Thomas Cook (India) Q2 profit drops 24% to Rs 53.67 crore

Thomas Cook (India) Limited reported consolidated net profit of Rs 53.67 crore for the quarter ended 30 September 2026, down 24% from Rs 70.75 crore a year earlier, as revenue from operations fell 6% to Rs 1,944.15 crore and Digiphoto imaging services moved into a segment loss.

How did Thomas Cook (India)'s September-quarter profit change?

Thomas Cook (India)'s reported net profit fell to Rs 53.67 crore in the quarter ended 30 September 2026 from Rs 70.75 crore in the quarter ended 30 September 2025. Revenue from operations declined by Rs 129.69 crore year on year to Rs 1,944.15 crore, while total income fell by Rs 109.65 crore to Rs 2,003.02 crore. The unaudited consolidated results were dated 2 November 2026.

The decline in profit was larger than the fall in revenue. Total expenses fell by Rs 110.26 crore to Rs 1,918.26 crore, broadly in line with the reduction in total income, but profit before tax declined to Rs 84.00 crore from Rs 110.16 crore. Total tax expense was Rs 30.33 crore, compared with Rs 39.41 crore a year earlier, resulting in lower net profit.

Thomas Cook (India) also recorded a sequential decline in the September quarter. Net profit was below Rs 63.71 crore in the quarter ended 30 June 2026, while revenue from operations fell from Rs 2,091.89 crore. Profit before exceptional items and tax was Rs 84.84 crore in September, compared with Rs 88.66 crore in the June quarter.

Earnings per share after exceptional items were Rs 1.11 for the September 2026 quarter, down from Rs 1.42 a year earlier and Rs 1.54 in the preceding quarter. The company stated that quarterly earnings per share were not annualised, and its paid-up equity share capital remained Rs 47.04 crore, with a face value of Re. 1 per share.

Which Thomas Cook (India) businesses caused the revenue decline?

Thomas Cook (India)'s travel and related services and Digiphoto imaging services caused the year-on-year revenue decline, while financial services and leisure hospitality and resorts grew. Travel and related services revenue fell by Rs 120.84 crore to Rs 1,568.29 crore, accounting for most of the Rs 129.69 crore reduction in consolidated revenue from operations.

Digiphoto imaging services revenue dropped by Rs 48.40 crore to Rs 147.39 crore in the September 2026 quarter. The segment includes turnkey imaging solutions and related services. Financial services revenue increased by Rs 18.04 crore to Rs 102.54 crore, while leisure hospitality and resorts revenue rose by Rs 21.51 crore to Rs 125.93 crore.

Thomas Cook (India) defines financial services as wholesale and retail purchase and sale of foreign currencies and paid documents. Travel and related services includes tour operations, travel management, visa services, travel insurance and related services, and remained the largest business with Rs 1,568.29 crore of quarterly revenue. Leisure hospitality and resorts consists of the time-share business.

The September-quarter revenue mix also changed sequentially. Travel and related services revenue was lower than Rs 1,710.59 crore in the June 2026 quarter, and leisure hospitality and resorts revenue fell from Rs 161.36 crore. Financial services rose from Rs 89.24 crore and Digiphoto revenue increased from Rs 130.70 crore over the same quarter-on-quarter comparison.

What happened to Thomas Cook (India)'s segment profitability?

Thomas Cook (India)'s Digiphoto imaging services recorded a Rs 1.16 crore loss before tax and finance costs in the September 2026 quarter, compared with a Rs 2.30 crore profit a year earlier. The reversal came alongside the segment's Rs 48.40 crore decline in revenue and contrasted with a Rs 15.21 crore loss in the June 2026 quarter.

Travel and related services segment profit before tax and finance costs declined by Rs 19.68 crore to Rs 45.45 crore from Rs 65.13 crore. Financial services segment profit rose to Rs 45.23 crore from Rs 41.12 crore, while leisure hospitality and resorts profit increased to Rs 18.42 crore from Rs 16.89 crore. These gains did not offset the travel decline and Digiphoto loss.

Total segment results were Rs 107.94 crore, down from Rs 125.44 crore a year earlier. Finance costs declined modestly to Rs 22.88 crore from Rs 23.69 crore, and unallocated corporate expenditure dropped to Rs 0.30 crore from Rs 17.60 crore. These costs helped keep profit before exceptional items and tax at Rs 84.84 crore, slightly above Rs 84.51 crore in the prior-year quarter.

The reported profit comparison was also affected by exceptional items. Thomas Cook (India) recorded exceptional expense of Rs 0.84 crore in the September 2026 quarter, whereas the corresponding 2025 quarter included exceptional income of Rs 25.65 crore. This difference contributed to profit before tax falling to Rs 84.00 crore despite the small increase in profit before exceptional items and tax.

What do Thomas Cook (India)'s half-year cash flow and balance sheet show?

Thomas Cook (India)'s revenue from operations for the half year ended 30 September 2026 was Rs 4,036.04 crore, down from Rs 4,481.80 crore in the corresponding 2025 period. Net profit fell to Rs 117.38 crore from Rs 144.31 crore, while profit before tax declined to Rs 172.46 crore from Rs 221.69 crore.

Operating cash generation also declined in the first half. Net cash generated from operating activities was Rs 284.09 crore, compared with Rs 327.64 crore in the prior-year half, while cash generated from operations was Rs 264.48 crore against Rs 351.84 crore. The company reported an increase in trade receivables of Rs 117.61 crore during the 2026 half year.

At 30 September 2026, Thomas Cook (India) reported total assets of Rs 8,162.10 crore, up from Rs 7,898.52 crore at 31 March 2026. Total liabilities increased to Rs 5,545.72 crore from Rs 5,374.97 crore, and total equity rose to Rs 2,616.38 crore from Rs 2,523.55 crore over the same period.

Cash and cash equivalents stood at Rs 966.73 crore at 30 September 2026, compared with Rs 959.90 crore at 31 March 2026. Trade receivables increased to Rs 780.94 crore from Rs 662.62 crore, while current borrowings rose to Rs 256.62 crore from Rs 222.37 crore. Total segment assets were Rs 8,162.10 crore at September-end, with travel and related services representing Rs 2,491.85 crore.

Conclusion

Thomas Cook (India)'s September 2026 results showed that a 6% decline in quarterly revenue was accompanied by a 24% fall in net profit. Travel and related services remained the largest revenue contributor but reported lower revenue and segment profit, while Digiphoto revenue fell and its result moved from a Rs 2.30 crore profit to a Rs 1.16 crore loss.

The filing does not disclose a forward revenue target, operating plan or scheduled business event. The next disclosure will therefore be relevant for whether travel and related services improves from September-quarter revenue of Rs 1,568.29 crore, whether Digiphoto's Rs 1.16 crore loss persists, and how operating cash flow develops after the first-half figure of Rs 284.09 crore.