Thomas Cook India Q2 FY27: revenue down 6%, EBITDA up 3%, reported PAT down 24%
Q2 FY27 revenue down 6% to ₹19,442 mn, EBITDA up 3% to ₹1,512 mn; reported PAT down 24% to ₹537 mn.
By ScoutQuest · · 1 min read
- Q2 FY27 Revenue from Operations
- ₹19,442 mn, down 6% from ₹20,738 mn a year earlier
- Q2 FY27 EBITDA
- up 3% to ₹1,512 mn
- Q2 FY27 Reported PAT
- down 24% to ₹537 mn
- Period
- Q2 and H1 FY27, ended 30 September 2026
- Positioning
- Presents itself as 'India ka Forex Specialist' and market leader in forex prepaid cards with ~1/3 market share and a 5-year customer lifecycle, spanning corporate travel, DMS, MICE, leisure travel and Sterling resorts.
📉 Q2 FY27 consolidated revenue from operations was ₹19,442 mn, down 6% from ₹20,738 mn a year earlier, while EBITDA rose 3% to ₹1,512 mn. Reported PAT fell 24% to ₹537 mn, a swing the deck ties partly to exceptional items: Q2 FY26 carried a ₹257 mn gain against (₹8) mn this quarter, with PBT before exceptional items up 1% at ₹848 mn. H1 FY27 revenue was ₹40,360 mn, down 10%.
📉 Segment performance was uneven and margins compressed. Travel & Related Services revenue fell 7% to ₹15,683 mn with EBITDA down 21% and margin down 74 bps, and Digital Imaging Solutions revenue fell 25% to ₹1,474 mn. Financial Services revenue rose 21% to ₹1,025 mn and Leisure Hospitality revenue rose 21% to ₹1,259 mn, but both printed sharply lower EBITDA margins (46.2% versus 50.6%, and 23.6% versus 27.5%).
💰 The company calls Sterling Resorts' ₹1,259 Mn Q2 revenue its highest-ever for the quarter, up 21% YoY; it says 7 resorts were opened in Q2, the 4,000+ keys milestone was crossed, cash reserves reached ₹3,808 Mn (up 12% QoQ) and the business remains zero-debt with 27 consecutive profitable quarters. Occupancy is stated at 52%, up 300 bps, with ARR of ₹6,484 and REVPAR up 12%.
📉 The company positions the prepaid card as its highest-moat product: 1.1 mn+ users, ~USD 200 mn+ loaded in Q2 FY27 and a ~₹18.9 bn float as of September 2026 at ~1/3 market share. Retail forex turnover split by cohort: the holidays cohort fell 5% in H1 FY27 and 6% in Q2, while the education cohort rose 34% in H1 and 33% in Q2.
Also from Thomas Cook (India)
Board approved unaudited results for quarter and half year ended September 30, 2026; Q2 net profit Rs. 451.0 million
2 Nov 2026
Thomas Cook India & SOTC Travel launch year-end holiday portfolio, add Bengaluru-Lakshadweep charters
30 Oct 2026
CRISIL AA/Stable and CRISIL A1+ reaffirmed on Rs.433 crore bank facilities; corporate credit rating withdrawn
29 Oct 2026
More numbers
- Revenue from operations, Q2 FY2719,442 (₹ mn)
- EBITDA, Q2 FY271,512 (₹ mn)
- Reported PAT, Q2 FY27537 (₹ mn)
- Revenue from operations, H1 FY2740,360 (₹ mn)
- Forex prepaid card users1.1 mn+
- Loaded on cards, Q2 FY27~USD 200 mn+
- Float on cards, as of September 2026~₹18.9 bn
- Sterling Resorts revenue, Q2 FY27₹ 1,259 Mn.
- Sterling Resorts cash reserves₹ 3,808 Mn
- Travel & Related Services segment revenue, Q2 FY2715,683 (₹ mn)
- Digital Imaging Solutions segment revenue, Q2 FY271,474 (₹ mn)
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