Thomas Cook (India) Limited (THOMASCOOK)
₹89.00 -5.90% today, as of 15:50 IST · NSE
Q2 FY27 results
📅 Next results: 02 Nov 2026 (board meeting)Thomas Cook (India) Limited's board meets on 2 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Thomas Cook's revenue was ₹2,092 Cr (-13.1% year on year, +18.1% on the previous quarter), and net profit ₹64.0 Cr (-13.5% year on year); the operating margin was 4.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,092 | -13.1% | +18.1% |
| Operating profit | ₹93.0 | -26.8% | +18.7% |
| Net profit | ₹64.0 | -13.5% | +108.6% |
| EPS (₹) | 1.53 | +0.0% | +84.3% |
| Operating margin | 4.4% | — | — |
THOMASCOOK delivery percentage
NSE end-of-day data for
On Thu, 22 Oct 2026, 51.83% of the THOMASCOOK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.62%. That is close to its usual level.
Delivery in the last 5 sessions: 45.9% · 42.8% · 50.4% · 51.5% · 51.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Thomas Cook (India) Limited has announced the voluntary dissolution of its step-down subsidiary, Digiphoto Entertainment Imaging INC., Ontario, Canada, held through Travel Circle International (Mauritius) Limited. The dissolved entity contributed Nil revenue and held Nil net worth as of October 14, 2026. The company confirmed that this entity was non-material and the closure will have no impact on its revenue, profitability, or ongoing operations.
- Voluntary dissolution of step-down subsidiary Digiphoto Entertainment Imaging INC., Ontario, Canada
- Turnover and revenue contributed by the subsidiary during the last financial year was Nil
- Net worth of the subsidiary as of October 14, 2026 stood at Nil
- Company confirms zero financial impact on consolidated revenue, business, or profitability
Thomas Cook (India) Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms that security certificates received for dematerialisation were processed and confirmed to depositories within prescribed timelines. The securities involved have been listed on the respective stock exchanges, and physical certificates were duly mutilated and cancelled. This is a standard regulatory filing with no financial or operational impact.
- Compliance certificate filed for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited under Regulation 74(5)
- Confirms dematerialisation requests processed within prescribed statutory timelines
- Filing submitted to BSE and NSE on October 6, 2026
Thomas Cook (India) Limited's wholly owned subsidiary, Sterling Holiday Resorts Limited, announced the launch of Sterling Regalia Agra. The property adds 36 keys to Sterling's portfolio, located 1.4 km from the Taj Mahal on the high-intent Delhi–Agra–Jaipur Golden Triangle circuit. Sterling's total footprint now spans over 67 destinations with more than 3,900 operational keys. Given the property's modest size (36 rooms), the direct revenue contribution is marginal against Thomas Cook's consolidated TTM revenue of ₹8,398 crore.
- New resort Sterling Regalia Agra launched with 36 contemporary rooms
- Property located 1.4 km from the Taj Mahal in Agra
- Expands Sterling's footprint to over 67 destinations and 3,900+ operational keys
- Features a 40-cover multi-cuisine restaurant named Regalia Spices
Thomas Cook (India) Limited has launched a new retail outlet in Raja Rajeshwari Nagar (RR Nagar), South-West Bengaluru, on September 24, 2026. This launch increases the company's network to 13 locations in Bengaluru and 18 across Karnataka. The branch will cater to leisure, domestic, international, spiritual, and cruise holiday packages, supported by its digital booking platform. Compared to the company's TTM revenue of ₹8,398 crore, a single branch addition represents routine retail expansion with negligible direct financial impact.
- Opened 1 new retail outlet in Raja Rajeshwari Nagar, Bengaluru on September 24, 2026
- Expands footprint to 13 outlets in Bengaluru
- Increases total network across Karnataka to 18 outlets
CRISIL Ratings has reaffirmed Thomas Cook (India) Limited's long-term rating at 'CRISIL AA/Stable' and short-term rating at 'CRISIL A1+' covering Rs 433 crore of bank loan facilities and a Rs 50 crore commercial paper programme. The affirmation reflects continued parent support from Fairfax Financial Holdings and strong unencumbered liquidity of ~Rs 900 crore (out of Rs 2,650 crore total cash/investments as of June 30, 2026). However, the rating agency notes near-term pressure from geopolitical disruptions in West Asia, which dragged Q1 FY27 consolidated revenue down 13% YoY to Rs 2,092 crore, leading to an expected 2-5% drop in FY27 operating income.
- Credit rating reaffirmed at CRISIL AA/Stable for long-term and CRISIL A1+ for short-term facilities
- Total bank facilities rated stand at Rs 433 crore, alongside a Rs 50 crore Commercial Paper programme
- Unencumbered cash and short-term investments estimated at ~Rs 900 crore as of June 30, 2026 (adjusting for Rs 1,750 crore forex card float)
- Q1 FY27 consolidated revenue declined ~13% YoY to Rs 2,092 crore due to geopolitical headwinds impacting international DMS and DEI segments
- CRISIL expects FY27 operating income to decline by 2-5% with EBITDA margin moderating but remaining above 5%
Thomas Cook (India) Limited announced that company officials will participate in the Anand Rathi Annual Flagship Conference G-200 Summit 2026. The meeting will take place in Mumbai on September 22, 2026, from 10:00 AM onwards. It will feature 1x1 and group interactions based entirely on publicly available information without discussing any unpublished price-sensitive information. This represents a routine investor interaction schedule.
- Conference scheduled for September 22, 2026, starting at 10:00 AM onwards
- Format includes 1x1 and group meetings in Mumbai
- Organised by Anand Rathi under the G-200 Summit 2026
- Company reiterated that no UPSI will be shared
Thomas Cook (India) Limited has expanded its retail forex distribution footprint by opening forex counters at the newly developed Alluri Sitarama Raju International Airport in Bhogapuram, Visakhapatnam. The airport is projected to handle over 28 lakh annual passengers, offering international routes to destinations including the UAE and Singapore. According to the company's 2026 report, Tier 2 and Tier 3 cities account for 53% of overall retail forex demand in India. This follows recent airport counter expansions and reopenings at Delhi (Terminals 1 & 2) and Bengaluru.
- Opened forex counters at Alluri Sitarama Raju International Airport, Bhogapuram (Visakhapatnam)
- Airport is expected to handle over 28 lakh domestic and international passengers annually
- Company cites internal report showing Tier 2 (41%) and Tier 3 (12%) cities represent 53% of total India forex demand
- Expansion follows recent forex counter openings in Bengaluru and Delhi Terminals 1 & 2 (June & July 2026)
Thomas Cook (India) Limited issued a press release highlighting a consumer trend where travel demand is evening out beyond traditional peak periods into shoulder months like September and October. The company, alongside subsidiary SOTC Travel, noted increased interest driven by long weekends, festivals, and post-monsoon travel. No forward financial guidance, booking values, or quantitative targets were disclosed in the update. TCIL generated ₹8,398 Cr in TTM revenue, and this commentary serves as general market insight rather than a material operational update.
- September and October cited as emerging travel periods driven by festivals including Ganesh Chaturthi, Gandhi Jayanti, Navratri, and Dussehra
- Company highlights broader network spanning 28 countries across 5 continents
- Sterling Holiday Resorts subsidiary operates over 78 resorts across 65 locations in India
- Promoter Fairbridge Capital (subsidiary of Fairfax Financial) maintains 64.77% paid-up capital shareholding
Thomas Cook (India) Limited announced board changes approved at its 49th Annual General Meeting held on September 10, 2026. Non-Executive Director Mr. Chandran Ratnaswami ceased his directorship after deciding not to seek re-appointment upon retiring by rotation. Concurrently, shareholders approved the re-appointment of Mr. Sumit Maheshwari, Managing Director of Fairbridge Capital, as a Non-Executive Director liable to retire by rotation. These standard governance rotations carry no impact on current business operations.
- AGM held on September 10, 2026 was the company's 49th Annual General Meeting
- Mr. Chandran Ratnaswami ceased as Non-Executive Director effective September 10, 2026 after not seeking re-appointment
- Mr. Sumit Maheshwari re-appointed as Non-Executive Director liable to retire by rotation
- Mr. Maheshwari has been MD of promoter entity Fairbridge Capital since May 2018
At its 49th Annual General Meeting on September 10, 2026, Thomas Cook (India) Limited approved changes to its board of directors. Shareholders approved the re-appointment of Non-Executive Director Mr. Sumit Maheshwari, who was liable to retire by rotation. Meanwhile, Non-Executive Director Mr. Chandran Ratnaswami ceased his directorship effective September 10, 2026, as he was liable to retire by rotation and did not seek re-appointment.
- AGM held on September 10, 2026 was the 49th Annual General Meeting of the company
- Shareholders approved the re-appointment of Mr. Sumit Maheshwari (DIN: 06920646) as Non-Executive Director
- Mr. Chandran Ratnaswami (DIN: 00109215) ceased his role as Non-Executive Director on September 10, 2026 after not seeking re-appointment
Thomas Cook (India) Limited held its 49th Annual General Meeting on September 10, 2026, where shareholders approved all 7 resolutions with requisite majorities. Key approvals include the adoption of FY26 financial statements and a dividend declaration of Re. 0.5 per equity share of Re. 1 face value. Additionally, members approved the re-appointment of director Mr. Sumit Maheshwari and remuneration revisions for Managing Director and CEO Mr. Mahesh Iyer. A total of 36.05 crore valid votes were cast, representing a 76.66% turnout on outstanding shares.
- Approved dividend of Re. 0.5 per equity share of face value Re. 1 for FY26 (99.9984% in favor)
- Approved variation in MD & CEO Mr. Mahesh Iyer's remuneration structure via special resolution (97.47% in favor)
- Re-appointed director Mr. Sumit Maheshwari with 97.38% voting approval
- Noted retirement of director Mr. Chandran Ratnaswami, who did not seek re-appointment
- Total voting turnout recorded at 76.66% across 36,05,85,349 polled shares
Thomas Cook (India) Limited held its 49th Annual General Meeting on September 10, 2026, where shareholders passed all 7 resolutions with requisite majorities. Key approvals included a dividend declaration of ₹0.50 per equity share (face value Re 1) for FY26 and the adoption of audited financial statements. Additionally, shareholders approved a variation in the remuneration structure of Managing Director & CEO Mahesh Iyer, passing with 97.47% majority. Director Chandran Ratnaswami retired by rotation and chose not to seek reappointment, with the vacancy left unfilled.
- Approved dividend of ₹0.50 per equity share of Re 1 face value for FY26
- Adoption of FY26 Standalone and Consolidated Financial Statements passed with >99.99% voting approval
- Approval of variation in MD & CEO Mahesh Iyer's remuneration structure passed with 97.47% votes in favor
- Total of 36,05,96,057 votes polled on the dividend resolution representing 76.66% voter turnout
Thomas Cook (India) Limited announced the conclusion of its 49th Annual General Meeting held on September 10, 2026. Shareholders approved all seven resolutions with requisite majorities, including the declaration of a dividend of ₹0.50 per equity share for FY26. Other approved agendas included adopting FY26 standalone and consolidated financial statements, re-appointing Director Sumit Maheshwari, and revising the remuneration structure for MD and CEO Mahesh Iyer. Overall voting participation was 76.66% of outstanding shares.
- Approved dividend of ₹0.50 per equity share of face value ₹1 for FY26 (99.9984% votes in favour)
- Adopted FY26 standalone and consolidated financial statements with over 99.99% voting approval
- Special resolution approved for variation in remuneration structure of MD and CEO Mahesh Iyer with 97.47% approval
- Total voter turnout stood at 76.66% across 36,05,85,349 shares polled out of 47,03,80,562 total shares
Thomas Cook (India) Limited announced that its step-down subsidiary, Asian Trails Holding Ltd. (Mauritius), has been allotted 990 ordinary shares in PT Asian Trails Indonesia pursuant to a rights issue. The cash consideration for the investment is IDR 712,800,000 (roughly ~INR 38-40 lakh), maintaining Asian Trails Holding's shareholding at 66%. PT Asian Trails Indonesia reported an annual turnover of IDR 297,937,695,491 in 2025. Given the negligible investment amount relative to Thomas Cook's Rs 8,398 crore TTM revenue, this is a routine capital infusion.
- Asian Trails Holding Ltd. allotted 990 ordinary shares of par value IDR 720,000 each in PT Asian Trails Indonesia
- Total investment consideration of IDR 712,800,000 made via rights issue
- Post-allotment shareholding remains unchanged at 66%
- PT Asian Trails Indonesia 2025 turnover stood at IDR 297,937,695,491, up from IDR 276,293,646,998 in 2024
Thomas Cook (India) Limited has received an Observation Letter with 'No objection' from the National Stock Exchange of India (NSE) dated September 1, 2026, regarding its proposed Composite Scheme of Arrangement. The scheme entails the demerger of its resort business into Sterling Holiday Resorts Limited (SHRL) and the amalgamation of three wholly-owned subsidiaries (TC Visa Services, Jardin Travel Solutions, and Borderless Travel Services). The company has a 6-month validity window from September 1, 2026, to file the scheme with the National Company Law Tribunal (NCLT). Once NCLT approval is obtained, SHRL equity shares are required to list within 60 days.
- NSE issued 'No objection' observation letter on September 1, 2026, under Regulation 37 of SEBI LODR.
- Scheme involves demerger of resort business into Sterling Holiday Resorts Limited (SHRL) and consolidation of 3 travel/visa subsidiaries.
- Observation letter validity is 6 months from September 1, 2026, to submit the petition to the NCLT.
- SHRL must complete listing and commence trading within 60 days of receiving the final NCLT order.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2 FY26 grew 3% YoY to INR 20,738 million. Segment-wise performance: Travel and Related Services grew 6% to INR 16,891 million; Financial Services grew 1% to INR 845 million; Leisure Hospitality & Resorts declined 13% to INR 1,044 million; and Digiphoto Imaging Services (DEI) declined 6% to INR 1,958 million. For H1 FY26, total revenue reached INR 44,818 million, a 9% YoY increase.
Geographic Revenue Split
The Travel segment, contributing over 75% of total revenue, is split between India and International operations. India DMS saw a 10% decline in sales for Q2 FY26 due to regional conflicts, while Asia Pacific (Asian Trails) reported 18% YoY growth. USA (Allied T Pro) turnover was subdued due to sentiment shifts, while East Africa and Southern Africa operations remained stable.
Profitability Margins
The group maintained an operating margin of 7.1% in fiscal 2025. Sterling Holidays (Leisure Hospitality) reported H1 FY26 margins of 32%, with a target range of 30-35%. Financial Services maintained healthy EBIT margins of 49% in Q2 FY26. However, consolidated EBITDA for Q2 FY26 fell 12% YoY to INR 1,470 million due to business mix shifts in overseas DMS and higher costs in the imaging segment.
EBITDA Margin
Consolidated EBITDA margin for Q2 FY26 was approximately 7.1%, down from 8.4% in Q2 FY25. This 130 bps compression was driven by a shift toward lower-margin business in the US market during its peak season and a 6% increase in employee benefit expenses to INR 2,797 million.
Capital Expenditure
The group estimates annual capex obligations (excluding leased assets) at INR 70-80 crore per annum over the medium term. Sterling Holidays is actively investing in resort expansion, having launched 7 new resorts in Q2 FY26 alone, contributing to a 28% YoY expansion in the resort portfolio.
Credit Rating & Borrowing
CRISIL has assigned a 'Positive' outlook with a rating of CRISIL AA-/A1+. Borrowing costs are reflected in an interest coverage ratio of 6.6 times for fiscal 2025, which is expected to sustain above 5 times. Consolidated external debt stood at INR 484 crore as of March 31, 2025, with repayments of over INR 100 crore planned over the next three fiscals.
Operational Drivers
Raw Materials
Cost of services (74% of revenue), Employee benefits (13.5% of revenue), and Other operating expenses (7.4% of revenue).
Import Sources
Not applicable as a service-oriented company; however, inventory is sourced globally for travel packages and digital imaging supplies across 15+ countries including USA, Thailand, and Indonesia.
Key Suppliers
Key partners include Mastercard and Visa for forex operations, and various global hotel chains and airlines for the travel segment.
Capacity Expansion
Sterling Holidays expanded its resort portfolio by 28% YoY in Q2 FY26, reaching a milestone of 7 new resort launches in a single quarter. The group also expanded its forex distribution by opening a new outlet in Varanasi in December 2025.
Raw Material Costs
Cost of services increased 4% YoY to INR 15,314 million in Q2 FY26, representing 73.8% of total revenue. Procurement strategies focus on cost optimization in high-volume markets like Thailand to offset margin dilution in the US.
Manufacturing Efficiency
Hospitality efficiency is measured by RevPAR, which grew 11% YoY in Q2 FY26. Occupancy was impacted by 40% of inventory being in weather-affected regions like Himachal and Uttarakhand during the quarter.
Logistics & Distribution
Distribution is driven by a mix of physical branches and digital platforms. Retail forex turnover grew 13% YoY, supported by paperless transfer technology and new physical outlets.
Strategic Growth
Expected Growth Rate
11%
Growth Strategy
Growth is driven by a 'transformative thrust' on the resort business (28% portfolio expansion), tapping into growing forex demand via new regional outlets (e.g., Varanasi), and a structural reduction in costs. The company is also transitioning its DEI segment toward a higher-margin software-led model despite short-term revenue flattishness.
Products & Services
Foreign exchange (Forex) cards and cash, corporate travel management, leisure holiday packages, visa and passport services, resort stays (Sterling), and digital photo imaging services (DEI).
Brand Portfolio
Thomas Cook India, SOTC Travel, Sterling Holidays, DEI (Digiphoto Entertainment Imaging), Asian Trails, Allied T Pro, Desert Adventures.
New Products/Services
Launched 7 new resorts in Q2 FY26. Expanding retail forex via paperless transfers and new physical distribution points to tap into the 'overseas education' and 'holidays' segments.
Market Expansion
Expanding forex footprint in Tier 2 cities (Varanasi) and growing the Asia Pacific DMS business, which saw 18% growth in Thailand, Indonesia, and Malaysia.
Market Share & Ranking
Leadership position in India's integrated travel and foreign exchange segments.
Strategic Alliances
Strong support from parent Fairfax Financial Holdings Ltd (77% stake). Partnerships with Mastercard and Visa for the prepaid forex card business.
External Factors
Industry Trends
The industry is seeing a shift toward digital/paperless forex transactions and a surge in domestic leisure travel. Thomas Cook is positioning itself by expanding its resort portfolio and automating branch processes to sustain a 7%+ operating margin.
Competitive Landscape
Competes with online travel aggregators (OTAs) and specialized forex players. Differentiates through an integrated 'one-stop-shop' model and physical presence.
Competitive Moat
Moat is built on a leadership position in Forex and Travel, a massive distribution network, and the financial backing of Fairfax. The diversified business model (Travel, Forex, Hospitality, Imaging) minimizes the impact of seasonality.
Macro Economic Sensitivity
Highly sensitive to global travel trends and domestic consumer discretionary spending. Fiscal 2025 revenue growth of 11% reflects positive macro tailwinds in the Indian travel market.
Consumer Behavior
Shift in sentiment in the US market led to weaker Q2 performance. In India, 35-40% of retail forex customers still prefer some cash, while the rest move to cards.
Geopolitical Risks
Protests in Nepal and India-Pakistan conflict advisories led to a 10% decline in India DMS sales. Ongoing Middle East tensions remain a monitorable risk for global travel sentiment.
Regulatory & Governance
Industry Regulations
Subject to SEBI (LODR) Regulations 2015 for disclosures and RBI guidelines for foreign exchange operations. Compliance with travel advisories and visa regulations across multiple jurisdictions.
Environmental Compliance
Not specifically disclosed in INR, but hospitality operations are subject to local environmental norms for resort management.
Taxation Policy Impact
Effective tax rate for Q2 FY26 was approximately 35.8% (INR 393 million tax on INR 1,098 million PBT).
Risk Analysis
Key Uncertainties
Geopolitical instability impacting travel (potential 5-10% revenue risk), severe weather impacting hospitality (13% segment drop in Q2), and slower-than-expected ramp-up of acquired businesses.
Geographic Concentration Risk
Over 75% of revenue is travel-related, with significant exposure to the Indian domestic market and key international hubs like the US and SE Asia.
Third Party Dependencies
High dependency on airline partners and global hotel inventory for the travel segment, and Mastercard/Visa for the forex segment.
Technology Obsolescence Risk
Risk in the DEI segment addressed by transitioning to new software and digital imaging platforms; retail forex is being digitized to prevent loss of market share to fintechs.
Credit & Counterparty Risk
Financial risk profile is 'comfortable' with a TOL/TNW ratio of 3.2x and strong liquid surpluses of INR 2,070 crore.
