Thomas Cook India's margin improves as revenue falls 7.06% QoQ
Expenses declined faster than revenue, but a higher tax rate cut net profit and other income contributed 69.18% of pre-tax profit.
Filed 02 Nov 2026, 17:59 IST · after market close · Thomas Cook (India) Ltd (THOMASCOOK)
Key takeaways
- Consolidated revenue fell 7.06% quarter on quarter, but operating margin improved 0.30 percentage points as expenses fell faster than revenue.
- Net profit declined 15.76% sequentially after the tax rate rose 8.13 percentage points to 36.11%.
- Thomas Cook India's 4.75% operating margin was 7.99 percentage points below the 12.74% median for 153 Consumer Discretionary peers.
Price around the results
Revenue softened, operating profit nearly held
In consolidated Q2FY27 results, revenue fell to Rs 1,944.15 cr from Rs 2,091.89 cr in Q1FY27, a 7.06% sequential decline. Expenses fell faster, by 7.36%, limiting the reduction in operating profit to 0.75% at Rs 92.33 cr. This lifted operating margin from 4.45% to 4.75%.
Tax and other income shaped reported profit
The tax rate rose to 36.11% from 27.98%, an increase of 8.13 percentage points, reducing net profit by 15.76% to Rs 53.67 cr despite the modest operating-margin improvement. Other income of Rs 58.11 cr accounted for 69.18% of pre-tax profit, so reported earnings were substantially supported below operating profit. Interest expense fell 2.60%, while depreciation rose 3.22% sequentially.
Margin remains below the sector median
The company's 4.75% operating margin was 7.99 percentage points below the 12.74% median among 153 Consumer Discretionary peers that have reported the quarter. Sequentially, margin improved for the second available quarter in the trend, from 4.45% in Q1FY27.
Results were filed after market close
Thomas Cook India filed its consolidated results after market close on 2 November 2026. The immediate market response is therefore outside this quarter summary.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹1,944 cr | ₹2,092 cr | -7.06% |
| Other income | ₹58 cr | ₹61 cr | -4.92% |
| Expenses | ₹1,852 cr | ₹1,999 cr | -7.36% |
| Operating profit | ₹92 cr | ₹93 cr | -0.75% |
| Operating margin (%) | 4.75% | 4.45% | — |
| Interest | ₹23 cr | ₹23 cr | -2.60% |
| Depreciation | ₹44 cr | ₹42 cr | +3.22% |
| Profit before tax | ₹84 cr | ₹88 cr | -5.04% |
| Tax | ₹30 cr | ₹25 cr | +22.55% |
| Net profit | ₹54 cr | ₹64 cr | -15.76% |
| EPS (₹) | ₹1.11 | ₹1.54 | -27.92% |
Operating margin of 4.75% compares with a Consumer Discretionary sector median of 12.74% across 153 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 4.75% in the next reported quarter.
- Whether the tax rate moves back from 36.11% toward the 27.98% recorded in Q1FY27.
- Whether other income remains a large contributor to pre-tax profit after accounting for 69.18% in Q2FY27.