Thomas Cook (india) Limited · NSE:THOMASCOOK
Thomas Cook (india) — Q2 FY2027 Earnings Presentation
53 slides from Thomas Cook (india)'s earnings presentation, Nov 2, 2026
Slide 1: Exchange filing cover letter for earnings call presentation
November 02, 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
Slide 2: Investor Presentation – Q2 & H1 FY27
Thomas Cook (India) Limited Investor Presentation – Q2 & H1 FY27 November 02, 2026
Slide 3: Table of Contents
TABLE OF CONTENTS 01 Q2 FY27 Performance Snapshot 3 Consolidated performance summary, Key highlights 02 Q2 FY27 Performance Highlights 5 Consolidated results, management commentary, four segments 03 Overview: Business Segments 21 Segment performance, operating highlights 04 Financial Data 45 Consoli
Slide 4: Q2 FY27 Performance Snapshot
Q2 FY27 PERFORMANCE SNAPSHOT 145+ Years, 28 Countries, Four Businesses, One Trusted Brand ₹20 bn ₹848 mn 28 810+ CRISIL AA Fairfax Total income, Q2 FY27 PBT^ Countries Touchpoints Credit rating Part of Fairfax Group ▼ 5% YoY ▲0.4% YoY 5 continents, owned operations 310 TCIL + SOTC branches · 170+ Re
Slide 5: Brands
BRANDS Travel & Related Services Southern Africa East Africa Financial Services Leisure Hospitality & Resorts Digital Imaging Solutions 4
Slide 6: Q2 & H1 FY27 Financial Performance
Q2 & H1 FY27 FINANCIAL PERFORMANCE • Financial highlights • Management commentary • Financial Services • Travel & Related Services • Leisure Hospitality • Digital Imaging Solutions 5
Slide 7: Q2 FY27 Performance Highlights
Q2 FY27 PERFORMANCE HIGHLIGHTS K E Y U P D AT E S Q2 FY27 profits remain resilient, with PBT^ at Rs. 848 Mn despite • Financial Services segment delivered a strong growth of 21% y-o-y global headwinds. for Q2 FY27 and 14% y-o-y for H1 FY27 in Revenue from Operations with Education and Corporate segm
Slide 8: Q2 FY27 Performance by Geography
Q 2 F Y 2 7 P E R F O R M A N C E BY G E O G R A P H Y Share of revenue India International Q2 FY26 54% 46% Q2FY27 57% 43% India-led businesses International Businesses ₹11,375 mn Revenue, (1%) YoY (Q2 FY26: ₹11,537 mn) ₹8,728 mn Revenue, (11%) YoY (Q2 FY26: ₹9,785 mn) Financial Services 1,025 21% D
Slide 9: Financial Services - Growth Trajectory
FINANCIAL SERVICES - GROWTH TRAJECTORY Gross turnover* (₹ bn) Active prepaid card users (mn) Card loads (USD mn) CAGR ~22% 4% CAGR ~41% (9%) CAGR ~36% (4%) 124 133 123 107 1.3 823 860 39 1.2 1.2 1.2 764 45 38 72 1.1 60 40 69 0.9 611 20 17 446 427 27 80 86 94 67 50 55 0.3 225 33 FY22 FY23 FY24 FY25 F
Slide 10: Q2 FY27 - Financial Services
Q2 FY27 - FINANCIAL SERVICES REVENUE* ▲ 21% YoY EBIT ▲ 10% YoY EBIT MARGIN ₹1,025 mn from ₹845 mn in Q2 FY26 ₹452 mn from ₹411 mn in Q2 FY26 44.1% from 48.7% in Q2 FY26 48.7% 48.3% 1,025 411 404 452 45.3% 892 392 44.1% 845 762 813 316 41.5% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q3 FY26 Q4
Slide 11: Q2 FY27 - Forex Operating Performance
Q2 FY27 - FOREX OPERATING PERFORMANCE Q2 FY26 Q2 FY27 YoY TURNOVER BY CUSTOMER COHORT* (₹ bn) Holiday 4.8 4.5 ▼ 6% Education 10.7 14.3 ▲ 33% Corporate 6.5 7.2 ▲ 10% PREPAID CARD Card loads (USD mn) 209 202 ▼ 3% Active card users (mn) 1.2 1.1 ▼ 9% Float (₹ bn) 17.0 18.9 ▲ 11% DIGITAL Total Digital ad
Slide 12: Travel & Related Services – Growth Trajectory
TRAVEL & RELATED SERVICES – GROWTH TRAJECTORY Branches B2B Revenue (₹ mn) B2C Revenue (₹ mn) CAGR ~6% 7% CAGR ~55% (8%) CAGR ~81% (16%) 300 310 50,463 18,874 269 286 279 289 49,364 17,504 241 43,719 14,633 31,349 12,226 26,089 10,255 24,016 7,760 8,838 1,750 FY22 FY23 FY24 FY25 FY26 H1FY26 H1FY27 FY
Slide 13: Q2 FY27 - Travel & Related Services
Q2 FY27 - TRAVEL & RELATED SERVICES Q2 FY26 Q2 FY27 YoY • India Travel businesses witnessed a gradual REVENUE ▼7% YoY recovery in July and August, accelerated recovery momentum in September. (A) B2C (Leisure) 4,310 3,577 ▼17% ₹15,683 mn from ₹16,891 mn in Q2 FY26 • Performance across Domestic and Sh
Slide 14: Segment Performance – Q2FY27 Month on Month Trend
SEGMENT PERFORMANCE – Q2FY27 MONTH ON MONTH TREND Long Haul ▼22% YoY Short Haul Domestic ▼3% YoY ▲ 8% YoY Q2FY27: ₹2,517 mn Q2FY27: ₹856 mn Q2FY27: ₹205 mn Q2FY26: ₹3,240 mn Q2FY26: ₹881 mn Q2FY26: ₹189 mn Jul Aug Sep Jul Aug Sep Jul Aug Sep • India Travel businesses witnessed a gradual MICE ▲ 1% Yo
Slide 15: Q2 FY27 - Travel & Related Services
Q2 FY27-TRAVEL & RELATED SERVICES Corporate Travel Destination Management (DMS) ▲ 18.2% ▲ 81.8% ▲ 16% ▼ 7% India DMS revenue YoY Overseas DMS revenue YoY air + non-air volumes YoY Hotel volumes YoY • Air volumes +18.2% YoY: domestic +22.7%, international +15.3% Asian Trails (Asia Pacific) +9% China,
Slide 16: AI Driven Customer Experience & Service Excellence
AI DRIVEN CUSTOMER EXPERIENCE & SERVICE EXCELLENCE Leveraging Tacy and AI-powered automation to deliver faster, smarter and more consistent customer interactions. AI SOLUTIONS ACROSS THE CUSTOMER JOURNEY ENGAGE Answer | Inspire | Plan ASSIST Support | Resolve ENSURE Quality | Improvement AI-Powered
Slide 17: Leisure Hospitality - Growth Trajectory
LEISURE HOSPITALITY - GROWTH TRAJECTORY Resorts Rooms Average Room Rate (ARR Rs.) Occupancy 392 CAGR ~21% 20% CAGR ~14% 15% CAGR ~5% 9% CAGR ~3% bps 6,609 7,206 83 6,268 6,405 6,263 6,176 78 3,810 3,506 4,015 61% 61% 69 3,254 5,159 59% 59% 59% 61 48 2,672 56% 40 2,277 2,420 36 52% FY22 FY23 FY24 FY2
Slide 18: Q2FY27 - Leisure Hospitality
Q2FY27 - LEISURE HOSPITALITY REVENUE ▲ 21% YoY EBIT AND MARGIN ▲ 9% YoY KEY UPDATES ₹1,259 mn from ₹1,044 mn in Q2 FY26 ₹184 mn from ₹169 mn in Q2 FY26 • 7 Resorts opened in Q2 (Highest for a quarter) • Milestone 4,000+ Keys • Cash Reserves reached ₹ 3,808 Mn | Zero Debt 471 523 1,550 1,385 1,614 •
Slide 19: Digital Imaging Solutions (DEI) – Growth Trajectory
D I G I TA L I M A G I N G S O L U T I O N S ( D E I ) – G R O W T H T R A J E C T O R Y Sites Operated Partnerships (No. of Partners) No. of Captures (mn) (13%) CAGR ~5% (11%) CAGR ~3% CAGR ~15% (24%) 267 265 271 264 256 134 133 129 130 125 119 218 229 109 114 108 104 105 62 49 38 FY22 FY23 FY24 FY
Slide 20: Q2 FY27 – Digital Imaging Solutions
Q 2 F Y 2 7 – D I G I TA L I M A G I N G S O L U T I O N S DEI: a recovery path from Q2 FY27 REVENUE ▼25% YoY 229 Sites operated • Q4 FY26: peak season hit by geopolitical conflict ₹1,474 mn from ₹1,958 mn in Q2 FY26 UAE operations impacted: revenue ₹1,940 mn, EBIT (₹102) mn. 2,365 • Q1 FY27: trough
Slide 21: Management Commentary: Q2 & H1 FY27 Performance
MANAGEMENT COMMENTARY : Q2 & H1 FY27 PERFORMANCE Commenting on the results, Mahesh Iyer, Managing Director & CEO, Thomas Cook (India) Limited “Q2 FY27 again demonstrated the resilience of the TCIL Group with PBT* holding firm at Rs. 848 Mn despite the continued impact of the West Asia conflict. Disc
Slide 22: Overview: Business Segments
OVERVIEW: BUSINESS SEGMENTS FINANCIAL SERVICES TRAVEL AND RELATED SERVICES LEISURE HOSPITALITY DIGITAL IMAGING SOLUTIONS 21
Slide 23: Key Highlights: Financial Services
KEY HIGHLIGHTS: FINANCIAL SERVICES FINANCIAL SERVICES : Breaker slide 22
Slide 24: Financial Services: The Unassailable Moat
FINANCIAL SERVICES : THE UNASSAILABLE MOAT Our Structural Advantages EBIT MARGIN, FY21–FY26 RBI License Own SWIFT and Nostro accounts; in-house dealing room · Compliance-first: RBI rules embedded in every process · Zero proprietary FX risk: fully hedged, no AD-II RBI-licensed non-bank ~40–46% direct
Slide 25: The Prepaid Card: Our Highest-Moat Product
THE PREPAID CARD: OUR HIGHEST-MOAT PRODUCT Market leader · ~1/3 market share · 5-year customer lifecycle DEEP CUSTOMER SEGMENTATION 1.1 mn+ Forex prepaid card users ~USD 200 mn+ Loaded on cards Q2FY27 Leisure travel Education Corporate Borderless Travel · RuPay · One Currency Study Buddy, for studen
Slide 26: Retail Forex – Holidays Cohort
RETAIL FOREX – HOLIDAYS COHORT Who they are, what they buy and why TCIL wins · India ka Forex Specialist MARKET OPPORTUNITY ~14% CAGR ₹5 trillion 50M+ 3.5× India outbound tourism to 2030: structural, not a Projected India outbound travel market by 2030 Indian outbound travellers by 2030, vs ~30M Ris
Slide 27: Retail Forex – Education Cohort
RETAIL FOREX – EDUCATION COHORT Who they are, what they buy and why TCIL wins · India ka Forex Specialist MARKET OPPORTUNITY ~13% CAGR 800K+ ~16% CAGR Rising ticket size Indian overseas education spend to 2030: Indian students abroad. Australia, NZ, UK lead Projected growth of India’s educational to
Slide 28: Retail Forex – Corporate Cohort
RETAIL FOREX – CORPORATE COHORT Who they are, what they buy and why TCIL wins · India ka Forex Specialist MARKET OPPORTUNITY ~10% CAGR Non-discretionary Multi-employee spend SME-led formalisation Cross-sell anchor Corporate travel market to double to Travel tied to meetings, projects and 35–40% of e
Slide 29: Key Highlights: Travel & Related Services
KEY HIGHLIGHTS: TRAVEL & RELATED SERVICES 28
Slide 30: Travel & Related Services
TRAVEL & RELATED SERVICES Multi-segment leader. Multi-geography reach. Integrated. One-stop solution for every traveler’s needs ₹15.7 bn 78% / 22% 5 Continents 35K+ ~800 Q2 FY27 Revenue, ▼7% YoY B2B / B2C revenue mix 23 countries, 6,500+ partners MICE pax Q2 FY27, 176+ groups Corporate clients, 9+ y
Slide 31: Travel & Related Services – Historical Growth Trajectory
TRAVEL & RELATED SERVICES – HISTORICAL GROWTH TRAJECTORY (₹ mn) Leisure Holidays (B2C) Corporate Travel DMS CAGR ~81% (16%) CAGR ~42% 17% CAGR ~48% (18%) 18,874 35,559 17,504 34,478 14,633 1,541 28,139 12,226 1,283 1,290 1,150 10,255 20,400 7,760 854 16,165 730 13,272 378 7,315 1,750 FY22 FY23 FY24
Slide 32: B2C — Leisure Holidays
B2C — LEISURE HOLIDAYS ₹3,577 mn ~23% ~20% 14-15% 24% Revenue Share of travel segment Digital adoption Avg gross margin Repeat customers ▼17% YoY Pax booked online SALES MIX BY MARKET (70 : 24 : 6) Customer age profile Long-haul Europe · UK · USA · Canada · Australia · New Zealand · Africa · South K
Slide 33: B2C - Spiritual Travel
B2C - SPIRITUAL TRAVEL 20+ iconic temples and temple towns Premium offerings drive higher prices and Anuradha Paudwal partnership promotes TWO FOCUSED BRANDS set us apart Darshans packages Faith-based travel is a growing, Multi-generational trips by design Pan-India coverage, FIT and group experient
Slide 34: B2B — Corporate Travel
B2B — CORPORATE TRAVEL Thomas Cook | Air · Hotel · Ground · Forex · OBT Platform ₹446 mn ₹8 bn 4–5% 32% 57% 86 : 14 Q2 FY27 Revenue Q2 FY27 GTV Avg Gross Margin Online Booking Tool (OBT) Touchless transactions Air : Non-Air revenue mix ▲ 11% YoY ▲ 19% YoY adoption by clients Q2 FY27 Why TCIL Wins Q2
Slide 35: B2B — MICE
B2B — MICE Meetings | Incentives | Conferences |Events | Exhibitions ₹4,470 mn 13 : 87 176+ 35K+ 4–5% Q2 FY27 Revenue Domestic : International sales split No. of groups catered to No. of pax Avg Gross Margin ▲ 1% YoY Why TCIL Wins Q2 FY27 Performance Client Industry Mix Seamless End-to-End Event Man
Slide 36: B2B - Destination Management Specialists (DMS) - India
B2B - DESTINATION MANAGEMENT SPECIALISTS (DMS) - INDIA ₹597 mn 2,500+ 30 21 Q2 FY27 Revenue from Operations Agents & Partners across India + Offices in India & South Asia: Overseas sales reps ▲ 16% YoY international DMC network largest network of any DMC Portfolio Brands Revenue from Operations & Ke
Slide 37: B2B - Destination Management Specialists (DMS) – International
B2B - DESTINATION MANAGEMENT SPECIALISTS (DMS) – INTERNATIONAL Destinations managed & Key Source Revenue (₹ mn) Gross Revenue from Operations Portfolio Brands Markets Q2FY27 Margin ₹ mn ▼ 7% YoY Markets: Thailand, Vietnam, Cambodia, Laos, Asian Trails Myanmar, Indonesia, Malaysia, Singapore, 30+ yea
Slide 38: Key Highlights: Leisure Hospitality and Resorts
KEY HIGHLIGHTS: LEISURE HOSPITALITY AND RESORTS (Sterling Holiday Resorts+ Nature Trails) 37
Slide 39: Sterling Resorts: From Transition to Growth
STERLING RESORTS: FROM TRANSITION TO GROWTH Defining Year: Scale, Profitability and Balance Sheet Strength Record Revenue: Record Expansion: Stronger Operating Asset-light Scale Financial Resilience ₹ 1,259 Mn. 7 Resorts in Q2 Engine Sterling’s Highest-Ever Q2 Our fastest expansion ever. +300 bps Oc
Slide 40: Update on Operations: Leisure Hospitality & Resorts
No Image UPDATE ON OPERATIONS: LEISURE HOSPITALITY & RESORTS (Sterling Holiday Resorts + Nature Trails) 83 4,015 3.54 lakh 1.83 lakh Resorts as of Rooms as of Room Nights Avl. Room Nights Sold Sep ‘26 ( 20%)* Sep ‘26 ( 15%) in Q2 ( 16%) in Q2 ( 23%) 52% 80% Rs. 6,484 Resort Occupancy in Guest Ratio
Slide 41: Q2 FY27 - Leisure Hospitality
No Image Q2 FY27- LEISURE HOSPITALITY Performance • Revenues grew by 10% y-o-y in Q2 FY27 • Corporate business reported 5 % y-o-y growth; the school/college segment recorded a 12% growth for the quarter Network • Signed One new property under management contracts, which scheduled to be operational i
Slide 42: Pan-India Leisure & Hospitality Platform
No Image PAN-INDIA LEISURE & HOSPITALITY PLATFORM ECOSYSTEM Srinagar Dharamshala Manali Amritsar Shimla Kufri Mussoorie Kasauli Chail Mohali Dehradun Rishikesh Chila Rudraprayag Haridwar Nainital Room Mix 60% 40% Lansdowne Sattal Sariska Corbett Gangtok Jaisalmer Pushkar Agra Ayodhya Darjeeling Kali
Slide 43: Key Highlights: Digital Imaging Solutions
KEY HIGHLIGHTS: DIGITAL IMAGING SOLUTIONS 42
Slide 44: Digital Imaging Solutions – Business Overview
DIGITAL IMAGING SOLUTIONS – BUSINESS OVERVIEW A global imaging platform delivering on-ground and technology-enabled guest experiences across iconic destinations. Dubai 8 229 14 100+ Headquarters Regional offices Sites operated Countries Partnerships A global imaging platform delivering on-ground and
Slide 45: Digital Imaging Solution: The Moat
DIGITAL IMAGING SOLUTION: THE MOAT Global partner network Tech-enabled platform Integrated operating Diversified presence model Exclusive partnerships at scale Superior workflow engine People + process + tech Multi-country • 229 attractions with 100+ • Automated capture, tagging • End-to-end managed
Slide 46: Financial Data
FINANCIAL DATA 45
Slide 47: Income Statement
INCOME STATEMENT (₹ mn) Particulars Q2 FY27 Q2 FY26 YoY H1 FY27 H1FY26 YoY Revenue from operations 19,442 20,738 (6%) 40,360 44,818 (10%) Other income 589 388 52% 1,200 839 43% Total income 20,030 21,127 (5%) 41,560 45,657 (9%) Cost of services 13,988 15,314 (9%) 29,300 33,507 (13%) Employee benefit
Slide 48: Segment Financial Performance
SEGMENT FINANCIAL PERFORMANCE (₹ mn) Travel & Related Financial Services Q2 FY27 Q2 FY26 YoY Q1 FY27 Q2 FY27 Q2 FY26 YoY Q1 FY27 Services Revenue 1,025 845 21% 892 Revenue 15,683 16,891 (7%) 17,106 EBITDA 473 428 11% 423 EBITDA 660 837 (21%) 605 EBITDA % 46.2% 50.6% (448 bps) 47.4% EBITDA % 4.2% 5.0
Slide 49: Annexure Strategic Divestment: Demerger of Sterling Holiday Resorts
ANNEXURE STRATEGIC DIVESTMENT: DEMERGER OF STERLING HOLIDAY RESORTS 48
Slide 50: Demerger of Sterling Holiday Resorts
DEMERGER OF STERLING HOLIDAY RESORTS TODAY AFTER AFTER Thomas Cook (India) Ltd TCIL Thomas Cook (India) Ltd SHRL Sterling Holiday Resorts Ltd Travel & Related Financial Services Financial Services Services Resorts Travel & Related Services • Continues to hold its current number of SHRL shares • Reso
Slide 51: Process & Timeframe
PROCESS & TIMEFRAME 1 2 3 Approvals from Pre-Scheme steps, including shift of Key decisions and Board approves Demerger TCIL and SHRL registered office of SHRL prep for demerger Scheme Boards 4 5 6 Stock Exchange Application Receipt of NCLT to of Stock Approvals SEBI NCLT directions on Shareholders’
Slide 52: Contact Us
CONTACT US For further information please contact Debasis Nandy Urvashi Butani Ami Mehta Rahul Agarwal / Abhishek Shah President and Group CFO Head – Investor Relations Manager – Investor Relations Strategic Growth Advisors – IR advisors +91 22 4242 7000 +91 22 4242 7095 +91 22 4242 7621 +91 98214 3
Slide 53: 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
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