• Robust system-wide sales1 growth of 28.1% YoY in Q3FY26 and 24.5% YoY in 9MFY26
  • Consolidated PAT increased by 35.3% YoY on an adjusted basis2, and by 32.6% on reported basis, in Q3FY26
  • Scale-up of operations at the recently won F&B concessions–Delhi Airport (Terminals 1 & 2), Cochin Airport (Domestic Terminal), and Navi Mumbai Airport—along with the upcoming Noida Airport, expected to further contribute to the growth momentum
  • System-wide network increased to 530+ Travel QSRs/Lounges with portfolio of 140 brands, as of December-25
  • Passenger traffic rebounded and grew by 1.6% YoY at TFS managed airports in Q3FY26, recovering from temporary decline seen in the previous quarter which was caused by aircraft maintenance issues.

Travel Food Services Limited, a leading operator of Travel QSR outlets and Lounges in India, announces its results for the third quarter and the first nine months of the year ended Dec 31, 2025.

Financial Performance (Rs. Million)

ParticularsQ3FY26Q3FY25YoY9MFY269MFY25YoY
System-wide Sales8,7546,83428.10%23,18918,63224.50%
Consolidated Sales4,5623,858*18.30%11,87110,804*9.90%
Consolidated PAT1,3681,012*35.30%3,2972,657*24.10%
Consolidated PAT as % of Consolidated Sales30.00%26.20%377bps27.80%24.60%318bps

*Q3FY25 and 9MFY25 consolidated financials (and therefore consolidated YoY comparisons) are adjusted for the one-time effect of the deconsolidation of the JV business. For more details refer to Note 2.

Key Financial Highlights – Q3FY26 & 9MFY26

System-wide Sales were Rs.8,754 million (up 28.1% in YoY) in Q3FY26 and Rs.23,189 million (up 24.5% YoY) in 9MFY26 driven by:

  • Like-for-like (LFL) 3 sales growth of 12.5% YoY in Q3FY26 and 12.2% YoY in 9MFY26. Continuous sales enhancement measures, such as product portfolio improvements and menu optimisation initiatives, contributed to revenue growth during the period. Passenger traffic growth at TFS managed airports (at a system-wide level) was 1.6% for the quarter. Passenger traffic recovered well in the third quarter following the temporary decline in volumes during the second quarter (on account of aircraft maintenance issues after the tragic aircraft accident) in June-25. While the third quarter traffic was briefly affected by airline-related disruptions in December, the impact appears to have been short-lived, with trends improving in the new year.
  • Net contract gains4 of 13.5% YoY in Q3FY26 and 10.2% YoY in 9MFY26, supported by mobilisation of new units. In the past 12 months, more than 50 travel QSR units have been mobilised across TFS managed airports at a system-wide level, primarily at the high-traffic airports such as Mumbai, Delhi, Ahmedabad and Hyderabad.

Consolidated sales reached Rs.4,562 million (up 18.3% on an adjusted basis) in Q3FY26 and Rs.11,871 million (up 9.9% on an adjusted basis) in 9MFY26 driven by:

  • LFL sales growth of 7.1% YoY in Q3FY26 and 5.5% YoY in 9MFY26. Passenger traffic at TFS consolidated airports also increased by 1.6% YoY during the quarter but was broadly flat in the first nine months of the year impacted by reasons explained above. Sales enhancement initiatives and innovative offerings have supported sales growth.
  • Net contract gains of 12.3% YoY in Q3FY26 and 4.6% in 9MFY26. During the quarter, net contract gains primarily benefitted from mobilisation of new units at TFS’ consolidated airports. However, for the first nine months, net contract gains were lower due to the impact of the expiry of a few contracts, and subsequent pick-up of these new contracts by our JV.

Consolidated PAT increased to Rs.1,368 million and recorded a growth of 35.3% YoY (on an adjusted basis). PAT margin increased to 30.0% during the third quarter, up from 26.2% in the corresponding period of the previous year. For the 9-months, consolidated PAT increased to Rs.3,297 million, representing a growth of 24.1% YoY (on an adjusted basis). PAT margin expanded to 27.8% from 24.6% in the same period last year. High focus on efficient execution coupled with increasing share of profit from joint ventures drove improvement in profitability.

Impact of the deconsolidation of the JV business

Q3 and 9MFY25 adjusted consolidated financials (and therefore YoY comparisons) exclude one-time impact arising prior to the deconsolidation of the JV, Semolina Kitchens Ltd (Semolina Kitchens), effective October 14, 2024. Therefore, for FY25, we are adjusting for the impact of deconsolidation up to the anniversary i.e. October 14, 2024.

Key Operational Highlights

Travel QSR Outlets and Lounges

  • As of December-25, our system-wide portfolio has scaled to 494 Travel QSR outlets (up from 441 as of Dec-24) with addition of more than 50 outlets across Mumbai, Delhi, Ahmedabad, Hyderabad and other key airports. Lounges also increased to 37 lounges (up from 35 as of Dec-24).
  • Strong portfolio of 140 brands across our system-wide network as on December-25, with addition of 15 brands in the past 12 months, including celebrity brands like Gordon Ramsay and leading global brands like Nando’s.

New Business

  • Successfully deployed end-to-end integration with multiple Banks/Card Networks, enabling seamless bank-to-lounge access, under subsidiary Eliteassist Technology and Services Pvt. Ltd. (EATS)
  • During the quarter, TFS was awarded and started operating 14 Travel QSR outlets at Terminal 2 of the Indira Gandhi International (IGI) Airport, New Delhi, through its wholly owned subsidiary TFS Gurgaon Airport Services Private Limited (TFS Gurgaon).
  • In December-25, our joint venture Semolina Kitchens started operations at Navi Mumbai International Airport, thereby increasing our footprints to 19 airports at a system-wide level.
  • Additionally in January-26, TFS Gurgaon has won the license to operate 33 travel QSR units at Terminal-1 of IGI Airport, New Delhi, including the extension of certain existing outlets. With this win, TFS significantly strengthens its presence across all three terminals of the Airport, which is India’s largest aviation hub and amongst the top 10 busiest airports in the world.
  • The 2nd KYRA Lounge has opened at Hong Kong International Airport in January-26, operated in partnership with SSP Asia Pacific and Airport Dimensions. The new lounge is built on the strong performance of the first KYRA Lounge and provides a further opportunity for TFS to contribute its expertise in operating lounges to the next chapter of KYRA’s expansion.

Commenting on the Q3 & 9MFY26 performance, Mr. Varun Kapur, Managing Director and CEO, TFS, said: ‘We maintain our trajectory of delivering strong performance, with system-wide sales growth of 28.1% YoY and adjusted consolidated PAT increase of 35.3% YoY in Q3FY26. Improving passenger traffic trends, coupled with disciplined execution, and an increase in the contribution from new sites, have been the growth drivers for the business. Our continued emphasis on leveraging technology as a catalyst for business growth – exemplified by our EATS platform enabling direct bank-to-lounge access – marks an important step in our evolution into a tech-enabled, scalable travel hospitality company.

With the commencement of operations at the Delhi Airport (Terminal 2) and Navi Mumbai International Airport, we now operate a strong network of over 530 units and have built a portfolio of 140 brands as of December-25. Additionally, the mobilisation of units in the new year at Cochin Airport (Domestic Terminal), recent wins at Delhi Airport (Terminal 1), and the upcoming Noida Airport are expected to further strengthen our market leadership position. Driven by these strong contract wins and their execution being translated into on‑ground expansion, we are well positioned to deliver continuing returns for the business.’