Travel Food Services (TRAVELFOOD) Q2 26/27 earnings summary

Executive summary

• Q2FY27 system-wide sales rose 18.8% YoY to ₹8,654 million despite passenger traffic declining 4.8%; consolidated PAT rose 50.5% to ₹1,473 million.

• H1FY27 system-wide sales grew 18.4% to ₹17,090 million and consolidated PAT rose 43.2% to ₹2,761 million; passenger traffic declined 2.2%.

• Operations expanded to 22 airports from 18, with more than 70 units mobilised over 12 months and many still ramping up.

Financial highlights

• Q2 consolidated revenue from operations was ₹4,253 million, up 19.5% YoY; H1 revenue was ₹8,775 million, up 20.1%.

• Q2 consolidated PAT was ₹1,473 million versus ₹979 million; H1 PAT was ₹2,761 million versus ₹1,929 million.

• PAT included net-of-tax provision write-backs of ~₹468 million in Q2 and ~₹566 million in H1, including a ₹98 million Q1 GST provision write-back.

• Standalone Q2 revenue and profit were ₹3,305 million and ₹1,229 million; H1 revenue and profit were ₹6,779 million and ₹2,341 million.

Outlook and guidance

• H2 operating conditions are expected to improve gradually with seasonally stronger travel demand and potentially easing geopolitical pressures; traffic recovery remains a key monitorable.

• Priorities include growing at existing airports, scaling new and greenfield operations, mobilising the pipeline and selectively expanding international lounges and expressway QSR.

• More than 70 units mobilised over the past year are ramping up, with further outlets in the pipeline across new and existing airports.