Travel Food Services Limited · NSE:TRAVELFOOD
Travel Food Services — Q3 FY26 Earnings Presentation
43 slides from Travel Food Services's earnings presentation, February 2026
Slide 1: Earnings Presentation Q3 & 9MFY26
EARNINGS PRESENTATION Q3 & 9MFY26 February 2026
Slide 2: 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 3: Agenda
Agenda 1 Introduction to Travel Food Services Ltd. (TFS) 2 Financial Performance Update: Q3 & 9MFY26 3 Operational Highlights: Q3 & 9MFY26 4 Financial Track Record 5 Company Overview Travel Food Services Limited 3
Slide 4: Introduction to Travel Food Services Ltd. (TFS)
Introduction to Travel Food Services Ltd. (TFS)
Slide 5: Message from Managing Director & CEO
Message from Managing Director & CEO VARUN KAPUR Managing Director and CEO Dear Stakeholders, ₹ 8,754 Million We maintain our trajectory of delivering strong performance, with system-wide sales growth of 28.1% YoY System-wide Sales in Q3FY26 and adjusted consolidated PAT increase of 35.3% YoY in Q3F
Slide 6: India's Largest Travel QSR and Lounge Operator
India’s Largest Travel QSR and Lounge Operator 303 Million 1 19 Airports 3 Air Passenger Traffic at TFS Presence across India, managed Airports in India Malaysia and Hong Kong Joint Ventures 140 Brands3 With Leading Indian Airport Operators: In-house, International & Adani Airport Holdings Ltd. Regi
Slide 7: Financial Performance Update: Q3 & 9MFY26
Financial Performance Update: Q3 & 9MFY26
Slide 8: Key Highlights of Q3FY26 & 9MFY26
Key Highlights of Q3FY26 & 9MFY26 Excellent quarterly performance reflecting strong execution and successful scale-up of recent business wins System-wide Performance1 System-wide sales increased to Rs.8,754 million in Q3FY26 and Rs.23,189 million in 9MFY26, registering 28.1% and 24.5% YoY growth, re
Slide 9: Q3FY26: Strong Growth in System-wide Sales and Consolidated PAT
Q3FY26: Strong Growth in System-wide Sales and Consolidated PAT System-wide sales1 (Rs. Million) Consolidated PAT2,3 (Rs. Million) 28.1% 35.3% Particulars Q3FY26 Q3FY25 YoY (Rs. Million) System-wide Sales1 8,754 6,834 28.1% Consolidated Sales2,3 4,562 3,858 18.3% 8,754 1,368 Consolidated PAT2,3 1,36
Slide 10: Q3FY26: Key Financial Metrics at a Glance
Q3FY26: Key Financial Metrics at a Glance ₹8,754 Million ₹4,562 Million ₹1,812 Million ₹1,368 Million System-wide Sales1 Consolidated Sales Consolidated EBITDA Consolidated Profit After Tax ₹10.06 28.1% 18.3% 39.7% 30.0% Earnings per Share3 YoY Growth YoY Growth2 EBITDA Margin PAT Margin System-wide
Slide 11: Q3FY26: Sales Growth Driven by LFL Growth and Net Contract Gains
Q3FY26: Overall Sales Growth Driven by Strong LFL Growth and Net Contract Gains Industry Dynamics ❖ Passenger traffic in Q3FY26 saw a bounce back after a decline in the previous quarter. October and November benefited from festive and travel led demand, though December passenger traffic was impacted
Slide 12: Q3FY26: Robust Growth and Cost Discipline Drive Profitability
Q3FY26: Robust Growth and Cost Discipline Continue to Drive Profitability Profitability Metrics Gross Profit ❖ Gross Profit increased by 20.9% YoY and Gross Profit Margin Particulars Q3FY26 Q3FY25 expanded by around 180bps, driven by sales growth and (Rs Million, unless YoY Reported Adjusted1 modera
Slide 13: Q3FY26: Consolidated Profit and Loss Statement – Key Metrics
Q3FY26: Consolidated Profit and Loss Statement – Key Metrics Deconsolidation Q3FY25 Q3FY25 Particulars Q3FY26 YoY + Other Adjustment Adjusted Reported (Rs. Million, unless stated) Reported Growth In Q3FY251 C = (A) - (B) (A) (B) Revenue from Operations 4,562 3,858 18.3% 251 4,109 Gross Profit 3,828
Slide 14: 9MFY26: Consolidated PAT Increased by 24.1% YoY
9MFY26: Consolidated PAT Increased by 24.1% YoY System-wide sales1 (Rs. Million) Consolidated PAT2,3 (Rs. Million) Industry dynamics 24.5% 24.1% ❖ Passenger traffic growth was 1.6% YoY at TFS managed airports at a system-wide level for the first nine months. Traffic recovered in the third quarter,
Slide 15: 9MFY26: Consolidated Profit and Loss Statement – Key Metrics
9MFY26: Consolidated Profit and Loss Statement – Key Metrics Deconsolidation 9MFY25 9MFY25 Particulars 9MFY26 YoY + Other Adjustment Adjusted Reported (Rs. Million, unless stated) Reported Growth 9MFY251 C = (A) - (B) (A) (B) Revenue from Operations 11,871 10,804 9.9% 2,408 13,212 Gross Profit 9,940
Slide 16: Operational Highlights: Q3 & 9MFY26
Operational Highlights: Q3 & 9MFY26
Slide 17: Continuing the Climb: Advancing Presence & Partnerships
Continuing the Climb: Advancing Presence & Partnerships TFS strengthened its market leadership at a system-wide level through network expansion, premium portfolio deepening and operational efficiency, thereby setting the foundation for sustained, high-quality growth. Network Scale Premiumisation Bra
Slide 18: Q3FY26: Key Operational Highlights
Q3FY26: Key Operational Highlights Expanded Significantly Direct bank- Unmatched portfolio airport scaled up to-lounge of in-house and presence Travel QSR access partner brands outlets enabled Expanded presence from 18 to 19 airports at a system-wide level, with commencement of operations at Navi Mu
Slide 19: Delivering when it Matters the Most
Delivering when it Matters the Most, Driven by Agility and Operational Excellence Large-scale flight cancellations during peak travel season resulted in airports nationwide being crowded with stranded passengers. Difference Created Impact Delivered Rapid scale-up of grab- Adequate staffing & Uninter
Slide 20: Awarded Concession for Travel QSR Units at IGI Airport Terminal 2, Delhi
Awarded the Concession to Operate Travel QSR Units at IGI Airport Terminal 2, Delhi Strengthening Presence in a Strategic Hub Strategic Relevance ❖ Terminal capacity of ~15 million annual passengers ❖ Strengthens TFS’ footprint across the Delhi airport ecosystem TFS Presence ❖ 14 F&B outlets operati
Slide 21: Commencement of Operations at Navi Mumbai International Airport
Commencement of Operations at Navi Mumbai International Airport Early Entry into a Long-term Growth Airport via joint venture Semolina Kitchens Limited Strategic Relevance ❖ Greenfield airport supporting Mumbai region capacity expansion ❖ Initial capacity of 20 million passenger annually with scalab
Slide 22: Driving Growth through Innovative Solutions and New Store Openings
Driving Growth through Innovative Solutions and New Store Openings TFS integrates innovation, efficiencies and customer-centric strategies to drive sustainable growth and elevate travellers’ experience New store openings across airports Urban Naps Premium Sleeping Pods A wellness-oriented lounge off
Slide 23: Seasonal Celebrations and Events Driving Engagement Across Lounges
Seasonal Celebrations and Events Driving Engagement Across Lounges Dussehra & Diwali celebration Children's Day Delight Karnataka Rajyotsava Tribute Christmas Celebration Festive menu integrations and Interactive activities, kids’ Regional-themed decor and Lounges and QSRs were traditional flavours
Slide 24: Recent Strategic Expansions and Business Wins to Support Growth
Recent Strategic Expansions and Business Wins to Support Growth Delhi Airport – Terminal 1 Contract Award ❖ Secured the mandate to design, develop and operate 33 F&B outlets at IGI Airport Terminal 1 under a license valid until May 2036, including tenure extension of existing outlets Gordon Ramsay S
Slide 25: Strategic Actions to Capture New Markets and Untapped Opportunities
Strategic Actions to Capture New Markets and Untapped Opportunities Integrated Lounge Access Technology Platform ❖ Secured direct partnerships with banks and card networks for seamless Lounge access, while evolving to a tech-enabled, scalable travel hospitality company ❖ Building future-ready infras
Slide 26: Financial Track Record
Financial Track Record
Slide 27: 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 28: 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 29: 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 30: 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 31: 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 32: Company Overview
Sos ANANDA RAAF ESNet
Slide 33: Travel QSR: Extensive Portfolio of Brands Across Cuisines and Formats
Travel QSR: Extensive Portfolio of 140 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 In-house Brands In-house Brands 494 (Owned)2 44
Slide 34: 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 35: Our Journey from 1 Airport to 18 Airports
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 36: 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 37: 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 38: 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 39: Why We Win: Partner of Choice with Strong Competitive Moats
Why We Win: Partner of Choice with Strong Competitive Moats Multi-unit operations at Expertise in handling distinct airports 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 40: 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 41: Nourishing Communities: Key CSR Initiatives
Nourishing Communities: Key CSR Initiatives Vision: Food and Nutrition for All 3 Pillars of Impact Fight Hunger and Improve Health through Enhance Livelihoods via Malnutrition Nutrition Food Ecosystems Providing nutrition and additional income Grain Donation to through concepts like vegetable garden
Slide 42: Select Awards and Accolades
Select Awards and Accolades Secured 8 honours at the 2025 FAB WORLD’S LEADING Awards, including Airport Lounge of ASIA’S LEADING AIRPORT LOUNGE the Year for 080 Lounge, DOMESTIC AIRPORT FIRST CLASS Sustainability Initiative for ‘Chefs for LOUNGE (2015-2025) (2021-2025) Good’, and Casual Dining Resta
Slide 43: Thank You
Thank You Contact Details: Name: Chhavi Agarwal, CFA Designation: Vice President- Investor Relations Email: investor.relations@travelfoodservices.com