Thomas Cook India has released its Q3 consolidated financial results, presenting a mixed performance picture with improved operational profitability offset by exceptional items. The travel and tourism services company showed strong growth in profit before exceptional items while facing margin compression in EBITDA performance.

Financial Performance Overview

The company's Q3 consolidated results demonstrate improved operational performance in certain metrics, with profit before exceptional items showing substantial year-over-year growth, though EBITDA performance showed a slight decline during the quarter.

EBITDA Performance Under Pressure

Thomas Cook India's EBITDA declined to ₹1.14 billion in Q3 compared to ₹1.16 billion in the corresponding quarter last year, representing a decrease of 1.72%. The EBITDA margin compressed to 5.33% from 5.61% year-over-year, indicating pressure on operational efficiency despite revenue growth.

Strong Operational Performance

Despite EBITDA challenges, the company's profit before exceptional items surged to ₹897.00 million in Q3 compared to ₹749.00 million in the corresponding quarter last year, marking robust growth of 19.76%. This improvement indicates stronger underlying business performance in core operations.

Exceptional Items Impact Results

The company reported an exceptional item of ₹300.00 million during the quarter, which significantly impacted the overall financial performance. This exceptional charge affected the translation of improved operational performance to bottom-line results, contributing to the net profit decline.

Revenue Growth Momentum

The company maintained positive revenue trajectory, with total revenue reaching ₹21.50 billion in Q3 compared to ₹20.61 billion in the previous year's corresponding quarter. This growth of 4.32% reflects the company's continued ability to expand market presence in the recovering travel sector, though margin pressures remain a concern.

Thomas Cook 's wholly owned subsidiary Sterling Holiday Resorts has launched Sterling Valley of Pine, Lansdowne, marking a significant expansion in Uttarakhand's hospitality landscape. The boutique mountain retreat, announced on February 4, 2026, represents Sterling's ninth resort in the state and introduces a quieter, forest-driven escape within the company's hill portfolio.

Strategic Location and Accessibility

The resort is strategically positioned near Gumkhal, nestled amid dense pine forests, and designed specifically for drive-to travellers from Delhi NCR and Western UP. The location offers excellent connectivity to major Uttarakhand destinations:

Resort Features and Amenities

Conceived for purposeful mountain travel, Sterling Valley of Pine offers a view-led retreat with warm pinewood interiors and open terraces. All rooms feature private balconies with far-reaching views across the pine valleys, while select accommodations include access to open terraces overlooking the pool and surrounding landscape.

The guest experience centers around three signature venues:

• Lans Café: All-day dining in a warm pinewood setting with panoramic valley and garden views
• Sky Social: An open-to-sky terrace for sunset gatherings, bonfire evenings and small celebrations
• Sky Vista: A glass-walled meeting venue overlooking the valley and forests, designed for leadership offsites and private workshops

Comprehensive Hospitality Offerings

The resort caters to diverse travel needs including leisure stays, intimate celebrations, and leadership offsites. Additional amenities include:

Management Perspective

Vikram Lalvani, Managing Director & CEO of Sterling Holiday Resorts, emphasized Uttarakhand's position as one of India's most enduring year-round holiday regions. He noted that Valley of Pine adds a calmer, more design-forward chapter to Sterling's mountain portfolio, created for guests seeking meaningful outdoor time and restorative yet accessible destinations.

Ms. Meghna Bhatnagar from Dev Bhoomi, the development partner, highlighted their vision to create a retreat that attracts diverse guests from across India while offering refined hospitality. She praised Sterling's deep understanding of India's leisure segment and ability to blend local character with national scale.

Sterling's Expanded Portfolio

Sterling Holiday Resorts Limited operates a portfolio across 57 unique destinations with over 3,600 keys operational. The company maintains resorts at India's premier holiday destinations including Alleppey, Coorg, Darjeeling, Goa, Manali, Ooty, Shimla, and Udaipur among others. As a 100% independently managed subsidiary of Thomas Cook (India) Limited, Sterling is part of the Fairfax Financial Holdings Limited group.