Thomas Cook India : consolidated PBT grows by 20% for Q3 FY26 to Rs 897 Mn excluding a one-time provision of Rs 301 Mn due to implementation of new Labour Code

Mumbai, February 05, 2026

Thomas Cook India consolidated PBT grows by 20% for Q3 FY26 to Rs 897 Mn excluding a one-time provision of Rs 301 Mn due to implementation of new Labour Code

• Consolidated Income from Operations growth of 4% y-o-y to Rs. 21,457 Mn in Q3 FY26; 7% y-o-y to Rs. 66,275 Mn for 9M FY26

• Consolidated PBT (before exceptional items) for 9M FY26 stood at Rs 2,852 as compared to Rs 2,936 Mn

• Financial Services: Retail turnover increased by 25% y-o-y for Q3 FY26; EBIT margins at 41.5% for Q3 FY26

• Travel Services: Revenue from Operations growth of 3% y-o-y in Q3 FY26; EBIT margins at 3.1% for Q3 FY26

• Leisure Hospitality (Sterling Holidays & Nature Trails): Revenue from Operations growth of 12% y-o-y in Q3 FY26; EBIT margins at 30.4% for Q3 FY26

• Digiphoto Entertainment Imaging (DEI): Revenue from Operations growth of 5% in Q3 FY26; EBIT margins at 3.5% for Q3 FY26

• The Group continues to maintain a strong financial position, with Cash & Bank balances at Rs. 25,449 Mn as of December 31, 2025 vs Rs. 23,861 Mn as of September 30, 2025

Income from Operations EBITDA PBT

4%

13%

1%

20,610

21,457

61,707

(3%)

20%

7%

66,275

4,702 4,740

2,936 2,852

750

897

1,378

1,554

Q3 FY25 Q3 FY26 9M FY25 9M FY26

Q3 FY25 Q3 FY26 9M FY25 9M FY26

Q3 FY25 Q3 FY26 9M FY25 9M FY26

Income from Operations across all Business segments Travel Services Forex Leisure Hospitality (Sterling Holidays & Nature Trails) Digital Imaging Solutions (DEI)

3%

9%

2%

(2%)

12%

3%

5%

0.2%

48,966 53,456

16,230

16,781

Q3 FY25 Q3 FY26 9M FY25 9M FY26

Travel Services

• Leisure Travel: Growth in sales 8% y-o-y for 9M FY26; (6%) y-o-y for Q3 FY26 across Thomas Cook & SOTC

• MICE: Growth in sales 5% y-o-y for 9M FY26; (2%) y-o-y for Q3 FY26

• Corporate Travel: turnover 3% y-o-y for 9M FY26; 12% y-o-y for Q3 FY26

• India DMS: turnover 1% y-o-y for 9M FY26; (2%) y-o-y for Q3 FY26

• Overseas DMS turnover 13% y-o-y for 9M FY26; 9% y-o-y for Q3 FY26

  2,490

  2,449

  744

  761

  Q3 FY25 Q3 FY26 9M FY25 9M FY26

  Forex

• Retail sales growth: 13% y-o-y for 9M FY26; 25% y-o-y for Q3 FY26

• Education sales growth: 15% y-o-y for 9M FY26; 39% y-o-y for Q3 FY26

• Holiday sales growth: 9% y-o-y for 9M FY26; 11% y-o-y for Q3 FY26

• WhatsApp transactions growth:

  1.7x y-o-y

• App transactions: 3x growth y-o-y

• Website transactions: 24% growth y-o-y

  3,842 3,951

  1,389

  1,550

  Q3 FY25 Q3 FY26 9M FY25 9M FY26

  Leisure Hospitality (Sterling Holidays & Nature Trails)

• Growth in sales: 3% y-o-y for 9M FY26; 12% y-o-y for Q3 FY26

• Occupancy: 65% for Q3 FY26

• Room revenue grew 15% y-o-y in Q3 FY26

• F&B Revenue: 14% growth y-o-y for Q3 FY26

  6,409 6,419

  2,247

  2,365

  Q3 FY25 Q3 FY26 9M FY25 9M FY26

  Digital Imaging Solutions (DEI)

• Growth in sales: 0.2% y-o-y for 9M FY26; 5% y-o-y for Q3 FY26

• 2 new partnerships signed in Q3 FY26: Saudi Arabia and UAE

• Renewed 6 key partnerships: In UAE, India and Malaysia

• Operational launch of 7 partnerships: Saudi Arabia, UAE, Maldives, India, Macau SAR

  
  
  

  Mumbai, February 05, 2026

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

  said, "In the face of a challenging global travel landscape, Thomas Cook India Group has delivered a strong all-round performance with a PBT growth of 20% in Q3, after excluding a one-time provision of Rs.301 Mn arising due to implementation

  of the new Labour Code. The recent Union Budget announcements pertaining to Travel & Tourism, notably - reducing TCS on overseas tour packages & foreign exchange remittances for Education & Medical purposes to 2%, high speed rail corridors, and the thrust towards skilling and digitally empowering guides etc. are all welcome and should spur momentum as we move into the peak summer travel season."

  Business Segment-wise Performance:

  1. Foreign Exchange

     In Rs mn

     2%

(2%)

10%

(5%)

10%

(5%)

744

762

2,490 2,449

Q3 FY25 Q3 FY26 9M FY25 9M FY26

1202 1,147

301

332

Q3 FY25 Q3 FY26 9M FY25 9M FY26

1,164 1,101

288

316

Q3 FY25 Q3 FY26 9M FY25 9M FY26

Income from Operations

EBITDA

EBIT

• Overall turnover grew by 9% y-o-y in Q3 FY26

• Retail turnover grew by 25% in Q3 FY26; Education: turnover 39% y-o-y; Holiday: turnover 11% y-o-y in Q3 FY26

• Growth in digital end-to-end retail transactions: Forex by WhatsApp by over 1.7x y-o-y; App by 3x growth y-o-y in Q3 FY26; Website by 24% y-o-y in Q3 FY26

• Extended distribution of forex card delivery on Q-commerce platform Blinkit to - Chennai, Hyderabad & Pune (in addition to Mumbai, Delhi, Bengaluru)

• Opened 2 outlets in Q3 FY26 in Varanasi and Kottayam

In Rs Mn

1. Travel Services

   3%

9%

10%

6%

10%

4%

48,966 53,456

16,230

16,781

Q3 FY25 Q3 FY26 9M FY25 9M FY26

2,405 2,545

646

711

Q3 FY25 Q3 FY26 9M FY25 9M FY26

1,897 1,979

471

516

Q3 FY25 Q3 FY26 9M FY25 9M FY26

Income from Operations

EBITDA

EBIT

• Corporate Travel

  • Acquired 8 accounts in Q3 FY26 across ITES, automobile, telecomm & E-commerce

  • Air revenue recorded a growth of over 12.4% y-o-y in Q3 FY26

  • Non-air transactions grew at 19.8% in Q3 FY26

  • Hotel and car transactions grew by 11.2% and 29.2% respectively y-o-y in Q3 FY26

  • Commenced air and hotel operations from the TCI-Euro (Cyprus) office

    
    
    

    Mumbai, February 05, 2026

• Meetings-Incentives-Conferences-Exhibitions (MICE)

  • Managed over 120 groups of 50 to 3000 delegates per group. Key international destinations: Switzerland, Spain, Norway, Finland, Czech Republic, Australia, Japan, Thailand, Vietnam, Kenya, Sri Lanka, UK; Domestic: Goa, Jaipur, Mumbai, Delhi, Kolkata, Hyderabad

  • Successfully managed the Eighth Assembly of the International Solar Alliance in New Delhi, a global gathering that brought together global ambassadors and diplomats from over 150 nations, with participation from Shri Pralhad Joshi, Union Minister for New and Renewable Energy, and ministers representing ISA member countries-reinforcing India's leadership in global solar diplomacy

• Leisure Travel

  • Thomas Cook India and SOTC Travel launched their Europe Summer 2026 Holidays for Group Tours and Personalized Tours; launched AI-powered digital avatar of Thomas Cook's TACY , anchoring immersive itinerary videos that blend storytelling with destination insights; also doubling as high-impact sales tools and QR-led social media content

  • Launched an extensive China holidays portfolio to capitalize on the resumption of direct air connectivity and growing travel interest

  • Introduced Private Journeys-an affordable, flexible travel format tailored for new-age Indian travellers with chauffeur-guide, blending the convenience of group tours with the comfort of personalized holidays

  • Launched unique seasonal tours for Autumn and Winter travel to China and Japan

  • Introduced special festival tours for Christmas/end of year travel season

• Destination Management Services (DMS) Network
  • India DMS: Turnover maintained at a similar level in Q3 FY26 vs Q3 FY25 due to advisories issued in source markets at the time of Indo-Pak war and cancellation due to protest in Nepal

• Overseas DMS: Sales grew by 9% y-o-y for Q3 FY26, driven by strong performance in Asia Pacific and Private Safaris, partly offset by geopolitical and regulatory challenges in certain markets
  • Asia Pacific - Asian Trails: Sales grew 14% y-o-y, driven by strong contributions from key markets including Thailand, Malaysia, China and Australia. The revenue margins improved during the quarter, supported by stronger performance in the month of December 2025
  • USA - Allied T Pro: Revenue was marginally lower during the quarter, reflecting the seasonally weaker period and continued challenges stemming from muted inbound travel sentiment
  • Middle East - Desert Adventures: Revenue remained under pressure due to ongoing geopolitical developments. Competitive pricing strategies were deployed to sustain volumes, particularly within the FIT segment, impacting margins
  • Private Safaris:
    • Southern Africa: The business delivered strong 41% y-o-y growth, driven by effective upselling initiatives across Groups and MICE segments. Performance in the December quarter was further supported by seasonal demand for group travel in South Africa
    • East Africa: Recorded 20% y-o-y sales growth during its peak season, led by demand from the USA and India

      In Rs Mn

1. Leisure Hospitality (Sterling Holidays & Nature Trails)

   12% 3%

   3,842 3,951

   1,389

   1,550

   Q3 FY25 Q3 FY26 9M FY25 9M FY26

   7% 3%

   539

   574

   1,352 1,389

   Q3 FY25 Q3 FY26 9M FY25 9M FY26

   10% (1%)

   1,056 1,049

   427

   470

   Q3 FY25 Q3 FY26 9M FY25 9M FY26

   Income from Operations

EBITDA

EBIT

Mumbai, February 05, 2026

• Income from Operations grew to Rs. 1,550 Mn for Q3 FY26, driven by strong room and F&B performance during the peak season

• Resort revenue grew by 13% y-o-y, supported by higher inventory and improved occupancy

• Room revenue grew by 15% y-o-y in Q3 FY26; F&B revenue grew 14%

• Resort Network: Added 4 new resorts in Puri, Gangtok, Rishikesh and Goa in Q3 FY26. The total network (including Nature Trails) stands at 72 properties with 3610 rooms

• Non-member guest ratio maintained at 81% in Q3 FY26

• Occupancy improved to 63% in Q3 FY26, aided by high-season demand and better utilization of expanded inventory

• ARR increased to Rs. 6,460, up 6% y-o-y, driving healthy RevPAR growth

• Guest satisfaction: TripAdvisor rating up to 4.61 vs 4.55 LY

  Nature Trails

• Corporate business reported a strong 68% y-o-y growth; the education segment recorded a 34% growth for the quarter

• Signed three new properties - Hampi, Goa and Rishikesh

1. Digital Imaging Solutions (DEI)

In Rs Mn

5% 0.2%

38% 8%

42% 12%

2,247

2,365

6,409 6,419

Q3 FY25 Q3 FY26 9M FY25 9M FY26

409 441

179

130

Q3 FY25 Q3 FY26 9M FY25 9M FY26

189 212

83

58

Q3 FY25 Q3 FY26 9M FY25 9M FY26

Income from Operations

EBITDA

EBIT

• 2 new partnerships signed in Q3 FY26: Saudi Arabia (Six Flags Qiddiya City) and UAE (Haribo Happy World)

• Renewed 6 key partnerships: UAE (Sheikh Zayed Grand Mosque, National Aquarium Abu Dhabi), India (WonderLa Bangalore, Hyderabad and Kochi), and Malaysia (Sunway Lagoon)

• Operational launch of 7 partnerships: Saudi Arabia (Six Flags Qiddiya City), UAE (Ain Dubai, Haribo Happy World), Maldives (Constance Moofushi, Royal Island), India (Black Thunder Waterpark), and Macau SAR (House of Dancing Water)

• 18 festive event partnerships were secured across the UAE in the month of December

Other Key Business Updates

• Focus on Digitalization
  • Agent Assist: Deployed an agent assist solution to listen to calls and prompt sellers with relevant information/response suggestions to effectively manage customer queries in real time

  • Launched AI-powered digital avatar - TACY, to anchor immersive itinerary videos that blend storytelling with destination insights; also serve as a high-impact sales tool and QR-led social media content

• India Network Expansion Leisure Travel: Inaugurated 5 outlets across Thomas Cook India and SOTC in Q3 FY26 in Indore, Howrah, Anand, Hyderabad and Kozhikode Foreign Exchange: 2 outlets opened in Varanasi and Kottayam
• Awards and Partnerships

  • Thomas Cook India signed an MOU with the Government of Gujarat (Gujarat Tourism) to promote domestic tourism across the State

    
    
    

    Mumbai, February 05, 2026

  • Thomas Cook India awarded Silver at TheE4M Maddies for Mobile Marketing Excellence

  • SOTC Travel won Bronze at the E4M Experiential Marketing Awards 2025 for Best Use of Storytelling

About Thomas Cook (India) Limited:

Set up in 1881, Thomas Cook (India) Limited (TCIL) is the leading omnichannel travel company in the country offering a broad spectrum of services including Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services, and Visa Services. It operates leading B2C and B2B brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied TPro, Australian Tours Management, Desert Adventures, Travel Circle International Limited (TCI 勝景遊), Sterling Holiday Resorts Limited, Distant Frontiers, TC Tours, Digiphoto Entertainment Imaging (DEI), Go Vacation, Private Safaris East & South Africa.

As one of the largest travel service provider networks headquartered in the Asia-Pacific region, The Thomas Cook India Group spans 28 countries across 5 continents.

TCIL has been felicitated with MICE Powerhouse at MaxiiiMICE Awards 2025, Outbound Travel Operator of the Year (2024) and MICE Travel Operator of the Year (2024 & 2023) at The Economic Times Travel & Tourism Annual Awards, MICE Travel Agency (Outbound) at the Economic Times MICE & Wedding Tourism Awards 2024, 'Masters of Risk - Travel & Hospitality' at India Risk Management Awards 2024, MICE Tour Operator of the Year

- Outbound at SATTE 2024, Best Tour Operator at India Travel Awards North 2023, winner of the Corporate Citizen Award (Travel Tourism & Hospitality) at the Corporate Citizen Conclave & Award 2023, The Outbound Tour Operator of the Year 2022 at the SATTE Awards, IAMAI India Digital Awards 2022, CNBC-TV18 & ICICI Lombard India Risk Management Award - Travel & Leisure Category 2022 & 2021, CIO100 Award for digital innovation 2022.

CRISIL has upgraded the rating on debt programs and bank facilities of TCIL - 'CRISIL AA/Stable' on the long-term bank facilities of TCIL and 'CRISIL A1+' rating on the short-term bank facilities and short- term debt of the company. The highest rating for a travel & tourism company in India.

For more information, please visit https://www.thomascook.in

Fairbridge Capital (Mauritius) Limited, a subsidiary of Fairfax Financial Holdings Limited, is the promoter of TCIL with a shareholding of 63.83% of its paid-up capital.

About Fairfax Financial Holdings Limited:

Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. Founded in 1985 by the present Chairman and Chief Executive Officer, Mr. V. Prem Watsa, the company is headquartered in Toronto, Canada. Its common shares are listed on the Toronto Stock Exchange under the symbol FFH and in U.S. dollars under the symbol FFH.U.

About Subsidiaries of Thomas Cook (India) Limited (TCIL): Sterling Holiday Resorts Limited

Sterling Holiday Resorts Limited Sterling Holiday Resorts Limited, a wholly owned subsidiary of TCIL is a leading leisure hospitality company with over 70 resorts, hotels and retreats across 48 locations in India covering hills, beaches, jungles, waterfront, adventure, heritage, pilgrimage and drive-to locations. Sterling provides a variety of offerings: Leisure holidays through FIT packages, Meetings & Conferences, Weddings, Reunions, Picnics and Holidays.

SOTC Travel Limited

SOTC Travel Limited is a step-down subsidiary of Fairfax Financial Holdings held through its Indian listed subsidiary, Thomas Cook (India) Limited (TCIL). SOTC Travel is a leading omnichannel travel and tourism company active across various travel segments including Leisure Travel, Incentive Travel and Business Travel.