Thomas Cook Q1 FY26: Revenue up 15%, PBT up 18%

Stock check: Thomas Cook shares in the red

Thomas Cook (India) Ltd’s stock was quoted around the ₹109 level in the session referenced. The data points showed ₹109.53, down ₹2.43 (-2.17%) on the NSE, with an update timestamp of Wed 24 Jun, 2026 | 15:29:33. Another snapshot showed ₹109.00 for the day, along with a move of -2.75% in a separate line.

The price action came alongside the company’s Q1 FY26 disclosures and media summaries highlighting growth in consolidated revenue and profit before tax. While the stock move does not establish causation, it frames how the market was digesting the quarter’s updates.

Q1 FY26 headline numbers the company highlighted

In its Q1 FY26 communication, Thomas Cook (India) said it navigated a volatile quarter marked by global and domestic disruptions, including geopolitical tensions and an aviation mishap. Despite this environment, it reported a consolidated top line of ₹2,453.0 crore (₹24,530 million), up 15% year-on-year.

Profit before tax (PBT), excluding a one-time ex gratia payment of ₹17.1 crore (₹171 million), was reported at ₹128.4 crore (₹1,284 million), up 18% year-on-year. The company also stated PBT margins improved from 5.1% to 5.2% year-on-year, attributing this to operational efficiency.

The Managing Director and CEO, Mahesh Iyer, reiterated the same set of metrics in a results commentary: PBT growth of 18% (excluding the one-time expense) and income from operations growth of 15% year-on-year and 21% sequentially.

What the quarterly financial table showed (QoQ and YoY)

Separately presented quarterly numbers (figures in ₹ crore) indicated total revenue of ₹2,407.96 crore for the quarter ended Jun 25, compared with ₹1,770.69 crore in Mar 26, and ₹2,105.94 crore in Jun 24. Net income was shown at ₹72.05 crore for Jun 25 versus ₹38.66 crore in Mar 26 and ₹75.29 crore in Jun 24.

Expenses also moved up, with total operating expense listed at ₹2,316.79 crore for Jun 25 versus ₹1,734.97 crore in Mar 26 and ₹2,003.74 crore in Jun 24. The same table showed diluted normalized EPS at ₹1.55 for Jun 25, compared with ₹0.85 in Mar 26 and ₹1.62 in Jun 24.

Another summary set of statements reported total income of ₹2,453.03 crore for Q1 FY26, total expenses of ₹2,341.74 crore, profit before tax of ₹111.29 crore, and profit after tax of ₹73.56 crore. That summary also stated EPS of ₹1.60.

Segment performance: travel and hospitality led growth

Multiple summaries pointed to travel and travel-related segments as key drivers in the quarter. One section noted travel and travel-related segments grew 18% year-on-year in Q1 FY26, with EBIT up 25% and margins improving from 3.9% to 4.1%.

A more detailed business update said Travel Services EBIT rose 25% year-on-year to ₹81.1 crore (₹811 million), supported by a strong early booking pipeline and a turnaround in domestic and international Destination Management Services (DMS). Leisure Hospitality EBIT was reported at ₹40.9 crore (₹409 million), up 25% year-on-year, with a sequential increase of 74%.

The same update stated the resort network expanded from 50 to 62 properties, with room count at 3,285 versus Q1 FY25. It also cited ARR sustained at ₹7,162 despite a large influx of new inventory.

Sterling Holiday Resorts: best-ever Q1 and 21st profitable quarter

Sterling Holiday Resorts, a subsidiary, was highlighted for delivering its best-ever Q1 performance and its 21st consecutive profitable quarter. It reported total revenue growth of 8% year-on-year to ₹135.7 crore (₹1,357 million).

EBITDA was stated to have surged 25% year-on-year to ₹52.8 crore (₹528 million), with EBITDA margins expanding to 38.9% from 33.6% in Q1 FY25. The quarter was described as one of Sterling’s best, based on the cited profitability and margin expansion.

Financial services and forex: where pressure showed up

The financial services segment was reported to have declined, with revenue down 7% year-on-year to ₹84.2 crore (₹842 million). The same section also mentioned a 12% degrowth in prepaid card volumes.

Another summary attributed the financial services softness to geopolitical issues and a drop in Hajj travel. The business update also said forex EBIT stood at ₹37.4 crore (₹374 million), lower than the comparable quarter due to geopolitical challenges that resulted in sluggish demand and reduced student traffic.

Other reported corporate and balance sheet updates

The company’s board approved an ex-gratia payment of ₹17.1 crore (₹171 million) to retiring Executive Chairman Mr. Madhavan Menon, and this was explicitly referenced as a one-time expense in PBT comparisons. The company also reported receiving dividends of ₹19.9 crore (₹199 million) from subsidiaries TC Tours Limited and TC Visa Services (India) Limited.

A separate highlight noted that the company granted over 4.3 million stock options under employee stock option plans. It also cited exceptional items including costs for a resorts business acquisition and luxury tax litigation settlements.

On liquidity, the update said cash and bank balances as of 30 June 2025 increased to ₹2,248.1 crore (₹22,481 million) from ₹2,073.9 crore (₹20,739 million) as of 31 March 2025.

Key numbers at a glance

Market impact and why these results mattered

The quarter combined strong consolidated growth with visible segment divergence. Travel services and hospitality metrics were presented as resilient, backed by EBIT growth and network expansion at Sterling. At the same time, financial services and forex were described as impacted by geopolitics and specific demand disruptions, with a revenue decline in financial services and softer forex profitability.

Credit profile updates also featured, with CRISIL upgrading the Thomas Cook India Group’s ratings to CRISIL AA/Stable/CRISIL A1+. The company described this as the highest rating for a travel and tourism company in India.

What to watch next

An “upcoming earnings date” was listed as 5 Feb, 2026 in the provided data. Investors will likely continue tracking how travel demand, geopolitics-linked disruptions, and the group’s diversified segments translate into revenue and margin outcomes in subsequent quarters, along with any updates around exceptional items and segment profitability.