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Thomas Cook Q2 FY27 results: net profit down 24.1% to ₹53.67 crore, revenue down 6.3%
Thomas Cook (India) Ltd reported consolidated Q2 FY27 revenue of ₹1,944 crore and a net profit of ₹53.67 crore, with EBITDA of ₹92.33 crore and an EBITDA margin of 4.7%. Revenue, profit and margin were lower than Q2 FY26, while margin improved from Q1 FY27; the company also reported standalone revenue of ₹548.11 crore and a net profit of ₹45.1 crore.
Key points
- Consolidated revenue was ₹1,944 crore in Q2 FY27, down ₹129.69 crore or 6.3% from ₹2,074 crore in Q2 FY26.
- EBITDA was ₹92.33 crore, down ₹15.87 crore or 14.7% year on year, while the EBITDA margin fell 0.5 percentage points to 4.7%.
- Net profit was ₹53.67 crore, down ₹17.08 crore or 24.1% from ₹70.75 crore, and basic EPS was ₹1.11 compared with ₹1.42.
- Against Q1 FY27, revenue fell ₹147.74 crore or 7.1%, but the EBITDA margin rose 0.3 percentage points to 4.7%.
- H1 FY27 revenue was ₹4,036.04 crore, down 9.9%, and PAT was ₹117.38 crore, down 18.7%, compared with H1 FY26.
How did Thomas Cook perform in Q2 FY27?
Thomas Cook reported consolidated revenue of ₹1,944 crore in Q2 FY27, down ₹129.69 crore or 6.3% from ₹2,074 crore in Q2 FY26. Total income was ₹2,003.02 crore, down ₹109.65 crore or 5.2%. EBITDA was ₹92.33 crore, down ₹15.87 crore or 14.7%, and the EBITDA margin was 4.7%, down 0.5 percentage points.
Profit before tax was ₹83.92 crore, down ₹25.88 crore or 23.6% from ₹109.80 crore, while tax was ₹30.33 crore against ₹39.28 crore. Net profit was ₹53.67 crore, down ₹17.08 crore or 24.1%, and basic EPS was ₹1.11 compared with ₹1.42. On a standalone basis, revenue was ₹548.11 crore and net profit was ₹45.1 crore.
Against Q1 FY27, consolidated revenue was down ₹147.74 crore or 7.1% to ₹1,944 crore and total income fell ₹149.98 crore or 7.0%. EBITDA declined ₹0.70 crore or 0.8% to ₹92.33 crore, while the margin rose 0.3 percentage points to 4.7%. PAT fell ₹10.04 crore or 15.8% to ₹53.67 crore and basic EPS fell ₹0.43 to ₹1.11.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,944 | 2,092 | 2,074 | −6.3% | −7.1% |
| Other income | 58.87 | 61.11 | 38.83 | +51.6% | −3.7% |
| Total expenses | 1,918 | 2,065 | 2,029 | −5.4% | −7.1% |
| EBITDA | 92.33 | 93.03 | 108.20 | −14.7% | −0.8% |
| EBITDA margin | 4.7% | 4.4% | 5.2% | −0.5 pp | +0.3 pp |
| Profit before tax | 83.92 | 88.25 | 109.80 | −23.6% | −4.9% |
| Tax | 30.33 | 24.75 | 39.28 | −22.8% | +22.5% |
| Net profit | 53.67 | 63.71 | 70.75 | −24.1% | −15.8% |
| EPS (₹) | 1.11 | 1.54 | 1.42 | −21.8% | −27.9% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Thomas Cook's costs and profit?
Total expenses fell ₹110.26 crore or 5.4% to ₹1,918 crore from the year-ago quarter, mainly alongside a ₹132.58 crore or 8.7% reduction in cost of materials to ₹1,399 crore. Finance costs were lower by ₹0.81 crore or 3.4% at ₹22.88 crore. Employee cost rose ₹6 crore or 2.1% to ₹285.73 crore, depreciation rose ₹4.37 crore or 11.2% to ₹43.56 crore, and other expenses rose ₹12.76 crore or 8.3% to ₹167.30 crore.
Other income rose ₹20.04 crore or 51.6% to ₹58.87 crore, compared with ₹38.83 crore in Q2 FY26. The exceptional item was a charge of ₹0.84 crore, against a gain of ₹25.65 crore in the year-ago quarter. Tax fell ₹8.95 crore or 22.8% to ₹30.33 crore, but this was lower than the ₹39.28 crore recorded in Q2 FY26, and profit before tax and net profit both declined.
The filing did not state that the West Asia conflict, overseas demand conditions or cost changes alone caused the consolidated movement. Its investor presentation said overseas destination management services continued to face the impact of the West Asia conflict, while India travel businesses recovered despite a slow start in July.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,399 | 1,531 | −132.58 | −8.7% |
| Employee cost | 285.73 | 279.73 | +6 | +2.1% |
| Finance costs | 22.88 | 23.69 | −0.81 | −3.4% |
| Depreciation | 43.56 | 39.19 | +4.37 | +11.2% |
| Other expenses | 167.30 | 154.54 | +12.76 | +8.3% |
| Total expenses | 1,918 | 2,029 | −110.26 | −5.4% |
| Other income | 58.87 | 38.83 | +20.04 | +51.6% |
| Tax | 30.33 | 39.28 | −8.95 | −22.8% |
| Exceptional items | −0.84 (charge) | +25.65 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Thomas Cook reported consolidated revenue of ₹4,036.04 crore, down ₹445.76 crore or 9.9% from ₹4,481.8 crore in H1 FY26. Total income was ₹4,156.02 crore, down ₹409.68 crore or 9.0%.
H1 FY27 profit before tax was ₹172.17 crore, down ₹48.92 crore or 22.1%, while PAT was ₹117.38 crore, down ₹26.93 crore or 18.7%. Basic EPS was ₹2.65 compared with ₹2.97 in H1 FY26, a decline of ₹0.32 or 10.8%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 4,036 | 4,482 | −9.9% |
| Profit before tax | 172.17 | 221.09 | −22.1% |
| Net profit | 117.38 | 144.31 | −18.7% |
| EPS (₹) | 2.65 | 2.97 | −10.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹8,162.1 crore against ₹7,898.52 crore on 31 March 2026, while total equity was ₹2,616.38 crore against ₹2,523.55 crore. Borrowings rose to ₹315.93 crore from ₹277.29 crore, and cash was ₹966.73 crore compared with ₹959.9 crore.
Inventories were ₹47.52 crore against ₹49.8 crore, trade receivables were ₹780.94 crore against ₹662.62 crore, and trade payables were ₹2,990.43 crore against ₹2,814.4 crore on 31 March 2026.
For H1 FY27, operating cash flow was ₹284.09 crore, compared with ₹327.64 crore in H1 FY26. Investing cash flow was negative ₹210.03 crore against negative ₹293.78 crore, financing cash flow was negative ₹110.81 crore against negative ₹128.14 crore, and capital expenditure was ₹44.53 crore compared with ₹45.39 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 8,162 | 7,899 |
| Total equity | 2,616 | 2,524 |
| Borrowings | 315.93 | 277.29 |
| Cash and equivalents | 966.73 | 959.90 |
| Inventories | 47.52 | 49.80 |
| Trade receivables | 780.94 | 662.62 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 284.09 | 327.64 |
| Cash from investing | −210.03 | −293.78 |
| Cash from financing | −110.81 | −128.14 |
| Capital expenditure | 44.53 | 45.39 |
Source: Company's results filing (XBRL).
How has Thomas Cook done over the last 8 quarters?
Revenue reached its highest level in the reported trend at ₹2,407.96 crore in Q1 FY26 and its lowest at ₹1,770.69 crore in Q4 FY26. It recovered to ₹2,091.89 crore in Q1 FY27 before falling to ₹1,944.15 crore in Q2 FY27.
PAT peaked at ₹73.56 crore in Q1 FY26 and bottomed at ₹30.68 crore in Q4 FY26. It rose to ₹63.71 crore in Q1 FY27 and then fell to ₹53.67 crore in Q2 FY27. The EBITDA margin reached 5.6% in Q3 FY25 and fell to 4.4% in Q4 FY26, then improved to 4.7% in Q2 FY27.
Which businesses drove the quarter?
Financial services reported revenue of ₹102.54 crore and EBIT of ₹45.23 crore in Q2 FY27, with an EBIT margin of 44.1%. Travel and related services reported revenue of ₹1,568.29 crore and EBIT of ₹45.45 crore, with an EBIT margin of 2.9%.
Leisure hospitality and resort business reported revenue of ₹125.93 crore and EBIT of ₹18.42 crore, with an EBIT margin of 14.6%. Digiphoto imaging services reported revenue of ₹147.39 crore and EBIT of negative ₹1.16 crore, with an EBIT margin of negative 0.8%.
The consolidated segment figures in the investor presentation were ₹1,025 million for financial services, ₹15,683 million for travel and related services, ₹1,259 million for leisure hospitality and resorts, and ₹1,474 million for digital imaging solutions. It reported year-on-year revenue changes of 21%, a decline of 7%, 21% and a decline of 25%, respectively.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Financial services | 102.54 | 45.23 | 44.1% | |
| Travel and related services | 1,568 | 45.45 | 2.9% | |
| Leisure hospitality and resort business | 125.93 | 18.42 | 14.6% | |
| Digiphoto imaging services | 147.39 | −1.16 | -0.8% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 2 November 2026, along with the respective limited review reports. The company filed an investor presentation for the earnings call and later made the results, media release and analyst presentation available to shareholders.
The same-day investor communication was titled “Q2 FY27: profit holds, travel revenue down 7%, Q3 bookings up 30%.” No dividend, fund-raising or appointment was stated in the provided filings around the result.
What did Thomas Cook's management say?
Management said India leisure forward bookings for OND FY27 were 30% higher year on year in value, led by outbound, MICE, short-haul and domestic travel. It expected a better Q3, but said the recovery depended on no fresh geopolitical disruption. The company also expected international B2B travel revenue to improve from the 24% shortfall recorded in Q2 FY27.
Management said Sterling opened seven resorts in Q2, taking the portfolio to 83 properties and 4,000 keys, while RevPAR increased 12%. Sterling maintained a 32-37% EBITDA-margin range subject to seasonality, and the company expected stronger H2 FY27 revenue growth and earnings conversion as GST comparisons normalised. The Sterling demerger was targeted for NCLT approval by end-March or early-April 2027.
Sterling CEO Vikram Lalwani said: “After ninety days of the operation stabilizing and the distribution channels getting a complete know-how of your property, with the first few guests going in and experiencing it, the real ramp will start actually from post ninety days.” Mahesh Iyer also said forward bookings were trending at 30% growth over the previous year.
How did Thomas Cook shares react?
After the filing appeared after market hours, Thomas Cook’s share price rose 2.5% in the first 5 minutes, 3.2% in 15 minutes and 3.3% in 30 minutes. On the reaction day, it closed down 2.1% from the previous close, compared with a 0.2% decline for the median of the industry’s other stocks.
By the next day’s close, the stock was up 0.6% from its pre-results close, while the industry median was up 0.7%. This represented a 0.1 percentage point lag to the sector median on the cumulative move from the pre-results close. The stock’s reaction-day move was 1.9 percentage points below the sector median.
Earlier results-day reactions included declines of 1.3% on 3 August 2026, 4.2% on 5 February 2026, 2.6% on 12 November 2025 and 12.8% on 3 February 2025. Moves of 3.0% on 12 May 2026, 0.5% on 30 July 2025 and 1.8% on 13 November 2024 were upward.
| After the filing | Stock | Tour Travel Related Services median |
|---|---|---|
| 5 minutes | +2.5% | |
| 15 minutes | +3.2% | |
| 30 minutes | +3.3% | |
| Reaction day | −2.1% | −0.2% |
| Next day | +0.6% | +0.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 3 August 2026 | −1.3% |
| 12 May 2026 | +3.0% |
| 5 February 2026 | −4.2% |
| 12 November 2025 | −2.6% |
| 30 July 2025 | +0.5% |
| 12 May 2025 | −2.6% |
| 3 February 2025 | −12.8% |
| 13 November 2024 | +1.8% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Thomas Cook's revenue in Q2 FY27?
Revenue from operations was ₹1,944 crore, down 6.3% from ₹2,074 crore in Q2 FY26 (consolidated).
Did Thomas Cook make a profit in Q2 FY27?
Yes. Net profit was ₹53.67 crore, against a net profit of ₹70.75 crore in Q2 FY26.
What was Thomas Cook's EPS in Q2 FY27?
Basic earnings per share were ₹1.11, against ₹1.42 in Q2 FY26.
How did Thomas Cook shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.1% from the previous close; the median Tour Travel Related Services stock moved −0.2%.
When did Thomas Cook announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Outcome for Outcome Of Board Meeting In Accordance With The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015. (BSE, 2 November 2026) · PDF
- Financial Results For The Quarter And Half Year Ended September 30, 2026. (BSE, 2 November 2026) · PDF
- Updates (NSE, 4 November 2026) · PDF
- The earnings call (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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