Thomas Cook (India) Limited reports Revenue from Operations growth of 9%y-o-ytoRs. 44,818 Mn for H1 FY26; growth of 3% y-o-y to Rs. 20,738 Mn for Q2FY26despite headwinds owing to geopolitical events and weather disturbances inkeydomesticmarkets

Commenting on the results, Mahesh Iyer – Managing Director & CEO Thomas Cook (India) Limited said, “While multipleglobal 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 Segment-wise Performance: 

1. Foreign Exchange 

• Retail: Sales grew by 13% in Q2 FY26; 9% in H1 FY26, led by the holidays segment andoverseas education 
• Forex by WhatsApp: Transactions grew over 108% y-o-y in Q2 FY26  App bookings: 25% growth y-o-y in Q2 FY26 
• A first-mover initiative in India’s forex retail sector: introduced dedicated forex card deliveryonquick commerce platform Blinkit 
• Launched ‘TC Pay’: a cutting-edge, integrated mobile app offering B2C customers a one-stopdigital solution on Android and Apple devices 
• Introduced contactless cross-border payments via Google Pay with Visa & Mastercard, toexpand payments solutions for Thomas Cook’s Borderless Travel and Study Buddy forex cards

2. Travel Services

Corporate Travel
o Acquired 11 accounts in Q2 FY26 across sectors – IT, automobile, entertainment, Ed-tech, pharmaceutical, financial services & E-commerce
o Client adoption of the corporate self-booking tool improved to 59%o Air revenue recorded a growth of over 4% y-o-y in Q2 FY26
o Non-air transactions grew by 20% y-o-y in Q2 FY26; 19% in H1 FY26
o Hotel and car transactions grew by 23% and 9% respectively, y-o-y in Q2 FY26

Meetings-Incentives-Conferences-Exhibitions (MICE) 

• Managed over 200 groups of 50 to over 3000 delegates per group. Key international destinations: Europe, Australia, UAE, UK, USA and Asia. Domestic: Goa, Jaipur, Mumbai, Delhi, Kolkata, Hyderabad 
• Thomas Cook India successfully managed 200+ delegates for the International Solar AllianceRegional Committee Programme (Latin America) held in Santiago (Chile) – the country’sfirst large-scale diplomatic event, facilitating bilateral meetings with the Honorable EnergyMinister of Chile and various global ambassadors and diplomats 
• Managed 300+ delegates in Accra (Ghana) for International Solar Alliance Regional Committee Programme (Africa), inaugurated by the President of Ghana, facilitating meetingsand site visits with various global ambassadors and diplomats o Thomas Cook India successfully managed the Asian Aquatic Championships 2025 in Ahmedabad as the exclusive partner for transport and accommodation for a strong 1100+contingent, including over 650+ athletes, 60+ support staff and dignitaries from29 Asiannationalities

Leisure Travel

• Thomas Cook India & SOTC Travel launched Festival and Carnival tours – unique holidaysaround global and Indian cultural celebrations to maximise on this growing trend
• Deepened focus on Spiritual Tourism leveraging strong demand with a diverse rangeof
• pilgrimages across India & the Subcontinent
• Restarted the Kailash Mansarovar Yatra for the first time since Covid-19
• Introduced special regional Festival Tours during Durga Puja, Dussehra, Diwali – domestic&outbound
• Expanded partnership with Disney Cruise Line to launch premium Australia & NewZealandsailings as part of the Companies group tours & customized holidays for Winter 2025-26

Destination Management Services (DMS) Network

• India DMS: 10% decline in sales for Q2 FY26, attributed to recent protests in Nepal, along with reducedsource market performance impacted by advisories issued during the India–Pakistan conflict

Overseas DMS: Sales grew by 6% y-o-y for Q2 FY26, despite the quarter being a traditionallylow season for the business

o Asia Pacific – Asian Trails: Reported 18% y-o-y growth in sales in the quarter, drivenbystrong contributions from key markets including Thailand, Indonesia, Malaysia, Vietnam, andAustralia. Improved margins were achieved through cost optimization initiatives, particularlyin Thailand
o USA – Allied T Pro: Q2 turnover growth was subdued, however earnings remainedstrongsupported by disciplined cost management and operational efficiencies. For USA, a normallystrong quarter was affected by a shift in sentiment and weaker bookings, reflecting broader
geopolitical uncertainty and resulting in muted inbound traffic
o Middle East – Desert Adventures: Revenue declined during the quarter, which is typicallyalow season for the region, and was further impacted by geo-political developments. Thebusiness focused on maintaining competitiveness through strategic pricing initiatives, particularly in the FIT segment
o Private Safaris:

• Southern Africa: The business achieved 38% y-o-y growth in sales in the quarter, driven by peak tourism season in South Africa and successful upselling withinitstour series.
• East Africa: Q2 FY26, was a strong operational period, with sales improving12%y-o-y, supported by demand from key markets such as the USA and India

3. Leisure Hospitality (Sterling Holidays & Nature Trails)

• Revenue at Rs 1044 Mn powered by Room and F&B growth from an expanded inventorybase 
• Room revenue grew by 22% in Q2 FY26: F&B revenue grew at 11%; Management Contract Revenues grew at 22% 
• Resort Network: Added 7 new Sterling Holiday Resorts across 7 locations in Q2 FY26. Thetotal network (including Nature Trails) stands at 69 properties with 3506 rooms 
• Guest ratio of non-members grew to 75% in Q2 FY26 o Growth in ARR by 10% at Rs. 5949 and resort occupancy at 49% in Q2 FY26 o Weather & Seasonality headwinds in Q2: Excess rainfall in Himachal and Uttarakhand
• impacted ~21% of resorts; no Saya dates impacting Rajasthan (12%of resorts) andjungleclosures (21% of resorts) 
• Healthy operating free cash flow growth at 62% with Cash surplus rising by 51%over theprevious year, despite cease in new membership acquisitions o Guest satisfaction: TripAdvisor rating up to 4.61 vs 4.57 LY

Nature Trails 

• Revenue grew by 14% y-o-y in Q2 FY26 
• Corporate business reported a strong 86% y-o-y growth; the school/college segment recorded a 15% growth for the quarter 
• Signed two new properties – Dodamarg and Rishikesh — under management contracts, bothscheduled to be operational in Q3 FY26 
• Added inventory at Nature Trails – Durshet, 14 rooms, new swimming pool and a conferencefacility to enhance guest experience 
• Improved guest satisfaction scores (Google – 4.2) and repeat visit ratio through serviceandfacility enhancements o Successfully hosted the Durshet Marathon in August with participation fromover 650runners, strengthening local community engagement and brand visibility o Launched sustainability initiatives across Nature Trail properties, focusing on wastereduction and eco-friendly practices

4. Digital Imaging Solutions (DEI)

o Sales declined by 6% y-o-y for Q2 FY26, primarily due to attendance shortfalls in theUAEand Malaysia, revenue loss in Hong Kong following an exit, and an unplanned closureof akey venue in Singapore for upgradation 

o WeC Software: More than 80% of the locations have gone live with WeC in this quarter o 9 new partnerships signed in Q2 FY26: UAE (Ain Dubai, Dubai Miracle Garden, Zeta SeventySeven, Butterfly Gardens Abu Dhabi, RTA Marine Ferry) and Maldives (Coco BoduHithi, Constance Moofushi, Royal Island), along with expansion into India (Black Thunder Waterpark) 

o Renewed 8 key partnerships: Malaysia (KL Tower), Indonesia (Wahoo Waterworld, JumeirahBali, Ayodya Resort Bali), Maldives (Le Méridien Maldives ), UAE (The National AquariumAbuDhabi, Aura Sky Pool), Oman ( Snow Oman) 

o Operational launch of 6 partnerships: UAE (Dubai Miracle Garden, Zeta Seventy Seven, RTAMarine Ferry), Singapore (Singapore Oceanarium, Marine Mammal Habitat), and HongKong(Ocean Park) 

Other Key Business Updates 

Focus on Digitalization 

o TravelOne & Dhruv.ai: launched an AI-powered corporate booking platformfor flightsandtravel insurance, offering touchless booking via voice and email, policy configuration, real time updates, credit limit management, invoicing and self-service. Additionally thetool includes a self-service feature for employees of TCIL and SOTC 

o Tour Manager App: an all-in-one platform for Leisure and MICE Tour Managers withcomprehensive itinerary management, passenger connect tools and efficient expensemanagement 

o Customer Self Service App: enhanced the existing CSS app with features for MICEcustomers with smart tools like self-registration, documentation, itinerary access, travel andstay details 

o MICE Corporate Service Portal: a personalized portal offering for MICE Operations teamsto seamlessly manage their respective group activations, itinerary planning, document upload, broadcasts & notification, invoicing and receipt management 

India Network Expansions 

Leisure Travel: 4 outlets across Thomas Cook India and SOTC opened in Q2 FY26inDavangere, Kanpur, NCR and Kozhikode 

 Awards and Partnerships 

o Thomas Cook India, only Indian company to win Highly Commended Winner intwocategories – Best Risk Management Solution and Best Investing Solution at the AdamSmithAwards 2025 

o Thomas Cook honoured at the prestigious India Travel Awards 2025

o SOTC Travel – Best Integrated Marketing Campaign award at the PATA Gold Awards 2025

o Thomas Cook India and SOTC Travel signed a long-term, multi-pronged MOUwithQueensland Tourism (Tourism and Events Queensland) o Thomas Cook India signed an MOU with the Ministry of Tourism (MoT), Government of Indiato conduct a nationwide traveller sentiment survey aimed at enhancing destinationexperiences across India

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