Thomas Cook (India) Limited Q2 & H1 FY26 Concall Decoded: Revenue up, profits flat, margins bruised – geopolitics, rain gods, and Blinkit stole the show

1. Opening Hook

Just when travel stocks thought revenge travel would never end, Q2 FY26 arrived with rainstorms, geopolitics, visa fears, and a gentle reminder that cyclicality never dies. Thomas Cook’s concall sounded less like a victory lap and more like a weather report—cloudy with occasional sunshine.

Revenue grew, profits didn’t collapse, and management leaned heavily on resilience, diversification, and innovation buzzwords. Blinkit delivering forex cards in 10 minutes? Fantastic. But margins? They took a flight delay.

This wasn’t a bad quarter. It just wasn’t the party investors were hoping for after last year’s pent-up demand euphoria.

Read on. Because beneath the rain-soaked numbers, there are some genuinely interesting long-term moves brewing.

2. At a Glance

• Revenue ₹20,738 Cr (+3% YoY) – Growth showed up, enthusiasm came late.
• H1 Revenue ₹44,818 Cr (+9%) – Half-year still holding up well.
• Q2 PBT ₹1,098 Cr (flat YoY) – Profits stood still, pretending nothing happened.
• Travel EBIT -16% YoY – Marketing, mix, and mayhem took their cut.
• Forex EBIT Margin ~49% – One business still printing money quietly.
• Sterling: 23rd straight profitable quarter – Resorts don’t care about narratives.

3. Management’s Key Commentary (Decoded)

“Q2 continued to be challenging in the post-pandemic landscape.”
(Translation: Revenge travel is no longer on steroids 😐)

“Weather disruptions across North India impacted domestic travel.”
(Translation: Monsoon took a bigger vacation than customers.)

“Revenue grew 3% despite geopolitical headwinds.”
(Translation: Could’ve been worse, honestly.)

“We exited Delhi Airport in May 2025.”
(Translation: Airport forex revenue fell off a cliff—by design.)

“Forex cards delivered in 10 minutes via Blinkit.”
(Translation: Logistics startup now doing RBI-approved jugaad 🚀)

“Travel EBIT declined due to mix and higher spends.”
(Translation: We spent more to sell less-margin business.)

4. Numbers Decoded