Thomas Cook India reported a strong performance in its foreign exchange business in Q2 FY26, with retail forex turnover rising 13% year-on-year. The company benefited from increasing student travel, outbound tourism, and higher foreign currency card usage. Digital adoption also continued to grow, with more customers using Thomas Cook’s online platforms for instant forex services.
The company’s forex division remains one of its largest business lines, supported by a network of stores, partner outlets, and digital channels. Thomas Cook highlighted that corporate forex volumes also remained stable, with business travel picking up gradually across key cities.
Overall, Thomas Cook India reported consolidated H1 FY26 revenue of ₹44,855 million, up 9% year-on-year. Profit before tax for the half year stood at ₹2,211 million, reflecting stable operations even in a quarter impacted by weak travel sentiment and global uncertainties.
The company’s travel businesses-Domestic Holidays, International Holidays, Corporate Travel, DMS, and MICE-saw mixed trends. Domestic holiday demand remained stable, while international travel faced softness due to monsoon disruptions, visa delays, and geopolitical concerns. However, Thomas Cook expects a recovery in the festive and winter season.
The company’s hospitality arm, Sterling Holiday Resorts, maintained profitability for the 22nd straight quarter. Sterling also expanded its footprint by signing new properties and strengthening its presence in leisure destinations.
Thomas Cook India continues to invest in digital capabilities, including new AI tools, app improvements, and partnerships with consumer platforms. The introduction of its AI travel assistant “TACY” is helping customers receive faster assistance across holiday planning and service queries.
The company maintains a strong financial position with cash reserves of ₹23,861 million and low debt, giving it flexibility to expand and invest in new opportunities. Management also highlighted long-term tailwinds in the travel and forex sectors, driven by rising disposable incomes and increasing adoption of digital financial services.
Thomas Cook India, founded in 1881, is one of the country’s most established travel and financial services companies. It operates across travel, forex, MICE, corporate travel, and hospitality, serving both retail and corporate customers through its multi-brand ecosystem.
Despite short-term challenges, Thomas Cook expects the second half of FY26 to deliver stronger growth, led by festival travel, improved international sentiment, and continued momentum in its forex business.
