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Travel Food Services Results: Latest Quarterly Results & Analysis

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Travel Food Services Ltd. 26 May 2026 12:24 PM
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Q4FY26 & FY26 Result Announced for Travel Food Services Ltd.

Restaurants company Travel Food Services announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Revenue from Operations: For Q4FY26, the Company reported revenue of Rs 4,606.83 million, a growth of 25.67% YoY from Rs 3,665.74 million in Q4FY25 and a slight increase of 0.99% QoQ from Rs 4,561.69 million in Q3FY26. For the full year FY26, revenue stood at Rs 16,477.96 million compared to Rs 16,877.39 million in FY25.
  • Total Income: Total income for Q4FY26 was Rs 4,913.15 million, up 27.25% YoY from Rs 3,861.03 million and up 2.59% QoQ from Rs 4,789.25 million in Q3FY26. Annual total income for FY26 reached Rs 17,426.43 million against Rs 17,627.09 million in FY25.
  • Profit After Tax (PAT): The Company recorded a PAT of Rs 1,226.02 million in Q4FY26, reflecting a 15.06% YoY increase from Rs 1,065.56 million and a 10.41% QoQ decline from Rs 1,368.48 million in Q3FY26. For the full year FY26, annual PAT increased to Rs 4,523.17 million, a growth of 19.14% YoY from Rs 3,796.59 million in FY25.
  • Earnings Per Share (EPS): Basic and diluted EPS for FY26 was Rs 33.49 and Rs 33.42 respectively, compared to Rs 27.58 in FY25.
  • Dividend: The Board has recommended a dividend of Rs 10.25 per equity share having a face value of Rs 1 each for FY26.

Standalone Financial Highlights:

  • Revenue from Operations: Standalone revenue for Q4FY26 stood at Rs 3,396.28 million, up 10.86% YoY from Rs 3,063.50 million and down 4.94% QoQ from Rs 3,572.88 million in Q3FY26. Annual revenue for FY26 was Rs 13,021.42 million, an increase of 7.25% YoY from Rs 12,141.56 million in FY25.
  • Total Income: Standalone total income for Q4FY26 was Rs 3,699.57 million, compared to Rs 3,240.20 million in Q4FY25 and Rs 3,883.49 million in Q3FY26. For the full year FY26, total income stood at Rs 14,025.06 million vs Rs 13,047.78 million in FY25.
  • Profit After Tax (PAT): Standalone PAT for Q4FY26 was Rs 982.75 million, witnessing a 34.21% YoY growth from Rs 732.22 million and an 11.27% QoQ decrease from Rs 1,107.52 million in Q3FY26. Annual standalone PAT for FY26 reached Rs 3,675.72 million, showing a 22.56% YoY increase from Rs 2,999.13 million in FY25.

Business Highlights:

  • Initial Public Offer (IPO): The Company successfully listed on the National Stock Exchange and BSE on July 14, 2025, following an IPO of 18,182,802 equity shares at an issue price of Rs 1,100 per share, aggregating to Rs 19,999.98 million.
  • Segment Performance: The Company identifies its operations under a single operating segment, deriving revenue primarily from Travel QSR outlets and Lounge services, along with management and other services.
  • Employee Stock Plan: During FY26, the Company granted 284,522 stock options to eligible employees under the 'Travel Food Services - Employee Stock Plan - 2024'. As of March 31, 2026, 279,870 stock options remained outstanding.
  • Subsidiary Buyback: The subsidiary Travel Food Services (Delhi Terminal 3) Private Limited undertook a buyback of 1,601,851 equity shares at Rs 64.90 per share, resulting in a cash inflow of Rs 103.96 million and a recognized gain of Rs 91.66 million in the standalone results.
  • Labour Code Impact: Due to the consolidation of 29 labour regulations into four New Labour Codes effective November 21, 2025, the Company recognized incremental past service cost expenses for employee benefits amounting to Rs 79.93 million on a standalone basis and Rs 83.41 million on a consolidated basis.
  • Licence Agreement: The licence agreement for the material subsidiary, Travel Food Services (Delhi Terminal 3) Private Limited, is scheduled to expire on September 30, 2026. Management has assessed the impact and prepared the financial results on a going concern basis.

Varun Kapur, Managing Director & CEO, TFS, said: ‘FY26 has been a landmark year for TFS - our first full year as a listed company that has been marked by strong financial performance, with system-wide sales growing 25.4% YoY and adjusted consolidated PAT growing 21.5% YoY. We continued to demonstrate our operational resilience, delivering steady performance despite the near-term challenges seen in Q4FY26.

Crossing 550 outlets, expanding to 20 airports, deepening our brand portfolio to 145 brands, and progressing on our EATS technology platform, reflect the breadth of our execution and the directions in which TFS is growing. Operations at Cochin and Delhi Airports are scaling up well, Navi Mumbai is seeing the opening of new concepts, and we remain excited about our upcoming units at Noida Airport ahead of its commercial launch.

The near-term environment carries its share of headwinds - the Middle East conflict, firming input costs, and temporary traffic disruptions have added some volatility. We are watching these developments carefully, navigating them with discipline, and responding with the operational execution that has defined our journey. Our conviction in India's long-term aviation growth story is unchanged. With a growing network, a strong brand portfolio, and new revenue streams taking shape, TFS enters this next phase from a position of strength.’

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Restaurants company Travel Food Services announced Q3FY26 results

  • System-wide Sales were Rs 8,754 million (up 28.1% in YoY) in Q3FY26 and Rs 23,189 million (up 24.5% YoY) in 9MFY26.
  • Consolidated sales reached Rs 4,562 million (up 18.3% on an adjusted basis) in Q3FY26 and Rs 11,871 million (up 9.9% on an adjusted basis) in 9MFY26.
  • Consolidated PAT increased to Rs 1,368 million and recorded a growth of 35.3% YoY (on an adjusted basis).
  • PAT margin increased to 30.0% during the third quarter, up from 26.2% in Q3FY25.

Varun Kapur, Managing Director and CEO, TFS, said: ‘We maintain our trajectory of delivering strong performance, with system-wide sales growth of 28.1% YoY and adjusted consolidated PAT increase of 35.3% YoY in Q3FY26. Improving passenger traffic trends, coupled with disciplined execution and an increase in the contribution from new sites, have been the growth drivers for the business. Our continued emphasis on leveraging technology as a catalyst for business growth – exemplified by our EATS platform enabling direct bank-to-lounge access – marks an important step in our evolution into a tech-enabled, scalable travel hospitality company.

With the commencement of operations at the Delhi Airport (Terminal 2) and Navi Mumbai International Airport, we now operate a strong network of over 530 units and have built a portfolio of 140 brands as of December 25. Additionally, the mobilisation of units in the new year at Cochin Airport (Domestic Terminal), recent wins at Delhi Airport (Terminal 1), and the upcoming Noida Airport are expected to further strengthen our market leadership position.

Driven by these strong contract wins and their execution being translated into on-ground expansion, we are well positioned to deliver continuing returns for the business."

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Restaurants company Travel Food Services announced Q2FY26 results

  • Consolidated sales increased to Rs 3,559 million (up 4.1% on an adjusted basis) in Q2FY26.
  • System-wide Sales increased to Rs 7,284 million (up 18.4% YoY) in Q2FY26.
  • Consolidated PAT increased to Rs 979 million (up 15.3% YoY, on an adjusted basis).
  • PAT margin of 27.5% (expanding by ~268 bps) in the second quarter of the year.

Varun Kapur, Managing Director & CEO, TFS, said: "This quarter has been marked by robust execution of operations and mobilisation of new sites, taking us over the 500-outlet mark, thereby reinforcing our leadership position in the sector. With our continued focus on driving profitable growth, we delivered a strong financial performance with system-wide sales growth of 18.4% YoY and adjusted consolidated PAT increase of 15.3% YoY in Q2FY26, despite a short-term moderation in passenger traffic. We also successfully enabled a new technology platform, which directly integrates banks & card networks for lounge access to travellers, delivering a seamless experience.

Passenger growth is currently recovering following the temporary slowdown seen since June-25, and we are focused on executing our plans and strategic initiatives to drive business growth, as we enter the seasonally stronger second half. We recently began operations at the reopened Delhi Terminal 2 and are well prepared to commence operations at Cochin International Airport, and the newly built Noida and Navi Mumbai airports.

We are proud of our achievements to date, and we are equally excited about the future & building our business to create value for all our stakeholders."

Result PDF

Restaurants company Travel Food Services announced Q1FY26 results

  • System-wide sales reached Rs 7,151 million. This shows a 26.7% increase compared to last year.
  • EBITDA: Rs 1,458 million compared to Rs 1,244 million during Q1FY25, change 17.2%.
  • Reported Consolidated PAT increased by 59.5% YoY. Adjusted consolidated PAT grew by 19.3% YoY.

Varun Kapur, Managing Director & CEO, Travel Food Services, said: ‘I am pleased to share that in our first quarter as a public company, TFS delivered a healthy performance, with system-wide sales rising by 26.7% and adjusted consolidated PAT increasing by 19.3%, despite temporary sector headwinds. This was driven by disciplined execution, strategic expansion, and a strong focus on cost optimisation.

Our brand partnerships continue to be a key strength — we have opened Nando’s at Delhi Terminal 3 and will soon launch Gordon Ramsay concepts at Delhi Terminal 1 and Mumbai Terminal 2. By June-end, our system-wide network reached 491 outlets across Travel QSRs and Lounges, with additionally over 70 more outlets currently under design & construction, including at Navi Mumbai and Noida airports. We are committed to strengthening our portfolio and driving strategic initiatives that will enable us to capture emerging opportunities and create lasting value for our stakeholders.’

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