Thomas Cook (India) Limited reported that India's travel calendar is expanding beyond traditional peak seasons, with September and October witnessing stronger traveller interest. The company highlighted a shift in consumer behaviour towards shoulder seasons.

Thomas Cook stated that this growing demand adds to established festive and year-end peaks, creating a broader travel calendar. The filing was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on September 15, 2026.

Shift in Travel Patterns

The company noted that seasonality has begun to even out, with shoulder periods witnessing healthy demand. Travellers are showing greater flexibility in deciding when to holiday, making September and October an additional period for short breaks and family holidays. This trend is driven by multiple holidays, long weekends, and changing travel preferences.

Rajeev Kale, President and Country Head – Holidays, MICE, Visa at Thomas Cook, said Indian travel has traditionally been defined by pronounced peaks. He noted a more even distribution of demand in recent years, with consumers no longer waiting for major holiday seasons to plan trips.

Domestic and International Opportunities

Domestically, festivals such as Ganesh Chaturthi, Navratri, Durga Puja, and Dussehra create opportunities to combine celebrations with holidays. The post-monsoon transition also makes the period attractive for nature, wildlife, and wellness holidays across India.

Internationally, the period coincides with seasonal transitions in Europe and favourable conditions in Asian destinations including Japan, Vietnam, Thailand, Indonesia, Singapore, Malaysia, and South Korea. Easier visa processes are further facilitating shorter breaks and spontaneous getaways.

Value and Experience Focus

The appeal of travelling during these months is increasingly about value rather than just savings. Travel outside busiest periods can offer competitive options for flights and accommodation, allowing travellers to allocate budgets towards premium experiences or curated activities. Lighter crowds at select destinations enable a more relaxed experience.

S.D. Nandakumar, President and Country Head – Holidays and Corporate Tours at SOTC Travel, said the September–October period offers natural advantages through festivals and public holidays. He noted that travellers are using these opportunities for family leisure and experience-led travel, creating an additional layer of demand before Diwali and Christmas–New Year periods.

Shareholders of Thomas Cook approved a final dividend of ₹0.50 per equity share and authorized changes to the Managing Director’s remuneration structure at its 49th Annual General Meeting held on September 10, 2026.

The meeting, conducted via video conferencing, also saw the reappointment of Sumit Maheshwari as a director liable to retire by rotation. The vacancy created by the retirement of Chandran Ratnaswami, who did not seek reappointment, was left unfilled.

Key Resolutions Passed

The following resolutions were passed with the requisite majority:

• Adoption of audited standalone and consolidated financial statements for FY26.
• Declaration of dividend of ₹0.50 per equity share of face value ₹1 each for FY26.
• Reappointment of Sumit Maheshwari (DIN: 06920646) as a director.
• Approval of commission payment to Non-Executive Independent Directors for FY25-26.
• Variation in terms and conditions of appointment regarding the remuneration structure of Mahesh Iyer (DIN: 07560302), Managing Director and CEO.

Voting Dynamics

Promoter and promoter group shareholders held 304,686,415 shares and voted in favor of all resolutions. Public institutional shareholders held 58,525,316 shares, while public non-institutional shareholders held 107,168,831 shares as on the record date of September 3, 2026.

The special resolution to vary the MD’s remuneration saw significant support from promoters but faced dissent from public institutions. Among public institutional votes polled, approximately 83.16% voted in favor, while 16.84% voted against. Public non-institutional shareholders showed stronger support, with 99.32% voting in favor.

What the Numbers Show

The voting pattern reveals a divergence between promoter and public institutional stakeholders regarding executive compensation. While promoters backed the remuneration variation unanimously, nearly one-fifth of public institutional votes opposed it. This suggests scrutiny from larger institutional investors on management pay structures, even as retail and non-institutional public shareholders largely supported the board’s proposals.