FY 2026 was characterized by major geo political disruptions starting with the Pahalgam attack & Operation Sindoor in April 2025 with consequent closures of airspace and poor travel sentiment and ended with the onset of the Israel-US-Iran conflict in February 2026 with its continued negative impact on westward bound flights, traveller confidence, limited supply/ rising fuel costs and a rapidly depreciating Rupee Vs major currencies like the USD, Euro and Pound.

These successive disruptions also coincided with the peak summer booking and travel seasons, resulting in a severely impacted & truncated selling and travel period and also had a cascading price impact with significantly higher flight, hotel and travel-related costs affecting leisure, MICE and Business Travel.

Thomas Cook Standalone PBT (before exceptional items) for FY26 grew by 2% to Rs. 1,690 Mn as compared to Rs. 1,650 Mn in FY25, despite the challenging environment. *

India-based businesses did well in this challenging environment:

EBT maintained for FY26 and grew by 16% for Q4 FY26, fuelled by the performance of financial services, shorthaul outbound and domestic business in Leisure travel, Corporate Travel, India Inbound businesses and MICE (excluding the government event business).

• Financial Services:
  • Retail turnover increased by 16% y-o-y for FY26 and 27% y-o-y for Q4 FY26
  • Income from Operations maintained for FY26 and 3% for Q4 FY26
  • EBIT maintained for FY26 and 17% y-o-y growth for Q4 FY26
  • EBIT margins at 45.8% y-o-y for FY26 and 48.3% for Q4 FY26
• Travel Services:
  • Income from operations for India businesses grew by 4% in FY26 and (5%) in Q4 FY26
• Leisure Hospitality (Sterling Holidays & Nature Trails):
  • Income from Operations grew by 7% in FY26 and 19% y-o-y in Q4 FY26
  • EBIT maintained for FY26 and grew by 4% for Q4 FY26
  • EBIT margins at 24.2% in FY26 and 17.5% for Q4 FY26

Overseas subsidiaries:

• Income from Operations grew by 3% y-o-y for FY26, but was severely impacted in Q4 FY26 by (24%) y-o-y especially the GCC-based DMS Desert Adventures due to the ongoing conflict in the region. Additionally, the absence of the high-volume MICE events (sales of Rs. 1,131 Mn) in Desert Adventures executed in the prior year
• GCC-based Digital Imaging (DEI) was and continues to be severely impacted due to the ongoing conflict

Other important updates for the period

• The Company has declared a dividend of 50% on its equity share having face value of Rs 1 each, translating to a dividend payout ratio of 20% on the standalone PAT in line with the dividend distribution policy. This compares favorably with a dividend of 45% declared in FY25
• In April 2026, CRISIL reaffirmed Thomas Cook India Group’s credit ratings at CRISIL AA/Stable/CRISIL A1+. The highest rating for a travel & tourism company in India
• The Group continues to maintain a strong financial position, with Cash & Bank balances at Rs. 26,162 Mn as of March 31, 2026 vs Rs. 25,449 Mn as of December 31, 2025

Commenting on the results, Mahesh Iyer – Managing Director & CEO Thomas Cook (India) Limitedsaid,“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 Total Income for FY 2026 growing by 3% to Rs. 85,578 Mn.

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.”