Thomas Cook (I) Q1 FY27 Results (NSE: THOMASCOOK)
Signal: Revenue declined
The read
Thomas Cook's consolidated Q1FY27 shows revenue decline and margin pressure, but net profit stabilized by other income (69% of PBT). Standalone business held up, but group profitability remains dependent on non-operating income. The 4th consecutive quarter of OPM contraction (from 5% to 4% in prior quarters) continues, now at 4% in standalone. The pending scheme of amalgamation adds uncertainty.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,091.89 Cr | -13.1% | -75.1% |
| EBIT | ₹111.94 Cr | -17.2% | |
| Net profit | ₹71.9 Cr | -0.2% | |
| EPS | ₹1.54 | -0.6% | |
| EBIT margin | 7.4% |
P&L walk
Consolidated revenue fell 13.1% YoY to ₹2,092 Cr, but net profit nearly flat at ₹72 Cr thanks to other income (69.2% of PBT); EBITDA margin improved marginally to 7.4% but absolute EBITDA down 10.2%.
Segments
Consolidated segment data not fully available; standalone travel and financial services segments profitable, leisure hospitality loss-making (segment loss ₹4 Mn).
Key positives
- Standalone revenue grew 1.2% YoY despite tough environment, showing resilience in core travel and forex.
- Consolidated net profit nearly flat YoY at ₹72 Cr, supported by other income and cost controls.
- Consolidated EBITDA margin improved slightly to 7.4% from ~7.1% estimated last year.
Key concerns
- Other income forms 69.2% of consolidated PBT, masking weak operating profit; core business barely profitable.
- Consolidated revenue declined 13.1% YoY, indicating contraction in travel and digiphoto segments.
- Operating margin (OPM) continues to contract – 4th consecutive quarter of decline in standalone.
Earnings quality: includes non-operating other income
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