Thomas Cook (india) LimitedNSE: THOMASCOOK

TCIL Q4 & FY 26 Investor Presentation

· Issued by Thomas Cook (india) Limited

May 12, 2026

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 Code: 500413 Scrip Code: THOMASCOOK

Fax No.: 2272 2037/39/41/61 Fax No.: 2659 8237/38

Dear Sir/ Madam,

Sub: Analyst and Investor Earnings Conference Call Presentation

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in continuation to our intimation dated May 6, 2026, please find enclosed a copy of Investor Presentation on financial and business performance of the Company for the quarter and year ended March 31, 2026, for the Earnings Call scheduled to be held on May 13, 2026.

This is for your information and records. Thank you.

Yours faithfully,

For Thomas Cook (India) Limited

AMIT

Digitally signed by AMIT JYOTINDRA

JYOTINDRA PAREKH

PAREKH

Amit J. Parekh

Date: 2026.05.12

23:37:01 +05'30'

Company Secretary and Compliance Officer

Encl: a/a



Thomas Cook (India) Limited

Investor Presentation - Q4 & FY26

May 12, 2026





T A B L E O F CO N T EN T S

SR. NO.

CONTENTS

PAGE NO.

1

C O M P A N Y S N A P S H O T

03

2

Q 4 & F Y 2 0 2 6 F I N A N C I A L P E R F O R M A N C E

06

3

O V E R V I E W : B U S I N E S S S E G M E N T S

16

4

F I N A N C I A L D A T A

46

5

A N N E X U R E - S T R A T E G I C D I V E S T M E N T

51

2

CO M P AN Y S N AP S HO T

Thomas Cook (India) Ltd - 145+ years, 28 countries, 4 engines, 800+ touchpoints



Part of Fairfax Group

800+

Total Touchpoints (across the group)

300+ TCIL and SOTC; 170+ PSA &

GSA; 17 Airport Counters; 264 DEI Sites, 78 Sterling Resorts

CRISIL AA

Credit Rating

Retained AA/Stable/ A1+ rating

28

Countries

5 continents, owned operations

₹85.6 Bn

Total Income FY26

▲3.3% YoY



Financial Services

TCIL's Unassailable Moat

Authorized Dealer (AD) Category II, Interbank player

low capex, high float, Structurally superior returns.

Revenue (FY26)

₹3,261 Mn

45.8% EBIT Margin

Travel & Related Services

Multi-Segment Leader. Multi-Geography Reach.

B2B - DMS, MICE, Corporate & B2C - Leisure

Revenue (FY26)

₹67,025 Mn

3.3% EBIT Margin

Leisure Hospitality

Sterling Holiday Resorts : Wide network;

Debt-Free, Growing fast

Revenue (FY26)

₹5,336 Mn

24.2% EBIT Margin

Digital Imaging Solutions

DEI - Leading player in the Souvenir

Imaging

Revenue (FY26)

₹8,360 Mn

1.3% EBIT Margin

3

Southern Africa

East Africa

Travel & Related Services



Financial Services

Leisure Hospitality & Resorts

Digital Imaging Solutions



4

B R AN DS



T HO M AS CO O K I N DI A - CO M P ET I T I VE M O AT

Core advantages no single competitor can replicate.

Brand Trust + Customer Experience

  • 145+ year legacy of trust in travel and foreign exchange services

  • Strong portfolio of 16 brands

  • High-touch + tech-enabled service model

True Omnichannel Distribution

  • TCIL's reach combines Trust & Convenience

  • 300 retail branches (TCIL+SOTC) | 3,500+ Fx partners | 17 airport counters

  • Forex and holiday decisions are high trust spending moments

  • Physical presence converts not only walk-in leads but also concludes online inquiries

Diversity in Geography & Service Offerings

  • Presence across 28 countries / 5 continents

  • Portfolio spans Travel, Forex, Hospitality, Digital Imaging Services

  • Reduces cyclicality; enables cross-border demand capture + resilience

Financial Services- High-barrier, high-trust, scale-driven model

  • Uniquely positioned in the space with AD II License, own Dealing room, Nostro accounts and SWIFT memberships

  • Improving Retail Mix; Float income scales with prepaid penetration

  • Zero proprietary FX risk

  • Brand Trust + Digital Layer: High-trust Transactions supported by Website, App, WhatsApp, V-KYC

Sterling Holiday Resorts - Execution & Scalability Moat

  • Pan-India Leisure Footprint: 78 Resorts I 61 Cities

  • Focus on experiential, destination-led stays (nature, hills, remote locations)

  • Asset-light expansion through managed/leased properties

  • Disciplined capital deployment driving operating leverage and superior returns

DEI - Global & tech-enabled ecosystem

  • Global Presence & Scale: Operations across 14 countries and tourist locations → network advantage

  • WeC - integrated, tech-enabled platform that drives efficiency, engagement, and conversion across the customer journey

  • Exclusive Site Partnership

B2B & B2C Travel - Thomas Cook & SOTC Covers the spectrum of Indian consumer arc

  • Trust-led brands offering group tours, FIT, and Customized group travel - from aspiration to premium, end-to-end.

  • B2B - Relationship-led services across corporate travel & MICE and DMS - end-to-end planning and execution.

  • B2B ~73% | B2C ~27% of total travel pie

Cash & Cash Equivalents

  • Cash and Cash Equivalents - Rs 26 bn, Total Debt Rs 2,773 mn

  • Cash generation supports reinvestment for growth, technology initiatives and opportunities for shareholder value creation.

Capital-Efficient Growth Model

  • Scale benefits across Travel, Forex, Hospitality and DEI support operating leverage

  • Asset-light expansion reduces capital intensity and improves return profile

  • Digital initiatives help reduce servicing costs and improve processing efficiency

5

Q 4 & F Y 2 02 6 F I N AN CI AL P ER F O R MAN CE



Commenting on the results, Mahesh Iyer - Managing Director & CEO Thomas Cook (India) Limited said, 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 consolidated 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."

7

M AN AGEM EN T CO M M EN T AR Y : Q 4 & F Y 2 6



F Y 2 6 F I N A N C I A L HI GHL I GHT S

(₹ Mn)

SEGMENT PERFORMANCE

Income from

Operations

FY26

FY25

YoY

Financial Services*

3,261

3,277

▼ 0.5%

Travel & Related Services

67,025

64,689

▲ 3.6%

Leisure Hospitality & Resorts

5,336

5,006

▲ 6.6%

Digital Imaging Solutions

8,360

8,423

▼ 0.8%

Total

83,982

81,396

▲ 3.2%

EBIT

FY26

FY25

YoY

Financial Services

1,493

1,498

▼ 0.3%

Travel & Related Services

2,218

2,485

▼ 10.8%

Leisure Hospitality & Resorts

1,292

1,291

▲ 0.1%

Digital Imaging Solutions

110

268

▼ 59.1%

Total

5,113

5,542

▼ 7.7%

CONSOLIDATED PERFORMANCE

Other Income

1,596

1,450

▲ 10.1%

Total Income

85,578

82,845

▲ 3.3%

EBIT

4,276

4,798

▼ 10.9%

EBIT Margin %

5.0%

5.8%

▼ 79 bps

PBT

3,268

3,784

▼ 13.6%

PBT Margin %

3.8%

4.6%

▼ 75 bps

PAT

2,205

2,584

▼ 14.7%

PAT Margin %

2.6%

3.1%

▼ 54 bps

EPS

4.70

5.46

▼ 13.9%

8

* Reported on net basis



Q 4 F Y 2 6 F I N A N C I A L HI GHL I GHT S

SEGMENT PERFORMANCE

Income from

Operations

Q4 FY26

Q4 FY25

YoY

Financial Services*

813

787

▲

3.3%

Travel & Related Services

13,569

15,723

▼

13.7%

Leisure Hospitality &

Resorts

1,385

1,164

▲

19.0%

Digital Imaging

Solutions

1,940

2,015

▼

3.7%

Total

17,707

19,689

▼

10.1%

CONSOLIDATED PERFORMANCE

Other Income

348

531

▼ 34.6%

Total Income

18,054

20,220

▼ 10.7%

EBIT

707

1,151

▼ 38.6%

EBIT Margin %

3.9%

5.7%

▼ 178 bps

(₹ Mn)

EBIT

Q4 FY26

Q4 FY25

YoY

Financial Services

392

334

▲

17.3%

Travel & Related

Services

239

589

▼

59.3%

Leisure Hospitality &

Resorts

243

235

▲

3.6%

Digital Imaging

Solutions

(102)

78

-

Total

773

1,236

▼

37.5%

PBT

461

884

▼ 47.9%

PBT Margin %

2.6%

4.4%

▼ 182 bps

PAT

307

660

▼ 53.5%

PAT Margin %

1.7%

3.3%

▼ 157 bps

EPS

0.83

1.39

▼ 40.3%

9

* Reported on net basis

S EGM EN T P ER F O RM A NCE - F I N AN CI AL S ER V I CES

% Margin

(₹ Mn)



Revenue

3.3%

787

842

845

762

813





Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26

(0.5%)

3,277 3,261

FY25 FY26











334

374

316

392

42.5%

44.4%

48.7%

41.5%

48.3%

45.7%

45.8%

Q4FY25

Q1FY26

Q2FY26

Q3FY26

Q4FY26

FY25

FY26

17.3% (0.3%)

411

1,498 1,493

EBIT &

Margin

Q4 & FY26 highlights

  • Retail sales growth: 27% y-o-y in Q4 FY26; 16% in FY26

  • Holiday sales growth: 29% y-o-y in Q4 FY26; 13% in FY26

  • Education sales growth: 25% y-o-y in Q4 FY26; 17% in FY26

  • Retail turnover grew by 20% y-o-y in Q4 FY26, contributed by the Holiday 25% y-o-y

    and Education 5% y-o-y

  • Digital adoption rate has moved to 22.8% from 22% y-o-y in Q4 FY26

  • Growth in digital end-to-end retail transactions: WhatsApp transactions grew by 2.2x in Q4 FY26 and 2.6x in FY26; App by 4.9x in Q4FY26 and 3.5x in FY26; Website by 65% in Q4 FY26 and 8% in FY26

  • Opened 7 new outlets in Q4 FY26: 5 GCP outlets, 1 owned outlet at Banjara Hills and counters at Kempegowda International Airport, Bangalore

  • Quick-commerce expansion (via Blinkit) in 6 additional cities - Noida,

    Kolkata, Jaipur, Ahmedabad, Lucknow and Chandigarh, increasing our digital

    distribution network to 12 cities 10

    S EGM EN T P ER F O RM A NCE - T R AV EL & R EL AT ED S ER V I CES

    % Margin

    (₹ Mn)



    Revenue

    (13.7%)

    19,784

    15,723

    16,891

    16,781

    13,569





    Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26

    3.6%

    64,689 67,025

    FY25 FY26



    811

    (59.3%)

    (10.8%)

    589

    651

    516

    3.7%

    4.1%

    3.9%

    3.1%

    239

    1.8%

    2,218

    3.8%

    3.3%





    2,485

    EBIT &

    Margin

    Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26

    FY25 FY26

    Q4 & FY26 highlights

    Corporate Travel

    • Acquired 8 accounts in Q4 FY26 across financial services, automobile, telecom & energy sector; 4 new large corporate accounts are in the pipeline for Q4 FY26

    • Air Volume recorded a growth of over 7.3% y-o-y in Q4 FY26 and 4.8% in FY26; International Air Volume recorded a growth of over 19.4% y-o-y in Q4 FY26 & 7.4% in FY26

    • Hotel Volume & transactions grew by 7.6% and 10.7% respectively y-o-y in Q4 FY26

    • Total Air & Non Air Volume grew at 6.8% y-o-y in Q4 FY26

    • Thomas Cook India and SOTC Travel partner with Booking.com to offer corporate clients world-class accommodation solutions to enhance their business travel experience 11

      S EGM EN T P ER F O RM A NCE - T R AV EL & R EL AT ED S ER V I CE S

      Meetings-Incentives-Conferences-Exhibitions (MICE) : Managed over 130 groups ranging from 50 to 1300 delegates per group. Key international destinations: Australia, Dubai, Egypt,

      Vietnam, Czech Republic, Austria, Japan, Singapore, Thailand, Indonesia, Spain, Scotland, Hong Kong; Domestic: Jaipur, Delhi, Bangalore, Guwahati, Kolkata

      Leisure Travel

  • Launched Bhutan charter flights ex Bengaluru & Ahmedabad to capitalize on direct air connectivity and growing travel interest to the destination

  • Launched Kailash Mansarovar holidays for Indian travellers after a gap of 5 years

  • Introduced TravSure, a pioneering travel protection initiative designed to address the evolving realities of modern travel and provide customers with greater confidence and peace of mind

  • Introduced an industry-first Visa rejection Cover - a pioneering, ground-breaking insurance solution that safeguards travellers against financial losses arising from visa rejections

  • SOTC Travel announced its association with Padma Shri Anuradha Paudwal to promote its Darshans spiritual packages

    Destination Management Services (DMS) Network:

  • India DMS: Turnover increased by 5% y-o-y in Q4 FY26 in spite of cancellation due to Israel-Iran War

  • Overseas DMS: Sales declined by 24% y-o-y in Q4 FY26, primarily impacted by geopolitical disruptions in the Middle East, impacting Desert Adventures and certain transit markets. This was partially offset by resilient performance in Asia Pacific and strong growth in Private Safaris across East and Southern Africa. Revenue grew by 3% y-o-y in FY26, supported by strong performance in Asian Trails and Private Safaris, along with steady growth in Allied T Pro.

  • Asia Pacific - Asian Trails: Delivered growth by 18% y-o-y in FY26 and 6% in Q4 FY26, supported by strong contributions from Thailand, Malaysia, Vietnam, and China, with growth across key markets.

  • USA - Allied T Pro: Revenue remained resilient, with revenue growing by 9% y-o-y in FY26 and 12% in Q4 FY26, supported by higher volumes, despite continued challenges in U.S. inbound travel driven by visa and regulatory constraints.

  • Middle East - Desert Adventures: - Performance declined during the year by 22%, impacted by geopolitical tensions in the Middle East, including travel disruptions and airspace closures following regional escalation in June and further instability towards the end of the year, which affected travel demand and connectivity. The decline was also influenced by the absence of large one-off MICE movements in the prior year base.

  • Private Safaris:

    • Southern Africa: Performance remained strong, with revenue growing by 34% in FY26 and 23% y-o-y in Q4FY26 by continued upselling across Groups and MICE segments,

      despite weather-related disruptions in certain regions.

    • East Africa: Performance was driven by charter operations and strong demand from key source markets, resulting in revenue growth of 18% in FY26 and 87% y-o-y in Q4 FY26, along with continued traction in direct local sales.

12

S EGM EN T P ER F O RM A NCE - T R AV EL & R EL AT ED S ER V I CES

SEGMENT REVENUE BREAKDOWN ( ₹ Mn)

Segment

FY25

FY26

YoY (%)

Q4FY25

Q4FY26

YoY (%)

(A) B2C TOTAL

17,504

18,874

8%

3,027

3,281

8%

Domestic

1,661

1,426

(14%)

321

250

(22%)

Outbound

15,844

17,448

10%

2,706

3,032

12%

Long Haul

10,980

11,752

7%

1,288

1,323

3%

Short Haul

4,864

5,696

17%

1,418

1,709

21%

(B) B2B TOTAL

49,346

50,463

2%

12,934

10,557

(18%)

DMS Total

34,478

35,559

3%

10,421

8,728

(16%)

India DMS

6,292

6,467

3%

2,839

2,969

5%

International DMS

28,186^

29,092

3%

7,582^

5,759

(24%)

MICE

13,578

13,364

(2%)

2,183

1,408

(35%)

Corporate

12,563

13,364

6%

1,168

1,408

21%

Government

1,015

-

-

1,015

-

-

Corporate Travel*

1,290

1,541

19%

330

421

28%

(C) Inter Segment Elimination

(2,162)

(2,313)

-

(237)

(269)

-

Total (A+B+C)

64,689

67,025

4%

15,723

13,569

(14%)

*Reported on net basis

13

^ high-volume MICE events related to Amway and BMW (sales of Rs. 1,131 Mn)

S EGM EN T P ER F O RM A NCE - L E I S UR E HO S P I T AL I TY

% Margin

(₹ Mn)









19% 6.6%

1,550

1,164

1,357

1,385

1,044

5,006

5,336



Revenue

Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26

FY25 FY26

409

471

235

243

20.2%

30.2%

169

16.2%

30.4%

17.5%







3.6%

0.1%

25.8%

24.2%

1,291 1,292

EBIT &

Margin

Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26

FY25 FY26

Q4 & FY26 highlights

  • Record Quarter Delivered: Highest ever Revenue for Q4 in Sterling history delivered - Rs 1,385 mn, which is a 19% growth y-o-y.

  • Profitability Sustained: EBIT at Rs 243 Mn. Sterling

    delivers 25 consecutive profitable quarters.

  • Resort Engine - Powering Growth: Resort Revenue contributes 80% of Total Company Revenue for Q4, which is the highest ever - signaling the transformation of the business model and start of the growth phase.

  • Room and F&B Revenue show impressive growth: Room

    Revenue up nearly 38% , F&B Revenue grows 14% y-o-y

  • H2 Outperforms H1: 2 Record quarters powers H2 Revenue to outperform H1 ( 2,401 Mn) by 22%.

  • Balance Sheet Strengthens alongside Growth: Free Cash Flow at Rs 1,140 Mn grows 49% over last year. Company continues to be totally Debt-Free.

    14

    S EGM EN T P ER F O RM A NCE - DI GI T AL I M AGI N G S O L UT I O NS

    Revenue

    (3.7%)

    2,015

    2,097

    1,958

    2,365

    1,940





    Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26

    (0.8%)

    8,423 8,360

    FY25 FY26

    % Margin

    (₹ Mn)



    78 106

    3.9%

5.1%

1.2%

3.5%





23

83

3.2%

1.3%

268

(59.1%)

EBIT &

Margin

(102)

Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26

110

FY25 FY26

Q4 & FY26 highlights

  • Sales for the quarter came in below prior year levels, reflecting the challenging operating environment stemming from geopolitical tensions in the Middle East and the temporary suspension of operations in the UAE.

  • The timing made the disruption particularly consequential, as this

    quarter represents DEI's peak operating

    season

  • While growth in other locations provided a partial cushion, the impact was meaningful given that the UAE contributes approximately 50% of DEI's total revenue. The market is also home to some of DEI's most strategic partnerships, where revenue potential is typically among the highest across its portfolio.

  • EBIT consequently stood impacted by dual impact of lower topline and an increase in costs related to WeC.

  • 9 new partnerships signed in Q4 FY26: India (Imagicaa, Wet'nJoy Lonavala, Wet'nJoy Shirdi, Sai Teerth), Saudi Arabia (Aquarabia), Malaysia (Icescape Ice Rink), Indonesia (Go Luge Bogor) and Singapore (Royal Albatross, Rainforest Wild Adventure)

  • Renewed 12 key partnerships: India (Ramoji Film City), Maldives (Mövenpick Kuredhivaru, Emerald Maldives and Emerald Faarufushi), UAE (Ski Dubai), Singapore (Singapore Zoo, Bird Paradise, Night Safari, River Wonders, Marina Bay Sands) and Malaysia (Penang Hill, Langkawi Wildlife Park)

  • Operational launch of 4 partnerships: India (Imagicaa, Wonderla Chennai), Malaysia (Icescape Ice Rink), and Indonesia (Go Luge Bogor) 15

O V ER V I EW: B US I N ES S S EGMENT S
  • Financial Services

  • services

  • Leisure hospitality

Solutions



Thomas Ceok

Now Buy/Sell F0f9X on WhatsApp

NANAGEYO¥R fiOREXCARD ONTHESO F I N AN CI AL S ER V I CES

17





F I N AN CI AL S ER V I CES : T HE UN AS S AI L AB L E M O AT

High-margin engine. AD 2 license. Structurally superior returns.

∞

RBI License

01

75+ Yrs

Our Expertise

02

~40-46%

Our Margins

03

80%+

Dominant Retail

Portfolio

04

Omnichannel

Our Distribution

04

  • Largest Non-Bank Forex Service Provider in India

  • Unmatched legacy in

    India's forex ecosystem.

  • First non-bank to issue Mastercard, Visa & RuPay forex cards

  • Card segmentation: Travel, Education & Corporate

  • 5-year card lifecycle = durable customer lock-in

Prepaid card = 5-year recurring relationship, not a one-time transaction

  • Structural, not cyclical

  • Retail Focus driving margin performance

  • Float income is a strong margin driver as the book grows

Four structural levers. Margin expansion by design.

Retail revenue dominance across 3 retail verticals (80%)

  • Leisure travel (Holidays):

  • Student Remittances

    (Education),

  • Corporates

    Airport counters capture high-intent, last-mile demand

    Wholesale Portfolio (20%)

  • Banks

  • MSBs (Money Services Businesses)

Retail-led mix → higher margins, repeat usage, and structural profitability

  • 130+ branches, 17 airport counters

  • 3,100+ agent partners

  • TC Pay App

  • WhatsApp

  • Blinkit

  • Google Pay.

Digital adoption at 21.2%.

Physical channel converts trust; digital converts convenience.

No single-channel competitor

can match the full funnel.

Physical converts trust. Digital converts convenience. TCIL has both.

Non-bank with AD-II license

  • Own SWIFT & Nostro accounts

  • Dedicated in-house Dealing

    Room

    Compliance-first culture

  • Rigorous RBI regulatory adherence embedded in every process

    Zero proprietary FX risk

  • Positions are fully hedged; no directional currency exposure on the books

Regulatory depth + zero FX risk = a business that earns without taking balance sheet risk

18



F O R EX - HI S T O R I CAL GR O WT H T R AJECT O R Y

~30% → 46%

EBIT Margin Journey FY21-FY26

~25% CAGR

Revenue Growth FY21-FY26

45%+

Sustained Margin Band



Active Prepaid Card Users (Mn)

Card Loads (USD Mn )



124 123 133

CAGR ~43% CAGR ~48%

CAGR ~29%

Gross Turnover Value (Rs Bn)*









1.2 1.3



860

67

33

60

38

18

20

27

86

80

94

40

38

45

39

107

0.2

0.3

0.9

1.2

109

225

611

823

764

FY21 FY22 FY23 FY24 FY25 FY26

Retail Wholesale

FY21 FY22 FY23 FY24 FY25 FY26

FY21 FY22 FY23 FY24 FY25 FY26

% Margin

EBIT (Rs Mn) & Margin (%)

Float (Bn)



3,023 3,277 3,261

CAGR ~60%

CAGR ~25%

Revenue from Operations (Rs Mn)



2,464

1,084 1,104

46%

13%

29%

41%

46%

1,237







1,498 1,494

CAGR ~32%

16

14

12

9

5

4

723

FY21 FY22 FY23 FY24 FY25 FY26

141

(32)

FY21 FY22 FY23 FY24 FY25 FY26 19

FY21 FY22 FY23 FY24 FY25 FY26

* Represents turnover generated by Company's own network and excludes third-party sales.