Thomas Cook (india) Limited · NSE:THOMASCOOK
Thomas Cook (india) — Q2 FY26 Earnings Presentation
36 slides from Thomas Cook (india)'s earnings presentation, Nov 12, 2025
Slide 1: Stock exchange intimation letter
November 12, 2025 The Manager, The Manager, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Scrip
Slide 2: Investor Presentation – Q2 & H1 FY26
Thomas Cook (India) Limited Investor Presentation – Q2 & H1 FY26 Nov 12, 2025
Slide 3: Table of Contents
Table of Contents Sr. No. Contents Page No. 1 About the Group 03 2 Group Performance 05 3 Financial Services 11 4 Travel & Related Services 16 5 Leisure Hospitality & Resorts 25 6 Digital Imaging Solutions 30 7 Results – Q2 & H1 FY26 33 2
Slide 4: Thomas Cook India Group at a Glance
Thomas Cook India Group at a Glance A 144+ year old brand having diversified interests in Travel & Related Services, Foreign Exchange & Related Services, Leisure Hospitality & Resorts and DEI. # Part of Fairfax Group (63.83%) India’s Largest Integrated 10,000+ TCIL Company in the Travel and Group St
Slide 5: Thomas Cook India Group at a Glance
Thomas Cook India Group at a Glance Travel & Related Services Southern Africa East Africa Financial Services Leisure Hospitality & Resorts Digital Imaging Solutions The Brand Names mentioned are the property of their respective owners and are used here for identification purposes only 4
Slide 6: Group Performance Key Highlights
This image will change Key Highlights Group Performance Financial Services Quarterly Highlights 5
Slide 7: Consolidated Financial Performance for Q2 & H1 FY26
Consolidated Financial Performance for Q2 & H1 FY26 Revenue from Operations (Rs mn) 9% • Thomas Cook (India) Limited reports Revenue from Operations growth of 9% 3% y-o-y to Rs. 44,818 Mn for H1 FY26; growth of 3% y-o-y to Rs. 20,738 Mn for 44,818 41,097 Q2 FY26. Despite headwinds owing to geopoliti
Slide 8: Segmental Performance – Q2 & H1 FY26 Consolidated
Segmental Performance – Q2 & H1 FY26 Consolidated Particulars (Rs. mn) Q2 FY26 Q2 FY25 Y-o-Y (%) H1 FY26 H1 FY25 Y-o-Y (%) Key Highlights Segment Revenue (a) Financial Services 845 839 1% 1,687 1,746 (3%) Financial services • Retail turnover increased by 13% y-o-y for Q2 FY26 and 9% y-o-y (b) Travel
Slide 9: Management Commentary : Q2 & H1 FY26
Management Commentary : Q2 & H1 FY26 Commenting on the results, Mahesh Iyer - Managing Director & CEO Thomas Cook (India) Limited said, “While multiple global geopolitical challenges and monsoon-related disruptions affected India’s travel sector this quarter, the TCIL Group has demonstrated resilien
Slide 10: Balance Sheet Overview
Balance Sheet Overview Cash & Bank Balance Gross Debt & Equity Interest Coverage Ratio (Rs bn) (Rs bn) 23.4 5.8 23.8 21.2 5.1 20.7 18.9 2.6 2.7 Sep-24 Mar-25 Sep-25 Sep-24 Sep-25 H1 FY25 H1 FY26 Gross Debt Equity Prudent financial management evident from its robust position The balance sheet strengt
Slide 11: Diversified Verticals – Powered by Consistent Execution & Scalable Growth
Diversified Verticals – Powered by Consistent Execution & Scalable Growth Segment wise EBIT* contribution Travel and Related Servies One-stop solution for every traveler’s needs 52% A trusted name in travel, delivering comprehensive services across leisure travel, corporate travel, MICE Offers end-t
Slide 12: Financial Services Key Highlights
Key Highlights Highlights Key Financial Services Services Financial 11 11
Slide 13: Financial Services Ecosystem
Financial Services Ecosystem Retail Wholesale Holiday Education Banks MSBs Corporates Airport *Reported Revenue: Rs 845 Mn Q2 FY26 81% 19% Remittance Prepaid Travel Cards Buy & Sell Forex Corporates Education Leisure Travel *On net basis 12
Slide 14: Update on Business operations : Foreign Exchange
Update on Business operations : Foreign Exchange Margin % (Rs mn) Segment Revenue EBIT 13% y-o-y 22% -3% 50.2% 46.5% Retail Sales FX Digital Adoption Q2 FY26 -10% 25% y-o-y 108% y-o-y 1,746 1,687 Forex transactions by App Bookings WhatsApp 876 785 9% y-o-y 13% y-o-y Education turnover Holiday turnov
Slide 15: Key Initiatives – Forex
Key Initiatives – Forex First Forex Card provider in India to enable contactless Cross- TC Pay: All-in-One Forex App for the Mobile-First Traveller Border payments in partnership with Google Pay & Visa One-Stop Digital Forex Hub: Buy or reload forex cards, send international remittances, or manage c
Slide 16: Instant Forex Delivery with Blinkit
Instant Forex Delivery with Blinkit Partnered with Blinkit to Deliver Forex Cards at Your Doorstep— in Minutes! First-of-its-Kind Service: India’s first forex delivery via quick commerce, bringing Borderless Travel & Study Buddy cards to your doorstep. Superfast Access: Order via Blinkit and receive
Slide 17: Travel and Related Services Key Highlights
Key Highlights Travel and Related Services 16
Slide 18: TCIL Group’s Travel Eco-System
TCIL Group’s Travel Eco-System Q2 FY26 75% 25% B2B B2C Travel Segment Revenue: Rs 16,891 mn 6% y- o-y B2B H1FY25 H1FY26 y-o-y Q2FY25 Q2FY26 y-o-y B2C H1FY25 H1FY26 y-o-y Q2FY25 Q2FY26 y-o-y DMS 14,003 16,165 15% 7,931 8,342 5% Leisure Holidays India 1,011 1,112 10% 572 515 (10%) Domestic 934 859 (8%
Slide 19: Update on Business operations : Travel & Related Services
Update on Business operations : Travel & Related Services Margin % (Rs mn) • From July to September, the travel segment Segment revenue EBIT enters a traditionally soft and seasonal period 12% • While topline saw a 6% increase y-o-y with 4.4% 4.0% EBIT stood impacted by 16% 36,675 • Domestic travel
Slide 20: Update on B2C Operations : Leisure Holidays
Update on B2C Operations : Leisure Holidays Segment revenue (Rs mn) 7% 4,018 4,310 3,849 4,121 169 189 Customer Segments Q2FY25 Q2FY26 Groups (GIT) Pre-packaged group tours with fixed itineraries and dates Domestic International Individuals (FIT) Flexible, self-paced travel for solo or small group t
Slide 21: Key Initiatives - Leisure Holidays
Key Initiatives - Leisure Holidays New Offerings & Strategic Initiatives • Thomas Cook India & SOTC Travel launched Festival and Carnival tours - unique holidays around global and Indian cultural celebrations to maximise on this growing trend Opened new outlets • Expanded spiritual tourism portfolio
Slide 22: Update on B2B Operations : MICE
Update on B2B Operations : Meetings Incentives Conferences Events (MICE) Segment revenue Key Highlights (Rs mn) 2% • 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
Slide 23: Update on B2B Operations : Corporate Travel
Update on B2B Operations : Corporate Travel (Rs mn) Segment revenue Key Highlights 93:7 • Air revenue recorded a growth of over 4% Non-Air to Air ratio 27% y-o-y in Q2 FY26 Q2 FY26 • Non-air transactions grew by 20% y-o-y in 402 317 Q2 FY26; 19% in H1 FY26 • Hotel and car transactions grew by 23% 38
Slide 24: Update on B2B Operations : Destination Management Specialists (DMS)
Update on B2B Operations : Destination Management Specialists (DMS) Customer B2B Partners Segment revenue 5% (Rs mn) 7,931 8,342 15 - 17% 7,359 7,827 Avg Gross Margin 572 515 Q2FY25 Q2FY26 India International • Local Expertise India International • Customized Itinerary Planning India, Nepal, Bhutan
Slide 25: Update on B2B Operations : Destination Management Specialists (DMS)
Update on B2B Operations : Destination Management Specialists (DMS) Key Highlights Revenue DMS Contribution (%) Operates in India DMS: 10% decline in sales for Q2 FY26, attributed to recent protests in Nepal, Q2 FY26 along with reduced source market performance impacted by advisories issued during t
Slide 26: Leisure Hospitality and Resorts Key Highlights
Key Highlights Leisure Hospitality and Resorts (Sterling Holiday Resorts+ Nature Trails) 25
Slide 27: Leisure Hospitality & Resorts Eco-System
Leisure Hospitality & Resorts Eco-System Total no. of Resorts: 69 Q2 FY26 22% 78% Owned Partnered Q2 38% FY26 62% Total no. of Rooms: 3,506 69 Resorts 25 Resorts 94 Resorts 3,506 Rooms 1,296 Rooms 4,802 Rooms Operational Pipeline^ Total As of September 2025 Sterling (65) Nature Trails (4) ^Exit CY 2
Slide 28: Update on Operations: Leisure Hospitality & Resorts
Update on Operations: Leisure Hospitality & Resorts (Sterling Holiday Resorts + Nature Trails) New Resorts launched in Q2 FY26 Sterling GK Exotica Dehradun Sterling Darshan Guruvayur 7 69 New Resorts Resorts as of In Q2 FY26 Sep ’25 ( 28%)* 3,506 49% Resort Occupancy in Sterling Kadumane Hills Sakle
Slide 29: Update on Operations: Leisure Hospitality & Resorts
Update on Operations: Leisure Hospitality & Resorts Stable H1 despite temporary headwinds; Growth Momentum in H2 Margin % (Rs mn) Segment revenue EBIT • 23rd consecutive profitable quarter 25.6% 24.1% • Core resort growth continues: 13% growth in resort revenue, -2% with a 11% increase in REVPAR in
Slide 30: Update on Nature Trails
Update on Nature Trails • Revenues 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, both scheduled to be operationa
Slide 31: Digital Imaging Solutions Key Highlights
Key Highlights Digital Imaging Solutions 30
Slide 32: Update on operations : Digital Imaging Solutions
Update on operations : Digital Imaging Solutions Dubai 8 256 15 119 Headquartered Regional Offices No. of Sites Operated Presence in countries Total Partnerships DEI serves customers at leading attractions across the world, with, serving a wide array of leisure and entertainment categories, HONG KO
Slide 33: Update on operations : Digital Imaging Solutions
Update on operations : Digital Imaging Solutions Margin % (Rs mn) Segment revenue EBIT • Sales declined by 6% y-o-y, primarily due to attendance shortfalls in the UAE and Malaysia, -3% 3.1% 3.2% revenue loss in Hong Kong following an exit, and an unplanned closure of a key venue in Singapore for -2%
Slide 34: Results – Q2 & H1 FY26 Consolidated
Results – Q2 & H1 FY26 Consolidated Particulars (Rs. mn) Q2 FY26 Q2 FY25 y-o-y (%) H1 FY26 H1 FY25 y-o-y (%) Revenue from Operations 20,738 20,038 3% 44,818 41,097 9% Other Income I. Mark to market gain on Investment - 33 - - 51 - II. Others 388 401 (3%) 839 667 26% Total Income 21,127 20,472 3% 45,
Slide 35: Contact Us
Contact Us For further information please contact Debasis Nandy Urvashi Butani Ami Mehta President and Group CFO Head- Investor Relations Manager- Investor Relations Tel: +91 22 4242 7000 Tel: +91 22 4242 7095 Tel: +91 22 4242 7597 Email: Debasis.Nandy@thomascook.in Email: Urvashi.Butani@thomascook.
Slide 36: Disclaimer
Disclaimer ▪ This presentation has been prepared by Thomas Cook (India) Limited (“Company") solely for information purposes without any regard to any specific objectives, financial situations or informational needs of any particular person. This presentation may not be copied, distributed or dissemi