Thomas Cook (India) Ltd

- Currently, there are no conversations around any acquisition or disbursement of cash to shareholders. - The company is focused on investing in technology and upscaling customer experience. - No specific plans for new fundraising through debt or equity were mentioned. - Existing debt primarily consists of long-term ECLGS loans taken during COVID, with a lock-in period preventing early repayment. - The debt amount is not large and is being managed prudently; some working capital funding continues overseas. - The company remains net cash positive with strong cash balances and no immediate need to raise funds. - Overall, management is evaluating opportunities to deploy cash effectively but has not indicated any current or future fundraising initiatives.

- Current investments are primarily focused on technology and upscaling to enhance customer experience and seamless journeys (Page 23). - No active conversations around acquisitions or disbursement of cash to shareholders at present (Page 23). - The company continues disciplined expansion, focusing on improving returns on capital and strengthening leadership in key Indian destinations (Page 10). - Asset-light model expansions ongoing, with about 15 new hotels and resorts ramped up annually; new resorts maturing and contributing more meaningfully (Pages 18 & 10). - Completed renovations and upgrades at owned assets like Munnar Resort; launched new own-asset resorts such as Sterling Arka Suites Puri and Sterling Mount Olive Gangtok (Page 10). - Exploring partnership and infrastructure development with state governments to spur domestic travel demand through MOUs (Page 24). - No visibility on any one-time costs or additional major capital expenditures beyond ongoing initiatives (Page 24).

- The company expects double-digit growth of around 10% in FY 2027, driven by macroeconomic factors like GDP growth of 7-7.5% and currency movement of 2-3% (Page 17). - Topline growth is supported by both organic growth and new additions, particularly with asset-light expansions (Page 19). - Expansion of inventory and ramp-up in resorts will further boost revenue and volumes, with Q1 traditionally strong and Q3 improving due to seasonality (Page 19). - Domestic leisure travel demand remains strong, especially in short-haul destinations, contributing to sales growth (Page 7). - Travel Services anticipates continuing 40%+ margins, implying scalable profitability alongside growing revenues (Page 24). - Early indicators for summer 2026 reflect continued customer interest and growth led by short-haul travel (Page 7). - The company is focused on improving customer experience via technology investments to sustain growth (Page 17).

- Profit before tax for the current quarter grew about 20% excluding a onetime exceptional item, driven by strong operating resilience and improved margins (Page 25). - Management remains confident in continuing this growth trajectory in upcoming quarters (Page 25). - Double-digit earnings growth in FY 2027 is seen as realistic given macroeconomic factors like GDP growth (~7-7.5%) and currency stability (Page 17). - Travel segment margins are expected to remain stable around 40-plus percent (Page 24). - Transition to a new lower tax regime from FY 2026-27 will positively impact earnings per share by allowing full utilization of MAT credit (Page 18). - Sterling Holiday Resorts expects continued margin protection and profitable scaling with EBITDA growing 7% YoY and PBT growing 11% YoY in Q3 FY26 (Page 8). - Overall, management expects sustained earnings growth driven by operational efficiencies, margin discipline, and strategic investments.

- On page 15, it is mentioned that the booking pipeline is building momentum, with growth observed but booking cycles are shortening. - The company is about 4-5 weeks into the quarter, indicating some pipeline is still expected to come given shorter booking cycles. - On page 19, management discusses ramping up inventory leading to growth, implying new additions to the orderbook or inventory pipeline. - No explicit numerical value for current or expected orderbook/pending orders is disclosed in the transcript. - Overall, the trend suggests a healthy and growing order pipeline but without specific quantification, reflecting cautious optimism in bookings and demand.