THOMAS COOK (INDIA) LTD

Operates an integrated travel, foreign exchange, leisure hospitality and imaging services platform under brands including Thomas Cook and SOTC, with four reported segments. In FY26, group revenue was ₹8,398.17 crore with a 6.92% EBITDA margin. Travel and related services is the largest revenue contributor at ₹6,702.49 crore (79.8% of segment revenue) and ₹221.81 crore EBIT, selling leisure holidays, corporate/MICE travel, visa services and premium experiential packages such as Rovos Rail and Rocky Mountaineer rail tours; B2C grew 8% for FY26 and short-haul eastbound bookings grew 21% in Q4 FY26. Leisure hospitality and resorts, run through subsidiary Sterling Holiday Resorts, generated ₹533.6 crore revenue and ₹129.19 crore EBIT; Sterling operates 78 resorts and 3,800 rooms across India (target 95 resorts/4,500 rooms by 2027) and the Board has approved its demerger, targeted for Q1 FY28. Financial services (forex and remittances) contributed ₹326.13 crore revenue and ₹149.33 crore EBIT, with a 48% Q4 EBIT margin, selling prepaid cards in 28 currencies, currency notes, overseas remittances to 120+ countries and a Zero Markup Card. Digiphoto Entertainment Imaging (DEI) generated ₹835.95 crore revenue and ₹10.96 crore EBIT from imaging services at theme parks and entertainment venues, with ~50% revenue historically from the UAE. Materials/services at 72.7% of revenue are the dominant cost line, reflecting travel inventory and resort operating costs, with employee costs at 13.9%.