created hurdles for the travel sector, but the Group’s diversified business model supported growth.
Mahesh Iyer stated, “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.”
Business Performance Across Divisions
The company’s foreign exchange business recorded healthy growth, supported by demand in the holiday and overseas education segments. Retail forex sales increased by 13 percent in Q2 FY26 and 9 percent in H1 FY26. The company reported strong adoption of digital platforms, with transactions through WhatsApp growing by over 108 percent year on year in Q2. App bookings rose by 25 percent during the same period, while new digital initiatives such as TC Pay and contactless cross border payments through Google Pay were introduced to strengthen customer convenience.
The travel services segment recorded revenue growth of 12 percent in H1 FY26 and 6 percent in Q2 FY26. Corporate travel performance was supported by the addition of 11 new accounts across multiple industries and higher adoption of the corporate self booking tool. Air revenue grew by more than 4 percent in Q2 FY26, while non air transactions increased by 20 percent. The MICE business managed more than 200 groups across domestic and international destinations, including major programmes in Chile, Ghana and Ahmedabad.
The leisure travel segment saw enhanced focus on festival tours, spiritual tourism and premium cruise holidays. Key offerings included special regional tours during Durga Puja, Dussehra and Diwali, as well as the relaunch of the Kailash Mansarovar Yatra. The Destination Management Services network delivered mixed results, with sales in India affected by Nepal protests and geopolitical concerns, while Asia Pacific and Africa recorded positive year on year growth.
Sterling Holiday Resorts, part of the Group’s leisure hospitality portfolio, recorded revenue of Rs. 1,044 million for Q2 FY26. Room revenue increased by 22 percent while food and beverage revenue grew by 11 percent. The company added seven new properties during the quarter, expanding its network to 69 properties with 3,506 rooms. Weather related challenges impacted occupancy and operations in certain regions, but the brand reported improvements in guest satisfaction scores and strong growth in operating free cash flow.
The imaging solutions business, DEI, recorded a year on year decline of 3 percent in H1 FY26 and 6 percent in Q2 FY26. The segment was affected by reduced attendance in markets such as the UAE and Malaysia, along with venue closures in Singapore. Despite these challenges, DEI expanded its partnerships in the UAE, Maldives, India and Southeast Asia, and reported progress in rolling out its WeC software across locations.
Digital and Network Expansion
Thomas Cook India continued to strengthen its technology offerings through enhancements to its AI powered corporate booking platform, tour manager applications, customer self service features and MICE service portals. The company expanded its India network with new leisure travel outlets in Davangere, Kanpur, NCR and Kozhikode.
The Group also received industry recognition, including dual wins at the Adam Smith Awards Asia 2025 for Best Risk Management Solution and Best Investing Solution. Additional honours included awards for marketing, tour operations and risk management across various industry platforms.
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