Analysts/Institutional Investor Meet/Con. Call Updates

November 9, 2026 The Manager, The Manager, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 500413 Scrip Code: THOMASCOOK Fax No.: 2272 2037/39/41/61 Fax No.: 2659 8237/38 Dear Sir/ Madam, Sub: Transcript of the Analyst and Investor Earnings Conference Call In furtherance of our intimations dated October 19, 2026, November 2, 2026 and November 3, 2026 giving intimations for the Q2 & H1 FY27 earning Conference Call for the analysts and investors and pursuant to Regulations 30 and 46(2)(oa) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Please note that the transcript of the Earnings Conference Call held on November 3, 2026 has been uploaded on the website of the Company within the prescribed timeline and can be accessed on the following web link: https://resources.thomascook.in/downloads/TCIL_Q2_FY27_Earnings_Call_transcript_20261109.pdf This is for your information and records. Thank you. Yours faithfully, For Thomas Cook (India) Limited Amit J. Parekh Company Secretary and Compliance Officer Encl: a/a Thomas Cook (India) Limited: Q2 & H1 FY27 Earnings Conference Call – November 3, 2026 Management: Mr. Mahesh Iyer: Managing Director and Chief Executive Officer – Thomas Cook (India) Limited Mr. Debasis Nandy: President and Group Chief Financial Officer – Thomas Cook (India) Limited Mr. Brijesh Modi: Chief Financial Officer – Thomas Cook (India) Limited Mr. Vishal Suri: Managing Director and Chief Executive Officer – SOTC Travel Limited Mr. Vikram Lalvani: Managing Director and Chief Executive Officer – Sterling Holidays Resorts Mr. Krishna Kumar: Chief Financial Officer – Sterling Holidays Resorts Mr. K. S. Ramakrishnan: Managing Director and Chief Executive Officer – DEI Moderator: Ladies and gentlemen, good day, and welcome to Thomas Cook (India) Limited Q2 FY27 Earnings Conference Call, hosted by 360 One Capital Market. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone telephone. Please note that this conference is being recorded. I now hand the conference over to Ms. Purva Zanwar from 360 One Capital Market. Thank you, and over to you, ma'am. Purva Zanwar: Thank you, Yousuf. Welcome, everyone, and thank you for joining us on Thomas Cook (India) Limited Q2 and H1 FY27 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&A session. I would now like to invite Mr. Mahesh Iyer to make initial remarks. Thank you, and over to you, sir. Mahesh Iyer: Thank you, Purva. Good afternoon, everyone, and thank you for joining us as we discuss the Q2 FY27 financial and operating performance. Before we begin, I would like to introduce the management team joining me on the call today. Vikram Lalvani, Managing Director and CEO of Sterling Holiday Resorts; K.S. Ramakrishnan, Managing Director of DEI; Vishal Suri, Managing Director of SOTC; Debasis Nandy, who is the Group CFO for Thomas Cook (India) Group; Mr. Brijesh Modi, who is the CFO at Thomas Cook (India) Limited; Krishna Kumar, who is the CFO at Sterling Holiday Resorts; and Urvashi Butani, who heads Investor Relationships. Quarter 2 was a quarter in which we began to see recovery with momentum improving across parts of our business, although at varying levels. The external environment continues to be uncertain, and some of our international operations are still working through the effects of the geopolitical disruptions. But the quarter also showed us where the demand is holding up, where activity is picking up and importantly, how the cost agility we have built into our operations is helping us respond to changing business conditions. This flexibility allows us to better align costs with business volumes, manage the impact on profitability and protect our underlying performance even as we navigate an uneven recovery. The quarter's performance reflects 2 things. First, the strong recovery and growth in parts of our India portfolio; second, the impact of conflict in West Asia, which is largely limited to a few businesses with direct exposure to the region, that is Desert Adventures and DEI and parts of our long-haul outbound portfolio. These businesses are still not where we would like them to be, but they are clearly better than they were 3 months ago. Some of the key performance highlights for the quarter. Our consolidated total income stood at INR 20,030 million, shows a 5% decline over the same quarter last year. Our India Travel segment saw clear signs of recovery, and I will detail this in a little more when I talk about the segments. We ended the quarter just 6% below last year with EBIT margins holding a healthy 3.8%. Our international business continued to face a challenging environment, particularly given the geopolitical situation, which had a direct impact on the operations of Desert Adventures and DEI. Overall, EBIT margins for the Travel segment have shown an improvement on a sequential basis from 2.4% to 2.9% in Q2 of FY 2027. Our consolidated PBT before exceptional item stood at INR 848 million, which was broadly at the same level as last year despite the reduction in overall income. This is particularly noteworthy given the shortfall of almost over INR 1,036 million in income from operations coming largely out of Desert Adventures and DEI. What is also encouraging is that we have actually managed to improve our PBT margin to 4.2% compared to 4% last year despite the pressure on top line. On the distribution front, we continue to expand our reach with the branch network growing by 7% year-on-year via the franchisee route to 310 branches at the end of September 2026 compared to 289 branches. This takes our network to its highest ever level, further strengthening our presence and accessibility across markets. In terms of technology, we have further enhanced our AI-powered chatbot with the integration of DynaPack, our dynamic inventory customization feature. While still it is in the initial phase, this enables the bot to generate personalized travel itineraries with real-time pricing, allowing customers to explore holiday options based on their individual preferences. We have also continued to receive recognition for our efforts across our businesses. During the quarter, Thomas Cook (India) Limited's Corporate Travel team was recognized as the Best Corporate Travel Management Company for the year at the India Travel & Technology Summit Awards 2026. Our Bhakti business won the Best Spiritual & Pilgrimage Tour Operator Award at the India Travel Awards, while we also received the ET MarTech Award for the use of Generative AI in MarTech and were recognized as the most popular tour operator at the Mélange Awards. SOTC also had a strong showing, winning Best Travel Agency of the Year and Best Omni Travel Agency of the Year at the Indian Travel and Technology Summit Awards. Its MICE and Travel team was also recognized as the MICE and Travel Team of the Year at the MILT Excellence Awards 2026. With that context, let me take you through how the individual businesses have performed during the quarter, starting with Financial Services. The segment has continued its upward trajectory and reported a strong revenue increase of 21% during the quarter, which is backed by a 7% increase in gross turnover to INR 39 billion, driven by the retail segment. Our EBIT for the segment in Q2 improve [Showing first 8,000 characters — download PDF for full document]