Short-haul holiday bookings growth (Q4)
21%
+21% YoY
Short-haul destinations like Vietnam, Cambodia drove growth; long-haul subdued.
THOMASCOOK
Other
15 May 2026
Thomas Cook Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Sterling Resorts RevPAR growth (Q4)
₹6,347
+16% YoY
Occupancy improved to 64% despite 20% room inventory increase.
Forex digital transaction growth (Q4)
65%
+65% YoY
Website transactions grew 65%; app transactions up 4.9x.
Desert Adventures revenue decline (Q4)
-50%
-50% YoY
Middle East DMS unit halved due to war and absence of large MICE events.
Management Guidance
Sterling Resorts to cross 95 resorts and 4,500 rooms by FY27
More than 20 signups in pipeline; focus on tier 2/3 leisure corridors.
expansionDI expects 50-60% recovery in Middle East by year-end
Cost optimization and automation to help, but top-line dependent on ground conditions.
revenueTravel segment EBIT margin target of 5% remains intact
Long-term trajectory unchanged despite short-term geopolitical and mix headwinds.
marginsDemerger of Sterling Resorts to complete by Q1 FY28
Board approval obtained; applications filed with NSE/BSE; process on track.
otherKey Risks
Prolonged geopolitical disruption in Middle East
Further escalation could delay recovery in long-haul travel and DMS businesses, especially Desert Adventures.
high · management_commentaryShift to short-haul may not fully offset long-haul revenue loss
Management admitted short-haul and domestic cannot compensate for high-ticket long-haul volumes.
medium · analyst_questionDI's geographic concentration in UAE
50% of DI revenue from UAE; recovery uncertain and cost actions take time to flow through.
high · analyst_questionMonsoon impact on Sterling Resorts
Weather could disrupt Q2 performance; management is taking asset protection measures but portfolio still exposed.
medium · analyst_questionNotable 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.