Thomas Cook Q3 FY26: PAT Slips 22%, Rating Split

What changed in Thomas Cook’s latest reported performance

Thomas Cook (India) Ltd has been flagged for weakening profitability in the quarter ended September 2025, even as other disclosures show revenue growth in some periods and segments. The data provided points to a decline in key profit metrics versus the company’s recent run-rate. At the same time, different market trackers and broker notes reflect sharply different conclusions, ranging from a ‘Sell’ call to a ‘Buy’ rating with a higher target price.

The September 2025 quarter is described as “flat overall performance” with profit metrics down from the average of the previous four quarters. In that quarter, Profit After Tax (PAT) was reported at ₹49.97 crore, down 21.9% compared with the previous four-quarter average. Profit Before Tax excluding other income (PBT less OI) was ₹45.32 crore, down 19.0% on the same basis.

September 2025 quarter: profit drop and quality concerns

A major point highlighted in the data is the composition of profit. Non-operating income is stated to be 46.14% of Profit Before Tax, which suggests that a large share of earnings is not coming from core operations. That mix can make profits look stronger than underlying operating performance, and it is one reason cited for a cautious stance.

The same dataset says profitability has not shown “meaningful improvement recently”, with a flat trend indicating limited momentum. The September 2025 outcome is used as evidence of earnings headwinds, and the discussion links this to a weaker “quality score” assessment.

MarketsMOJO stance: ‘Sell’ as of 1 Feb 2026

MarketsMOJO’s view in the provided content is a clear ‘Sell’ rating for Thomas Cook (India) Ltd, with a cautionary message for investors. The summary explicitly says the ‘Sell’ reflects a “comprehensive evaluation” of fundamentals and market performance as of 01 February 2026.

This framing leans heavily on the September 2025 quarter’s profit decline and the high share of non-operating income in PBT. The material also notes that recent quarters did not show a meaningful improvement in earnings quality.

Share price and profit trend mentioned in the dataset

The dataset states the stock price declined 21.65% over the past year, while profits fell 13.8% over the same period. It adds that earnings contraction contributed to share price weakness, but also notes that the gap between the profit decline and the steeper share-price fall implies concerns beyond earnings alone.

Separately, the text references a move to a 52-week low, tying it to subdued earnings and underperformance versus market benchmarks. No precise 52-week low price is provided in the supplied content.

Another reported quarter: revenue up, margins mixed

The supplied numbers also include a set of quarterly financials showing higher revenue but softer operating profit on a sequential basis. Revenue (stated as “The revenue stands at”) is ₹2,407.96 crore, up 22.30% quarter-on-quarter from ₹1,968.86 crore, and up 14.34% year-on-year.

Operating Profit is ₹68.90 crore, down 10.13% quarter-on-quarter from ₹76.67 crore, but up 38.05% year-on-year. PBDT is ₹74.36 crore, up 20.97% quarter-on-quarter from ₹61.47 crore, and up 6.29% year-on-year. Profit Before Tax is ₹111.45 crore, up 22.31% quarter-on-quarter from ₹91.12 crore, and up 2.07% year-on-year. Net Profit is ₹72.05 crore, up 6.46% quarter-on-quarter from ₹67.68 crore, and down 4.30% year-on-year.

December quarter filing: net profit down 47.7% YoY

A separate regulatory-filing based update in the dataset says Thomas Cook (India) reported a 47.7% decline in consolidated net profit to ₹47.3 crore in the December quarter, citing higher expenses. The company had reported ₹90.53 crore net profit in the same period of the previous fiscal year.

Income from operations for the December quarter was ₹2,061.01 crore, compared with ₹1,893.13 crore in the year-ago period. Total expenses were ₹2,008.12 crore versus ₹1,834.02 crore a year earlier. An executive comment attributed the quarter’s operating backdrop to “escalated geopolitical tensions” and “abnormal currency volatility” affecting international DMS operations, while stating margins were maintained due to cost management focus.

Q4FY25 snapshot: income dipped QoQ but rose YoY

Another table in the provided content lists Q4FY25 total income at ₹1,692.61 crore, down 18.7% from ₹2,083.09 crore in Q3FY25, but up 27.8% from ₹1,323.93 crore in Q4FY24. Profit Before Tax in Q4FY25 is listed at ₹60.69 crore, down 14.8% from ₹71.26 crore in Q3FY25, and compared with a loss of ₹6.18 crore in Q4FY24.

Profit After Tax for Q4FY25 is shown at ₹58.17 crore versus ₹47.29 crore in Q3FY25, and versus a loss of ₹10.23 crore in Q4FY24. EPS is listed at ₹1.20 in Q4FY25 compared with ₹1.10 in Q3FY25 and -₹0.10 in Q4FY24.

Broker note contrasts: ‘BUY’ with target price and segment detail

In contrast to the ‘Sell’ call, another provided research note maintains a ‘BUY’ rating with a revised target price of ₹206 and CMP of ₹144. It reports 4QFY25 revenue, EBITDA and adjusted PAT growth of 18.3%, 7.8% and 19.4% year-on-year, respectively. EBITDA is stated at ₹98.3 crore (₹983 million) with EBITDA margin at 5%.

The same note gives segment revenue growth for 4QFY25 as: Travel 25.3% YoY, Leisure Hospitality -1.2% YoY, Financial Services 14.3% YoY, and DEI -9.5% YoY. It also states other income rose 84.6% YoY, interest cost declined 11.2% YoY, and depreciation increased 10.9% YoY.

Key figures at a glance

Market impact: what the numbers imply, without guessing outcomes

Across the supplied figures, the biggest market-relevant issue is the uneven relationship between revenue growth and profitability stability. The September 2025 quarter shows a decline in PAT and in PBT (excluding other income) relative to the prior four-quarter average, which is consistent with concerns about operating momentum. The stated 46.14% contribution of non-operating income to PBT raises a separate question about how much profit is supported by core operations versus other income.

At the same time, other data points show income from operations rising year-on-year in the December quarter and year-on-year total income growth in Q4FY25. The market response described in the dataset includes a 21.65% stock price decline over the past year alongside a 13.8% profit decline, suggesting the re-rating is not explained by profit movement alone.

Why the story matters: reconciling ‘Sell’ versus ‘Buy’ narratives

The conflicting ratings in the supplied material underline how investors can get different conclusions from the same company depending on the period and the lens used. The ‘Sell’ view is tied to the September 2025 profitability decline versus the recent average and the high reliance on non-operating income. The ‘Buy’ view highlights 4QFY25 year-on-year growth in revenue, EBITDA and adjusted PAT and provides a segment-wise picture showing strong travel growth alongside weakness in leisure hospitality and DEI.

For readers tracking Thomas Cook (India), the key is that the dataset does not present a single continuous quarter-by-quarter series in one place. It instead offers multiple snapshots across September 2025, Q4FY25, and a December quarter, plus an external broker update. That mix explains why sentiment can look “subdued” in one framework but constructive in another.

Conclusion

The provided data shows Thomas Cook (India) facing profitability pressure in the September 2025 quarter and a high non-operating income share, alongside other periods where revenue rose and some profit measures improved. MarketsMOJO’s ‘Sell’ view as of 01 February 2026 contrasts with a separate broker note that keeps a ‘BUY’ rating with a ₹206 target price. Investors following the stock will likely watch whether upcoming quarters show stronger operating-linked profits and less dependence on other income, as reflected in future filings and result updates.