Key Highlights

• System-wide sales were Rs. 8,437 million in Q1FY27, growing 18.0% YoY despite passenger traffic being impacted by disruptions arising from the Middle East conflict
• Consolidated sales were Rs. 4,522 million and Consolidated PAT was Rs. 1,288 million in Q1FY27, recording growth of 20.6% and 35.6% YoY, respectively
• Successfully commenced commercial operations at Noida International Airport and launched a suite of passenger services during the quarter, expanding the system-wide network to 21 airports as of June 30, 2026
• Now operating a system-wide network of 580 Travel QSR outlets and Lounges, with a portfolio of 153 brands as of June 30, 2026

August 14, 2026: Travel Food Services Limited, a leading operator of Travel QSR outlets and lounges in India, announced its results for the first quarter of the financial year 2026-27.

Financial Performance (Rs. Million)

Key Financial Highlights – Q1FY27 

• System-wide sales were Rs. 8,437 million, up 18.0% YoY during the quarter:
  • Net contract gains³ were 15.9% YoY at a system-wide level, driven by mobilisation of new units. In the last 12 months, 87 new Travel QSR outlets and 2 Lounges were added across the network. Key unit additions were at the Mumbai, Delhi, Hyderabad, Cochin and recently opened Navi Mumbai and Noida airports.
  • Like-for-like (LFL)² sales growth was 0.8% YoY at a system-wide level. Growth was moderated by temporary factors in certain markets, including traffic migration to newer airports/terminals and the impact of the Middle East conflict on airports especially in Southern India, which had higher exposure to the region. Excluding these markets, system-wide LFL sales growth was approximately 7.0% YoY, reflecting the benefits of multiple initiatives undertaken to enhance passenger spend and drive sales growth.
  • In terms of overall passenger traffic at TFS-managed airports, traffic was broadly flat YoY in Q1FY27, as the continuing conflict in the Middle East weighed on flight schedules, though the rate of decline eased through June 2026.
  • While the first quarter was impacted by the continuing conflict in the Middle East, resulting in input cost pressures and weaker passenger traffic trends, we expect passenger traffic growth to improve strongly in the second half of the financial year as operating conditions are expected to normalise. In the interim, TFS remains focused on disciplined execution, prudent cost management, and operational efficiency to navigate the near-term environment. Importantly, we believe the long-term growth drivers of Indian aviation remain firmly intact, supported by rising air travel penetration, continued airport infrastructure expansion, increasing connectivity, and a growing propensity to travel.
• Consolidated sales were Rs. 4,522 million, up 20.6% YoY in Q1FY27, mainly driven by:
  • Net contract gains of 20.2% YoY during the quarter, driven by the mobilisation of new units at TFS consolidated airports, including Delhi Airport (Terminal 1 and Terminal 2), Cochin Airport (Domestic Terminal 1), and the recently opened Noida Airport.
  • LFL sales growth of 4.2% YoY was impacted by the moderation in passenger traffic at certain airports due to Middle East conflict, however, the impact was offset by our menu innovation initiatives, targeted promotions and calibrated premiumisation strategies.
• Consolidated PAT was Rs. 1,288 million in Q1FY27, up 35.6% YoY, with a PAT margin of 28.5% compared with 25.3% in the prior year. PAT growth was supported by sales growth and higher other income. In Q1FY27, other income included a partial write-back of GST provisions of Rs. 131 million, following a favourable order received during the quarter.

Key Operational Highlights – Q1FY27

• Network and Footprint Growth
  • Increased presence to 21 airports at a system-wide level as of June 2026, up from 18 airports as of June 2025, with the commencement of operations at Noida International Airport during the quarter. In the last 12 months, TFS has also started operations at Cochin Airport (Domestic Terminal 1) and Navi Mumbai Airport.
  • The Travel QSR outlets portfolio increased to 541 outlets as of June 2026 at a system-wide level, with the addition of 23 outlets during the quarter and 87 outlets in the past 12 months, opened mainly at the Mumbai, Delhi, Hyderabad, Navi Mumbai, Cochin and Noida airports.
  • As of June 2026, TFS operates 39 Lounges at a system-wide level. In the last 12 months, TFS launched the Travel Club Lounge at both Noida and Cochin airports, and another KYRA lounge at Hong Kong International Airport.
  • The brand portfolio grew to 153 brands as of June 2026, up from 130 as of June 2025, with the addition of 23 brands in the last year. Recent additions span in-house concepts, local favourites, and global brands, designed to cater to the continuously evolving tastes of travellers.
• New Business and Other Key Highlights
  • Noida International Airport commenced commercial operations during the quarter, with six TFS Travel QSR outlets and one Lounge now live for passengers.
  • During the quarter, TFS successfully launched passenger services under the ‘Elite Assist’ brand at Noida International Airport, including meet-and-greet and porter services. Going forward, the Company intends to progressively expand these services across additional airports.
  • In July 2026, TFS won 10 honours at the FAB 2026 Awards hosted by Bangalore International Airport Limited, comprising 9 Asia Pacific regional wins across categories like sustainability, F&B innovation, & marketing, along with the overall FAB Superstars Star Team (Back of House) award. FAB is globally regarded as the travel hospitality industry’s most prestigious awards programme organised by the Moodie Davitt Report, and TFS’ wins reflect the strongest performance by an Indian company at the award ceremony.

Commenting on the Q1FY27 performance, Mr. Varun Kapur, Managing Director and CEO, TFS, said:

‘Q1FY27 was a strong quarter for TFS, with sales and profitability delivering double-digit growth despite a challenging operating environment impacted by disruptions arising from the Middle East conflict. The quarter reflects the benefits of our ongoing network expansion and continued focus on operational excellence across the business. During the quarter, we commenced operations at Noida International Airport, launching multiple Travel QSR outlets, the airport’s first Lounge, and new passenger-facing services under our Elite Assist brand, further strengthening our presence across key airport locations.

While the quarter was affected by external disruptions beyond our control, TFS has consistently demonstrated its ability to navigate periods of volatility through operational agility and disciplined execution. Historically, passenger traffic and consumer spending trends have recovered quickly following such events, and we expect a similar recovery as geopolitical uncertainties ease. We remain focused on driving productivity across our existing network, accelerating the ramp-up of newly opened locations, progressing the development of our strong pipeline of new units, enhancing the customer experience, and scaling our emerging service offerings. As operating conditions normalise, we believe these initiatives position us well to deliver sustained growth and create long-term value for our stakeholders.’