Travel Food Services Limited · NSE:TRAVELFOOD
Travel Food Services — Q2 & H1FY26 Earnings Presentation
43 slides from Travel Food Services's earnings presentation, Nov 12, 2025
Slide 1: Investor Presentation filing letter to exchanges
Date: 12th November, 2025 To, To, Department of Corporate Services Listing Department BSE Limited The National Stock Exchange of India Limited P.J. Towers, Dalal Street, Exchange Plaza, 5th Floor, Bandra Kurla Complex, Mumbai-400 001. Bandra (East), Mumbai-400 051 Scrip Code: 544443 Scrip Code: TRAV
Slide 2: Earnings Presentation Q2 & H1FY26
EARNINGS PRESENTATION Q2 & H1FY26 November 2025
Slide 3: Safe Harbour Statement
Safe Harbour Statement This presentation and the accompanying slides (the “Presentation”) have been prepared by Travel Food Services Limited (the “Company”) solely for informational purposes of general public. This Presentation does not constitute or form part of and should not be construed as a pro
Slide 4: Agenda
Agenda 1 Introduction to Travel Food Services Ltd. (TFS) 2 Financial Performance Update: Q2 & H1FY26 3 Operational Highlights: Q2 & H1FY26 4 Financial Track Record 5 Company Overview Travel Food Services Limited 3
Slide 5: Introduction to Travel Food Services Ltd. (TFS)
Introduction to Travel Food Services Ltd. (TFS)
Slide 6: Message from Managing Director & CEO
Message from Managing Director & CEO VARUN KAPUR Managing Director and CEO Dear Stakeholders, ₹ 7,284 Million System-wide Sales in Q2FY26 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 leadersh
Slide 7: India's Largest Travel QSR and Lounge Operator
India’s Largest Travel QSR and Lounge Operator 303 Million 1 18 Airports 3 Air Passenger Traffic at TFS Presence across India, managed Airports in India Malaysia and Hong Kong Joint Ventures 135 Brands3 With Leading Indian Airport Operators: In-house, International & Adani Airport Holdings Ltd. Regi
Slide 8: Financial Performance Update: Q2 & H1FY26
Financial Performance Update: Q2 & H1FY26
Slide 9: Key Highlights of Q2FY26 & H1FY26
Key Highlights of Q2FY26 & H1FY26 Strong quarter & first half of the year with healthy financial performance and key new business wins System-wide Performance1 System-wide sales were Rs.7,284 million in Q2FY26 and Rs.14,435 million H1FY26, registering 18.4% YoY and 22.4% YoY growth, respectively, de
Slide 10: Q2FY26: System-wide Sales Grew by 18.4% and Consolidated PAT Grew by 15.3% YoY
Q2FY26: System-wide Sales Grew by 18.4% and Consolidated PAT Grew by 15.3% YoY System-wide sales1 (Rs. Million) Consolidated PAT2,3 (Rs. Million) 18.4% 15.3% Particulars Q2FY26 Q2FY25 YoY (Rs. Million) System-wide Sales 7,284 6,152 18.4% Consolidated Sales2,3 3,559 3,420 4.1% 7,284 979 Consolidate
Slide 11: Q2FY26: Key Financial Metrics at a Glance
Q2FY26: Key Financial Metrics at a Glance ₹7,284 Million ₹3,559 Million ₹1,352 Million ₹979 Million System-wide Sales1 Consolidated Sales Consolidated EBITDA Consolidated Profit After Tax ₹7.27 18.4% 4.1% 38.0% 27.5% Earnings per Share3 YoY Growth YoY Growth2 EBITDA Margin PAT Margin System-wide Sal
Slide 12: Q2FY26: Strong LFL Growth and Net Gains Drive System-wide Sales Growth
Q2FY26: Strong LFL Growth and Net Gains Drive System-wide Sales Growth Industry Dynamics ❖ In Q2FY26, passenger traffic was temporarily impacted by reduced flight schedules due to additional maintenance and safety procedures that followed the tragic aircraft accident in Ahmedabad. Encouragingly, pas
Slide 13: Q2FY26: Operational Efficiency Driving Margin Improvements
Q2FY26: Operational Efficiency Driving Margin Improvements Gross Profit Profitability Metrics ❖ Gross Profit margin increased to 83.9% in Q2FY26 from 81.1% in Q2FY25 due to moderate cost inflation and the efficient Particulars Q2FY26 Q2FY25 management of product/service mix. (Rs Million, unless YoY
Slide 14: Q2FY26: Consolidated Profit and Loss Statement – Key Metrics
Q2FY26: Consolidated Profit and Loss Statement – Key Metrics Deconsolidation Q2FY25 Q2FY25 Particulars Q2FY26 YoY + Other Adjustment Adjusted Reported (Rs. million, unless stated) Reported Growth Q2FY251 C = (A) - (B) (A) (B) Revenue from Operations 3,559 3,420 4.1% 1,5852 5,004 Gross Profit 2,987 2
Slide 15: H1FY26: System-wide Sales Grew by 22.4% and Consolidated PAT Grew by 17.2% YoY
H1FY26: System-wide Sales Grew by 22.4% and Consolidated PAT Grew by 17.2% YoY System-wide sales1 (Rs. Million) Consolidated PAT2,3 (Rs. Million) System-wide Sales 22.4% 17.2% ❖ LFL growth of 10.4% YoY in H1FY26 was driven by revenue enhancement initiatives, despite moderate passenger traffic grow
Slide 16: H1FY26: Consolidated Profit and Loss Statement – Key Metrics
H1FY26: Consolidated Profit and Loss Statement – Key Metrics Deconsolidation H1FY25 H1FY25 Particulars H1FY26 YoY + Other Adjustment Adjusted Reported (Rs. million, unless stated) Reported Growth H1FY251 C = (A) - (B) (A) (B) Revenue from Operations 7,309 6,946 5.2% 2,1572 9,103 Gross Profit 6,112 5
Slide 17: Operational Highlights: Q2 & H1FY26
Operational Highlights: Q2 & H1FY26
Slide 18: Scaling New Heights: Strengthening Our Presence & Brand Partnerships
Scaling New Heights: Strengthening Our Presence & Brand Partnerships 464 37 135 Lounges in domestic Travel QSR outlets Brands Portfolio and international markets 464 37 135 414 33 119 Sep 2024 Sep 2025 Sep 2024 Sep 2025 Sep 2024 Sep 2025 Travel Food Services Limited 17
Slide 19: Q2 & H1FY26: Key Operational Highlights
Q2 & H1FY26: Key Operational Highlights Only Indian Company operating 500+ Travel QSR Outlets & Lounges Awarded contract to operate 11 Travel QSR outlets and 1 Lounge at Cochin International Airport Domestic Terminal in Sep-25. As of Sep-25, footprint scaled to 464 Travel QSR outlets (up from 414 as
Slide 20: Won the Concession at Cochin International Airport, Domestic Terminal 1
Won the Concession at Cochin International Airport, Domestic Terminal 1 Awarded five-year license (extendable by two years) to operate Travel QSR outlets and Lounge in Cochin International Airport- Domestic Terminal 1 Scope of Operations: 8th 100% 12 operating units Busiest Airport in India Solar Po
Slide 21: New Travel QSR Outlets Expanding Choice Across Airports
New Travel QSR Outlets Expanding Choice Across Airports Travel Food Services Limited has introduced new Travel QSR outlets at major airports, offering diverse cuisines & enhanced dining experiences. Below are a few key outlets opened at strategic locations, including India’s first Gordon Ramsay Rest
Slide 22: Driving growth through Extensive Menu Engineering and Continuous Product Portfolio Optimisation
Driving growth through Extensive Menu Engineering and Continuous Product Portfolio Optimisation Strategic Levers for Enhancing Guest Experience & Driving Revenue Growth ❖ New offerings and menu enhancements refresh the dining experience, making the brand more appealing These strategic initiatives dr
Slide 23: Cultural & Marketing Initiatives (1/2)
Differential and Engaging Cultural & Marketing Initiatives making airport travel the Best Part of the Travellers’ Journey… (1/2) Masterclass The masterclass series "Masterclass with Masterchef" was conducted by inviting well known chefs to present their specialty menus, offering a unique and memorab
Slide 24: Cultural & Marketing Initiatives (2/2)
Differential and Engaging Cultural & Marketing Initiatives making airport travel the Best Part of the Travellers’ Journey….(2/2) Durga Puja celebration A Durga Puja celebration was organized with a focus on sustainability, featuring staff attire made from recycled materials. The event showcased thou
Slide 25: Upcoming Travel QSR and Lounge Airport Operations Commencing in Second Half
Upcoming Travel QSR and Lounge Airport Operations Commencing in Second Half Noida International Airport Delhi IGIA, Terminal 2 Cochin International Airport Navi Mumbai International Airport TFS is partnering to establish world- Secured the concession to design, Awarded the contract to operate TFS, t
Slide 26: Strategic Actions to Capture New Markets and Untapped Opportunities
Strategic Actions to Capture New Markets and Untapped Opportunities Integrated Lounge Access Technology Platform ❖ Expanding direct partnerships with banks and card networks for seamless Lounge access, while evolving to a tech-enabled, scalable travel hospitality company ❖ Building future-ready infr
Slide 27: Financial Track Record
Financial Track Record
Slide 28: Strong Track Record of Growth and Performance
Strong Track Record of Growth and Performance… System-wide Sales1 (₹ Million) Consolidated PAT2 (₹ Million) Strong Double-digit System-wide Sales Growth Outstanding Growth with Steady Margin PAT margin 22.8% 20.4% 21.5% 25.8% 44.9% 27.3% 25,265 18.6% 4,000 3,797 20,082 8,388 3,500 2,981 3,000 6,119
Slide 29: With Strong Cash Flows and Returns
…With Strong Cash Flows and Returns Operating Cash Flows1 and Cash Balance2 Return on Equity4 and Return on Capital Net Worth3 (₹ Million) Employed5 (%) (₹ Million) Healthy capital structure with positive net cash Strong financial stability and growth potential Sustained high return on capital Opera
Slide 30: Indian Airport Travel QSR and Lounge Market Tailwinds
Indian Airport Travel QSR and Lounge Market Tailwinds 01 02 03 Increase in # of airports Expanding fleet size Evolving Customer Preferences 20471 Indian airlines have Access to Limitations on food More airports, Aug’25 placed c.2,400 quality food in airplanes more aircraft, 350 growing customer Indi
Slide 31: Global Airport Lounge Industry and Indian Expressway QSR Growth Opportunities
Global Airport Lounge Industry and Indian Expressway QSR Present Attractive Growth Opportunities Global airport Lounge market growth driven by various factors Global Airport Lounge Market Size (USD Bn) APAC¹ Dominated Global 11.5%+ 10% Lounge Market in CY23 Market Share in 2023 23-34P CAGR 15-16 Hig
Slide 32: Key Priorities and Building for the Future
Key Priorities and Building for the Future Driving Technology Expanding Global Advancement Lounge Reach ❖ Delivering technology-enabled ❖ Pursue APAC and Middle solutions and services East markets for international Lounge ❖ Building a scalable travel growth opportunities hospitality platform Expandi
Slide 33: Company Overview
Sos ANANDA RAAF ESNet
Slide 34: Travel QSR: Extensive Portfolio of Brands Across Cuisines and Formats
Travel QSR: Extensive Portfolio of 135 Brands Across Cuisines and Formats Diversified range of in-house and partner brands catering to specific customer requirements Our powerhouse brand portfolio - in-house and partner brands2 # of Travel QSR outlets3 442 464 In-house Brands In-house Brands (Owned)
Slide 35: Lounges: Largest Lounge Network in India with Differentiated Value-add
Lounges: Largest Lounge Network in India with Differentiated Value-add Rapidly growing diverse Lounge concepts TFS’ unique business model # of lounges (globally) Future strategy Airlines Pay per use 37 37 Premiumization Credit Card 30 9 9 Owned issuers 25 6 Sustainability 4 Corporate tie 17 Loyalty
Slide 36: Our Journey from 1 Airport to 18 Airports in India and Internationally
Our Journey from 1 Airport to 18 airports in India and Internationally1 Strengthened footprint from a Single Concept to a Regional Leader Launched a Lounge SSP Group, one of the Won bids for F&B, at Mumbai Airport leading Travel F&B Lounges and FY25 operators globally2, transit hotels at Won bids fo
Slide 37: Our Proven Business Model Built for Sustainable Growth
Our Proven Business Model Built for Sustainable Growth Our economic model Growth drivers Financial Output How we drive revenue How we manage costs Brand and Lounge O Partnerships STR EN ₹ ₹ DST G A TH Sale of F&B products Procurement cost LE EN REVENUE GROWTH S Increasing penetration Labor s
Slide 38: Present in 13/15 Largest Airports in India with ~94% Contract Retention Rate
Present in 13/15 Largest Airports in India1 with ~94% Contract Retention Rate2 Present in 13 of 15 India’s largest airports, serving Secured via long-term contracts/partnerships with airport operators 74%3 of India’s total air passenger traffic TFS Existing Presence Under Execution (contracts won) S
Slide 39: Our Partnership with Promoters Unlocks Strategic Benefits
Our Partnership with Promoters Unlocks Strategic Benefits SSP is one of the leading Travel F&B operators globally in 2024 1 K Hospitality is an Indian F&B player with… 3,000+ F&B outlets and Lounge 1 600+ Locations2 38 Countries1 50+ years Operates, Operational Present in 35 cities in ~550 Of experi
Slide 40: Why We Win: Partner of Choice with Strong Competitive Moats
Why We Win: Partner of Choice with Strong Competitive Moats Multi-unit operations at airports Expertise in handling distinct Leading player in the Travel QSR and challenges in an operationally Lounge sector in airports complex and highly secure airport environment Using a wide range of brands and co
Slide 41: Why We Win: Deep Understanding of Traveller Preferences
Why We Win: Deep Understanding of Traveller Preferences Air travel can be stressful with varied Traveller Needs Limited Time Comfort-focused Wide Price Range Diverse F&B Formats Arrival @ Enter Boarding / Arrival / Immigration / Juggling On-the-move Check-in Security Airport Airport Departure Baggag
Slide 42: Select Awards and Accolades
Select Awards and Accolades Tremendous recognition with 8 honours at the 2025 FAB Awards, including Airport 2024 – Winner of Best Lounge opening of the Year for 080 Lounge, Sustainability Initiative for ‘Chefs Airport Restaurant - for Good’ and Casual Dining Restaurant for Irish House. Idli.com The
Slide 43: Thank You
Thank You Contact Details: Name: Chhavi Agarwal, CFA Designation: Vice President- Investor Relations Email: investor.relations@travelfoodservices.com
Travel Food Services — Q2 & H1FY26 Earnings Presentation on 6ix