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Thomas Cook (India) Limited: Navigating Headwinds with Strategic Resilience and Digital Drive

Thomas Cook (India) Limited, a venerable name in the travel and financial services sector, recently unveiled its consolidated financial performance for Q2 and H1 FY26. The period, marked by a confluence of global geopolitical challenges and domestic weather disruptions, saw the company demonstrate commendable resilience, underpinned by strategic initiatives and a robust portfolio. For Q2 FY26, the company reported a consolidated revenue from operations of Rs. 2,073.8 crore, reflecting a 3% year-on-year growth. The first half of FY26 showcased an even stronger trajectory, with revenue climbing 9% year-on-year to Rs. 4,481.8 crore. Profit Before Tax (PBT), after accounting for exceptional items, was maintained at Rs. 221.1 crore for H1 FY26, a testament to the company's operational discipline amidst a challenging environment.

The management, led by Mr. Mahesh Iyer, Managing Director & CEO, acknowledged the

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Frequently Asked Questions

For Q2 FY26, consolidated revenue from operations grew 3% year-on-year to Rs. 2,073.8 crore. For H1 FY26, revenue increased 9% year-on-year to Rs. 4,481.8 crore, with PBT after exceptional items maintained at Rs. 221.1 crore.
The Financial Services segment saw retail turnover increase by 13% for Q2 FY26, driven by holidays and overseas education, maintaining healthy EBIT margins at 49%. Key initiatives include a partnership with Blinkit for 10-minute forex card delivery, the launch of the TCPay all-in-one forex app, and enabling contactless cross-border payments with Google Pay and Visa.
The segment's EBIT was impacted by lower sales in key growth markets due to external factors such as excessive rainfall and landslides in North India, which affected domestic travel, and ongoing geopolitical tensions that dampened Middle East inbound traffic.
Sterling Holiday Resorts achieved its 23rd consecutive profitable quarter and opened a record seven new properties in Q2 FY26. The management expects strong growth momentum in H2 FY26, with reduced weather headwinds and increased auspicious dates, anticipating margins to hold between 32-35% for the full year.
Revenue declined due to attendance shortfalls in the UAE and Malaysia, revenue loss in Hong Kong following an exit, and an unplanned closure of a key venue in Singapore for upgradation, compounded by geopolitical issues in the Middle East.
The company is focusing on strategic segmentation in its forex business, leveraging digital initiatives for customer convenience, expanding its resort network, and optimizing operations. Management expects a better outcome in H2 with reduced headwinds and benefits from government initiatives like GST 2.0.
Thomas Cook is actively pursuing digital transformation, evident in its 22% FX Digital Adoption, 108% growth in WhatsApp engagement, and 25% increase in app bookings. They are also focusing on AI-powered corporate booking tools like TravelOne and Dhruv.ai to enhance efficiency and customer experience.

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  • Thomas Cook (India) Limited: Navigating Headwinds with Strategic Resilience and Digital Drive
  • Frequently Asked Questions
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