Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Thomas Cook (India) Ltd (NSE: THOMASCOOK) Q4 2026 Earnings Call dated May. 13, 2026
Corporate Participants:
Mahesh Iyer — Managing Director and Chief Executive Officer
Vikram Lalvani — Managing Director and Chief Executive Officer, Sterling Holidays Resorts Limited
K.S. Ramakrishnan — Founder Chief Executive Officer and President of DEI Global
Unidentified Speaker
Debasis Nandy — President and Group Chief Financial Officer
Analysts:
Purva Zanwar — Analyst
Anil Shah — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and Gentlemen, good day and welcome to Thomas Cook India Limited Q4 and FY26 earning conference call. As a reminder, all participant line will be in listen only mode and there will be an opportunity for you to to ask questions as the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star10Zero on your touchtone phone. I now hand the conference over to Ms. Purva Zanwar from 361 Capital Market Private Limited. Thank you and over to you Ma’.
Am.
Purva Zanwar — Analyst
Thank you Rio. Welcome everyone and thank you for joining us on Thomas Cook India Limited Q4FY26 earnings conference call from the company we have with us Mr. Mahesh Iyer, Managing Director and Chief Executive Officer and the Senior management team. We would like to begin the call with brief opening remarks from the management and following which we will have the forum open for an interactive Q and A session. I would now like to invite Mr. Mahesh earlier to make initial remarks and thank you. Over to you Mahesh.
Mahesh Iyer — Managing Director and Chief Executive Officer
Thank you Purva. Good afternoon everyone and thank you for joining us as we discuss the Q4 and FY26 financial and operating performance. While this may not be a brief call, this may be a little longer as we have a lot of topics to speak about. So please pardon me if this is going to be a little longer one before we begin, I would like to introduce the management team. Joining me on the call today I have with me Vishal Suri, Managing Director of SOTC Debashish Nandi Group, CFO of the TownSoup India Group, Vikram Lalwani, Managing Director of Sterling holiday resorts and K.S.
Ramakrishnan, Managing Director of DEI Prijesh Modi who is the CFO at Tomskook India Ltd. Urvashi Bhutani who heads investor relationships. Before I walk you through our performance, I think it’s important that I set the context because 2026 did not play out as in a normal operating environment and it was not anywhere close to to what a normal year would be. The year opened with Teldom attack and the subsequent operation Sindhur in April 2025. Events that led to airspace disruption, weakened travel confidence and slower pace of business.
As the year progressed, the situation in the Middle east further intensified with the US Iran Israel conflict resulting in continued disruption. The BEJ bomb travel routes, pressure on airline capacity, elevated fuel and operating costs and softer consumer sentiment. Globally these developments had a cascading impact across the travel ecosystem resulting in elevated airfares, tighter inventory availability, higher input costs and increasing pressure on pricing across the supply chain. At the same time, currency volatility, particularly the weakness of the rupee to the dollar and euro, added further cost pressures for the outbound travel business and consumers alike.
What compounded the impact was the timing of these events. Both of these landed on top of our most important travel focus. Seasons, the window in which we do a large part of our annual business, were either lost or was severely shortened. Thus, I think it is important to view our FY26 performance in two distinct lenses, the first nine months of FY 2026 where our operating conditions and travel demand were relatively more stable, and Q4 where the impact of these geopolitical and macroeconomic developments became significantly more visible across the industry.
For the nine months of FY26 we reported a 7% increase in our top line growth, whereas our EBITDA improved marginally during Q4. Of FY26 the group’s revenue stood at 1,707 million, reflecting a 10% decrease against the same period last year. This is the number that carries the full weight of the external environment, the Middle east overhang cost headwinds and the travel market that was recalibrating in a real time basis. And the second lens is the geography where our India operations have shown resilience and and maintained EBIT for FY 2026 and grew by 16% in Q4.
FY 2026, fueled by a strong performance of the financial services, short haul, outbound corporate travel, India inbound business and MICE Sterling results also contributed positively to the overall group’s performance with 19% increase in top line during the quarter and 7% growth for the full year on the back of a growing resort network. Vikram will share more details on this when he speaks. Our overseas entities also remain resilient except for the destinations which happen to be directly impacted by the war and that’s Desired Ventures, our Destination Management Unit in Middle east and DEI, our digital imaging business which has around 50% of our revenue attributed to the UAE markets.
Ram will speak about this and give you a detailed perspective on DEI’s performance and in his remarks on a full year basis while our income increased to 83,982 million, a 3% increase. On a consolidated basis, our EBIT EBT was impacted by the geopolitical crisis and was 14% lower than last year at 3268 million. Before we move on to the segmented analysis, I will discuss the strategic divestment announcement that was made in March 2026 where the board has granted in principle approval for the demerger of our resort business into Sterling Holiday Resorts.
This is a significant strategic move for our organization, one that we believe will unlock value for our shareholders. For Thomas Cook India Limited this restructuring allows us to streamline our capital structure and concentrate our resources on our travel and financial services business. The consolidation of our face value per share and along with the merger of the three dormant subsidies further simplifies our corporate structure and improves our earning per share directly benefiting our shareholders.
Let me move on to the segments and give you an insight into the various segments that performed during the year to begin with, on the Financial Services the Financial Services segment reported a strong outcome on the face of a stretched operating environment. If you look at the LRS data as published by RBI for the period April 2025 to February 2026, the three relevant segments of the travel related foreign Exchange, Education and Remittance there is a decline of 3, 22 and 5% respectively. Now in comparison, TCIL reported a 13% increase in turnover for the holiday segment, 17% in the education segment and 19% in the remittance category.
For the quarter in question, the Forex revenue increased by 3% to 813 million and EBIT improved by 17% to 392 million with an EBIT margin of 48%. For the full year, our reported revenue and EBIT remained flat at 3261 million and 1,493 million with an EBIT margin of 46%. This clearly showcases the strong growth we are seeing across the retail foreign exchange segment which today contributes approximately 80% of our total Forex reported revenue, which I must highlight here is On a net basis, the growth has been a result of our constant endeavor to increase our reach via an omnichannel approach.
We have expanded our reach by opening five new franchises, one own outlet and one airport counter during the quarter and also improved our digital penetration which currently stands at 23% on an increasing transaction base. Our website transaction for the quarter has seen a growth of 65%. Y o wide Bookings on our app which is TCPay saw a 4.9x increase in transaction. Our WhatsApp engagement continues to grow positively with a 2.2x growth year on year, albeit on a smaller base. Our reach via Quick Commerce which is Blinkit, has seen a great trajectory and we have witnessed double digit growth from its launch in October last year.
We are now present in six additional cities, Noida, Kolkata, Jaipur, Ahmedabad, Lucknow and Chandigarh and increasing our digital distribution network to 12 cities. A quick update on our sub segments within the foreign exchange space Holiday and travel related foreign Exchange segment increased 29% in turnover in the quarter and 13% in the year. Again set in the context with the reduced travel spend as seen from the LRS data, our performance was encouraging. Our approach that one size doesn’t fit all with prepaid cards has led to a deep customer segmentation and that along with our distribution is working well for us.
Our education business under the retail segment has grown rather positively especially given the stress in the segment as per the LRS data. Despite the contraction in the overall student segment we gained market share. We optimized demand that was moving towards alternate destinations. Our Relationships with over 800 Mark Q education counselors across the country gave us a genuine on the ground advantage. Added to that our partnerships with large NBSP namely Credila, Hawans, Kunawala, Fincorp under the NBFC umbrella both gave us reach and credibility to capture the education loan demand resulting in larger FX spends on the corporate portfolio.
Today we cater to about 1,100 corporates spanning across large and mid sized and SME customers. The turnover in this segment grew 4% in the quarter and 5% for the full year. A noteworthy development on our prepaid Forex card is that it has expanded today to 28 global currency from 12 that we operating till December of 2025 creating India’s one of the largest widest currency portfolio on the prepaid card segment. Our float as we speak stands at about 16 billion rupees on a total prepaid card load volumes of 764 million US dollars.
Moving on to the travel and related segment, I have shared the broader context under which we operated during the year and in this case our geographical as well as the political and as well as the portfolio diversity is what gave us room to maneuver. We reported a total revenue of 67,025 million for the year which is an increase of 4% and our EBIT was down 11% to 2,218 million with an EBIT margin of 3.3% and this largely reflects the geopolitical impact in our overseas subsidies which I will speak about in the subsequent paragraphs.
On the B2C front, our B2C segment which accounts for 27% of the travel portfolio grew by 8% during the year and the quarter and this is despite the shortened and the impacted key booking periods during the year which I referred to in my opening remarks. Leisure Holidays saw an 8% increase in the quarter and during the year. This was led by a 17% increase in the short haul bookings during the year and a 21% increase in the quarter. Demand for short haul destinations such as China, Vietnam, Cambodia and Japan continues to be very strong.
Long haul growth for the full year while positive, remains subdued largely due to the impact of two big seasons impacted by the various evolving geopolitical conditions along with the pressure on supply and pricing. Our domestic portfolio was also impacted during the year from the start due to the Pelgam attack, the unfortunate Air India crash and the overall uncertainty due to the geopolitical issues and the absence of Kum and Kashmir which got impacted on the domestic front. However, our focus on this segment has been to concentrate on select markets such as Bhutan, Andaman and the pilgrimage travel which is Chadham Kailash, Ayodhya, Varanasi Muktinath.
In fact, SOTC has partnered with Anuradha Kodwar to promote Darshan’s the Spiritual packages portfolio that we operate. Our results are thus a result of our model being agile and proactive initiatives in this area. We pivoted quickly to respond and actively sell alternate long haul destination, doubled down on our eastbound short haul, leaned into domestic travel and meaningfully expanded our pilgrimage travel proposition. These weren’t reactive patches, these were deliberate strategic redirects made quickly and executed well by our teams.
During the quarter we continued to strengthen our leisure portfolio through multiple customer focused initiatives. We launched the Bhutan Charter ex Bangalore and Ahmedabad to capitalize on the direct connectivity and growing travel interest to their destination. I’m happy to report that the charter flights that we are operating for Bhutan have been completely sold out. We also introduced travshore, a pioneering travel protection initiative designed to address the evolving realities of model travel and provide customers with greater confidence and peace of mind.
We also launched an industry first visa rejection Power, a finally groundbreaking insurance solution that safeguards travelers against financial loss arising from visa rejections. In terms of forward looking as we speak, short haul remains the preferred choice and the reasons are fairly straightforward. Airfares decision making happening closer to travel date and visa process are less of a hurdle. In an environment where confidence is still finding a scooting, this combination matters more than ever.
Geopolitical tensions have materially impacted travel demand with long haul forward bookings witnessing weakness especially in the European destinations and some part of our eastbound destinations including a complete drop in volumes in UAE and CIS markets. We are seeing airfare surge by 30 to 50% on most westbound routes coming to the B2B businesses which account for 73% of our reported travel number the full year shows a moderated 2% increase in sales and and the quarter declined by 18%. Important for me to reiterate certain events that were present in Q4 last year which we had also discussed in the earnings call previously.
We had about 100 crores of business that was done on the government on the India MICE side which was not available in the current quarter. We also had about 100 crores of my sales that happened in our destination marriage business in Dubai which is Desert Adventures which was not available in the current quarter. Now if you look at our Q4 results, this is a combination of the about two events as well as the impact of the US Iran war which directly impacted our operations in Desert Adventures which is our destination management unit in the Middle east.
To break the B2B travel segment further down, our India DMS portfolio grew by about 5% during the quarter. The business had a healthy Jan and February which was partially offset by the weak March sales. As was the case with other units on the international DMS side, revenue increased by 3% in the year and saw a decline of 24% for the quarter. Let me quickly list down some of the performance drivers here. The largest impact of the geopolitical instability is visible in the number for our Desert Adventures operations in the Middle east which declined by 50% in the quarter along with volume shortfall due to the absence of large MICE events.
The other entities have helped offset some of this by a relatively good performance. Noteworthy amongst them is Asian Trails which is in the Asia Pacific region saw their revenue improve by 18% during the year and 6% for the quarter, led by a strong performance than Thailand and Malaysia and some part of our China operations. This was partially offset by geopolitical disruptions impacting European source market and the Middle east transit groups. Li3Pro which is our operations in the US saw its revenue growing by 9% during the year and 12% in Q4FY26 supported by higher volumes.
Despite continued challenges in the US inbound travel driven driven by visa and uncertainty in those markets, private properties in Southern Africa remained strong with revenue growing by 23% for the quarter and 34% for the full year, while East Africa saw an 87% increase for the quarter and 18% for the full year supported by peak season and sustained momentum from chartered operations and demand from key markets including USA and India. Coming to the next category in the B2B segment which is mice, the segment reported a 2% decline during the quarter and I did elaborate is due to the absence of government events being a one off event that happened last year same time.
However, if you look at the breakup we have provided on a full year basis, our corporate mice business has increased by 6% and increased by 21% in the current quarter. Having said so, we are seeing our H2 pipeline building up. There is a bit of wait and watch approach that corporates are taking at this point in time and hence we believe that some of this demand will come back and translate in the later half of the year. And the last segment is the corporate travel which has reported a turnover of 26 billion rupees and a reported revenue of 1541 million for the full year which is a 19% increase yoyo and 28% growth in revenue during the quarter.
I reiterate this segment is the only travel segment which is reported on a net basis. In terms of our portfolio, we have about 8,000 corporate clients with digital adoption of over 30%. Amongst them, we acquired eight new accounts in Q4FY 2026 across financial services, automobile, telecom and energy sector and four new large corporate accounts are in the pipeline. Our air volume recorded a growth of 7.3% YoY in Q4 FY26 and 4.8% for the full year of FY 2026 with international air volume growing by 19% YoY in quarter and 7% for the full year.
If you look at the non air part of our business, total volumes and transaction grew 7.6% and 10.7% respectively. Y O wide in Q4FY 2026 before I hand over the call to Vikram for his comments on Sterling Holiday, I just want to say the environment currently is very volatile with customer sentiments being very low and travel decisions shortened. We are witnessing a softened forward booking pipeline where in the near short term the large volumes coming out of long haul will not be completely substituted by short haul and domestic.
However, we continue to create offerings both from a product and pricing perspective, mindful of the elevated input cost and give more options for our customers to make that holiday decisions. Our focus continues on prudent revenue management and tactical cost optimizations to tide over the current geopolitical environment. With this, I’d like to hand over the call to Vikram for his comments. Thank you.
Vikram Lalvani — Managing Director and Chief Executive Officer, Sterling Holidays Resorts Limited
Thanks Mahesh. Good afternoon ladies and gentlemen. My name is Vikram Lalwani. I’m the managing director and CEO of Sterling Holiday Resorts Ltd. I’m also joined by my colleague Mr. El Krishna Kumar who is the Chief Financial Officer. It’s a pleasure speaking with all of you again and thank you for joining us today as we present Sterling’s performance for the quarter and the year ended. Folks, March 31, 2026 FY2526 marks a defining year for Sterling, a decisive inflection point where scale, profitability and balance sheet strength have expanded simultaneously, not sequentially.
We are now operating at a sweet spot of scale where incremental growth is increasing margins and the cash. Over the last few years Sterling has consistently demonstrated sustained growth with improving operating leverage. This reflects the structural improvement in our business model and the benefits of scale now flowing through meaningfully into profitability and cash generation. I’m pleased to share that Q4FY26 was another record quarter for us. Across all key operating and financial metrics, Sirli delivered its best ever Q4 number, EBITDA and Profit Before Tax Just a few highlights on the Q4FY26 the total revenue for Q4FY26 stood at 1,408 million registering a double digit growth of 14%.
EBITDA grew 10% at 348 million INR. PBT increased 18% to 207 million INR. With this we completed our 25th consecutive profitable quarter. Our cash reserve stands close to 3,400 million while continuing to maintain a completely debt free balance sheet. The resort business continues to be the key engine driver for Sterling’s growth, clearly demonstrating the success of our strategic transformation that we’ve undertaken couple of years ago towards a focused hospitality led operating model. Room revenue for the quarter grew nearly 40% at 672 million.
Occupancy improved to 64%, ARR increased by 12% to 6,347 and the RevPAR increase 16% despite a 20% increase in overall inventories despite weather conditions disrupting Q2 and this being a first full financial year after the sunset of the membership acquisition. For the full year FY26 sterling delivered a total revenue of 5,487 billion INR. EBITDA stood at 1,701 million and the margins are healthy at 31%. Profit before tax is at 1,142 million with TBT margins of 21%. The core revenue generation of the company is now sustainably driven by the resort business and operating hospitality platform, reflecting strength, sustainability and maturity of our transform business model.
As we had indicated in our earlier earnings calls as well, we expected H2 performance to be stronger than H1. I’m pleased to share that this guidance has played out well. The two record quarters in H2 that is Q3 and Q4 enabled H2 revenues to outperform H1 revenues revenues by 21% and over. We now have 78 resorts, hotels and retreats, approximately 3,800 rooms across 65 destinations in India. We added nearly one and a half resorts or launched one and a half resorts per month last year and almost 33 resorts over the last 24 months.
Our 29% CAGR growth resorts over the last two years our expansion journey continues at an accelerated scale. We expect to cross 95 resorts and 4,500 rooms in 2027 with more than 20 signups in our pipeline actively coming on board. Our focus is on tier 2 tire 3 high growth business come leisure corridors. Today 62% of our rooms are P&L while 38% of our rooms are managed inventory. As we scale further, we are consciously optimizing our portfolio through a judicious mix of P&L led growth and an asset light expansion which is what we’ve been seeing in an asset light model.
This strategy is supported by disciplined sweating of our own assets as well over the last few years which continues to drive sustainability sustained top line and bottom line acceleration. At the same time, Sterling remains future ready for any kind of expansions including in greenfield developments across Sakri Land banks. Importantly, we have achieved this while maintaining healthy profitability metrics within ebitda margins of 31% and over at PBT margins of 21% combined with a debt free balance sheet, our cash reserves have grown at a multi year CAGR of 55% delivering high growth with strong capital discipline remains a rare and differentiated combination which we have attained.
On the operational front, Sterling continues to strengthen its brand and customer propositions as well. Our customer experience metrics continues to remain strong strong despite scaling with 30 resorts and 11 restaurants earning TripAdvisor excellence awards. Sterling Kana and Doon Diner Our restaurant at Sterling Mussoorie was also awarded the best of best in TripAdvisor, putting them in the worldwide top 1% in the category. We have significantly strengthened our operating frameworks, governance processes and scalable systems.
We have leveraged technology by developing first of its kind custom built sterling one powered by distributed ledger technology on a PHP application providing direct access to 7000 travel partners and 360 corporates and over in India at this point our technology is powered by AI to provide value added interaction across the customer journey and provides us with deeper customer insights to improve our customer offerings. Having attained meaningful scale, we are now in a planning phase of a complete re architecture of the brand that should begin reflecting across customer touch points in the next two to four quarters in parallel.
As you are aware, the demerger process from Thomas Cook has also been initiated. While we remain watchful of short term headwinds like weather and impacts on input costs that may impact us, we have the resilience to weather such headwinds as demonstrated in FY26 and are confident that our long term drivers remain intact. Looking ahead, we believe the transformation phase is now largely behind us. We are entering the next phase of of value creation, accelerated value creation. Sterling is now just not growing faster, it is growing better with greater predictability, stronger operating leverage, increasing cash generation and disciplined capital allocation.
We remain extremely optimistic and confident for the year ahead including Q1 of FY27 and look forward to creating long term value for all the stakeholders. Thank you once again for your for your time to listen and for your continued support and trust. Thank you.
K.S. Ramakrishnan — Founder Chief Executive Officer and President of DEI Global
Ram, you can go ahead please.
Unidentified Speaker
Yeah hi, Good evening everyone. My name is ks. I’m the Managing Director and CEO of Digiphoto Entertainment Imaging. First and foremost, thank you very much for giving me this opportunity to present the last quarter and the year performance. As you can see we’ve had we as Mahesh mentioned we are one of the most affected in the group due to the current geopolitical scenario. Our quarter four 2026 posted a 194 crore top line against a 201 crore top line of a similar period in quarter 425 against which we also posted EBIT of negative 10 crore against 7 crore positive in the same quarter last year.
Throwing a little more light on what exactly happened in the quarter. I think it’s a well known news that the geopolitical scenario in the Middle east was the worst and affected the market a lot. DEI’s overall business was 50% depending was depending and is contributed from the Middle east region. Whilst the quarter four Jan and Feb were trending in the right direction, we were posting about 9% better performance than the same Jan Feb of the previous year. March turned to be a train smash. This train smashes further quadrupled because it is supposed to be our best march in the last five years as Rama Eid was falling on March in this year.
Had it been the norm we would have posted another 40 to 50 crores over on the top line and an additional at least 8 to 10 crores on the bottom line which will make our overall year look lot better. Having said that in spite of all the challenges this was partially offsetted by our Far east and APAC operations where we have posted a fairly healthy consistent growth. Hong Kong and Malaysia as markets have done better than the past. We’ve had some new sites coming on board in that region too, so that helped us to partially offset the same going forward.
Looking at this whole thing we are looking at the time in March also was very little for us to do any correction to save the quarter or the year in any better way. But immediately the company has taken all possible steps on optimization and cost correction going forward and that will be seen in the coming quarters as we trend along. We have also a lot of automation and automation that has been implemented within the group, within the company and across the markets. As I’ve been always mentioning about our new software solutions that has finally gone fully live and has been stably operating for the last two months consistently across all our operations.
So VC is now 100% live. This optimization will be directly helping our direct cost on people, on our capture, on increasing our captures and our sales. The digital sales journey as we’ve already implemented is showing us a healthy trend of traction. We have activated our WhatsApp channel which is further helping us to boost some conversion and we are seeing this through the through the markets that we are open. Middle east right now is slowly just coming out of it. I think what we forecast going forward would be approximately a 50 to 60% recovery towards the end of the year.
That’s how Middle east looks like. While doing that, we will be staying focused on penetrating our existing markets in the Far east and opening new locations within the markets that we’re already operating, thereby helping us to better our margins and also optimize our cost. We are hoping to see sizable betterment as these quarters go along. Although I would resonate with what Mahesh said that we do not see this year any way getting or delivering what we had what it was supposed to. But our aim would be to make sure that we still make money and trend ourselves into the coming year where we can still step up and live up and deliver what we are supposed to be delivering in the year 2026.
That’s all from my side. Thank you.
K.S. Ramakrishnan — Founder Chief Executive Officer and President of DEI Global
Diya, you can open the floor for Q and A please.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and T. Participants are requested to use handset while asking a question. The first question is from the line of Soumya s from Insightful investment Please go ahead
Anil Shah
Yeah hi, thank you for the opportunity so my question was regarding the Sterling resort as we have been adding hotels and you know the room number of rooms has been adding Q1 Q&Y O I just wanted to know if the occupancy we expect a like for like improvement in occupancy in Q1 and how Q1 has been so far.
Vikram Lalvani
Okay. Hi Soumya, this is Vikram Lalwani thanks for your question so I’d like to split your question into two parts of answers one is I’ll answer it in form of Q1 outlook that you’re looking at I think in general as I said we are extremely optimistic about Q1 and as we are in Q1 as of now we see no headwinds fortunately and I think we will have a good healthy Q1 number two is having said that in terms of the scale that we’ve attained we added 14 results starts last year and another 14 or so year before last and despite that we have actually started showing improvements in occupancies from 61 to 64 even with a increased supply base so that’s the thing and the former leisure business again I’ve been maintaining that a good occupancy for the entire year is it will be approximately 65 closer towards 70.
That’s a good optimum occupancy to maintain and hold Obviously it will vary season to season as is Q3 for us is a is the strongest season now since the last two years strongest quarter Q1 is a strong quarter Q4 which we just concluded actually emerged a dark horse and a very strong quarter for us so I think the opportunity is further there to scale both in terms of supply and to get to the occupancy of 65 to 70% through the year I hope that answers your question
Anil Shah
Yes sir, that was great. Thank you so much.
Vikram Lalvani
Thank you. I
Anil Shah
Have just one more question this one is regarding our outbound travel so short haul has seen stronger growth for the year and I just wanted to know if currently like in Q1 we are seeing the same trend because long haul being subdued. I understand what the reasons have already been highlighted
Mahesh Iyer
I think I kind of addressed that question in my remark but I reiterate that yes we are witnessing double digit growth as far as the short haul business is concerned and that’s obvious reasons because people are looking at destinations which are closer by because time taken to make that decision and the availability of visa and such things are far more Easier for a short haul destination. Also you’ll appreciate that a lot of these short haul markets are eastbound and that’s where most of the traffic is currently traveling to.
So yes to that extent the short haul is looking promising at this point in time. The pain is on the long haul side, mostly west pound long haul where the volumes are currently subdued.
Anil Shah
All right sir, thank you so much. That was it.
Operator
Thank you. Next question is from the line of Heer Gogri from choice Institutional Equities. Please go ahead.
Unidentified Participant
Yes, thank you for the question. I wanted to understand that the war impact is evident. But even, even that that was in Q4. But overall in FY26 we see India DMS grew only by 3%. Also domestic B2C DE grew by 14% in FY26. So any other reason that you want to highlight apart from the war that is already evident. And also following up how see Q1, do you see any recovery in the travel industry overall?
Mahesh Iyer
So you had multiple questions so I’ll try and address each one of that. To begin with, I think on the domestic side, I think kind of I alluded to in my opening remark again the year began with pelt out operations in loop. So that impacted because Kashmir was a big market for us. It was roughly about 18 20% of our domestic portfolio which got impacted during that period. Hence that volumes was not available. If you look at specifically at a Q1 or Q4 comparison for FY26 and compare it with the previous year.
So the impact of Kashmir and we also dealt with the Kumbh Mela which was available in the previous year, which was not transacted this year. So this is the comparison point as far as the domestic is concerned. So in fact coming from Kumb, that was the previous year and the shortened cycle on Kashmir, I think these are the two large impacts. If I have to kind of exclude that or include that in whichever numbers that you want to do FY25 or FY26, you’ll actually see a growth which will be more like a double digit growth that you will see on the domestic side of it.
Coming to your point, on the overall landscape as we see in Q1 of FY 2027, our belief is that the short haul and domestic will witness growth. The short haul, as I mentioned previously to the previous question, also the shortfall is continuing to grow at about at a double digit phase. The domestic market is also growing. I think it’s the long haul where we are seeing a subdued demand and that’s for the Obvious reasons that we all know. I will also qualify here that the volumes that we do on short haul and domestic does not completely offset the volume shortfall coming from the long haul because long haul are large, high priced products or Large ticket size ATVs as we call it to be.
So to that extent there will be some amount of reduced volumes that we are currently seeing in our forward booking. Having said so, the category that we operate, which is discretionary by nature is also a category where people do not cancelled, it’s more like postponement. So our belief is that if the impact of the war is kind of settling down very quickly, you will see this demand coming back in the later half of the year. And that’s the view we have at this point in time.
Unidentified Participant
Could you also please talk the same about the corporate and MICE part. I think you mentioned that you’re seeing a strong demand there but are there any expected slowdowns for Q1 with regards to the war impact and any new partnerships that you’ve had?
Mahesh Iyer
So currently on the corporate travel side we aren’t seeing any reduction in volumes. They continue to trend at similar trend lines that you have seen in the previous year which is a 7, 8% growth that we have seen. So I don’t think that’s getting subdued on the mine side. Yes, as I said, the decisions are getting delayed. So a lot of it is a wait and watch approach. So there could be a quarter to quarter shift. But again as you will appreciate that MICE is more like a reward and recognition program, R and R or a sales initiative for a lot of corporates.
Hence these are committed costs. It’s just the timing of when that will happen. So my expectation is that a lot of that will come back in probably it’s not happening in Q1, it will happen in Q2 and Q3.
Unidentified Participant
Okay, got it. And one last question from my side if I may. I think we have a cash net of debt around 802,000 crore. Could you highlight where how is this cash going to be deployed? Do we have any strategy there? Like I think you mentioned new automation. I think that would be one area that anything else that we know.
Debasis Nandy
Hi. Hi. This is to answer your question, yes, you are quite right. We have a large cache net cash. So I would use, I would rather use the word net cash rather than anything else. And at a net level, yeah, it’s about close to about 800 crores which is the number that we have also talked about. Now what we intend obviously we have some plans of cash for capital Expenditure which is into software, basically a technology, because as you know, travel, and not only travel, even other parts of our business, notably financial services and dei, depends a lot on technology.
And therefore there will be increasing investment technology. That’s one. We also would like to sort of pay off our debt which will be possible over the next couple of years because there are some long term loans which are fixed equipment periods. Apart from that, we would be looking at. We, as you know, we have grown through acquisition, we have grown inorganically in the past. And if there is any opportunity for growing inorganically, we will avail of that if there is suitable opportunity which fits our criteria in terms of returns, etc.
And then we will look for such opportunities.
Unidentified Participant
Okay, sure. Thank you. Thank you so much.
Debasis Nandy
Thank you.
Operator
Thank you. A reminder to all participants, you may press Star and one to ask questions. A reminder to all participants, you may press star and one to ask questions. Next question is from the line of Ms. Purva Zanwar from 361 Capital Market. Please go ahead.
Purva Zanwar
Yeah, hi. So thanks for the opportunity. So my question is on the financial services segment. So if we see our Gross turnover in FY26 has grown by about 8% with retail turnover up 10%, yet our reported revenue declined by 0.5%, does this indicate increasing margin pressure or deliberate strategy to trade margins for market share gains?
Mahesh Iyer
So Purva, I don’t think it’s a straight answer like that to say are we trading margins? No, there are some tactical call we take with regards to how we go and acquire. And you will appreciate that when you are in a digital business, some of it is optically visible to the customer. Hence there is some trade off that happens. But I think it’s more to do with the mix of business that we transact. While the volume will look the way that you said, it’s about 8% on the mix side of it. Because if you are concentration on wholesale versus retail, retail versus corporate shifts, I think that there is a likely shift that happens on the margin side of it.
The second one. And as I said this before, we report our revenue on a net basis. Now there are these education consultants and franchisee business that we operate where there is a revenue share. So while we get the gross revenue, there is also a revenue share that happens with them and then those are also reflected in the net revenue that we report. So again, as I said, there is no margin pressure, there are no challenges on margin. Our retail business continue to operate in the range of about 2 to 2.2%.
Our wholesale business continues to operate about 0.6 to 0.7%. And I don’t think those margin figures have changed over the last few quarters.
Purva Zanwar
Okay, got it. And the second was that earlier we used to wait for around 5% EBIT margins in the travel segment. So given this shift towards short haul from long haul, do we maintain that 5% guidance or. It will take time to achieve that.
Mahesh Iyer
So look at it. Whether I sell short haul or I sell long haul, our gross margins are almost the same. They are not too different in that sense. It’s just that the unit value of a short haul as compared to long haul is different. So to that extent as an arithmetic this number would look lower. And look, this shift is currently happening. We don’t know how long this shift will happen. And we’ve seen gradually more like a short haul dominated kind of a travel sentiment that has emerged over the last two or three years.
So I think in that perspective, I would think the 5% that we have said is our objective to get to is not getting disturbed. While there will be temporary setbacks that will come because of the geopolitical, the cost pressures and stuff like that, because our endeavor also is to push the market, make them travel. So there are some tactical calls we’ll take and as you have seen in the media, we’ve gone to the market with attractive price points. We are offering cashbacks and stuff like that. So there are some tactical calls that we take which does protect kind of put some pressure on margins.
But those are well planned and kind of tactical in nature. But I think the long term trajectory on margin remains intact. And also please remember when we spoke about the 5% EBIT margin on the travel business was also based on our DMS operations getting profitable. So we’ve had this wagering like you would have seen what happened in decades with 1/4 kind of impact in the full year. And you know, these kind of impacts have. So their contributions don’t come in and kind of drag the overall EBIT for the travel segment.
So yeah, it’s not a one size fits all kind of an answer. It’s more like to do with the B2C side and within B2C short haul versus long haul and within B2B some segments which have taken the larger role of the geopolitical impact.
Purva Zanwar
Got it. Thank you sir. That has been.
Operator
Thank you. Next question is from the line of Chetan from Systematics Group. Please go ahead.
Unidentified Participant
Yeah, hi, thank you for the opportunity. A couple of questions first on the foreign exchange part. So in fiscal 26 we have seen comparatively better growth in education and holiday segment compared to the industry. How should we see this going forward in fiscal 27? And RBI has recently issued revised norms for entities dealing in foreign exchange. So any positives or drawbacks for us in this?
Mahesh Iyer
Thank you Chetan for asking that question. I should have covered that in my commentary, but thank you for asking that. First, let me address the first question which is on the education segment. As I mentioned, I think it’s been one of our strongest year as far as the growth on the education segment is concerned. Actually driven by a lot of partnerships that we have had, the NBFC partnership that I spoke about and also the agency network that we have through which we source this business. So I think it’s been a strong moat for us.
Also we have segmented this market. As you know we have a prepaid card offering specifically focused on the student segment and a lot of benefits that we have offered to the students specifically targeting this market. So despite a difficult environment where there are big challenges in the US in the Canada market in terms of intake of students, we have managed to increase our market share in the student overall student segment. My estimate is that for FY27 we will continue to see this trajectory because some of these partnerships we have just signed, they have not traded for the full year and the full year training should reflect a better performance for FY27.
To your question, the second part of the question which is on the recently issued notification from RBI. Yes it’s a big positive for us. One is because you know our license which is an AD2 largely is a current account based transaction license. What it has allowed or what the circular talks about is that we can now undertake capital account transaction by definition trade transaction up to 25 lakh per transaction. So that opens up a new avenue of business for us which currently is outside the ambit and was also always a domain of banks.
So now we can actually be in that space where we can do trade related remittances and you will appreciate that a lot of SME MSME companies who do a lot of remittances and given our partnership both on the forex side which is about 1100 corporates, on the corporate travel side we have about 800 relationship. So you know we have a captive base to whom we can now start offering trade related services also. Yes, that definitely opens up the second advantage or the positive that I see is that RBI is now not going to issue fresh FFMC licenses.
So what’s going to happen is the current universe of 1500 or 1700 licenses that are there in the market are the only ones who are going to exist. So no new operators are going to come in. So that kind of becomes restrictive in that so sense. But also I think increasingly the message RBI is giving is that they want to regulate a few entities which is the AD1, AD2 and they have spoken about a new category called as AD3 specific to where they will provide foreign exchange services which are relevant to the category of business that they deal with.
So I think it’s kind of redefining the landscape and I think our bottom exchange business should benefit out of this one. Obviously a lot of fine line still needs to be defined and I think RBI is kind of actively working on it and is going to roll out a paper on it which will give us more direction in terms of how this will be operationalized.
Unidentified Participant
Got it sir. And the second question is on DEI. So the business operates around in 14 countries with UAE contributing around 50% which is significant geographic concentration. So any plan, strategy to reduce this concentration and which geographies do you believe have the highest growth potential ahead?
Mahesh Iyer
Ram, you want to.
Unidentified Speaker
Yes, yes. So I think yes, we do operate in 22 countries but in significantly of sizable nature. We operate in about five odd countries which is Dubai is one among them. Dubai takes 50%. Our strategy right now would be to focus on the other markets where we are already operating, namely Singapore, Malaysia, Indonesia and a good amount of Egypt and India also and Thailand. So those are the markets where we are focusing on increasing. We do have options of going to new markets but this may not be the best time to do that because the cost structures are higher when you start new.
We have still bandwidth available within these markets where we can grow further. Singapore, we hold about 80% market, 85% market share. So we have some more opportunity to grow there. But Malaysia and Indonesia are sizable in nature. In fact, just as we speak, we’ve signed up about 15 new potential partners in the coming six months that we’ll be operating, opening in between Indonesia, Singapore, China, Macau and Hong Kong.
Unidentified Participant
Got it sir, got it. Thank you. And all the best.
Unidentified Speaker
Thank
Operator
You. Thank you. Next question is from the line of Anil Shah from Insightful Investment. Please go ahead.
Unidentified Participant
Yeah, hi, my question is related to sterling. So Mr. Lalani, you know, I’m just looking at your presentation slide 39. At the end of FY23 we had about 24, 20 rooms. And in FY24, which is, you know, for those 24, 20 rooms and whatever addition that you would have done in 24. During the course of the year we saw the highest ebit of almost 137 crores after which we landed almost 1200 to 1300 rooms. From there, maybe even more. Sorry, we’ve added, we are now at 3800 but our EBIT continues to actually be steady in terms of 129 crores over the last two years.
In fact a decline from FY24. So I’m sure there are lots that going on. One of the reasons which I obviously probably is that the member ratio at that time was 69% in 24 that’s come now. I mean the guest ratio was 69 which is going to 75. So you would have some member fees which are not there any longer. But you know we’re not seeing growth while we’re seeing number of rooms, number of resorts, our footprints going up. I’m not seeing that percolating to ebit. Could you just throw some light?
Vikram Lalvani
Okay, let me just tell you in three or four factors here now over a period of time, as I said, the revenue stream on member acquisition has actually we’ve, we stopped the member acquisition so that revenue stream is down. Similarly on the other hand, we’ve been trying to ramp up the number of resorts and each of these resorts do have a ramp up time involved. I’ve explained this also a little earlier that whenever you open a resort it takes three or four months to ramp up. And you know, in fact you get, you get an upfront cost even before you start earning the revenues in these results.
So there is always a lag of two or three months there. So in a ramp phase you will face these aspects of lead and lag. And we’ve also substituted a lot of the business model which is predominantly membership driven into now predominantly resort driven. So which is now almost 85%, 90% of the overall game. So in this whole aspects of phase or scale, you know when we had couple of quarter wise you had a couple of upfront costs there is. So we’ve actually maintained the EBITDA margins. That’s the level there as I said said now as we keep scaling it’s only going to increase because of the fact that we’ve actually transformed this whole model here, number one.
Number two, while the cost hit earlier,
Unidentified Participant
While the ramp up of the new leased resorts happens over a time frame, some are seasonal in nature like Rajasthan. The depreciation of on the ROU asset which is actually affecting our ebit actually it’s from month one itself and the depreciation for these results are quite on the higher side. So that is another reason why you will find the EBITDA slightly dropping. If it dropping slightly FY25. The other reason is this is the first full year of where we don’t have any membership acquisition related revenues.
First full year. So the good news is that we are able to hold on to ebitda. We are also able to increase our cash flows without any of those membership acquisition related revenues coming into our revenue Stream. These are two reasons. But the good news is EBITDA margin at 31% and 24% of EBIT margin. I think we are holding on. That is something good for us, which is purely coming from research business. We will only build up from there
Vikram Lalvani
And as we keep going ahead, the scale will start altering. Yeah.
Unidentified Participant
So if, you know, I mean if you, if we assume that we won’t grow, let’s say in FY27 and just keep the rooms at 38, 10, where do you think we can actually make in terms of an absolute ebit? It’s a hypothetical question. I’m just trying. I know it’s only hypothetical.
Vikram Lalvani
Let me answer this in a way. See, typically I’m talking from an EBITDA point of view. All right, first, because that’s a real operating story from an EBITDA point of view, typically anything between 32 to 35% or a 36% is a great EBITDA. Right. And seasonality to vary from quarter to quarter. As I said, quarter, one, quarter, three will have a different, you know, equation to it. So anything between 32 to 35% is actually, that range is actually a very stable range and we will continue to maintain that stability.
Unidentified Participant
So while if Your question is 3,810 rooms have to remain constant, where do you get your EBIT from? Yeah, EBIT or ebit, absolutely, sir, is giving me margins, which means that I need to now then predict revenues. Now revenues could be a mix of some of them are owned, some are managed, some are leased. You know, so the good to demonstrate that fact. The Q4 revenues, if you have noticed, you would have seen an increase in occupancy, you have seen an increase in the ARRS. These two factors on a constant 3,810 rooms will definitely help us get the revenues up in the current financial year.
And we are already seeing that happening in the month of April and to some extent in May also.
Vikram Lalvani
And even if It’s a like 67% of our total equation is P and L led routes. So it’s not over asset light either. It’s a well balanced portfolio and we will continue to keep that portfolio well balanced. So as and when the occupancy or the revpar scales this will automatically scale even now at a flat 3800. And you also also have the ramp ups of those other 14 over a period of years which will complete one full year also.
Unidentified Participant
Sure. Okay. My second question is, you know on the DEI we obviously, you know nobody saw this coming, the war and you know peak season in Dubai. So we’ve got a 10 crore, I think an EBITDA or an EBIT loss. Is that something that’s, you know, that’s something that’s done and dusted and behind us you’ve taken corrective actions to make sure that going forward we will not see these kind of losses despite the situation in geopolitical remaining constant in Q1, Q2 and so on, so forth. Sir.
Unidentified Speaker
Well firstly the time given was too little, so obviously March was too late. This happened if you all know the dates, it happened on 1 March, literally 28 February to be precise. And by the way, so the corrections have been done currently what we look at is overhead corrections on people, low cost centralization, cost of moving certain parts. But all those takes time. It won’t happen overnight. Even correction of people take a 30 days to a 90, 60 days period of notice etc. So to answer your question, it is not done and dusted but also it will not be continuing the same form.
It will reduce it, we have to stabilize it. And as long as we are confident that the business will come back. You cannot. We can only do as much as required so we can resell it quickly. We don’t see a quick comeback. But if we see, as I told you that we see a 50 to 60% come back, we are restructuring ourselves out to only sustain and deliver that number and therefore also go into other areas of optimization like our IT optimization. We’re doing a lot of utilization of AI to reduce all of the IT services, overheads, etc, balance some license versus owned models for some of the third party services that we are taking, correcting some property area cost and marketing and automation on outsourcing.
All of these are being done simultaneously. You will see that quarter by quarter the number reducing and then effectively coming back to positive
Debasis Nandy
Ram, if I may add to this. So Mr. Shah Deboshi sir, and just wanted to add to what RAM is saying. So we have taken as RAM detailed in the last few minutes, we have taken a Series of actions to optimize our cost both on the direct as well as on the indirect side. And each of these actions would lead to some sort of cost reduction etc. But it would happen over time, over the next couple of months. However, one thing that we can’t do much about is the astro situation on the ground. In terms of travelers coming into the Middle east which is the affected area and consequent footfalls into the relevant parks or the sites.
So the top line is something that we are still dependent on the ground conditions on ground conditions. So that is something that is not enough. Our hands cost side we will see definitely improvements. And as and when this current situation eases or gets resolved we will see the business bouncing back into profitability. And when it bounces back, it should bounce back stronger. Because the changes done at the cost level are of long term in nature and therefore should help us over the years. And it’s not, not, not just one time improvement.
Unidentified Participant
Thanks. Yeah, thanks.
Unidentified Speaker
One
Unidentified Participant
Last question if I may, sir. You know I think in the presentation we’ve talked about having cash and equivalence of about 2600 crores. If I. And somewhere in the presentation we’ve also talked about 1600 crores of float. You know, minus the debt of 277 crores. The net cash with the company as of now should be closer to about 730,40 crores. Is that correct? That’s net cash. Is that correct?
Debasis Nandy
Yes. Okay.
Unidentified Participant
Thank you so much. Thank you.
Operator
Thank you. Next question is from the line of Ananya Khanna from Alpha Alternative.
Unidentified Participant
Hello sir. So I have a couple of questions. Firstly, I wish to understand why there was a drop in the performance. The performance of the financial services segment at both the top line and the bottom line levels. Secondly, I want to understand how you plan to tide over the impact of monsoon as far as the result segment is concerned. And the third thing is we could get some clarity on the timeline for the big monger. That would be great.
Mahesh Iyer
So that we passed your questions, Ananya. And I think I’ll take one part of the question. I’ll let Devashish comment on the timelines for the remerger. And then I’ll get Vikram to come back and talk about the effect of Monsoon and stuff and how he’s preparing for that. First, your question on foreign exchange and why the performance has been low in the. I think kind of. We spoke about it at great length even in my opening commentary. If you look at for the quarter, I think it’s a good performance.
I think It’s a growth both in terms of revenue as well as EBIT and also an improvement in the EBIT margin. If you look for the full year, it’s a little flattish and that reflects the trend. And I think I alluded to the point that we’ve operated in an environment where two of the conflicts that emerge, one, the domestic conflict which is operations in those stroke, the telegram attack and the international conflict which is Israel, Iran, US conflict. I think both of them ended up in some kind of peak of our travel seasons.
One which is the inbound season, one which was the outbound season. In both, this foreign exchange is a byproduct for both. In one case I buy foreign exchange, in one case I sell foreign exchange. So I think if you are looking at the full year, you are looking at more like a 9 or 10 month year rather than a 12 month year because it was impacted. Now with that impact also it is not just the impact to the business that could have done it also impacted the sentiments. Obviously people who are willing to travel and I can’t even anticipate what that number was, they didn’t travel or they didn’t make the decision to travel and hence the business got impacted.
But I think the noteworthy part if you look at the full year performance is that we held our ebit at about 149 crores for the full year. And if you look for the quarter, we actually grew by about 17% despite the challenging environment in the current quarter. So I think there are some positives that we have seen. At the same time there are external challenges we which we could not have done anything about and a large part of our business. If I look and I kind of correlate this to the market data that I mentioned about the LRS data which showed a degrowth in the overall market, our portfolio actually grew on top of it.
If I just to give a color to our float balances that we have roughly about 16 billion rupees. You compare it with what we had as of December, it’s the same number which means that our customers are not spending. The money is still living on the card, customers are not traveling and spends are not happening. And that’s why the float are accumulating. So I think it’s a reflection that we haven’t lost anything out there. It’s just that the sentiments have been weak. I think despite that the quarterly performance has been strong.
Deepak, you want to comment on that?
Debasis Nandy
Yeah. Thank you, Naish. So when we took the board approval for this particular demerger project. We said that it will take us 12, 15 months. The project is currently on track. We have applied to the MSC and the BSE for relevant approvals and we are in touch with them answering the queries as we speak. We expect this process to get completed by Q1 of FY28, which was the original timeline that we had intimated.
Vikram Lalvani
Let me step in here Vikram. On the question on monsoons, let me answer that. We can only hope that the rain gods are not too furious in quarter two. But having said that, there are two parts to it. One is an asset protection. So we have, you know, we are undertaking spends to ensure that in the event of a terrible monsoon our assets are protected. That’s number one. Because in case there is any issues pertaining to that, it would actually cost us a lot more which will impact us in Q3 to get this repaired.
So that is step number one that we are taking care of and we should be able to take care of that by mid of June. But on the other aspect, in terms of if there is an issue it normally affects and what we’ve seen in the last two to three years, it normally tends to affect the north of India and you know, especially Himachal, Uttarakhand, you know that it and maybe sometimes even Kerala, it does tend to impact that. But that’s why we see over a period of time, in the last three to four years our state, our approach has also been to de risk by having a spread out portfolio through the country to the maximum possible extent.
That’s why incrementally every year we are de risking the aspects of over dependence on 1/4 or over dependence on one region. And in the previous earnings calls also have mention that that during say the COVID time where Q1 for example was the strongest quarter for sterling in the past maybe four, five years ago actually today to Q3 because of the fact while the overall pie is growing because of the fact that the portfolio expanded to other areas beyond the hills, say for example. So therefore as we go along we are also de risking the portfolio dependence on one region or portfolio dependence only on one particular quarter.
Unidentified Participant
All right, so thank you,
Operator
Thank you. Next question is from the line of Mahavir Kalsivala, an individual investor. Please go ahead.
Unidentified Participant
Good afternoon. So I am more interested in the MICE business segment and I just wanted to know how has it performed on a QOQ and a YOY basis as for the revenue and profitability and also like any updates you can give to me about the Q1 related developments in the mice business you are seeing currently.
Mahesh Iyer
Mr. Bahave, this is Mahesh. I’ll take that question. As I mentioned again, I kind of covered a lot of that ground to when I gave an opening remark. I think from a nice business perspective this year has been good despite the headwinds that we have faced during the year. If you look for the quarter and if I have to exclude the government business that was done in comparable quarter of last year, our overall portfolio grew in terms of top line sales as well as profitability. We also mentioned that this was the year for the first time the MICE business across Thomas Cook and SODC had a gross margin in double digits.
Typically this business operates at single digit margins closer to the 7, 8% and for the first time we had a double digit margin. It also shows how we have created experiences for customers and we’re able to extract our founder flesh in kind of giving better services and better experience to our customer. If I look at the Forward looking for mice going forward, as I said, while for Q1 there is a little bit of, I would say wait and watch approach that’s happening, but the pipeline is strong. There is no dearth of pipeline in terms of enquiries that are coming from our customers.
This is an integral part of the reward and recognition and the sales distribution program for a lot of our corporates and hence I think there is always going to be a deferment and not cancellation. So you could see a shift from one quarter to another. Overall, I don’t think the volume will be missed in the financial year FY27.
Unidentified Participant
Got it. And lastly, can you like give me a revenue split or a GBV split in the B2B and B2C segment you have.
Mahesh Iyer
As we said, our B2C business is roughly about 27, 28% and our B2B business is a balanced 72% IT terms of revenue.
Unidentified Participant
Got it. Got it. Thank you so much. Thank you.
Operator
Thank you. As there are no further questions, I now hand the conference over to management for closing remarks.
Mahesh Iyer
Thank you so much ladies and gentlemen for participating on this call. As I said before, FY26 was marked by significant geopolitical disruptions at both the start and the close of financial year, effectively truncating our sales and operating period to be more like less than nine months. Despite these challenging environment characterized by airspace disruptions, elevated costs and significant negative currency volatility, the Tamscu India group delivered a very strong performance with consolidated income growing by 3% at 85,578 million.
Looking ahead, while the environment remains uncertain. We are cautiously optimistic that peace will endure. Our focus remains on prudent fiscal management, leveraging technology for increased productivity and to deliver sustainable growth and value to our shareholders. I’m also happy I just want to mention this point here that our board of Directors have recommended a dividend of 50 paise to a 1 rupee face value share, subject to approval of the shareholders. Thank you so much and thank you for participating on the call.
Operator
Thank you on behalf of the Thomas Cook India limited that concludes this conference. Thank you for joining us and you may now disconnect your lines.