Thomas Cook (India) Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Thomas Cook (India) Ltd filed with BSE on 18 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Thomas Cook (India) reported Q4 FY26 group revenue of INR 17,707 million, down 10% year-on-year, which management attributed to geopolitical disruptions including Operation Sindoor and the US-Iran-Israel conflict. For the full year, consolidated income rose 3% to INR 83,982 million while EBT declined 14% to INR 3,268 million. Sterling Holiday Resorts posted record Q4 numbers with 14% revenue growth and 10% EBITDA growth, while DEI reported a Q4 EBIT loss due to the Middle East conflict impact.
Numbers mentioned
Group revenue: INR 17,707 million (Q4 FY26)
p. 3
“During Q4 of FY '26, the group's revenue stood at INR 17,707 million, reflecting a 10% decrease against the same period last year.”
Mahesh Iyer, page 3 of the filed PDF · View the filing
Consolidated income: INR 83,982 million (FY26)
p. 4
“On a full year basis, while our income increased to INR 83,982 million, a 3% increase on a consolidated basis, our EBT was impacted by the geopolitical crisis and was 14% lower than last year at INR 3,268 million.”
Mahesh Iyer, page 4 of the filed PDF · View the filing
Forex revenue: INR 813 million (Q4 FY26)
p. 5
“For the quarter in question, the forex revenue increased by 3% to INR 813 million and EBIT improved by 17% to INR 392 million with an EBIT margin of 48%.”
Mahesh Iyer, page 5 of the filed PDF · View the filing
Financial Services full year revenue and EBIT: INR 3,261 million revenue, INR 1,493 million EBIT (FY26)
p. 5
“For the full year, our reported revenue and EBIT remained flat at INR 3,261 million and INR 1,493 million with an EBIT margin of 46%.”
Mahesh Iyer, page 5 of the filed PDF · View the filing
Total travel revenue: INR 67,025 million (FY26)
p. 6
“We reported a total travel revenue of INR 67,025 million for the year, which is an increase of 4% and our EBIT was down 11% to INR 2,218 million, with an EBIT margin of 3.3%”
Mahesh Iyer, page 6 of the filed PDF · View the filing
Corporate Travel revenue: INR 1,541 million (FY26)
p. 9
“The last segment is the Corporate Travel, which has reported a turnover of INR 27 billion and a reported revenue of INR 1,541 million for the full year, which is a 19% increase Y-o-Y and 28% growth in revenue during the quarter.”
Mahesh Iyer, page 9 of the filed PDF · View the filing
Sterling total revenue: INR 1,408 million (Q4 FY26)
p. 10
“The total revenue for Q4 FY '26 stood at INR 1,408 million, registering a double-digit growth of 14%.”
Vikram Lalvani, page 10 of the filed PDF · View the filing
Sterling EBITDA: INR 348 million (Q4 FY26)
p. 10
“EBITDA grew 10% at INR 348 million.”
Vikram Lalvani, page 10 of the filed PDF · View the filing
Sterling PBT: INR 207 million (Q4 FY26)
p. 10
“PBT increased 18% to INR 207 million.”
Vikram Lalvani, page 10 of the filed PDF · View the filing
Sterling full year revenue: INR 5,487 million (FY26)
p. 11
“for the full year FY '26, Sterling delivered a total revenue of INR 5,487 million.”
Vikram Lalvani, page 11 of the filed PDF · View the filing
Sterling full year EBITDA: INR 1,701 million (FY26)
p. 11
“EBITDA stood at INR 1,701 million, and the margins are healthy at 31%.”
Vikram Lalvani, page 11 of the filed PDF · View the filing
Sterling occupancy: 64% (Q4 FY26)
p. 11
“Occupancy improved to 64%.”
Vikram Lalvani, page 11 of the filed PDF · View the filing
Sterling cash reserves: INR 3,400 million
p. 11
“Our cash reserve stands close to INR 3,400 million, while continuing to maintain a completely debt-free balance sheet.”
Vikram Lalvani, page 11 of the filed PDF · View the filing
DEI Q4 revenue: INR 194 crores (Q4 FY26)
p. 13
“Our Q4 FY2026 posted INR 194 crores top line against a INR 201 crores top line of a similar period in Q4 FY2025, against which we also posted EBIT of negative INR 10 crores against INR 7 crores positive in the same quarter last year.”
K.S. Ramakrishnan, page 13 of the filed PDF · View the filing
Prepaid card float: INR 16 billion
p. 6
“Our float as we speak, stands at about INR 16 billion on a total prepaid card load volumes of USD 764 million.”
Mahesh Iyer, page 6 of the filed PDF · View the filing
Net cash: INR 800 crores
p. 17
“And at a net level, yes, it's about close to about INR 800 crores, which is the number that we have also talked about.”
Debasis Nandy, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Sterling resort count and rooms — 95 resorts and 4,500 rooms · 2027
stated firmly by Vikram Lalvani
p. 11
“We expect to cross 95 resorts and 4,500 rooms in 2027, with more than 20 sign-ups in our pipeline actively coming on board.”
Vikram Lalvani, page 11 of the filed PDF · View the filing
Travel segment EBIT margin — 5%
stated as an aspiration by Mahesh Iyer
p. 19
“I would think the 5% that we have said is our objective to get to is not getting disturbed.”
Mahesh Iyer, page 19 of the filed PDF · View the filing
Sterling EBITDA margin — 32% to 35% or 36%
stated as an aspiration by Vikram Lalvani
p. 23
“From an EBITDA point of view, typically, anything between 32% to 35% or 36% is a great EBITDA, right?”
Vikram Lalvani, page 23 of the filed PDF · View the filing
DEI Middle East recovery — 50% to 60% recovery · end of the year
stated as an aspiration by K.S. Ramakrishnan
p. 14
“I think what we forecast going forward would be approximately a 50% to 60% recovery towards the end of the year.”
K.S. Ramakrishnan, page 14 of the filed PDF · View the filing
Demerger completion — Q1 of FY '28
stated firmly by Debasis Nandy
p. 26
“We expect this process to get completed by Q1 of FY '28, which was the original timeline that we had intimated.”
Debasis Nandy, page 26 of the filed PDF · View the filing
MICE demand recovery — Q2 and Q3
stated conditionally by Mahesh Iyer
p. 17
“So, my expectation is that a lot of that will come back, probably if it's not happening in Q1. It will happen in Q2 and Q3.”
Mahesh Iyer, page 17 of the filed PDF · View the filing
MICE volume for FY27 — FY27
stated as an aspiration by Mahesh Iyer
p. 28
“overall, I don't think the volume will be missed in the financial year FY '27.”
Mahesh Iyer, page 28 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management is optimistic about Q1, sees no headwinds, and expects occupancy to trend toward 65-70% for the year.
Answered by Vikram Lalvani
Asked by Soumya S.: Do you expect like-for-like occupancy improvement in Q1 and how has Q1 been so far?
p. 14
“As we are in Q1 as of now, we see no headwinds, fortunately.”
Vikram Lalvani, page 14 of the filed PDF · View the filing
Management said the cash will fund technology capex, debt repayment, and inorganic growth opportunities.
Answered by Debasis Nandy
Asked by Heer Gogri: What is driving the net cash of INR 800-1,000 crores and how will it be deployed?
p. 17
“Now what we intend to- obviously, we have some plans of that for capital expenditure, which is into software basically - technology.”
Debasis Nandy, page 17 of the filed PDF · View the filing
Management said it reflects business mix shifts and net revenue reporting, not margin pressure.
Answered by Mahesh Iyer
Asked by Purva Zanwar: Does the gap between gross turnover growth and reported revenue decline in financial services indicate margin pressure?
p. 18
“So again, as I said, there is no margin pressure. There are no challenges on margin.”
Mahesh Iyer, page 18 of the filed PDF · View the filing
Management said the new rules allow capital account/trade transactions up to INR 25 lakh and restrict new FFMC licenses, which should benefit the existing business.
Answered by Mahesh Iyer
Asked by Chetan: How will recent RBI norms for forex dealers affect the company?
p. 20
“What it has allowed or what the circular talks about is that we can now undertake capital account transactions, by definition, trade transaction up to INR 25 lakh per transaction.”
Mahesh Iyer, page 20 of the filed PDF · View the filing
Management attributed this to the end of membership acquisition revenue, ramp-up lags for new resorts, and higher depreciation on leased assets.
Answered by Vikram Lalvani
Asked by Anil Shah: Why hasn't Sterling's EBIT grown despite room and resort additions since FY24?
p. 22
“Now over a period of time, as I said, the revenue stream on member acquisition - actually we've stopped the member acquisition. So that revenue stream is down.”
Vikram Lalvani, page 22 of the filed PDF · View the filing
Management said cost corrections are underway but the top line remains dependent on ground conditions in the Middle East.
Answered by K.S. Ramakrishnan
Asked by Anil Shah: Is the DEI loss a one-off, and will corrective action prevent recurrence?
p. 24
“To answer your question, it is not done and dusted, but also it will not be continuing in the same form.”
K.S. Ramakrishnan, page 24 of the filed PDF · View the filing
Management said it is undertaking asset protection spending and has diversified its portfolio across regions to reduce monsoon-related risk.
Answered by Vikram Lalvani
Asked by Ananya Khanna: How will Sterling manage monsoon impact on the resort segment?
p. 27
“So we are undertaking spends to ensure that in the event of a terrible monsoon, our assets are protected first.”
Vikram Lalvani, page 27 of the filed PDF · View the filing
Management said MICE achieved double-digit gross margins for the first time this year and expects a wait-and-watch approach in Q1 with strong pipeline.
Answered by Mahesh Iyer
Asked by Mahavir Kasliwal: How has the MICE segment performed and what is the outlook for Q1?
p. 28
“We also mentioned that this was the year for the first time, the MICE business across Thomas Cook and SOTC had a gross margin in double digits.”
Mahesh Iyer, page 28 of the filed PDF · View the filing
Risks flagged
Geopolitical disruption from Pahalgam attack and Operation Sindoor affecting travel confidence
p. 3
“The year opened with Pahalgam attack and the subsequent Operation Sindoor in April 2025 - events that led to airspace disruption, weakened traveller confidence and slower pace of business.”
Mahesh Iyer, page 3 of the filed PDF · View the filing
Middle East conflict disrupting westbound travel and airline capacity
p. 3
“As the year progressed, the situation in the Middle East further intensified with the US-Iran-Israel conflict, resulting in continued disruption to west-bound travel routes, pressure on airline capacity, elevated fuel and operating costs, and softer consumer sentiment globally.”
Mahesh Iyer, page 3 of the filed PDF · View the filing
Currency volatility adding cost pressure to outbound travel
p. 3
“At the same time, currency volatility, particularly the weakness of the rupee to the dollar and euro, added further cost pressures for the outbound travel business and consumers alike.”
Mahesh Iyer, page 3 of the filed PDF · View the filing
Elevated westbound airfares
p. 8
“We are seeing airfares surge by 30% to 50% on most westbound routes.”
Mahesh Iyer, page 8 of the filed PDF · View the filing
DEI concentration in Middle East market
p. 13
“DEI overall business was 50% depending and is contributed from the Middle East region.”
K.S. Ramakrishnan, page 13 of the filed PDF · View the filing
Softened forward-booking pipeline for long-haul travel
p. 10
“We are witnessing a softened forward-booking pipeline, where in the near short-term the large volumes coming out of long-haul will not be completely substituted by short-haul and domestic.”
Mahesh Iyer, page 10 of the filed PDF · View the filing
Weather and monsoon impact on resort business
p. 12
“While we remain watchful of short-term headwinds like weather and impacts on input costs that may impact us, we have the resilience to weather such headwinds, as demonstrated in FY '26, and are confident that our long-term drivers remain intact.”
Vikram Lalvani, page 12 of the filed PDF · View the filing
Wait-and-watch approach by corporates delaying MICE decisions
p. 9
“There is a bit of wait-and-watch approach that corporates are taking at this point in time and hence, we believe that some of this demand will come back and translate in the latter half of the year.”
Mahesh Iyer, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.