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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,777 Cr
verified against source
Revenue YoY
-10%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Thomas Cook India reported a 10% YoY decline in Q4 FY26 consolidated revenue to ₹1,777 crore, heavily impacted by geopolitical disruptions (US-Iran conflict, Pulwama aftermath) that truncated key travel seasons. The travel segment EBIT fell 11% for the full year to ₹2,218 crore, with Desert Adventures (Middle East DMS) revenue halving. Financial services held up better, with Q4 EBIT up 17% to ₹392 crore and margins at 48%. Sterling Resorts delivered a record Q4 with 14% revenue growth and 18% PBT growth, but DI posted a ₹10 crore EBIT loss due to March collapse. Management guided short-haul and domestic growth but warned long-haul weakness persists. Risk: further escalation in Middle East could delay recovery in high-margin long-haul and DMS businesses.
Colored figures show movement against the previous available record.
Guidance to track
- More than 20 signups in pipeline; focus on tier 2/3 leisure corridors.
- Cost optimization and automation to help, but top-line dependent on ground conditions.
- Long-term trajectory unchanged despite short-term geopolitical and mix headwinds.
- Board approval obtained; applications filed with NSE/BSE; process on track.
Risks flagged
- Further escalation could delay recovery in long-haul travel and DMS businesses, especially Desert Adventures.
- Management admitted short-haul and domestic cannot compensate for high-ticket long-haul volumes.
- 50% of DI revenue from UAE; recovery uncertain and cost actions take time to flow through.
- Weather could disrupt Q2 performance; management is taking asset protection measures but portfolio still exposed.
Key quotes
- The year opened with Pulwama attack and the subsequent operations in April 2025... events that led to airspace disruption, weakened travel confidence and slower pace of business.
- March turned to be a train smash... had it been the norm, we would have posted another 40 to 50 crores on the top line and an additional at least 8 to 10 crores on the bottom line.
- Sterling is now just not growing faster. It is growing better with greater predictability, stronger operating leverage, increasing cash generation and disciplined capital allocation.
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