Thomas Cook (India) Limited launched the India Forex Report 2026 on August 12, 2026, revealing significant shifts in how Indian consumers purchase, carry, and spend foreign exchange. The report, based on the company’s transaction data from April 2025 to March 2026, indicates that emerging markets are reshaping the industry, with Tier 2 and Tier 3 cities collectively contributing 53% of total forex demand. This geographic diversification signals a broadening base for outbound travel and overseas education beyond traditional metropolitan centers.

The filing was submitted to the Bombay Stock Exchange and the National Stock Exchange under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Amit J. Parekh, Company Secretary and Compliance Officer, signed the intimation. The data covers leisure travel, overseas education, and corporate travel segments, providing a comprehensive view of consumer behavior across demographics and payment preferences.

Demand Drivers and Geographic Shifts

Leisure travel remains the largest driver of forex demand, accounting for 57% of transactions, followed by corporate travel at 27% and overseas education at 16%. Geographically, Tier 1 cities account for 47% of demand, while Tier 2 cities contribute 41% and Tier 3 cities contribute 12%.

Demographically, consumers aged 25–40 years (37%) and 41–60 years (36%) dominate usage, together representing nearly three-fourths of the market. However, younger travelers aged 18–24 years are emerging as the fastest adopters of digital channels, despite constituting only 6% of the user base.

Digital Adoption and Payment Preferences

Digital forex adoption is accelerating, with 25% of customers now transacting via the website, app, WhatsApp, or quick commerce platforms. DIY platform usage has grown 50% year-on-year over the last two years. The average age of digital users is significantly lower than branch-assisted customers: 31 years for quick commerce versus 42 years for branch visits. Planning cycles have also shortened, with purchases now occurring 4–7 days before travel, down from 10–14 days previously.

In terms of payment methods, cash remains dominant for holiday travelers at 75% of transactions, but cards account for 39% of load value. Contactless and online transactions make up 57% of forex card usage. For corporate travelers, forex cards account for 84% of usage, with multi-currency cards comprising 76% of that segment.

Study Abroad and Corporate Insights

The study abroad market is diversifying, with Europe accounting for 38% of demand and the United States at 34%. University fees represent 81% of education-linked forex outflows. For living expenses, forex cards account for 73% of transactions and 72% of load value, indicating high reliance on card-based solutions for daily spending abroad.

Corporate forex demand is led by the IT/ITeS sector at 45%, followed by Auto/Auto-Ancillary at 14%. Europe remains the top corporate destination at 45%. Thomas Cook also highlighted its sustainability initiatives, noting that EnterpriseFx sustainable cards account for 76% of corporate card issuance, with each card having up to a 61% lower carbon footprint than standard cards.

What the Numbers Show

The divergence between transaction volume and load value for cards among leisure travelers suggests a strategic shift in spending behavior. While cash is used more frequently (75% of transactions), it likely covers smaller, incidental expenses, whereas cards handle larger, planned expenditures (39% of load value). This hybrid model indicates growing confidence in digital payment security for significant overseas purchases, even among traditional cash-users. Additionally, the rapid adoption of quick commerce for forex—driven by shorter planning cycles—highlights a structural change in how Indian travelers manage liquidity before departure.

Thomas Cook (India) Limited reported a standalone net profit of ₹587.2 million for the quarter ended June 30, 2026, marking a 5.7% increase from ₹555.4 million in Q1FY26. While standalone operations demonstrated steady growth, the group’s consolidated net profit declined to ₹637.1 million from ₹735.6 million in the corresponding quarter last year, driven by a contraction in total income from operations to ₹21,530.0 million from ₹24,530.3 million. The divergence highlights structural shifts within the travel and financial services conglomerate as it navigates margin improvements in hospitality against broader revenue headwinds.

The Board of Directors, chaired by Managing Director and Chief Executive Officer Mahesh Iyer, approved the unaudited financial results during a meeting held on August 3, 2026. The figures were subjected to a limited review by the statutory auditors, B S R & Co. LLP, who issued an unmodified review conclusion. The company published the consolidated results in newspapers including Financial Express and Loksatta on August 5, 2026, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Standalone Financial Performance

Standalone total income reached ₹8,825.3 million, supported by other income of ₹549.6 million. Cost of services accounted for ₹6,581.3 million of total expenses, while employee benefits expense remained stable at ₹782.8 million. Finance costs decreased marginally to ₹94.4 million from ₹99.6 million in Q1FY26. Earnings per share (basic) stood at ₹1.26, an increase from ₹1.19 in the previous year.

Segment-Wise Breakdown

In the standalone segment results, Travel and Related Services contributed the majority of revenue at ₹7,509.2 million, up from ₹7,409.6 million in Q1FY26. This segment also delivered a segment result (profit before tax and interest) of ₹479.2 million, a significant improvement from ₹9.2 million in Q4FY26. Financial Services generated ₹747.7 million in revenue with a segment result of ₹353.0 million. The Leisure Hospitality & Resorts business reported a minor loss of ₹4.0 million.

Consolidated results showed a different dynamic. Travel and Related Services revenue fell to ₹17,105.9 million from ₹19,783.7 million in Q1FY26. However, the segment’s profitability improved to ₹404.5 million from ₹239.3 million in Q4FY26. The Leisure Hospitality & Resorts business saw a surge in segment results to ₹523.3 million from ₹243.1 million in the previous quarter, contributing significantly to the consolidated bottom line despite a revenue drop to ₹1,613.6 million from ₹1,385.4 million in Q4FY26.

Key Disclosures and Strategic Moves

The filing highlights several material developments impacting the financials. The company incurred exceptional items of ₹2.0 million towards legal and professional fees related to its Composite Scheme of Arrangement and Amalgamation. This scheme involves the demerger of the Resorts and Resort Management business into Sterling Holiday Resorts Limited (SHRL), where shareholders will receive 81 shares of SHRL for every 100 shares of Thomas Cook. The scheme also includes the amalgamation of TC Visa Services (India) Limited, Jardin Travel Solution Limited, and Borderless Travel Services Limited with the parent company.

Additionally, the company opted to transition to the New Tax Regime effective FY2026-27. This resulted in a re-measurement of deferred tax balances using a revised tax rate of 25.168%, down from 34.944%. This change generated a one-time credit of ₹35.9 million towards the reversal of deferred tax liability, included under tax expense for the quarter ended March 31, 2026. In consolidated accounts, subsidiary Sterling Holiday Resorts Limited recognized a revaluation gain of ₹1,347.2 million (₹1,156.8 million net of tax) under Other Comprehensive Income for its land assets.

What the Numbers Show

The divergence between standalone and consolidated performance highlights structural shifts within the group. While standalone operations show steady growth in both revenue and profit, particularly in the core travel segment, the consolidated numbers reflect a broader revenue contraction offset by improved margins in hospitality. The significant jump in consolidated leisure hospitality profits, despite lower revenue, suggests either higher occupancy rates or premium pricing strategies at resorts. Meanwhile, the ongoing scheme of arrangement indicates a strategic move to streamline operations and potentially unlock value through separate listings or focused management of distinct business verticals like resorts and visa services.