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Thomas Cook (India) Results: Latest Quarterly Results & Analysis

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Thomas Cook (India) Ltd. 13 May 2026 15:23 PM
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Q4FY26 & FY26 Result Announced for Thomas Cook (India) Ltd.

Travel Support Services company Thomas Cook (India) announced Q4FY26 & FY26 results

Q4FY26 Consolidated Financial Highlights:

  • Revenue from Operations for Q4FY26 stood at Rs 17,707 million, representing a 10% decrease YoY compared to Rs 19,689 million in Q4FY25 and a 17.48% decrease QoQ compared to Rs 21,457 million in Q3FY26.
  • Total Income from Operations for Q4FY26 was Rs 18,055 million, a decline of 11% YoY from Rs 20,220 million and a 17.43% decline QoQ from Rs 21,866 million in Q3FY26.
  • EBITDA for the quarter was Rs 1,131 million, down 25% YoY from Rs 1,514 million and down 27.22% QoQ from Rs 1,554 million.
  • Profit Before Tax (PBT) for Q4FY26 was Rs 461 million, showing a 48% decrease YoY compared to Rs 884 million and a 22.65% decrease QoQ from Rs 596 million in Q3FY26.
  • Reported Profit After Tax (PAT) stood at Rs 307 million for Q4FY26, a 54% decrease YoY compared to Rs 660 million in Q4FY25 and a 32.53% decrease QoQ compared to Rs 455 million in Q3FY26.
  • Earnings Per Share (EPS) for the quarter was Rs 0.83, compared to Rs 1.39 in Q4FY25 and Rs 1.39 in Q3FY26.

FY26 Consolidated Financial Highlights:

  • Total Income for FY26 grew by 3.3% YoY to Rs 85,578 million, up from Rs 82,845 million in FY25.
  • Revenue from Operations reached Rs 83,982 million in FY26, a growth of 3% YoY from Rs 81,396 million.
  • EBITDA for the full year was Rs 5,871 million, representing a 6% decrease compared to Rs 6,217 million in FY25.
  • Reported PAT for FY26 was Rs 2,205 million, a 15% decrease from Rs 2,584 million in FY25.
  • Annual EPS stood at Rs 4.70 in FY26 compared to Rs 5.46 in FY25.

Business Highlights:

Segment-wise Performance:

  • Travel & Related Services: This segment recorded a revenue of Rs 67,025 million for FY26, a growth of 3.6% YoY. EBIT for the segment was Rs 2,218 million, down 10.8% YoY.
    • B2B business accounted for approximately 73% of the total travel revenue, while B2C (Leisure Holidays) contributed 27%.
    • Leisure Travel launched Bhutan charter flights and Kailash Mansarovar holidays (after a 5-year gap).
  • Financial Services (Forex): Revenue stood at Rs 3,261 million for FY26, a marginal decrease of 0.5% YoY. However, Q4FY26 revenue grew by 3% YoY to Rs 813 million.
    • EBIT margin reached 45.8% for FY26.
    • Forex prepaid card users exceeded 1.2 million, with a float on card of approximately Rs 16 billion in FY26.
    • Digital adoption rate for Forex moved to 22.8% in Q4FY26.
  • Leisure Hospitality & Resorts (Sterling Holiday Resorts): Revenue grew by 6.6% YoY to Rs 5,336 million in FY26. Segment EBIT was Rs 1,292 million, remaining stable YoY.
    • Sterling delivered 25 consecutive profitable quarters.
    • Network expanded to 78 resorts across 61 cities as of March 31, 2026.
    • Occupancy stood at 61% in Q4FY26 with an Average Room Rate (ARR) of Rs 5,952.
  • Digital Imaging Solutions (DEI): Segment revenue was Rs 8,360 million in FY26, a slight decline of 0.8% YoY.
    • EBIT for the year was Rs 110 million, down 59.1% from Rs 268 million in FY25, impacted by geopolitical tensions and the temporary suspension of operations in the UAE.

Mahesh Iyer, Managing Director & CEO Thomas Cook (India), said: FY 2026 was marked by significant geopolitical disruptions at both the start and close of the FY, effectively truncating the sales & operating period from 12 to less than 9 months. Despite this challenging environment, characterised by airspace disruptions, elevated costs, and significant negative currency volatility, the Thomas Cook India Group has delivered a good performance with consolidated Income for FY 2026 growing by 3% to Rs 85,578 million.

Looking ahead, while the environment remains uncertain, we are cautiously optimistic that the peace will endure. Our focus will remain on prudent fiscal management & leveraging technology for increased productivity - to deliver sustainable growth & value to our stakeholders.”

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Travel Support Services company Thomas Cook (India) announced Q3FY26 results

  • Consolidated Income from Operations growth of 4% YoY to Rs 21,457 million in Q3FY26; 7% YoY to Rs 66,275 million for 9MFY26.
  • Consolidated PBT (before exceptional items) for 9MFY26 stood at Rs 2,852 as compared to Rs 2,936 million.
  • Financial Services: Retail turnover increased by 25% YoY for Q3FY26; EBIT margins at 41.5% for Q3FY26.
  • Travel Services: Revenue from Operations growth of 3% YoY in Q3FY26; EBIT margins at 3.1% for Q3FY26.
  • Leisure Hospitality (Sterling Holidays & Nature Trails): Revenue from Operations growth of 12% YoY in Q3FY26; EBIT margins at 30.4% for Q3FY26.
  • Digiphoto Entertainment Imaging (DEI): Revenue from Operations growth of 5% in Q3FY26; EBIT margins at 3.5% for Q3FY26.
  • The Group continues to maintain a strong financial position, with Cash & Bank balances at Rs 25,449 million as of December 31, 2025 vs Rs 23,861 million as of September 30, 2025.

Mahesh Iyer, Managing Director & CEO Thomas Cook (India), said: “In the face of a challenging global travel landscape, Thomas Cook India Group has delivered a strong all-round performance with a PBT growth of 20% in Q3, after excluding a one-time provision of Rs 301 million arising due to implementation of the new Labour Code. The recent Union Budget announcements pertaining to Travel & Tourism, notably - reducing TCS on overseas tour packages & foreign exchange remittances for Education & Medical purposes to 2%, high speed rail corridors, and the thrust towards skilling and digitally empowering guides etc. are all welcome and should spur momentum as we move into the peak summer travel season.”

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Travel Support Services company Thomas Cook (India) announced Q1FY26 results

  • Consolidated Total Income from Operations grew by 15% YoY to Rs 24,530 million from Rs 21,343 million and on a sequential basis grew by 21%
  • Travel Services EBIT grew by 25% YoY to Rs 811 million from Rs 649 million despite geopolitical challenges. Growth attributed to strong early booking pipeline and turnaround of India and International DMS Companies
  • Leisure Hospitality EBIT grew by 25% YoY to Rs 409 million from Rs 328 million; on a sequential quarter basis grew by 74%; Network grew from 50 to 62 resorts in Q1FY26 with no of rooms to 3285 vs Q1FY25; ARR sustained at Rs 7,162 despite the large influx of new inventory
  • Digital Imaging Solutions (DEI) EBIT grew by 61% YoY to Rs 106 million from Rs 66 million on the back of improved operational efficiencies
  • Forex EBIT stood at Rs 374 million, lower than the comparable quarter due to geopolitical challenges resulting in sluggish demand and reduced student traffic.
  • 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 million from Rs 20,739 million as of 31st March 2025

Commenting on the results, Mahesh Iyer - Managing Director & CEO Thomas Cook (India) 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 Q1FY26 at Rs 1,284 million, excluding the effect of a one-time expense. Total Income from Operations grew by 15% YoY 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.”

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Travel Support Services company Thomas Cook (India) announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Operating PBT for Q4FY25 grew 51% to Rs 917 million from Rs 608 million
  • Total Income from operations stood at Rs 19,688 million for Q4FY25 compared to Rs 20,610 million

FY25 Financial Highlights:

  • Thomas Cook India reports highest ever consolidated PBT of Rs 3,784 million in FY25
  • Total Income from Operations grew 12% y-o-y to Rs82,815 million
  • Operating PBT for FY25 grew 15% to Rs 3,821 million from Rs 3,337 million
  • Standalone Operating PBT for FY25 grew 20% to Rs 1,650 million from Rs 1,377 million
  • Travel Services EBIT grew by 29% in FY25 aided by a strong turnaround of Global DMS Companies; Forex grew by 21%
  • Cash & Bank balances as of 31st March 2025 were at Rs 20,739 million.

Commenting on the results, Madhavan Menon - Executive Chairman, Thomas Cook (India) said “Thomas Cook India has delivered another robust performance to wrap up FY25, reporting its highest ever consolidated PBT of Rs 3,784 million. PBT grew an impressive 46% in Q4FY25 and 10% for the FY25.

The FY25 results were driven by strong all-round delivery - with Travel Services EBIT growing by 29% aided by a strong turnaround of Global DMS Companies; Forex growing by 21%."

Mahesh Iyer - Managing Director & CEO Thomas Cook (India) added, “I am proud of the strong all-round performance of the teams across businesses & geographies for FY25. Our focus will remain on enhancing customer experience, digital transformation and cost optimisation. Looking ahead, we remain cautiously optimistic - given recent geopolitical events and the potential effects of global trade wars, etc.”

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Travel Support Services company Thomas Cook (India) announced Q3FY25 results

  • Financial services increased income from operations by 16% with EBIT margin expanding 592 bps to 39%. Increase driven by 18% growth in Retail turnover led by Education and Holidays segments growing by 10% and 15% respectively
  • Travel and related services
    • Income from operations increased 11% with a strong contribution from B2C holidays (up 29% YoY), India DMS (up 19% YoY), international DMS (up 18% YoY) and corporate Travel (up 17% YoY)
    • Adjusting for income from operations from the Nationals games of Rs 935 million in Q3FY24, the Travel segment growth (on a like to like basis) stands at 19%
    • EBIT in the Travel segment for the quarter was lower due to the absence of contribution of National Games in Q3FY24 and impact of heightened currency volatility in overseas DMS segment especially Asian Trails.
  • Leisure hospitality (Sterling Holiday Resorts) topline increase 12% with an improvement in EBIT margins to 31%. Increase in occupancy to 61% on an expanded resort network of 57 resorts and 3118 rooms has driven overall performance.
  • Digital Imaging Solutions (DEI) results were influenced by multiple factors such as lower footfalls due to geopolitical tensions in the region, the one-time government subsidy received in Q3FY24 and overlapping technology costs during WeC platform implementation. These collectively muted topline and EBIT performance.

Strong financial health: The Company reported cash and bank balances of Rs 20,210 million as of December 2024 and a debt-to-equity ratio of 0.12

Madhavan Menon - Executive Chairman, Thomas Cook (India), said "Thomas Cook (India) Ltd. has delivered stable performance for 9MFY25, driven by steady growth across financial services, travel, and leisure hospitality. Despite escalated geopolitical tensions and abnormal currency volatility during the quarter impacting international DMS operations, we maintained our margins, reflecting our focus on effective cost management and sustainable growth across our lines of business. We have a robust forward demand funnel and are looking forward to end FY25 on a strong note."

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Travel Support Services company Thomas Cook (India) announced H1FY25 & Q2FY25 results

  • Consolidated PBT for Q2FY25 up 37% to Rs 1,063 million vs Rs 775 million in Q2FY24 and up 26% to Rs 2,136 million in H1FY25 vs Rs 1,689 million in H1FY24.
  • Total Income from Operations up 9% at Rs 20,439 million for Q2FY25 vs Rs 18,713 million in Q2FY24 and up 10% to Rs 41,764 million for H1FY25 vs Rs 37,937 million in H1FY24.
  • EBIT margins in Q2FY25 for Travel Services increases from 3.5% to 4.9%; Foreign Exchange increases from 37.4% to 48.8% and Sterling Holidays from 24.7% to 25.2%.
  • Travel Businesses in India & overseas and Sterling Holidays lead Group’s delivery - Travel Services registers EBIT growth of 55% & Sterling Holidays registers a 24% EBIT growth in Q2FY25 vs Q2FY24.
  • The Group continues to maintain a strong financial position, with Cash & Bank balances at Rs 18,885 million as of September 30, 2024.

Madhavan Menon, Executive Chairman, Thomas Cook (India), said: “With a consolidated PBT growth of 37% in Q2FY25 against Q2FY24, the Thomas Cook India Group has delivered strong results, comparable to a peak-season quarter in a traditionally non-peak quarter for the industry. For H1FY25 also, the team has delivered a healthy growth of 26% over H2FY24.

Having achieved our first priority of recovery in business volumes, our focus looking ahead, is on ensuring sustainable growth and profitability.”

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Travel Support Services company Thomas Cook (India) announced Q1FY25 results:

Financial Highlights: 

  • Consolidated Q1FY25 PBT of Rs 1,073 million Vs Rs 914 million; 17% growth YoY
  • Thomas Cook (Standalone) PBT growth of 29% YoY at Rs 740 million Vs Rs 574 million
  • Overseas Destination Management Companies reflect turnaround with EBITDA at Rs 28 million Vs a loss of Rs (44) million in Q1FY24
  • The Group continues to maintain a strong financial position, adding Rs 3.49 billion during the quarter, with Cash & Bank balances at Rs 18.67 billion as of June 30, 2024
  • CRISIL upgrades Thomas Cook India’s Rating Outlook to ‘Positive’. Reaffirms Company’s Ratings at CRISIL
  • AA-/Positive & CRISIL A1
  • The PAT for the quarter has been impacted on account of a higher tax liability

Madhavan Menon, Executive Chairman, Thomas Cook (India) Limited said, “Thomas Cook India has delivered a good all round performance for Q1FY25 reporting a consolidated PBT of Rs 1073 million (excluding non-operating MTM gains) that reflects a healthy 17% growth over Q1FY24. This has been a result of a solid performance across our businesses, despite multiple headwinds during the period, including the Indian General elections - that delayed travel plans & heatwaves across most of the country. Our forward booking funnel indicates that we may have the benefits of an extended holiday season and are well poised to deliver sustainable growth in the quarters ahead.”

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Travel Support Services company Thomas Cook (India) announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

• Consolidated PBT at Rs 607 million Vs a loss of Rs (62) million in FY23
• EBITDA Margin improvement by 355 bps
• Thomas Cook (Standalone) PBT at Rs 265 million in Q4FY24 Vs a loss of Rs (0.3) million in Q4FY23
• Sterling Holidays PBT at Rs 308 million in Q4FY24 Vs Rs 145 million in Q4FY23
• Overseas Destination Management Companies EBITDA at Rs 103 million in Q4FY24 Vs Rs 26 million in Q4FY23

FY24 Financial Highlights:

• Consolidated PBT at Rs 3,449 million Vs Rs 262 million
• EBITDA Margin improvement by 297 bps YoY
• EPS grows from Re 0.10 to Rs 5.57 for FY24
• Thomas Cook (Standalone) PBT at Rs 1,521 million Vs Rs 187 million
• Sterling Holidays PBT at Rs 1,207 million Vs Rs 659 million
• All overseas Destination Management Specialist Companies profitable in FY24: EBITDA at Rs 632 million Vs Rs 115 million

Madhavan Menon, Executive Chairman, Thomas Cook (India) Limited said, “Thomas Cook India Group has delivered record profits for both the quarter and FY24. What makes this even more special is that every business and geography has contributed to the profitability. My appreciation and congratulations to all our teams, customers, partners and shareholders for making this possible. I am also glad to announce the dividend of Re.0.60 per Re.1 share that is inclusive of a special dividend of Re. 0.20 per share, to our valued shareholders. Personally, I believe the Group’s results reflect the buoyancy in the Indian and global travel services sector and therefore, our robust forward bookings, reflecting an 18% growth Vs. last year – is very encouraging!”

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Travel support services company Thomas Cook (India) announced Q1FY24 results:

  • The group’s operating EBITDA grew significantly to Rs 1,474 million for Q1FY24 against Rs 555 million compared to Q1FY23. Growth was driven primarily by foreign exchange & travel businesses (Thomas Cook and SOTC); hospitality (Sterling Holidays)
  • Consolidated operating PBT grew over 27 times in Q1FY24 at Rs 914 million Vs Rs 33 million in Q1FY23
  • Standalone operating EBITDA at Rs 736 million for Q1FY24 Vs Rs 286 million in Q1FY23, operating PBT at Rs 574 million Vs Rs 115 million in Q1FY23
  • Sterling Holidays registered EBITDA at Rs 475 million for Q1FY24 Vs Rs 411 million in Q1FY23; PBT at Rs 358 million Vs Rs 283 million in Q1FY23
  • Strong order book, signaling robust forwards for Q2FY24. Holidays at 116%, MICE 113% Vs Q2FY23
  • The group continues to maintain a strong financial position, with cash & bank balances of Rs 14,090 million as of June 30, 2023

Madhavan Menon, Executive Chairman, Thomas Cook (India), said, “On the back of a commendable performance for FY23, the first quarter of FY24 has seen yet another very strong performance by the TCIL Group with Operating EBITDA at Rs 1,474 million Vs Rs 555 million for Q1FY23. The robust performance for Q1 – a traditionally strong quarter seasonally, was driven primarily by our Foreign Exchange and Travel Businesses (across Thomas Cook India & SOTC) and Sterling Holiday Resorts.”

He added, “Our focus continues to be on driving volumes while managing margins and costs effectively. Our order books reflect a healthy forward trend across leisure and business segments, and we are bullish about growth in the quarters ahead.”

 

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Travel Support Services company Thomas Cook (India) announced Q4FY23 & FY23 results:

  • Q4FY23:
    • The Group’s Operating EBITDA at Rs 518 million Vs Rs 239 million in Q4FY22
    • Standalone Operating EBITDA for TCIL at Rs 205 million Vs Rs 28 million for Q4FY22
    • For Q4FY23 Consolidated Total Income from Operations grew by 150% YoY to Rs 13.2 billion
  • FY23:
    • The Group’s Operating EBITDA grew significantly to Rs 2.7 billion for FY23 against a loss of Rs 1.2 billion in FY22. Growth driven by Foreign Exchange & Travel Businesses (Thomas Cook); Hospitality (Sterling Holidays)
    • Highest Operating EBITDA & Operating PBT for Thomas Cook in a decade. Operating EBITDA at Rs 1.2 billion for FY23; Operating PBT at Rs 560 million Vs a loss of Rs 1.14 billion in FY22
    • Sterling Holidays registered Highest EBITDA & PBT since inception: EBITDA at Rs 1.1 billion for FY23; 
    •  PBT at Rs 659 million Vs Rs 436 million in FY22
    • Consolidated Total Income from Operations grew YoY by 163% in FY23 to Rs 51 billion
    • Robust growth across all business segments in FY23; Income from operations growth (YoY): Forex: 123%, Travel: 248%, Hospitality (Sterling Holidays): 36%, Digital Imaging Solutions (DEI): 72%
    • Focus on Cost Optimization saw annualized savings of Rs 3.71 billion for FY23, representing a 20% reduction in costs Vs FY20 (Pre Pandemic). The Group maintains a strong financial position, with Cash & Bank balances of Rs 10.1 billion as of March 31, 2023 

Madhavan Menon, Chairman and Managing Director, Thomas Cook (India) said, “I am delighted to share the strong results for FY23 for the Group, with a record Operating EBITDA at Rs 2.7 billion Vs a loss of Rs 1.2 billion in FY22. Total Income from Operations also grew annually by 163% in FY23 to Rs 51 billion. This commendable performance was led by Thomas Cook India registering its highest Operating EBITDA & Operating PBT in a decade & Sterling Holidays ? recording its highest EBITDA & PBT since the company’s inception.

Our focus through the year has been on driving trading volumes, margin expansion, improved productivity via digital solutions and effective cost optimization measures to achieve this. Given the strong forward booking funnels, across business segments & geographies, we are confident of a strong performance in the coming quarters as well.”

 

 

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