Thomas Cook (India) Ltd
Thomas Cook (India) Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
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The short version
Expectation of better outcomes in H2 FY26 for the travel industry due to government reforms and no major untoward incidents (Page 23). - Domestic travel segment shows growth potential, targeting select 4-5 large portfolios to build meaningful scale (Pages 22-23). - Southeast Asian markets showing stronger forward bookings; U.S. Thomas Cook group expects better outcomes in H2 FY26 driven by government reforms and absence of major incidents (Page 23).
From Thomas Cook (India) Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Expectation of better outcomes in H2 FY26 for the travel industry due to government reforms and no major untoward incidents (Page 23).
- Domestic travel segment shows growth potential, targeting select 4-5 large portfolios to build meaningful scale (Pages 22-23).
- Southeast Asian markets showing stronger forward bookings; U.S. market facing headwinds but other markets compensate (Page 22).
- Retail forex segment growing in double digits; wholesale forex business to continue but considered a byproduct with regulatory impacts (Page 23).
- Leisure holiday segment growing steadily with initiatives like expanded China holiday portfolios and regional tours; however, overall EBIT margins faced pressure due to competitive pricing and cancellations (Page 7).
- Digital imaging business expected to see revenue growth from Q1 FY27 onwards after implementation of new technology (Page 20).
2 more points from Thomas Cook (India) Ltd's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- Completed investments and deployment of heat pumps across key resorts including Kodai Valley, Yercaud, Ooty Elk Hill, Kodai Lake, Mussoorie, Darjeeling, and Puri under the Sterling Sankalp ESG initiative. Expected to reduce energy consumption by about 350,000 kWh annually and minimize water wastage, enhancing sustainability and cost efficiency.
- Continue investing in property upgrades and expansion, focusing on asset-right models (combination of asset-light, revenue share, leases) to leverage network strength.
- Incremental room costs for upgrades are approximately INR 12-13 lakhs each.
2 more points from Thomas Cook (India) Ltd's call on capex
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Top-ranked in Leisure Services
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
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Thomas Cook (India) Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.8K Cr, net profit ₹31 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Thomas Cook (India) Ltd's management said in earlier quarters
Others in Leisure Services this season
- Ventive Hospitality Ltd (Q2 FY26)
Direct booking channels growing, especially in India (currently 60% of sales) and Maldives, enhancing margins and revenues. Key concall takeaways from Ventive…
- DU Digital (Q2 FY26)
Consolidated revenue for H1FY26: Rs 308 Mn, up 20% YoY (from Rs 257 Mn in H1FY25) (Page 7, 12) . Key investor presentation takeaways from DU Digital's Q2 FY26 i
- Apollo Sindoori Hotels Ltd (Q2 FY26)
Q2 FY26 consolidated revenue: ₹150 Cr, up 10% YoY from ₹136 Cr in Q2 FY25 (Page 16, 7). Key investor presentation takeaways from Apollo Sindoori's Q2 FY26 inves
- Sinclairs Hotels Ltd (Q2 FY26)
Year-on-year revenue growth for October 2025 is approximately 35% (Page 18). Key investor presentation takeaways from Sinclairs Hotels's Q2 FY26 investor presen
Potential multibaggers · Q2 FY27
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on management's own guidance
- Jubilant Foodworks LtdGood growth2
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- Le Travenues Technology LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Thomas Cook (India) Ltd Q2 FY26 results?
Expectation of better outcomes in H2 FY26 for the travel industry due to government reforms and no major untoward incidents (Page 23). - Domestic travel segment shows growth potential, targeting select 4-5 large portfolios to build meaningful scale (Pages 22-23). - Southeast Asian markets showing stronger forward bookings; U.S. Thomas Cook group expects better outcomes in H2 FY26 driven by government reforms and absence of major incidents (Page 23).
What is Thomas Cook (India) Ltd share price analysis?
Thomas Cook (India) Ltd currently shows a neutral. The stock trades at a P/E of 21.2 with a market cap of ₹4,770 Cr. Investors should review the full earnings analysis for detailed insights.
Is Thomas Cook (India) Ltd planning capital expenditure?
Completed investments and deployment of heat pumps across key resorts including Kodai Valley, Yercaud, Ooty Elk Hill, Kodai Lake, Mussoorie, Darjeeling, and Puri under the Sterling Sankalp ESG initiative.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.